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TORONTO, June 14, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF)
("LAURION" or the "Corporation") is pleased to provide an
update on the 2019 exploration program (the "Stage 2
Campaign) at the Corporation's wholly-owned Ishkoday Project
("Ishkoday") located 220 km northeast of Thunder Bay (Ontario).
Mechanized outcrop stripping, power washing, geological mapping
and channel sampling were initiated in three sectors of Ishkoday:
(1) TR18-3, on the southwest extension of the multi-kilometric
Marge-"F" Quartz Veins system; (2) TR19-1, on the Sturgeon Mine No.
3 Vein; and (3) the CRK Sulphide Veins. Confirming the extensions
of known and new gold bearing quartz and polymetallic sulphide
veins in these sectors will ultimately help in completing the
construction of the 2-D and 3-D geological-mineralization model
(the "Model").
Early field observations include:
a)
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the major northeast
trending quartz veins, such as the Marge-"F" and the No. 3 quartz
veins, are in the surface exposed Sturgeon River Porphyry, and are
accompanied by pervasive quartz-carbonate and pyrite-chalcopyrite
(iron and copper sulphides) centimeter and millimeter wide
sub-vertical and flats veins, veinlets and stringers (the
"Quartz Veins");
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b)
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the Quartz Veins
extend for hundreds of meters in strike lengths and
widths;
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c)
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historic geology maps
from the drifts and crosscuts of the historic Sturgeon River Mine
(1935-1942) indicate a similar pattern of veining to more than 400
m below surface that is also validated by the "waste rock"
stockpile;
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d)
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channel sampling of
stripped areas is focused not only on determining grades of the
larger centimeter to meter wide quartz veins, but also the
vein-veinlets-stringer bearing host rock; and
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e)
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the CRK sulphide
gold-silver-zinc-copper vein is now believed to be more extensive
in length and width, encompassing multiple historic showings, such
as the "A" Zone, previously tested by LAURION, located more than
1.4 km to the northeast, and the Tehya, Joe, Ahki, "D" and McLeod
sulphide veins located from 250 m to 800 m to the north, southwest
and northeast, strongly suggesting the presence of a significant 2
km by 400 m wide sulphide corridor of massive, semi-massive and
disseminated sulphide vein stockwork.
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The Stage 2 Campaign forms part of the 2018-2019 exploration
initiated in May 2018 as a
three-staged 18-month program with the strategic objective of
outlining the bulk precious and base metals upside potential at
Ishkoday. The Model will be constructed in conjunction with the
confirmation of the lateral and cross-strike continuity of the
mineralization, providing LAURION with a solid technical background
model to initiate diamond drilling to prove the upside potential as
part of the Stage 3 program later this year. The Stage 2 Campaign
is slated for completion at the end of the third quarter of
2019.
Private Placement
The Corporation also announces that its previously announced
non-brokered private placement (the "Private Placement") of
units (each, a "Unit") remains in progress due to continued
investor interest, and any closing of a subsequent tranche of the
Private Placement has been extended for a further 30 days from the
date of this news release.
On May 10, 2019, the Corporation
announced that it has closed the first tranche of the Private
Placement, whereby the Corporation issued 10,000,000 Units at a
price of $0.10 per Unit for aggregate
gross proceeds to the Corporation of $1
million. As previously announced, the Corporation intends to
ultimately raise $2.0 million
pursuant to the Private Placement.
Each Unit consists of one common share of the Corporation (each,
a "Common Share") and one Common Share purchase warrant
(each, a "Warrant"), with each Warrant entitling the holder
thereof to acquire one additional Common Share at a price of
$0.14 per share for a period of 24
months from the date of issuance.
The Corporation intends to use the net proceeds from the issue
of Units for exploration activities at Ishkoday and general working
capital purposes.
The Private Placement remains subject to the final approval of
the TSX Venture Exchange (the "TSX-V").
About Laurion
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 153,470,084 outstanding
shares of which 55.1% are owned and controlled by Insiders and
within the "friends and family" category.
LAURION's emphasis is on the development of its flagship
project, the 100% owned mid-stage 44 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. The Ishkoday
Project has a project-wide database (2008 to 2018) that includes
283 diamond drill holes totaling 40,729m, geological mapping, ground geophysics,
and 14,992 individual samples with assays and geochemical
analysis. The mineralization on the Ishkoday is open at depth
beyond the current core-drilling limit of -200 m from surface, based on the historical
mining to a -685 m depth, as
evidenced in the past producing Sturgeon River Mine.
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.
Caution Regarding Forward-Looking Information
This news 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, the completion of any subsequent tranches of the
Private Placement, the anticipated timing and closing of any
subsequent tranches of the Private Placement and the use of
proceeds from the Private Placement, future plans for the
development of the Corporation and/or the Ishkoday Gold Project,
and management's objectives, strategies, beliefs and
intentions.
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, the TSX-V
not providing its final approval for the Private Placement, 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.