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TORONTO, June 24, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the
"Corporation") is pleased to provide a further progress
report on its drilling and exploration program at its
100% owned Ishkoday Project and contiguous Brenbar earn-in option
Project (the "Project"), located 220 km northeast of Thunder Bay, Ontario, near the town of
Beardmore. To date, 20 drill holes
totalling 4,750 m have been completed
with assay results for 14 holes pending. The two drill holes
reported in this release were targeting historical intercepts along
strike and at depth. Significant results are given in Table 1 and
drill hole information is listed in Table 2, below. Figure
1 shows the mineralized intervals projected to surface with
the trends of Ishkoday-style (gold-zinc) and Sturgeon River-style
(gold-silver) mineralization in the A Zone.
Highlights:
- 5.93 g/t Gold, 97 g/t Silver, 8.42% Zinc over 1.4 m in Hole LBX20-005; and
- 0.65 g/t Gold, 3.89 g/t Silver, 1.09% Zinc over 10.82 m in Hole LBX20-006, Including 1.43 g/t
Gold, 9.7 g/t Silver, 5.3% Zinc over 1.25
m
Table 1: Significant Assay Results, Holes LBX20-005 and
LBX20-006
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(wt%)
|
Lead
(wt%)
|
Zinc
(wt%)
|
LBX20-005
|
167
|
183.1
|
16.1
|
0.18
|
4.26
|
0.11
|
0.01
|
0.56
|
LBX20-005
|
212.27
|
213.67
|
1.4
|
5.93
|
97.00
|
0.18
|
0.23
|
8.42
|
|
|
|
|
|
|
|
|
|
LBX20-006
|
42.3
|
56
|
13.7
|
0.43
|
2.48
|
0.03
|
0.01
|
0.26
|
Including
|
46
|
47.46
|
1.46
|
1.40
|
11.60
|
0.18
|
0.04
|
0.62
|
LBX20-006
|
81.38
|
92.2
|
10.82
|
0.65
|
3.89
|
0.04
|
0.02
|
1.09
|
Including
|
83.35
|
84.6
|
1.25
|
1.43
|
9.70
|
0.06
|
0.05
|
5.31
|
Including
|
91
|
92.2
|
1.2
|
1.84
|
5.20
|
0.11
|
0.02
|
0.22
|
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.
Hole
ID
|
Easting
(m)
|
Northing
(m)
|
Elevation
(m)
|
Azimuth
|
Dip
|
Depth
(m)
|
LBX20-005
|
446681
|
5513075
|
324
|
310
|
-50
|
239
|
LBX20-006
|
446671
|
5513148
|
324
|
310
|
-50
|
155
|
Coordinates are
presented in UTM NAD83 Zone 16N.
|
David Lewis, P.Geo., Exploration
Manager commented: "Our ongoing drill campaign continues to
demonstrate the continuity of mineralization, including significant
high-grade zones, within several parallel mineralized corridors as
shear zones and/or as veins. The 1.4m
intersection in hole LBX20-005, with the high-grade gold, silver
and zinc values, is a new high-grade discovery within the
mineralized A Zone target that occurs beneath fault cover and is a
blind target."
Mr. Lewis continued: "Drill assays, oriented core and surface
mapping have further confirmed the presence of at least four
subparallel, gold-mineralized corridors, with an additional two
corridors that have been mapped or drilled with assay values
pending. Furthermore, drilling has confirmed the presence of a much
wider base metal zone that also hosts gold and silver
mineralization. This base metal zone pinches and swells along
trend, suggesting that it may be folded. These target areas, such
as the one intersected in hole LBX20-003 (see May 29, 2020 news release) have the potential to
host much wider mineralized zones."
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.