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TORONTO, March 17, 2020 /CNW/ - Laurion Mineral
Exploration Inc. (TSX-V: LME; OTCPINK: LMEFF)
("LAURION" or
the "Corporation") is pleased to announce the
commencement of an Induced Potential ("IP") survey (the
"Survey") as strategic part of the 2020 exploration program
at the Corporation's wholly-owned Ishkoday Project
("Ishkoday"), located 220km northeast of Thunder Bay, Ontario (Figure 1).
Field crews are on-site cutting the grid for 40km of lines for
the geophysics Survey (Figure 2) over the
Sturgeon Mine and the "A" Zone target sector, as well as the newly
acquired Brenbar Project located due west of and on trend with the
Ishkoday Target Area. The objective is aimed at refining targets
for the upcoming diamond drilling campaigns testing the "bulk"
gold/gold-zinc potential. The survey will assist in:
(1)
|
Reconstructing the
primary geological elements (rock types, contacts) and secondary
ones (fault/shear zones, alterations, and quartz, oxide-sulphide
and sulphide vein mineralization); and
|
|
|
(2)
|
Predicting the
surface strike (horizontal) and depth (vertical) extensions of the
gold and gold-zinc mineralized vein corridors beyond the known
dimensions.
|
LAURION's 2019 exploration work identified 3 major
gold-mineralized trends, Sturgeon River Mine, M25/Marge and Loki,
which extends along strike for 2+km, 1.8+km and 3+km, respectively.
The 2018 and 2019 channel and selected grab sampling campaigns
returned a substantial number of significant gold and
gold-silver-zinc assay results which not only validated historical
sampling but also greatly expanded the target strike lengths. These
results indicate that the gold-mineralizing event, or events are
very widespread. The historic Sturgeon River Mine data further
suggests that mineralization may be more extensive at depth.
LAURION is now in a position to pursue these 3 target areas with
targeted drill programs and surface work in 2020 to expand our
evaluation of these important trends.
Current Targets
The 3 main mineralized trends occur in the 5km by 1km Target
Area located in the southern claim block of Ishkoday, and are
characterized by:
- An early hydrothermal system, termed the Ishkoday-style
Mineralization, hosting stockwork-style NE trending veins
of magnetite (magnetic iron oxide), quartz, sphalerite (zinc
sulphide), gold and silver (the "Oxide-Sulphide Veins").
In addition, there are multiple sphalerite-rich (zinc sulphide)
centimeter to meter wide veins, also containing pyrite (iron
sulphide), chalcopyrite (copper sulphide), galena (lead sulphide),
gold and silver (the "Sulphide Veins").
- The Oxide-Sulphide and Sulphide Veins are centered on the "A"
and CRK Zones of the known 3+km by 800m "Loki Trend Corridor" (the
"Loki") as defined by over 26,000m of previous drilling covering more than
half the Target Area.
The priority target within the Loki is the 50+m wide "A" Zone
Sulphide Veins. A later gold-dominant event linked gold-silver
bearing quartz veins, termed the Sturgeon River-style
Mineralization, in two known corridors: the 2+km by
300m "Sturgeon River Mine
Corridor" (the "Sturgeon") and 1.8km by 350m "M25-Marge Corridor" (the
"Marge").
In the Sturgeon River Mine Corridor, compilation and
synthesis of the historic Sturgeon River Mine underground data, and
the mapping/sampling of the No. 3 Quartz Vein and adjacent veins
suggest that the 1937 to 1942 mining from near surface to
-530m vertical depth not only covered
the N-S trending No. 3 Quartz Vein, but also 5 other quartz veins,
most of which trend NE-SW.
LAURION drilling in 2010 intersected several additional quartz
veins north of the underground workings. LAURION is of the opinion
that higher-grade gold-bearing veins ("Shoots") are present
at the Sturgeon Gold Mine. Current compilation work with the
defined I.P. survey will help define other potential target Shoots
for future drilling.
Qualified Person
Mr. Jean Lafleur, P. Geo. (PGO,
OGQ). LAURION's VP Exploration is a Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the
technical 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 179,628,395 outstanding
shares of which approximately 58% is 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 47 km2 Ishkoday
Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. Ishkoday has a
project-wide database (2008 to 2019) that includes 307 diamond
drill holes totaling 48,879m,
geological mapping, ground and airborne geophysics, and 21.800
individual samples with assays and geochemical analysis. The
mineralization on 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, in the past producing Sturgeon
River Mine.
The 2018-2020 exploration initiated in May 2018 is a three-staged program with
the strategic objective of outlining the precious and base
metals upside potential of the 5km by 1km Target Area of the
southern claims block at Ishkoday. The Exploration Team has
confirmed the extent of known and new gold bearing quartz and
polymetallic sulphide veins that will ultimately help in completing
the construction of the 2-D and 3-D model which will guide
future exploration targeting. This Model will provide LAURION with
a solid technical foundation to initiate diamond drilling to
demonstrate the depth potential across the Target Area at
Ishkoday as part of the Stage 3 drill program starting in
2020. The field portion of the Stage 2 Campaign is now
completed.
Caution Regarding Forward-Looking Information
This news release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, LAURION's business, operations and 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
Corporation's 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
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.