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UNITED STATES./
TORONTO, May 29, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the
"Corporation") is pleased to report ongoing drill hole
assays of its 4,500 m diamond drill
campaign (see April 28, 2020 news
release) on its 100% owned Ishkoday property and contiguous Brenbar
earn-in option property (collectively, the "Project"),
located 220 km northeast of Thunder Bay,
Ontario, near the town of Beardmore. To date, ten holes totalling
2,476 m have been drilled (LBX20-001
to -010) and assays for hole LBX20-002, LBX20-003 and LBX20-004 are
reported here. Assay results from the remaining holes are
pending.
These three drill holes, in conjunction with hole LBX20-001 (see
May 19, 2020 news release) were
designed to test an area of mineralization known through historic
intercepts. However, these holes were drilled towards the northwest
rather than to the southeast like the vast majority of historic
holes in order to test the new structural model. Significant assay
results are presented in Table 1 below. Highlights are:
- 10.34 m of 3.22 g/t gold (Au)
including 1.10 m of 28 g/t Au in Hole
LBX20-002; and
- 63.93 m of 0.58 g/t gold, 6.10
g/t silver, 0.11 % copper and 1.92 % zinc in Hole
LBX20-003.
David Lewis, P.Geo., LAURION
Exploration Manager commented: "Our strategy of drilling in the
opposite direction of the nearby historic holes continues to show
encouraging results. We intersected both high grade,
gold-bearing veins in hole LBX20-002, corresponding to surficial
veining, and a 60+ m wide zone of lower grade gold mineralization
in hole LBX20-003, which lies at a vertical depth of 95
-145 m. The change in width of these
zinc-bearing zones (Ishkoday-style) is interpreted to be the result
of folding at depth and we are trying to establish the fold plunge
before any follow up drilling."
The location of these drill holes, including hole LBX20-001 (see
May 19, 2020 news release), as well
as the associated mineralized intercepts (projected vertically to
surface) is shown in Figure 1. A 3D model showing these intersects
relative to compiled historical drilling is shown in Figure 2. The
hole position and survey information are presented in Table 2.
Previous work in the Project identified two distinct styles of
mineralization: an early, likely syn-volcanic, zinc-dominant
hydrothermal system, termed the Ishkoday-style mineralization; and
a later, gold-dominant event that is linked primarily to later
tectonic gold-silver bearing quartz veins, termed the Sturgeon
River-style mineralization. Magnetite is associated with the
higher-grade zinc mineralized zones and mineralization compares
favorably with shaded total magnetic intensity maps (Figure 3).
These mineralized horizons dip steeply, meaning the true width of
mineralization is interpreted to be 60% of the intersected
widths.
Table 1: Significant Assay Results, Holes LBX20-002 to
-004
Hole
ID
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(wt%)
|
Zinc
(wt%)
|
LBX20-002
|
124.66
|
135.00
|
10.34
|
3.22
|
0.72
|
0.02
|
0.14
|
Including
|
125.90
|
127.00
|
1.10
|
28.0
|
3.20
|
0.02
|
0.47
|
And
|
212.00
|
216.62
|
4.62
|
1.41
|
12.57
|
0.12
|
1.59
|
Including
|
213.78
|
216.62
|
2.84
|
2.12
|
12.29
|
0.16
|
1.31
|
LBX20-003
|
66.50
|
73.50
|
7.00
|
0.42
|
6.10
|
0.05
|
0.15
|
And
|
130.85
|
194.78
|
63.93
|
0.58
|
6.10
|
0.11
|
1.92
|
Including
|
130.85
|
147.66
|
16.81
|
0.12
|
2.43
|
0.05
|
1.10
|
Including
|
147.66
|
153.97
|
6.31
|
0.02
|
0.27
|
0.00
|
0.04
|
Including
|
153.97
|
165.00
|
11.03
|
0.35
|
4.34
|
0.06
|
0.87
|
Including
|
165.00
|
181.16
|
16.16
|
1.12
|
16.61
|
0.27
|
5.00
|
Including
|
181.16
|
194.78
|
13.62
|
0.97
|
2.28
|
0.07
|
1.01
|
LBX20-004
|
127.65
|
130.28
|
2.63
|
0.34
|
8.33
|
0.13
|
1.18
|
And
|
146
|
147.04
|
1.04
|
0.57
|
7.40
|
0.05
|
1.35
|
And
|
167.5
|
169
|
1.50
|
1.18
|
2.30
|
0.08
|
0.75
|
And
|
221.7
|
237.28
|
15.58
|
0.12
|
4.32
|
0.09
|
0.34
|
Note: The zinc-rich zones (Figure 1, 2) dip steeply and the true
width of mineralization is estimated at >60% of the drill hole
interval.
Table 2: Collar position, orientation, and depth of diamond
drill holes. Coordinates are presented in UTM NAD83 Zone
16N.
Hole
ID
|
Easting
(m)
|
Northing
(m)
|
Elevation
(m)
|
Azimuth
|
Dip
|
Depth
(m)
|
LBX20-002
|
446597
|
5512898
|
321
|
310
|
-50
|
228
|
LBX20-003
|
446532
|
5512884
|
321
|
310
|
-50
|
242
|
LBX20-004
|
446571
|
5512852
|
321
|
310
|
-50
|
282
|
Qualified Person
Mr. David Lewis, P. Geo. (PGO),
LAURION 's Exploration Manager, is a Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the
content of this news release.
All core samples have been assayed by ALS Laboratories in
Thunder Bay, Ontario. Samples are
processed by 4-acid digestion and analyzed by fire assay on 50 g
pulps and ICP-AES (Inductively-Coupled-Plasma –
Atomic-Element-Spectroscopy). Over limit analyses are reprocessed
with gravimetric finish. LAURION employs an industry standard QA/QC
program including insertion of blanks, duplicates and
standards. Samples are sawn by core saw on site (cut
perpendicular to mineralization), with one-half of the core sent in
secure bags to ALS Laboratories.
About LAURION Mineral Exploration Inc.
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 181,125,977 outstanding
shares of which approximately 59% 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 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 48,879 m,
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 recently acquired Brenbar Property, which is
contiguous with the Ishkoday Property, hosts the historic Brenbar
Mine and LAURION believes that the mineralization to be a direct
extension of mineralization from the Ishkoday Property.
Caution Regarding Forward-Looking Information
This press 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, 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 of LAURION, 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.