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TORONTO, July 15, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME) (OTCPINK: LMEFF) ("LAURION" or
the "Corporation") is pleased to provide an update on the
diamond drill campaign at the A-Zone area of the Ishkoday Project,
located near the town of Beardmore, 220 km northeast of Thunder Bay, Ontario, with local and
project-scale considerations.
GOLD TARGET AREA SIZE SIGNIFICANTLY INCREASED
- Mineralized shear corridor at Ishkoday Project increased to 6
km by 1.5 km from A-Zone to Brenbar area (Figure 1);
- The Brenbar area hosts wide shear zones and veins with
potential for shallow and wide gold mineralized zones; and
- Recent magnetic surveys indicate mineralized shears and 2020 IP
chargeability corresponds well with zones of high sulphide content
and related gold mineralization
A-ZONE GOLD MINERALIZATION
- Six gold-bearing panels within 450
m x 175 m area traced in
A-Zone (Figure 2);
- Panels converge at depth with potential for increased width and
grade;
- Current drill assays include:
-
- Hole LBX20-009: 3.77 g/t gold, 30.1 g/t silver, 10.1% zinc
over 0.5 m;
- Hole LBX20-010: 15.6 g/t gold, 73 g/t silver, 14.5% zinc
over 0.7 m;
- Hole LBX20-011: 6.26 g/t gold, 5.1 g/t silver over
0.75 m;
- Previous LAURION intersections:
-
- LBX12-010: 2.29 g/t gold, 12.99 g/t silver, 1.94 % zinc over
19.0 m
- LBX14-019: 1.38 g/t gold, 7.25 g/t silver, 1.41 % zinc over
19.5 m
- LBX20-002: 28 g/t gold, 3.2 g/t silver, 0.47 % zinc over
1.1 m
A-ZONE GOLD-ENRICHED VMS-STYLE MINERALIZATION
- A wide, gold-bearing, low-grade zinc interval has been
intersected in rock setting consistent with high-grade Volcanogenic
Massive Sulphide (VMS)-style mineralization;
-
- Open for >400 m along trend to
the northeast and >700 m to the
southwest (total strike length of >1.1 km) and at depth;
- Zinc-bearing stratigraphy traced between seven 2020 drill
holes;
-
- Widths vary from 3.37 to 63.93 m
(true thickness estimated at >60%); and
- Corresponds well with a chargeable Induced Polarization anomaly
identified in 2020 (Figure 3);
- Intersections include:
-
- LBX20-003 (100 m vertical depth):
0.58 g/t gold, 6.1 g/t silver and 1.92 % zinc over 63.9 m (including 1.12 g/t gold, 16.61 g/t silver
and 5.0 % zinc over 16.16 m);
- LBX20-014: 0.44 % Zinc over 32.59
m
David Lewis, P.Geo., Exploration
Manager commented: "Our drilling is confirming the presence of gold
and silver-bearing panels, including both veins and shear zones,
that can be traced directly on surface and with oriented core
measurements for 450 m along strike
and within a 175 m wide corridor.
Historically, the presence of several mineralized panels was
generally understood, but correlation between panels was imprecise
and the width of the overall zone was poorly understood. Our
technical team has now defined six gold-mineralized panels within a
175 m wide trend that converges at
depth, and this convergence has the potential to host wider and
higher grade mineralization. These zones are offset somewhat along
a moderately-dipping fault, but our exploratory drilling has
identified new mineralized panels beneath this structure and away
from previous drilling."
"Furthermore, in hole LBX20-014, a wide low-grade zinc zone was
intersected in a fragmental volcaniclastic rock with banded
magnetite and disseminated pyrite; this rock type and
mineralization style best fits with VMS (Volcanogenic Massive
Sulphide) mineralization. This is the same rock type that we
intersected in nearby holes LBX20-001, -002 and -003 (located
approximately 450 m away), which
returned wide mineralized zones. Hole LBX20-003 intersected 0.58
g/t gold, 6.1 g/t silver and 1.92% zinc over 63.9 m at a vertical depth of 100 m. This new drill hole intersected the
VMS-style mineralization in a large, untested chargeable
geophysical anomaly, which is 1,100 m
long and open to the northeast, southwest and at depth."
