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- Significant gold results include:
-
- 12.36 g/t gold over 0.35m and
17.35 g/t gold over 0.77m (No.1
Quartz Vein)
- 4.34 g/t gold over 1.28m (No.
2 Quartz Vein)
- 8.84 g/t gold over 0.46m (M23
Quartz Vein)
- 3.43 g/t gold over 0.46m (M25
Quartz Vein)
TORONTO, Oct. 8, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME, OTCPINK: LMEFF)
("LAURION" or the "Corporation") is
pleased to issue new gold assay results (the "Results") from
channel sampling at the No. 1, No. 2, M23 and M25 Quartz Veins from
the Corporation's wholly-owned Ishkoday Project ("Ishkoday"
or "Project"), located 220 km northeast of Thunder Bay, Ontario.
New Results include: (1) assays from channel samples of the Nos.
1, 2 and 8/11 Quartz Veins of the No. 3 Quartz Vein ("3
Vein") sector (Domain 2); and (2) assays from channel
samples of the M23 and M25 Quartz Veins (Domain 3) located
550m west of the 3 Vein.
(1) Assay results from the No. 1, No. 2 and
8/11 Quartz Veins
- LAURION's channel assay results from the 2019 sampling on
limited surface exposure of the Nos. 1-2 and #8/11 Quartz Veins
yielded for the No.1 Quartz Vein located 50m to 60m west of
the 3 Vein: 17.35 g/t gold over 0.77m (channel sample #867274) on the No. 1A
Quartz Vein and 12.36 g/t gold over 0.35m (#867229) on the No. 1B Quartz Vein;
for the No. 2 Quartz Vein located 150m west of the 3 Vein gave 3.35 g/t gold
over 0.33m (#867448) and 4.34
g/t gold over 1.28m (#867456);
and for the #8/11 Quartz Vein located 140m east of the 3 Vein gave 1.34 g/t gold
over 0.51m (#867188). Less than
1% of the actual quartz veins were sampled due to glacial gouging
of veins creating deep 3m plus deep
cavities in the highly sheared host rock, as well as stripping
restrictions of the historic mine site infrastructure.
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 it consists of a swarm of interconnected,
anastomosing quartz veins oriented in two main directions: one
north-south, the other northeast-southwest, along with additional
secondary (for now) quartz veins and shears of different sizes and
trends, now termed the Sturgeon River style of mineralization
(refer to the Corporation's news release dated September 24, 2019).
The gold bearing vein sets are the 3 Vein encompass 12
individual veins, Nos. 1A, 1B, 2, 3,
3A to 3E, Coniagas and Nos. 8/11, (the "3QVS") in a corridor
extending some 750m in length by
375m wide (part of Domain 2).
The peculiarity of this corridor is the dominant 010° trend (with
secondary 040° quartz veins forming anastomosing veins) of the
gold-rich 3 Vein of the historic Sturgeon River Mine. Gold grades
recently reported by LAURION on the 3 Vein South included in-vein
composite interval assays of 47.61 g/t gold over 7.95m (sample line 5-L26P), 92.58 g/t gold
over 12.98m (sample line 5-L27P),
79.64 g/t gold over 4.18m
(sample line 5-L28P) and 14.85 g/t gold over 9.45m (sample line 5-L29P) (refer to the
Corporation's news release dated August 20,
2019).
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 3 Vein itself extends
at surface some 425m in length and
remains open in all directions, and LAURION's drilling as well as
the underground workings suggest the 3 Vein occurs at vertical
depths of more than 700m.
(2) Channel assay results from the M23 and M25 Quartz
Veins
- LAURION's channel assay results from the 2019 limited sampling
of a less than 20m segment of the
more than 400m long M23 and 25 Quartz
Veins yielded up to: 8.84 g/t gold over 0.46m for the M23 (channel sample #866184),
10m south of the M25 Quartz Vein, and
3.43 g/t gold over 0.46m for the
M25 (#866174). Both quartz veins are in all likelihood the same
anastomosed vein. LAURION further extended the outcrop stripping to
the southwest covering much of the M25 Quartz Vein. Assay results
are pending from selected grab samples of the M25 Quartz Vein taken
at roughly 10m intervals as well as
in the metric wide sheared and altered wall rocks.
The M23 and M25 are part of the 15 quartz veins of the M-series
quartz veins on the southwesterly extension the Marge Quartz
Vein with its 4 distinct quartz veins (Marge, Marge South "F" and "X" Quartz Veins) on trend
at 040° covering a 1,800m by
225m wide corridor of Domain
3. The M-series quartz veins channel sampled by LAURION in 2019
were the M23, 24 and 25.
The most significant individual assay results from the M24
(refer to the Corporation's news release dated August 1, 2019) yielded 9.63 g/t gold over
0.59m (Line 2), 16.35 g/t gold
over 0.55m (Line 17), 10.60
g/t gold over 0.62m (Line
22) and 9.81 g/t gold over 1.26m (Line 35P); whereas the most
Significant composite interval results were 5.49 g/t gold over
1.70m (Line 17), 6.20 g/t gold
over 1.35m (Line 25) and 2.59
g/t gold over 5.76m (Line 35P) –
the "P" suffix identifies samples taken within and parallel to the
M24 Quartz Vein, whereas other sample Lines without the suffix P
are taken within and perpendicular to the M24 Quartz Vein.
The channel sampling forms an integral part of the now completed
field portion of the Stage 2 Campaign of 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.
Refer to maps on LAURION's website using the following link:
http://www.laurion.org/ishkoday-project/highlights/2019-field-exploration-program/
QA-QC Protocols
Samples for assay from this program are initially processed and
prepared by ALS Global Geochemistry in Thunder Bay, Ontario, with pulps sent to 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-bladed
saw by a LAURION field technician to lengths chosen by the senior
geologists, approximately a 5cm width and 10cm depth. Individual
samples weighed from 3 to 8kg. Each channel was sampled by other
LAURION 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. 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 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 again 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 Persons
Mr. Jean Lafleur, P. Geo. (PGO,
OGQ), 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 168,622,044
outstanding shares of which 58.7% 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. Ishkoday has a
project-wide database (2008 to 2018) that includes 283 diamond
drill holes totaling 40,729 m,
geological mapping, ground geophysics, and 14,992 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,
as evidenced in the past producing Sturgeon River Mine.
The 2018-2019 exploration initiated in May 2018 is a three-staged 18-month program with
the strategic objective of outlining the precious and base metals
upside potential at Ishkoday, part of the 5km by 1km Target Area of
the southern claims block. 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 and helping guide future
exploration targeting. This Model will provide LAURION with a solid
technical foundation to initiate diamond drilling to demonstrate
upside potential across the 5km by 1 km Target Area at Ishkoday as
part of the Stage 3 drill program starting later in 2019. 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, 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.