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TORONTO, Aug. 1, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF) ("LAURION" or
the "Corporation") is pleased to issue the first new gold assay
results (the "Results") from channel sampling at the M24
Quartz Vein (the "M24") at the Corporation's wholly-owned
Ishkoday Project ("Ishkoday" or "Project"), located
220 km northeast of Thunder Bay,
Ontario (refer to Location Map 1). The channel
sampling forms part of the Stage 2 Campaign of the 2018-2019
exploration initiated in May 2018, a
three-staged 18-month program with the strategic objective of
outlining the bulk precious and base metals upside potential at
Ishkoday.
Assay results from the channel sampling are shown in
Tables 1 and 2, and Location Map 2. Eighty (80) of
the 231 channel samples came from the M24 Quartz Vein (under the
legend "M24" in both tables), 7 are from the altered, quartz veined
and pyrite-bearing Porphyry surrounding the vein ("Shear"), and 144
are from the host generally unaltered Porphyry ("QFP"). Fifty-seven
(57) of the 231 channel samples contain ≥ 0.10 g/t gold with 38
coming from the "M24", 3 are from the "Shear", and 8 from the
"QFP", where it is altered, quartz-veined and pyrite-bearing.
Highlights (refer to Tables 1 and 2 for
complete results)
- Significant composite interval results are as follows:
-
- 2.76 g/t gold over 2.15m (Line
2)
- 0.97 g/t gold over 3.03m (Line
16)
- 5.49 g/t gold over 1.70m (Line
17)
- 6.20 g/t gold over 1.35m (Line
25)
- 2.59 g/t gold over 5.76m (Line
35P)
- 1.11 g/t gold over 6.23m and
0.46 g/t gold over 9.18m (Line
39P)
- 1.25 g/t gold over 3.21m (Line
41P)
- Significant individual assay results above 1 g/t gold
include:
M24
- 9.63 g/t gold over 0.59m (Line
2)
- 9.27 g/t gold over 0.20m (Line
4)
- 2.27 g/t gold over 0.70m (Line
11)
- 16.35 g/t gold over 0.55m (Line
17)
- 2.81 g/t gold over 1.00m (Line
21)
- 10.60 g/t gold over 0.62m (Line
22)
- 1.13 g/t gold over 0.40m (Line
23)
- 12.00 g/t gold over 0.29m (Line
31)
- 9.81 g/t gold over 1.26m (Line
35P*)
- 1.65 g/t gold over 1.38m and 3.30
g/t gold over 0.97m (Line 39P*)
- 1.76 g/t gold over 1.21m, 1.22
g/t gold over 0.97m and 2.03 g/t gold
over 1.03m (Line 41P*
Shear
- 7.92 g/t gold over 0.35m (Line
16)
QFP
- 9.99 g/t gold over 0.83m (Line
25)
- 1.87 g/t gold over 1.65m (Line
26)
Assay results from 2019 compare favorably with historic moils
(from 1935), chips (from 1984) and channel sampling (from 1986) as
reported by Phoenix Gold Mines (1988): individual assay results
ranged from 0.07 g/t to 39.25 g/t gold over widths ranging from
0.18 to 1.37m. However, 10 of
17 individual channel samples from the same segments of
perpendicular and parallel in-vein sampling of the M24 Quartz Vein
show extreme disparities in gold assay results, such as on Line 32
with 0.15 g/t gold versus 9.81 g/t gold, respectively suggesting a
significant "gold nugget effect". Sample rejects from 87 individual
channel samples will be re-analyzed using the Metallic Screening
method to help mitigate the nugget effect.
M24 Quartz Vein
Partially stripped in 2018, the northeast trending M24 portion
of TR18-3 was fully exposed at surface by recent stripping and
washing, and channel sampled with 231 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 heavily sheared (nearest the
M24), iron carbonate and pyrite-bearing porphyry host at the
southwestern end of the Sturgeon River Porphyry (the
"Porphyry").
The M24 is part of a swarm of major northeast-southwest trending
gold-bearing quartz veins at the southwest end of the Porphyry,
that includes the M21, M22, M23 M24 and M26 Quartz Veins (the
"M24 Quartz Vein System or M24QVS") along with additional
secondary (for now) quartz veins and shears of different sizes and
trends. The M24QVS extends some 425m
in length by 245m wide, and remains
open. The Porphyry 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 previously 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, 625m to the southwest. All the gold-bearing
quartz veins of the M24QVS are likely interconnected as observed at
the No. 3 Quartz Vein ("3 Vein") of TR19-1 that hosted the
Sturgeon River Mine.
The 3 Vein has appeared as a single vein (L. Koskitalo, Phoenix
Gold Mines, 1988), but LAURION's stripping at TR19-1 has
established the 3 Vein as a package of multiple, anastomosing
quartz veins oriented in two main directions of north-south and
northeast-southwest, the No. 3 Quartz Vein System (the
"3QVS") with vein distribution and density linked to
corridors in the Porphyry. The 3QVS is also accompanied by
centimeter and millimeter wide sub-vertical and flats veins,
veinlets and stringers forming stockworks, tens to hundreds of
meters in lengths and widths, based on LAURION's 2010 diamond
drilling (LME-10-008, 008Wedge, 009, 009Wedge and 010) that
undercut the 3QVS. In addition, geology maps from the underground
drifts and crosscuts of the historic Mine (past production from
1935 to1942) indicate a similar pattern of veining to -685m below surface (L. Koskitalo, Phoenix Gold
Mines, 1988), also validated by the presence of significant quartz
veinlets with gold in Porphyry "waste rock" from the Mine's
stockpile. LAURION is currently waiting for the next batch of
available channel sample gold results from the 3QVS.
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"). This 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.
To access Location Maps 1 thru 5 and Tables 1, 2 and 3 see
following link at:
http://laurion.ca/ishkoday-project/highlights/2019-field-exploration-program/
* P suffix means samples were taken within and parallel to the
M24 Quartz Vein, whereas other sample Lines without the suffix P
are taken within and perpendicular to the M24 Quartz Vein.
QA-QC Protocols
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
the Fire Assay method of analysis. 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.
Each channel sample was individually cut using a double-blade
saw by a technician to lengths chosen by the senior geologists,
approximately a 5cm width and 10cm depth. Individual samples
weighed from 5 to 10kg. Each channel was sampled field technicians,
and inserted in individual plastic bags, each with ALS sample tags,
and sealed. Metal tags with the ALS sample number were inserted at
the beginning of each sample channel cut and are used during the
field mapping of individual channel sample cuts. The field data
gathered includes sample number, azimuth of the channel,
channel/sample lengths, geology and geo-reference using UTM
coordinates.
Individual plastic sample bags were then sealed on-site,
returned to the LAURION field office where they are catalogued and
inserted in large nylon bags with standards, blanks and
duplicates in a pre-established sequence. The nylon bags were
then sealed and transported by LAURION technicians to the ALS
facility in Thunder Bay, Ontario.
Once at ALS, individual samples are catalogued using the bar coding
system, dried, weighed, crushed, pulverized to 70% <2mm, and
riffle-split for final pulverization to 85% <75µm. A final 50
gram pulp split is taken for Fire Assay using Au-ICP22 gold
analysis up to 10,000 ppb gold. Samples giving results beyond
10,000 ppb gold are re-analyzed with a new 50 gram pulp split to
ore grade levels using a gravimetric finish.
Qualified Person
Mr. Jean Lafleur, P. Geo. (PGO,
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.
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
155,739,759 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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SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
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SOURCE Laurion Mineral Exploration Inc.