"Our phase 1 drill campaign, now complete, has helped our
understanding of the A-Zone area tremendously. We are now analyzing
this data and investigating other areas, such as the
recently-acquired Brenbar Mine area, in anticipation for follow-up
drill targeting. The Brenbar area hosts sheared, sulphidized and
veined volcaniclastic rocks which have the potential for shallow
and wider gold mineralized zones and which constitutes our ideal
target."
Technical Discussion
Ongoing modelling of the A-Zone (Figure 1) is encompassing both
surficial mapping and oriented diamond drill core. Preliminary
results suggest that six gold-bearing shear zones, striking
northeast and dipping steeply, are offset along a contemporaneous,
moderately southeast dipping shear zone (Figure 2). The steeply
dipping shear zones converge, apparently along the plane of the
primary, southeasterly shear zone, and are interpreted to form a
large-scale flower structure at depth (Figure 2). The width of
these mineralized shear zones is relatively narrow, generally up to
2-5 m wide, but the width (and
presumably grade) is interpreted to increase at the convergent
zone.
The zinc-bearing, base metal stratigraphy has now been traced
between holes LBX20-001, -002, -003, -004, -005, -006, and -014
which pierced beneath the moderately-dipping shear zone. These
intersections, which vary in width from 3.37 to 63.93 m (true thickness estimated at >60%)
correspond well with a chargeable Induced Polarization anomaly
identified in 2020 (Figure 3). S-shaped folded stratigraphy,
defined by the chargeable geophysical anomalies, match well with
drill intersections and the highest grades and widths of both base
and precious metals are associated with interpreted fold hinges.
The mineralized interval in hole LBX20-014 contains relatively
minor gold, suggesting gold enrichment in more deformed areas.
Regional Considerations
On a regional scale, the geology from the A-Zone can be
extrapolated for 6 km throughout the Ishkoday Project. Mapping and
geophysical surveys suggest three major, anastomosing, mineralized
faults or shear zones, with associated splays, that can be extended
throughout the southeastern section of the Ishkoday Project within
a 1.5 km corridor (Figure 4): the Marge Fault, the Sturgeon Fault,
and the Coyle Fault. These contemporaneous shear zones cut or wrap
the Sturgeon River stock and show that the stock was in place prior
to shearing. Gold-bearing veins are commonly shear-hosted, but
extensional veins, such as the mined No.3 vein at the Sturgeon
Mine, are also related to shearing. The sense of motion on these
faults is primarily sinistral (left-lateral), with minor conjugate
(Riedel) dextral faults. The S-shaped folded VMS-style horizon at
the A-Zone is also contemporaneous with this fault displacement and
show that fold hinges are also likely gold-bearing.
At the recently-acquired, past-producing Brenbar Mine, the Marge
and Sturgeon faults are interpreted to converge. The faults widen
on surface and veining and folding becomes more abundant with
enhanced chargeable sulphide mineralization (Figure 5). Upcoming
exploration in this area will focus on the gold-bearing potential
of the veins, folds and shear zones.
A-Zone Drilling Overview
In mid-May, LAURION initiated a 4,500
m phase 1 drill campaign designed to test historic
intercepts through infill drilling, in order to understand and
extend known mineralization at the A-Zone. This latest drill
campaign has completed 4,975 m of
oriented diamond drill core. Significant assay results from holes
LBX20-007 to -014 are presented in Table 1 and core orientation
data is presented in Table 2.
Table 1. Significant assay results, holes LBX20-007 to -014.
