High grade zone assayed 48.69 g/t Gold, 35.98 g/t Silver,
1.14 % Copper over 5.40 m, including
441 g/t Gold, 191 g/t Silver over 0.57
m, in Hole LME20-031
/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Jan. 19, 2021 /CNW/
- LAURION Mineral Exploration Inc. (TSX.V: LME)
(OTCPINK: LMEFF) ("LAURION" or the
"Corporation") is pleased to report final assay results
for the remaining two (2) drill holes of the ten (10) hole,
2,962 m Phase 2 drill campaign,
completed at the Ishkoday Project. The Ishkoday Project is located
approximately 220 km northeast of Thunder
Bay, Ontario, near the town of Beardmore in the Onaman-Tashota Greenstone
Belt.
HIGHLIGHTS
- Drill Hole LME20-031:
-
- 3.90 g/t Gold, 6.46 g/t Silver, 0.25 % Copper, 0.40 % Zinc
over 70.65 m
- High grade interval assayed 48.69 g/t Gold, 35.98 g/t
Silver, 1.14 % Copper over 5.40 m,
including 441 g/t Gold, 191 g/t Silver over 0.57 m
A plan map of mineralization and a vertical drill section is
presented in Figure 1 and a map showing conceptual extensional
zones related to gold mineralization is shown in Figure 2.
David Lewis, P.Geo., LAURION
Exploration Manager, commented: "The new mineralized intersection
in hole LME20-031, which is the most substantive outlined in the
current program, is hosted in a N-trending extensional shear zone,
in a comparable structure to the historic Sturgeon River and
Brenbar mines. Furthermore, the mineralized zone widens
significantly at depth, comparable to what is reported in
historical records of the Sturgeon River Mine. This is a major new
target zone that is completely open along strike and at depth, and
future exploration will focus on delineating the strike length and
depth potential of this zone, as well as outlining similar targets
elsewhere on this extensive property."
Discussion of Mineralization
The mineralized area, known historically as Area D, was drilled
by Farboro Resources in 1987 with seven shallow holes to a maximum
vertical depth of 140 m and
restricted to 200 m along strike. The
best historic mineralized intersection, drilled prior to the
introduction of current standards under N.I. 43-101, was in
hole 88-33, which intersected 18.7 m
grading 0.30 g/t gold, 4.31 g/t silver, 0.15 % copper and 1.18 %
zinc.
Hole LME20-030 was a twin of historic hole 88-33 and hole
LME20-031 was designed as a follow-up to further test
mineralization down dip. The widening mineralized interval in hole
LME20-031, which occurs between a vertical depth of 250-
305 m, establishes and validates this
new exploration target.
Hole LME20-030:
- 141.5 to 160.0 m – Precious and
base metal mineralization is hosted in a shear zone
Hole LME20-031:
- 352.5 to 371.0 m – Precious and
base metal mineralization is hosted in a shear zone, corresponding
to the sheared mineralization in hole LME20-030
- 392.3 to 397.7 m - Mineralization
occurs in fine quartz veining in a potentially sheared interval,
including semi-massive chalcopyrite veins
- 402.0 to 423.15 m –
Mineralization occurs in blebby chalcopyrite
Significant assays and drill hole position and orientation data
are presented in Table 1. Re-assay data results for selected
samples from hole LME20-031 is presented in Table 2.
