/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR
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NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
TORONTO, Dec. 4, 2018 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF)
("LAURION" or the "Corporation") is pleased to announce an
update on the continuing assessment of precious and base metals
assay results, as well as multi-element geochemical results from
the May-June and August-September
2018 Stages 1 and 2 programs (the "2018 Staged
Campaign") at the Corporation's 47 km2 Ishkoday
Project ("Ishkoday").
LAURION's 18-month exploration program, initiated in
May 2018 has the strategic objective
of outlining the bulk precious and base metals upside
potential at Ishkoday. As further historic and new quartz vein
systems are exposed over the next 12 months as part of the
continued outcrop stripping programs in 2019, it will be
interesting to observe if the anastomosing patterns will repeat
themselves on-and across-strike endowing them with bulk length and
width potential. The more gold carrying veins the greater the
potential. The sulphide mineralization in polymetallic veins, shear
zones and as disseminations could definitely add to this potential.
There are over noted 120 gold carrying quartz veins on the
Ishkoday.
Multi-Element Geochemical Results
The Corporation has a project-wide database of complete dataset
of 14,922 surface samples, 283 diamond drill holes totaling
40,729 m, surface sampling,
geological mapping, assays, geochemical analysis, and ground
geophysics.
The bulk of the work by LAURION is centered on the 3km by 1 km
Target Area in the southern half of Ishkoday. LAURION is awaiting
delivery of the complete data package from the 2018 programs, and
updates will be provided when the data are received. LAURION's
final tally of collected samples is compiled in the following
table:
|
SAMPLES > 0.005
G/T GOLD
|
LAURION
SAMPLES
|
ALL WORK DATASETS
(14,992)1
|
8,865
(59%)
|
2008-2014 DIAMOND
DRILL CORE (13,336)
|
8,118
(61%)
|
2018 SURFACE CHANNEL
SAMPLE (948)
|
381 (40%)
|
2008-2014 SURFACE
GRAB SAMPLES (631)
|
289 (46%)
|
MULTI-ELEMENT
ANALYSIS DATASET ONLY (10,336)2
|
4,315
(42%)
|
2008-2014 DIAMOND
DRILL CORE (8,662)
|
3,550
(41%)
|
2018 SURFACE CHANNEL
SAMPLE (948)
|
381 (40%)
|
2008-2014 SURFACE
GRAB SAMPLES (631)
|
289 (46%)
|
PHOENIX GOLD
SAMPLES3
|
76 QUARTZ VEINS
(1,719)
|
1,377
(63%)
|
Notes: The
numbers of samples are added in parentheses in the left column,
whereas those of the right column are percent of the sample
population.
|
1 From
either precious metals or base metals or multi-element
geochemistry: precious metals such as gold or silver; base metals
such as copper, zinc or lead; or trace elements, such as vanadium,
nickel, arsenic, barium, rubidium, strontium, zirconium, cobalt,
chrome or yttrium; or major elements, such as silica, alumina,
calcium, iron, potassium, manganese, magnesium, sodium, phosphorus,
sulphur or titanium from diamond drill core, surface channel and
grab samples.
|
2 From
precious and base metals, and multi-elements.
|
3 From the
Phoenix Gold gold database in 1984, 1986 and 1987.
|
In the table above, between 40 and 60% of all samples carry more
than 0.005g/t gold. This is not unusual in Archean gold districts,
but the fact that the Sturgeon River Gold Mine (the "Mine") exists
demonstrates that there are mechanisms active at Ishkoday that have
concentrated gold into economic amounts. LAURION believes
that continuing focussed work on the quartz vein system could
potentially demonstrate the true potential of Ishkoday.
Of the total LAURION drilling budget from 2008 to 2014, 68% was
concentrated on sulphide mineralization. Only portions of the Marge
and No.3 Quartz Veins were drill tested by LAURION. The end result
is a heavy bias towards lower gold values, since gold at Ishkoday
is not genetically linked to the copper-zinc-lead sulphide
mineralization – refer to statistical analysis below. As
LAURION will increase its quartz vein sampling over the next
campaigns, it is expected gold grades could potentially follow
similar patterns to the Phoenix Gold results.
As noted in the Corporation's previous news releases,
mineralization is open at depth beyond the current core drilling
limit of -200m from surface, based on
the historical mining to a -685 m
depth, as evidenced in the past producing Mine
(1936-1942). The Mine produced 73,322 ounces of gold, and
15,929 ounces of silver from the No. 3 Vein at 24 g/t gold, and
generated a large gold and silver bearing stockpile of 144,070
tonnes grading 1.59 g/t gold in the Indicated Mineral Resources
category (based on a NI 43 -101 Technical Report filed on SEDAR
in June 2013 – refer to the
Corporation's news release dated April 23,
2013).
