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TORONTO, July 17, 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. 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").
As previously reported on June 14,
2019, and as shown on Location Map 1 (see the following
link:
http://www.laurion.org/ishkoday-project/highlights/2019-field-exploration-program/),
LAURION initiated mechanized outcrop stripping, power washing,
channel sampling and geological mapping of the Marge-"F"-"M" Quartz
Veins (TR18-3), the Sturgeon Nos. 1-2-3 Quartz Veins
(TR19-1), and the CRK Sulphide and A-2 Quartz Veins
(TR19-2) sectors of the 3km by 1km Target Area (the
"Target Area") of the southern claims block. Additional
field mapping is also being done within the 2018 stripped areas
TR18-1 (85-A2 Quartz Veins system) and TR18-2
(Bootleg Quartz Vein system).
Work completed as of this news release includes:
- stripping and channel sampling work at TR18-3 has been
completed and assay results are pending;
- outcrop stripping has also been completed at TR19-1 with
channel sampling progressing as planned;
- outcrop stripping has also been completed at TR19-2, with
channel sampling slated for July and August;
- outcrop stripping at the Marge Gold-Quartz Vein has been
initiated;
- additional field mapping of 2018 stripped areas TR18-1 and 2 is
to be completed by mid-July; and
- in excess than 2,200m2
of stripped outcrop from TR18-3 has been rehabilitated. Stripped
outcrop rehabilitation will continue this year for TR18-1 and
TR18-2.
Cynthia Le Sueur-Aquin, President
& CEO commented: "We are very pleased with progress thus
far. The newly stripped areas indicate that the wallrock adjacent
the major veins contain extensive zones of fine quartz vein
stockworks and breccia zones that are cut by later shear zones with
polymetallic sulphides. The majority of the historical work
focussed only on evaluating the major veins while our current
program will sample across the full potential mineralized zones to
assess the bulk resource potential."
The Stage 2 Campaign also continues on other key fronts
with:
- Core re-logging of key previous LAURION drill holes from across
Ishkoday to re-evaluate the rock units, structures, alteration and
mineralization, and complete additional core sampling to ensure
continuous assaying of the entire drill core for the evaluation of
the bulk gold potential;
- Mira Geoscience of Montreal,
Quebec, in their 3D-GIS technology and advanced geological
modelling at the regional 1:250,000 and 1:50,000 map scales
("Mira");
- The Nordmin Group of Companies of Thunder Bay, Ontario, in their geological
analysis and eventual mineral resources modelling at the local
1:50,000 and 1:15,000 map scales ("Nordmin"); and
finally
- an airborne magnetic survey will be completed to further refine
Rock Units, structures and sulphide-magnetite veins in 3D and help
in the definition of litho-structural domains.
Further Geological Observations from the Outcrop Stripping
Work
TR18-3
Partially stripped in 2018, the northeast trending M24 Quartz
Vein (the "M24") portion of TR18-3 was fully exposed ay
surface by recent stripping and washing, and channel sampled with
more than 200 samples taken. The M24 measures more than
100m in length and is more than
3m wide, tapering off at the
extremities to under 30cm, but remains open at both ends before
disappearing under the overburden. Additional secondary centimeter
wide parallel and perpendicular quartz veining occur on both sides
of the M24 for several meters in a sheared (near the M24) to
massive, pyrite-bearing porphyry host at the southwestern end of
the Sturgeon River Porphyry (the "Porphyry").
The Sturgeon River Pluton already hosts the northeast trending
Marge, "X" and "F" gold bearing quartz veins (the "Marge").
The central 314m long by 36cm wide
Marge Gold-Quartz Vein yielded 17.62 g/t gold; whereas a
21m long by 25cm wide segment of the
"F" graded 30.72 g/t gold (L. Koskitalo, Phoenix Gold Mines Ltd.,
1988). The M24 is located on trend to the Marge, some 625m to the southwest.
Gold assay results for the M24 are pending.
TR19-1
Stripped area TR19-1 covers the entire surface exposure of the
north-northeast trending No. 3 Quartz Vein (the "3 Vein")
that was the main host of the gold mineralization at the historic
Sturgeon River Mine (the "Mine") yielding 73,438oz of gold
and 15,922 ounces of silver (L. Koskitalo, Phoenix Gold Mines,
1984).