HoleID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(wt%)
|
Zinc
(wt%)
|
LBX20-007
|
30
|
46
|
16
|
0.21
|
2.07
|
0.01
|
0.13
|
LBX20-007
|
218
|
236
|
18
|
0.10
|
0.39
|
0.00
|
0.02
|
LBX20-008
|
24.34
|
24.84
|
0.5
|
0.26
|
2.80
|
0.04
|
1.26
|
LBX20-008
|
67
|
74
|
7
|
0.19
|
1.71
|
0.02
|
0.10
|
LBX20-008
|
79.4
|
80.5
|
1.1
|
1.06
|
12.10
|
0.20
|
0.76
|
LBX20-008
|
101.5
|
102.62
|
1.12
|
0.67
|
1.10
|
0.03
|
0.02
|
LBX20-009
|
43.4
|
47.5
|
4.1
|
0.73
|
5.56
|
0.04
|
1.50
|
Including
|
47
|
47.5
|
0.5
|
3.77
|
30.10
|
0.20
|
10.05
|
LBX20-009
|
50.84
|
51.45
|
0.61
|
0.93
|
7.00
|
0.15
|
1.57
|
LBX20-010
|
30
|
32.3
|
2.3
|
0.80
|
11.23
|
0.08
|
0.75
|
Including
|
31.2
|
31.9
|
0.7
|
1.92
|
28.00
|
0.18
|
1.93
|
LBX20-010
|
39.3
|
41.5
|
2.2
|
5.22
|
27.80
|
0.25
|
4.90
|
Including
|
39.3
|
40
|
0.7
|
15.60
|
73.00
|
0.55
|
14.45
|
LBX20-011
|
133
|
135.5
|
2.5
|
0.39
|
0.60
|
0.01
|
0.01
|
LBX20-011
|
139.25
|
140.5
|
1.25
|
4.06
|
4.26
|
0.02
|
0.02
|
Including
|
139.25
|
140
|
0.75
|
6.26
|
5.10
|
0.03
|
0.02
|
LBX20-011
|
140.5
|
142
|
1.5
|
0.02
|
0.80
|
0.00
|
0.01
|
LBX20-011
|
295.5
|
296.5
|
1
|
0.36
|
2.00
|
0.10
|
0.04
|
LBX20-012
|
1.77
|
14
|
12.23
|
0.16
|
0.80
|
0.00
|
0.02
|
LBX20-012
|
31
|
39.52
|
8.52
|
0.21
|
1.09
|
0.01
|
0.05
|
LBX20-012
|
45
|
52.2
|
7.2
|
0.12
|
1.24
|
0.01
|
0.05
|
LBX20-012
|
85.45
|
88.51
|
3.06
|
0.92
|
4.24
|
0.02
|
0.59
|
Including
|
85.45
|
86.5
|
1.05
|
1.22
|
3.40
|
0.01
|
0.59
|
Including
|
87.82
|
88.51
|
0.69
|
1.45
|
9.40
|
0.05
|
1.33
|
LBX20-012
|
156.86
|
157.48
|
0.62
|
0.23
|
6.90
|
0.04
|
0.72
|
LBX20-013
|
108.8
|
109.75
|
0.95
|
0.28
|
0.80
|
0.01
|
0.28
|
LBX20-013
|
168.9
|
169.5
|
0.6
|
0.50
|
0.90
|
0.01
|
0.23
|
LBX20-013
|
175.17
|
176.5
|
1.33
|
0.16
|
9.60
|
0.38
|
0.70
|
LBX20-013
|
184.75
|
188.95
|
4.2
|
0.44
|
6.69
|
0.06
|
1.79
|
Including
|
188.4
|
188.95
|
0.55
|
1.57
|
24.40
|
0.10
|
8.61
|
LBX20-014
|
62.13
|
65.5
|
3.37
|
0.08
|
4.08
|
0.04
|
0.73
|
LBX20-014
|
168.91
|
201.5
|
32.59
|
0.02
|
1.52
|
0.04
|
0.44
|
|
Note: Mineralization
is subvertical 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.
HoleID
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Dip
|
Depth
|
LBX20-007
|
446620
|
5513206
|
323
|
130
|
-45
|
325
|
LBX20-008
|
446527
|
5513083
|
321
|
130
|
-45
|
201
|
LBX20-009
|
446546
|
5513066
|
323
|
130
|
-45
|
239
|
LBX20-010
|
446577
|
5513106
|
322
|
130
|
-45
|
239
|
LBX20-011
|
446919
|
5513109
|
325
|
310
|
-45
|
299
|
LBX20-012
|
446773
|
5513231
|
327
|
310
|
-45
|
248
|
LBX20-013
|
446846
|
5513170
|
326
|
310
|
-45
|
197
|
LBX20-014
|
446691
|
5513304
|
323
|
310
|
-50
|
221
|
|
Coordinates are
presented in UTM NAD83 Zone 16N.
|
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 181,685,977 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. 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.