Statistical Analysis
From the perspective of statistical analysis, the 8,662 diamond
drill core samples were treated separately from the surface 948
channel samples and 631 selected grab samples.
Key highlights from the statistical processing are as
follows:
- Igneous rock classifications:
-
- Both intrusive and extrusive volcanic rocks are found at
Ishkoday. The intrusive volcanic rocks include granodiorite,
diorite porphyry and diorite. The extrusive volcanic rocks are
mostly dacites, rhyodacites and rhyolites (or felsic volcanics)
with a major spread towards the iron-rich basalt fields in the
classic 1976 Jensen Ternary Diagram (aluminum versus iron+titanium
versus magnesium).
- By using zircon ("Zr") versus yttrium ("Y") diagrams, Gibson in
2014 (Review of Base Metal and Gold Mineralization at LAURION's
Ishkoday Property, NW Ontario,
internal report dated August
2014) was able to show the felsic volcanics at Ishkoday
are in the Calc-Alkaline field.
- The higher iron content is due in part to the presence of iron
sulphides (pyrite), iron-magnesium hydroxide phyllo-silicates
(chlorites) and iron hydroxide alumino-silicates (epidote),
confirmed from observations made in 10 thin sections from a LAURION
2018 study, and the higher proportion of sulphide-chlorite-epidote
veins intersected in LAURION's diamond drilling and surface samples
from 2008 to 2012.
- Precious and base metal element correlations (Statistical
Correlation Coefficients or "CC"):
-
- LAURION interprets the gold/silver event as distinct from the
base metal system, linked solely to the late overprinting quartz
veins. Gold and silver production from the Mine supports that
interpretation - 73,322 ounces of gold and 15,929 ounces of silver
(gold:silver ratio of 4.6:1).
- However, silver has a moderate to good association with the
base metals copper, zinc and lead (copper @ +0.691, zinc @ +0.559,
lead @ +0.286); copper has a good association with zinc (CC @
+0.515) but poor with lead (CC @ +0.132); and zinc has a poor
association with lead (CC @ +0.223).
Stage 2 Exploration Campaign Channel Sampling and Assay
Results
The 2018 Campaign focussed on mechanized stripping, channel
sampling and assaying along two strategic NW-SE 400m to 500m
outcrop stripping lines (the "Lines") as a first pass
assessment of the bulk polymetallic veins in the 3km by 1km Target
Area (see the Corporation's news release dated November 13, 2018) . Two lines were
completed, T18-1 and 2. A total of 943 individual channel samples
were taken from both Line T18-1 and 2, varying in individual length
from 20cm to 8.5m. Bedrock outcrop
coverage of T18-1 is 60% and 80% for T18-2. Individual
channel sample assay results ("Assays") to date included:
- 160 anomalous gold Assays
-
- 72 gold Assays between 0.03 and 0.10 g/t gold;
- 70 between 0.10 and 1 g/t gold; and
- 18 above 1 g/t in the range 1.02 g/t gold over 0.2m to 27.70 g/t gold over 0.4m, with the most significant interval of 17.1
g/t gold over 1.5m.
- 221 anomalous silver Assays:
-
- 125 silver Assays between 0.10 g/t and 1 g/t silver; and
- 96 above 1 g/t in the range 1.00 g/t silver over 0.3m to 11.50 g/t silver over 0.3m.
- 4 anomalous copper Assays:
-
- 4 copper Assays between 0.1% and 1% copper.
- 62 anomalous zinc Assays:
-
- 56 zinc Assays between 0.1% and 1% zinc;
- 6 above 1% zinc from 1.03% zinc over 0.6m to 3.80% zinc over 0.8m.
Line T18-1 extends 500m in a NW-SE
direction at right angles to the orientation of geological units
and is located approximately 1km NE of the past producing Sturgeon
River Mine's No. 3 Quartz Vein. The geology consists of felsic to
intermediate volcanic and intrusive rocks, mostly rhyolite/dacite
flows, tuffs and cut by mafic dykes. The quartz veins undulate and
form anastomosing patterns as observed in the previously sampled
"85-A2" vein system, similar to other structurally hosted lode gold
deposits. Line T18-2 is located approximately 350m W-SW of the No. 3 Quartz Vein, and extends
500m in a NW-SE direction at right
angles to the orientation of geological units. Here, two major vein
sets were identified including the newly discovered 040° Bootleg
Quartz Vein that may be the SW extension of the "85-A2" Quartz Vein
located more than 1km to the NE. Additional results from quartz
veins and/or sulphide veins, composite intervals and location maps
are being compiled for both T18-1 and 2 and will be made available
shortly.