What appears as a single 3 Vein (L. Koskitalo, Phoenix Gold
Mines, 1988) is in fact a package of multiple, interconnected and
anastomosing quartz veins oriented in two main directions of
north-south and northeast-southwest, with vein distribution and
density linked to corridors in the Porphyry. The 3 Vein is also
accompanied by centimeter and millimeter wide sub-vertical and
flats veins, veinlets and stringers forming stockworks (the
"Stockworks"), tens to hundreds of meters in lengths and
widths. Geology maps from the drifts and crosscuts of the Mine
(past production from 1935 to1942) indicate a similar pattern of
veining to more than 700 m below
surface, also validated by the presence of significant quartz
veinlets in Porphyry "waste rock" from the Mine's stockpile.
Selective grab samples taken from the Mine's Stockpile either show
individual, sub-millimeters or aggregates of millimeter-sized gold
grains.
In addition, the stripping also uncovered the historic Nos. 1
and 2 Quartz Veins, located some 50m
and 100m, respectively, west of the 3
Vein. Both veins trend more north-easterly than the 3 Vein. All
three veins are termed shear veins with meter-wide highly schistose
wall rocks containing quartz veinlets and stringers, and
disseminated pyrite.
Ongoing channel sampling of TR19-1 is not only focused on
determining grades of the larger centimeter to meter wide quartz
veins, but also the veins-veinlets-stringers in the host
Porphyry.
LAURION has also re-examined previous NQ drill core from its
drilling in 2010 at the Mine: drill holes LME-2010-008
(5511139N/443903E, 105°/-65°, 911m),
008Wedge (5511139N/443903E, 105°/-65°, 900m), 009 (5511140N/443899E, 085°/-60°,
799m), 009Wedge (5511139N/443903E,
084°/-56°, 761m) and 010
(5511240N/443903E, 090°/-60°, 822m),
all drilled across several hundred meters of the Mine Rock Units
and the 3 Vein and the No. 1 and 2 Quartz Veins. The re-examination
has helped confirm rock types based on a new simplified rock unit
nomenclature, structures (shear zones) and mineralization types
(shear and extension quartz-carbonate veins, veinlets and
stockworks).
Drill core sampling intervals were only limited to obvious
mineralized intervals containing individual and combined sulphide
bearing quartz veins and either foliated, schistose and/or altered
intervals, with an average sampling rate of 35% in a range of 28%
(LME-2010-009) to 44% (LME-2010-010). Assuming a bulk gold
model, 100% of the core should be analyzed, owing to the fact that
some of the gold may be found outside the larger quartz veins, as
it continues to be observed in selected grab samples from the
Mine's Stockpile.
TR19-2
Stripping of the CRK sulphide gold-silver-zinc-copper veins
sector (the "CRK") suggests a more extensive mineralization
system than previously observed, combining several similar historic
and previous showings, such as the "A" Zone located more than 1.4
km to the northeast, and the Tehya, Joe, Ahki, "D" and McLeod
sulphide veins located 250m to
800m to the north, southwest and
northeast.
The CRK likely extends for more than 2km by 400m containing massive, semi-massive and
disseminated sulphide veins composed mostly sphalerite (zinc
sulphide) and minor chalcopyrite (copper sulphide) and galena (lead
sulphide), with gold-silver. Early very fine-grained, greyish,
centimeter to metric siliceous veins can also be found
criss-crossing the rhyo-dacite/dacite host, giving the rock a
brecciated appearance. Also present are late intermediate to mafic
porphyritic dykes, in addition to a mix of
chlorite-actinolite-magnetite "shear veins", sulphide bearing
fractures, semi-massive centimeter to meter long sphalerite-rich
sulphide corridors, and typical Ishkoday through going white quartz
veins, such has the A-2 Quartz Vein (the "A-2"). Locally, the A-2
splits in several veins forming anastomosing patterns.
Channel sampling is planned for this month.
Confirming the extensions of known and new gold bearing quartz
and polymetallic sulphide veins will ultimately help in completing
the construction of the 2-D and 3-D geological-mineralization model
(the "Model"). The Model will be provide LAURION with a
solid technical base to initiate diamond drilling to prove the
upside potential as part of the Stage 3 program to start later in
2019-2020. LAURION's work continues confirming the extensive quartz
and sulphide veining across the Target Area. The field portion of
the Stage 2 Campaign is slated for completion at the end of
Q3-2019.
Qualified Person
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. Assay samples from this program are being prepared
by ALS Global Geochemistry in Thunder
Bay, Ontario, and analyzed by ALS Global Analytical Lab in
North Vancouver, BC, using
Fire Assay and Metallic Screening techniques. LAURION employs
an industry standard system of external standards, blanks and
duplicates for all its sampling in addition to the QA/QC protocol
employed by the laboratory.
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 153,850,084
outstanding shares of which 62% are owned and controlled by
Insiders who are eligible investors under the "Friends and Family"
categories.
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.
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, 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
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.
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SOURCE Laurion Mineral Exploration Inc.