Table 1: Significant assay results and drill position and
orientations for drill holes LME20-030 and LME20-031
Hole ID
|
From (m)
|
To (m)
|
Length (m)
|
Calculated true width
(m)
|
Gold (g/t)
|
Silver
(g/t)
|
Copper
(wt%)
|
Zinc (wt%)
|
LME20-030
|
2.32
|
3.00
|
0.68
|
0.27
|
0.54
|
0.7
|
0.01
|
0.12
|
|
32.00
|
33.50
|
1.5
|
0.60
|
0.69
|
0
|
0
|
0.02
|
|
141.50
|
160.00
|
18.50
|
7.34
|
0.18
|
14.64
|
0.21
|
3.26
|
Including
|
141.50
|
145.50
|
4.00
|
1.59
|
0.14
|
15.56
|
0.17
|
3.69
|
And
|
150.00
|
150.74
|
0.74
|
0.29
|
0.97
|
1.50
|
0.03
|
0.32
|
And
|
155.32
|
160.00
|
4.68
|
1.86
|
0.43
|
43.83
|
0.67
|
9.61
|
|
|
|
|
|
|
|
|
|
LME20-031
|
131.50
|
137.00
|
5.50
|
4.43
|
0.80
|
4.32
|
0.10
|
0.41
|
|
306.50
|
307.00
|
0.50
|
0.40
|
0.09
|
3.70
|
0.06
|
4.10
|
|
352.50
|
423.15
|
70.65
|
56.90
|
3.90
|
6.46
|
0.25
|
0.40
|
Including
|
352.50
|
371.00
|
18.50
|
14.90
|
0.66
|
11.19
|
0.47
|
1.22
|
And
|
392.30
|
397.70
|
5.40
|
4.35
|
48.69
|
35.98
|
1.14
|
0.23
|
Including
|
392.30
|
393.00
|
0.70
|
0.56
|
14.40
|
4.60
|
0.12
|
0.02
|
Including
|
396.00
|
396.57
|
0.57
|
0.46
|
441.00
|
191.00
|
0.57
|
0.14
|
And
|
402.00
|
423.15
|
21.15
|
17.03
|
0.02
|
2.19
|
0.10
|
0.16
|
|
|
|
|
|
|
|
|
|
LME20-030:
445837 mE, 5512790 mN, 323 m ASL. Azimuth: 145°, Dip: -45°, Depth:
176 m
|
LME20-031:
446126 mE, 5512535 mN, 327 m ASL. Azimuth: 300°, Dip: -50°, Depth:
443 m
|
Coordinates are presented in UTM NAD83 Zone 16N. Calculated
widths of mineralization are based on east-dipping structures
oriented 015°/79°.
Table 2: Re-assay data of selected samples from hole
LME20-031
Hole ID
|
From (m)
|
To (m)
|
Length (m)
|
Initial gold value
(g/t)
|
Re-assayed gold value
(g/t)
|
LME20-031
|
322.00
|
323.50
|
1.50
|
0.012
|
0.014
|
|
352.50
|
353.50
|
1.00
|
9.250
|
5.530
|
|
394.50
|
396.00
|
1.50
|
0.180
|
0.133
|
|
396.00
|
396.57
|
0.57
|
441.000
|
168.500
|
|
396.57
|
397.25
|
0.68
|
1.515
|
1.605
|
|
397.25
|
397.70
|
0.45
|
0.349
|
2.710
|
|
397.70
|
399.00
|
1.30
|
0.011
|
0.009
|
|
432.00
|
433.50
|
1.50
|
0.037
|
0.048
|
Note: As part of ongoing due diligence, selected samples from
hole LME20-031 were re-assayed to verify results. New assay samples
were collected from initial crushed sample rejects and pulverized.
Unmineralized wash material was used prior to sample pulverizations
to mitigate contamination. The discrepancy in high grade gold
values between samples is attributed to different material from
sample selection and fluctuating (nuggety) gold mineralization.
Only the initial assay values were used to report grades in this
news release.
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 cut
brock saw perpendicular to mineralization and catalogued, with
industry-standard Quality Assurance/Quality Control (QA/QC)
standard, duplicate and blank samples added in a pre-established
order. Samples are then sealed in nylon bags and shipped by LAURION
personnel to the ALS facility 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. Samples
sent for re-assay were first re-pulverized from reject material,
using a non-mineralized wash between pulverizations, and assayed as
described.
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. The Corporation currently has
202,684,319 outstanding shares, of which approximately 72% of
LAURION's issued and outstanding shares 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.