Quality Assurance and Quality Control ("QAQC")
A total of 1,692 field samples were taken from the Stages 1 and
2 field exploration programs at the Ishkoday in 2018. All samples
including standards, blanks and duplicates were sent to ALS
laboratory facilities in Thunder
Bay (Ontario) and
Val-d'Or (Quebec) for analytical preparation and
eventually to Vancouver (B.C.)
precious and base metal assays, and whole rock analysis.
Some 322 field samples were taken during Stage 1: 82 channel
samples from the "Jack" quartz-sericite-chlorite-sulphide schists
and the "85-A2" quartz vein, and 240 selective grab samples from
the quartz veins of the northern claims and both quartz and
polymetallic veins from the southern claim blocks.
A total of 943 channel samples were taken during Stage 2 from
Line T18-1 and 2. Each channel sample were saw cut individually by
a technician to lengths chosen by the senior geologists, ranging
from 5 to 7 cm widths and 7 to 10cm depths. Individual sample
weights ranged from 5 to 10kg for channel samples and 1 to 3kg for
selective grab samples.
Individual field samples were taken by either field technicians,
prospectors or geologists, and inserted in individual plastic bags,
each with ALS sample tags. Samples were checked, catalogued and
bags sealed by the senior geologist, then placed in large numbered
nylon bags with standards, blanks and duplicates. The bags were
then sealed and transported by Explo-Logik employees to the ALS
facilities. Once at the ALS facilities, samples were catalogued
using the bar coding system, dried, weighed, crushed, pulverized to
70% <2mm, and riffle-split for final pulverization to 85%
<75µm. A final split is taken for multi-element ICP-AES analysis
(gold plus 33 elements) and ore grade finish on anomalous results
in gold, silver, copper and zinc.
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSX-V under the symbol LME and on the OTCPINK
under the symbol LMEFF. LAURION now has 137,965,639 outstanding
shares of which 59.4% are owned and controlled by Insiders and
within the "friends and family" category.
The Corporation's emphasis is on the development of its flagship
project, the 100% owned mid-stage Ishkoday Gold Project, and its
gold-silver and gold-rich polymetallic mineralization with a
significant upside potential.
Mr. Jean Lafleur, P. Geo.
(APGO, OGQ), LAURION 's Technical Advisor to the Board of
Directors, is a Qualified Person as defined by National Instrument
43-101 guidelines, and has reviewed and approved the content of
this news release.
For links to photos and images of the Ishkoday Gold Project,
please visit the Corporation's website at URL http://www.LAURION.ca
or LinkedIn at URL
https://www.linkedin.com/in/cynthia-le-sueur-aquin-04b03017/detail/recent-activity/
The Viewer should note that images and photos displayed on these
websites show selected mineralization that may not necessarily be
representative of the mineralization hosted on the Ishkoday Gold
Project.
Follow us on Twitter: @LAURION_LME
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, including with respect to LAURION 's business, operations
and condition, management's objectives, strategies, beliefs and
intentions, the details, anticipated timing and completion of the
transactions and other matters described in this press release,
including without limitation, the timing, completion and future
results of the Corporation's exploration program at Ishkoday. The
forward-looking statements involve risks and uncertainties. Actual
events and future results, performance or achievements expressed or
implied by such forward-looking statements could differ materially
from those projected herein including as a result of a change in
the trading price of the common shares of LAURION , the
interpretation and actual results of current exploration
activities, changes in project parameters as plans continue to be
refined, future prices of gold and/or other metals, possible
variations in grade or recovery rates, failure of equipment or
processes to operate as anticipated, the failure of contracted
parties to perform, labor disputes and other risks of the mining
industry, delays in obtaining governmental approvals or financing
or in the completion of exploration, as well as those factors
disclosed in the Corporation's publicly filed documents. Investors
should consult the Corporation's ongoing quarterly and annual
filings, as well as any other additional documentation comprising
the Corporation's public disclosure record, for additional
information on risks and uncertainties relating to these
forward-looking statements. The reader is cautioned not to rely on
these forward-looking statements. Subject to applicable law, the
Corporation disclaims any obligation to update these
forward-looking statements.
SOURCE Laurion Mineral Exploration Inc.