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TORONTO, Feb. 14, 2019 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF)
("LAURION" or the "Corporation") is pleased to deliver its
year-end 2018 review and Corporate highlights of the
44km2 Ishkoday Gold Project ("Ishkoday") to its
stakeholders, as well as outline its 2019 objectives and
exploration work plan.
LAURION's objective is to validate and quantify a bulk precious
and base metal environment. LAURION's drilling and sampling
work to date has produced a comprehensive geological model forming
a solid foundation of evidence for validation. LAURION believes
that continuing focussed work on the quartz vein systems could
demonstrate the true potential of Ishkoday.
During 2018, Laurion advanced Ishkoday on many fronts:
- LAURION initiated a strategic field mapping and grab-channel
sampling program from key outcrops and two mechanically
stripped-trenched sections, on the 85-A2 Quartz Vein system,
located approximately 1.5km apart, to outline bulk precious and
base metals upside potential at Ishkoday.
- Recognition of a major 1km wide northeast-southwest structural
corridor, the now termed the Ishkoday Deformation Zone
("IDZ"), encompasses most of the known precious and base
metal mineralization at Ishkoday.
-
- The IDZ likely emanates from, and is directly linked to, the
east-west Paint Lake Fault located 1km to the south of Ishkoday,
all part of a major shear-deformation zone similar to the gold
bearing "Porcupine-Destor" and
"Larder Lake-Cadillac" Breaks of the Abitibi Greenstone Belt.
- Positive field mapping, assay results and multi-element
geochemistry reinforced the duality of both precious and base
metals potential from new polymetallic assays in the 3km by 1km, as
well as, during the May-June and August-September 2018 Stages 1 and 2 programs.
-
- Sulphide mineralization is present in polymetallic veins, shear
zones and as disseminations (between the No. 3 Quartz vein and the
Jack Showing, and the "A" Zone, CRK and Joe Zones), which adds to
the greater potential within the 3km by 1km corridor.
- It is anticipated that as further historic and new quartz vein
systems are exposed in 2019 as part of the continued outcrop
stripping-trenching programs, gold bearing quartz and polymetallic
veins and 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. There are
more than 120 noted gold carrying quartz veins at Ishkoday.
- LAURION is nearing completion of the 2018 Ishkoday Assessment
Report (the "Report"). The Report will be eventually filed
with the Ministry of Northern Development and Mines.
The main objectives for 2019 Exploration Program are as
follows:
(1) Continue the mechanized outcrop stripping-trenching
and channel sampling along trend of the 85-A2 and the Marge-"F"
Quartz Vein systems in 5 additional trenches.
- LAURION believes that one of the keys to the gold
mineralization at Ishkoday is the presence of intrusives rocks, the
heat source driving both the precious and base metals
mineralization. The Marge-"F" Quartz Vein system (17.62 g/t gold
with Visible Gold over a 36cm width along a strike length of
314m; Phoenix Gold, 1988) is centered
on the Ishkoday Diorite Stock, from which the No. 3 Quartz Vein was
historically mined at the south end of the intrusive, less than
500m away.
- Two strip-trench areas with mapping and channel sampling are
being planned at the Marge-"F" Quartz Vein system, to commence in
the summer's exploration campaign. Two strip-trench areas are
planned for the 85-A2.
(2) Ground geophysics (IP and/or EM) for defining
intrusive rocks, faults and mineralization
(3) 2-D and 3-D regional and project compilation,
synthesis and interpretation, all to identify and/or enhance
current and any additional targets.
- LAURION has recently accessed a large valuable geophysical
database executed over Ishkoday in 2008 by two operators. This
database is currently being integrated with LAURION's existing GIS
database, to deliver a geophysical inversion that captures all the
relevant exploration criteria and provides targeting.
2018 Exploration Program: Stage 1 and 2 Campaigns*
The 2018 program focussed on an initial field validation
exploration program (the Stage 1 Campaign), consisted of selective
geological mapping and prospecting of historic mineralized veins
and their extensions, and in new areas (refer to LAURION's 2018
news releases dated May 29,
June 19, July
6 and 10, August 1 and
14). Two multi-kilometric sectors were identified, the historic
"85-A" and "Marge-F" Quartz Veins sectors. Of the total samples
taken some 14% of the selective field samples were anomalous in
either gold, silver, copper or zinc or any combination of these
elements, and most were located in the southern 3km by 1km Target
Area. Some 6 assay results exceeded 18 g/t gold in quartz
veins with the highest values located with Visible Gold from the
85-A2 yielding 40.80, 43.00 and 1,185.00 g/t gold. One additional
sample was located in a chlorite-sericite schist with trace pyrite
yielding 27.50 g/t gold; and a second, in a porphyry with 1% pyrite
gave 28.40 g/t gold. One sample in a diorite/granodiorite porphyry
yielded 1.61% copper; whereas a rhyodacite gave 1.74% zinc; 3.26%
and 12.00% zinc in two separate sericite-chlorite schist; a
chlorite vein yielded 1.89% zinc and an additional quartz vein gave
2.82% zinc.
This work was followed by mechanized stripping, channel sampling
and assaying along two strategic NW-SE 400m to 500m
outcrop stripping lines, TR18-1 and 2 (the Stage 2 Campaign)
(refer to LAURION's 2018 news releases dated August 21, September
26, November 13 and
December 12). Line TR18-1
extended 500m in a NW-SE direction
intersecting the undulating/anastomosing "85-A2" Quartz Vein system
located approximately 1km NE of the past producing Sturgeon River
Mine's No. 3 Quartz Vein. Line 500m
long NW-SE TR18-2 was located approximately 350m W-SW of the No. 3 Quartz Vein. Two major
vein sets were identified, including the newly discovered 040°
Bootleg Quartz Vein that appears to be the SW extension of the
"85-A2" Quartz Vein located more than 1km to the NE.
Some 70 channel samples gave between 0.10 and 1 g/t gold; and 18
were 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. In addition, 96
channel samples were above 1 g/t in the range 1.00 g/t silver over
0.3m to 11.50 g/t silver over
0.3m; and 6 zinc assay were above 1%
zinc from 1.03% zinc over 0.6m to
3.80% zinc over 0.8m.
The Corporation has a project-wide database (2008 to 2018) that
includes 283 diamond drill holes totaling 40,729 m, geological mapping, ground geophysics,
and 14,992 individual samples with assays and geochemical analysis.
Between 40% and 60% of all samples carry more than 0.005 g/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. As LAURION increases its quartz vein sampling over the
next campaigns, it is anticipated gold grades could potentially
follow similar patterns to the Phoenix Gold results (63% of samples
above 0.005 g/t gold). From the perspective of statistical analysis
of the 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.
* LAURION follows rigorous Quality Assurance and Quality Control
procedures for its field sampling as outlined in its December 4, 2018 news release. All assay sample
preparation and geochemical analysis were done at the ALS Canada
Ltd., facilities in Thunder Bay
(Ontario) and North Vancouver (British Columbia).
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
140,870,084 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.
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.