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TORONTO, Aug. 20, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME, OTCPINK: LMEFF)
("LAURION" or
the "Corporation") is pleased to issue the
second batch of new gold assay results (the "Results") from
channel sampling at the No. 3 Quartz Vein (the "3 Vein")
located at the Corporation's wholly-owned Ishkoday Project
("Ishkoday" or "Project"), located 220 km northeast
of Thunder Bay, Ontario (refer
to Map 1). The channel sampling forms an integral part
of the Stage 2 Campaign from the 2018-2019 exploration initiated in
May 2018, a three-staged 18-month
program with the strategic objective of outlining the precious
and base metals upside potential at Ishkoday.
The 3 Vein is shown as a single vein on historical maps, but
LAURION's stripping and sampling at TR19-1 has established that the
3 Vein is actually a swarm of interconnected, anastomosing quartz
veins oriented in two main directions: one north-south, the other
northeast-southwest.
The No. 3 Quartz Vein was mined between 1936 and 1942. Of
significance is the strike of 200m in
length of the ore grade shoot within the No. 3 vein at surface,
which increases at depth. At 530m depth, the ore shoot reaches a strike length
of 466m. At around the
460m, two other veins intersect the
No.3 vein (No. 10 and the "M" veins). This validates the
suggestion of the potential for this well-mineralized structure to
widen along strike and at depth.
- Highlights for the 3 Vein South (refer to Tables 1 and
2, and Map 2 for complete assay results)
-
- Significant composite interval results are as follows:
-
- 3.60 g/t gold over 3.21m (Line
5-L1)
- 1.95 g/t gold over 3.26m (Line
5-L2)
- 9.30 g/t gold over 2.90m (Line
5-L3)
- 1.40 g/t gold over 3.41m (Line
5-L5)
- 2.34 g/t gold over 2.95m (Line
5-L8)
- 3.46 g/t gold over 2.43m (Line
5-L11)
- 4.04 g/t gold over 2.94m (Line
5-L15)
- 1.77 g/t gold over 2.30m (Line
5-L17)
- 4.14 g/t gold over 2.69m (Line
5-L21)
- In-vein sampling was completed parallel to the vein contact to
determine a more accurate gold grade of the 3 Vein South. Composite
interval results are as follows:
-
- 47.61 g/t gold over 7.95m
(5-L26P)
- 92.58 g/t gold over 12.98m
(5-L27P)
- 79.64 g/t gold over 4.18m
(5-L28P)
- 14.85 g/t gold over 9.45m
(5-L29P)
- The average width of the 3 Vein South is 0.09m
- Highlights for 3 Vein North (refer to Tables 3 and 4,
and Map 3 for complete results)
-
- Significant composite interval results are as follows:
-
- 3.75 g/t gold over 2.49m (Line
23-L2)
- 1.01 g/t gold over 1.87m (Line
23-L5)
- 0 .91 g/t gold over 2.33m
(Line 23-L6)
- 34.00 g/t gold over 2.13m
(Line 23-L17)
- 19.46 g/t gold over 1.75m
(Line 23-L18)
- 16.33 g/t gold over 1.64m
(Line 23-L19)
- 1.43 g/t gold over 2.90m (Line
23-L20)
- 12.39 g/t gold over 5.51m
(Line 23-L21)
- 3.56 g/t gold over 2.89m (Line
23-L22)
- 3.54 g/t gold over 3.79m (Line
23-L24)
- Significant other individual channel assay results from the 3
Vein North includes:
-
- 161.00 g/t gold over 0.35m
- 16.75 g/t gold over 0.46m
- The average width of the 3 Vein North is 0.19m.
Assay results from 2019 compare favorably with channel sampling
from 1986 as reported by Phoenix Gold Mines (1988). Individual
assay results taken directly on the 3 Vein ranged from trace to
240.00 g/t gold over 0.04m to
0.57m. However, 8 of 12
individual channel samples from the same segments of perpendicular
and parallel in-vein sampling of the 3 Vein North and South show
extreme disparities in gold assay results, such as on Line 5-L7
with 0.96 g/t gold versus 99 g/t gold, respectively suggesting a
significant "gold nugget effect" just as at the M24 Quartz Vein.
Sample rejects from 59 individual channel samples from the 3 Vein
will be re-analyzed using the Metallic Screening method to help
mitigate the nugget effect.
The No. 3 Quartz Vein
Completely stripped at surface this year, the 010-015° trending
3 Vein of TR19-1 was fully channel sampled with 394 samples taken.
The 3 Vein measures 150m in length
and varies between a few centimeters to more than 50 cm wide but
remains open at both ends before disappearing under the overburden.
Additional secondary centimeter wide parallel quartz veining occur
on both sides of the 3 Vein for up to 20m of exposed stripped outcrop in quartz veined
as quartz veinlets stockwork and a sulphide-bearing porphyry host
at the south central end of the Sturgeon River Porphyry (the
"Porphyry").
The 3 Vein historically appeared as a single vein (L. Koskitalo,
Phoenix Gold Mines, 1988), but LAURION's stripping at TR19-1 has
established that the 3 Vein consist of a swarm of interconnected,
anastomosing quartz veins oriented in two main directions: one
north-south, the other northeast-southwest, that includes the
0400 oriented Nos. 1 and 2, Coniagas and Nos. 8-11
Quartz Veins (the "3 Vein Quartz Vein System or
3QVS") along with additional secondary (for now) quartz
veins and shears of different sizes and trends.
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 1937 to 1942) 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.
The 3QVS extends at surface some 425m in length by 245m wide, and remains open. Underground working
were reported to extend the 3 Vein gold mineralization for
approximately 500m The Porphyry already hosts the
northeast trending Marge, "X" and "F" (the "Marge") and the
M21, 22, 23, 24 and 25 (the "M24QVS") gold-bearing quartz
veins located 850m south and
550m west, respectively, of the 3QVS.
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 Quartz Vein yielded surface channel sample grades
ranging from trace to 16.35 g/t gold over widths ranging from
0.20m to 1.66m (refer to the Corporation's news release
dated August 1, 2019).
All the gold-bearing individual quartz veins, whether from the
Marge, the M24QVS and 3QVS were observed to be interconnected,
creating the braided or anastomosing pattern.
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 Tables 1 to 4 and Maps 1 to 3, click on following link
at:
http://laurion.ca/ishkoday-project/highlights/2019-field-exploration-program/.
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 158,656,425
outstanding shares of which 60.8% 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.
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.