Listing (TSXV = LO Frankfurt = LE2A)
ROUYN-NORANDA,
QC, March 4, 2013 /CNW Telbec/
- LOUNOR EXPLORATION INC. is pleased to announce the
start of a drill program on the Matagami Gold Property. The property is
located in the Matagami mining
camp and is comprised of 106 mining claims located in the Isle-Dieu
Township, Province of Quebec,
covering a total area of 1,632 hectares. The Matagami mining camp has a long history of
producing base and precious metals with at least 15 mines to date
(former and current producers).
The Matagami Gold Property is hosted by a gold
bearing quartz-carbonate vein system. A VSM-type polymetallic
occurrence is also present on the northern part of the
property.
Polymetallic VMS Targets
Lounor's consultant geologist has discovered the
existence and the location of five (5) historic shallow holes (less
than 80 meters) that have returned Cu, Au, Ag, Zn values over width
ranging from 5 meters to 9 meters. The values of these historic
holes drilled in the 1960 ranged from 1.5% copper to 3.5% copper;
gold values ranged from 1g/t to 3 g/t; silver values ranges from 1
g/t to 5 g/t and zinc values ranged from 1.5 % to 3%. Due to the
significance of these results in relation to the current price of
commodities, Lounor has decided to complete a follow-up exploration
program.
Lounor completed a gravity survey, a ground
electromagnetic survey (infiniTEM). Strong conductors were
identified and coincide with gravity anomalies. The priority target
will be drilled tested in the coming weeks.
Gold Targets
Geological and geophysical compilation report
was completed by MRB and Associates, a geological consulting firm
of Val-d'Or, from April 2012 to September
2012. A prospection and trenching campaign was
completed at the same time. Large areas of veins and veinlets were
discovered. More detailed compilation assessment works are underway
and are covering the area where is located the historical mineral
inventory (Marcelle, Edith and Rolande historical veins). The
compilation is realized on an area located 1.5 km south of the
polymetallic targets. Lounor is planning to drill the low grade
gold targets in the summer of 2013.
Christian Dupont, p. Eng., is
responsible of the information contained in this press release.
About Lounor Exploration
Lounor Exploration Inc. is a Canadian-based
natural resources company with mineral holdings in Ontario and Quebec and is currently focused on exploration
in the Abitibi Greenstone Belt. The belt is found in both provinces
of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of
180,000,000 ounces of gold, 450,000,000 tonnes of base metal ore
over the last 100 years. The Company is headquartered in
Quebec.
LOUNOR EXPLORATION INC. is a publicly
traded company on the TSX-Venture (TSXV-LO) and on the Frankfurt
Exchange (LE2A).
This press release was prepared by Lounor
Exploration Inc. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This document may contain forward-looking
statements relating to Lounor's operations or to the environment in
which it operates. Such statements are based on operations,
estimates, forecasts and projections. They are not guarantees of
future performance and involve risks and uncertainties that are
difficult to predict and may be beyond Lounor's control. A number
of important factors could cause actual outcomes and results to
differ materially from those expressed in forward-looking
statements, including those set forth in other public filling. In
addition, such statements relate to the date on which they are
made. Consequently, undue reliance should not be placed on such
forward-looking statements. Lounor disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
save and except as may be required by applicable securities
laws.
SOURCE LOUNOR EXPLORATION INC.