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TORONTO, Feb. 17, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK: LMEFF)
("LAURION" or the "Corporation") is pleased to
provide an update on its exploration activities and plans for its
2021 financial year.
LAURION's 2021 drill holes are designed with the objectives
- defining mineralized bodies along the 2.7km strike length
hosting the Niish, CRK, McLeod, Joe and A-Zones; building on the
encouraging 2020 drill intercepts; and,
- exploring, testing and expanding newly interpreted mineralized
systems at the Property scale.
Cynthia Le Sueur – Aquin,
President and CEO of LAURION stated: "LAURION plans a strong level
of activity at Ishkoday for the 2021 field season. This drilling
campaign will aim at developing numerous advanced drill
targets generated from recent data integration and
re-interpretation of the structural and geological settings.
"LAURION's field crew will mobilize to the Ishkoday Property in
March to begin preparations in order to commence high priority
targeted drilling along with a field validation program on our
other gold and polymetallic targets."
LAURION aims to build on the successes of the 2020 exploration
and drill program as a springboard for another highly productive
year. The 2020 drilling comprised 31 oriented diamond drill holes
totalling 7,937 m, geophysical
surveys and effective surface geological mapping, providing LAURION
with a new insight into the knowledge of the Ishkoday mineralizing
systems and extent of its potential new targets. LAURION's new
3D data integration with combined data and knowledge driven
interpretation has greatly enhanced prospectivity, providing key
understanding to maximize drill targeting and generation of new
areas of interest.
LAURION'S overall exploration strategy is to establish the
growth potential of high-grade zones such as the Niish Zone, which
remains open along strike and at depth, and build on the 2020
high-grade discovery interval within the total intercept which
assayed 48.69 g/t Au, 35.98 g/t Ag, 1.14 % Cu over 5.40 m, including 441 g/t Au, 191 g/t Ag over
0.57 m in drill hole LME20-031.
LAURION has interpreted a number of N-trending mineralized
structures in addition to already known NE-NEE trending mineralized
zones (See Figure 1). The N-trending mineralized zones are believed
to be comparable structures to the historic Sturgeon River and
Brenbar mines. The 2020 drill program highlighted the importance of
the intersection of these structures with the NE-NEE trending zones
as prime target areas for further exploration including the newly
discovered Niish Zone.
The new Niish discovery zone is located on a major
N-trending mineralized structure, and lies along the same
mineral-rich felsic horizon as the A-Zone extension located
500 m to the north-east.
LME20-030 was drilled to test and follow up on an historical
drill hole (88-33) which intersected 18.7 m grading 0.30 g/t Au, 4.31 g/t Ag, 0.15 %
Cu and 1.18 % Zn. Drill hole LME20-031 was designed to test a large
VTEM anomaly combined with magnetic high and to test at depth
historic hole 88-33. The mineralized zone is interpreted to widen
significantly at depth. This intercept represents a new zone that
is completely open along strike and at depth (See press release
January 19, 2021). Highlights of
these drill holes are as follows:
- LME20-031: 70.65 m of 3.90
g/t Au, 6.46 g/t Ag, 0.25 % Cu, 0.40 % Zn from 325-423.25m.
- LME20-030: 18.50 m of 0.18g/t Au, 14.64g/t Ag,
0.21% Cu and 3.69% Zn from 141.50 -160.00
The Ishkoday Property lies in a volcanogenic setting comprised
of felsic volcanic, volcanic flow (pyroclastic) breccias interlaid
with interpreted mafic sedimentary rocks. The basement is
interpreted to be composed of mafic volcanics.
The early evidence from geochemistry data, geological
observation and mineralization compositions show early indications
that the geological setting could be compared to the Rainy River
Deposit geology. At least 3 episodes of deformation are interpreted
from the different fold axes identified in the 2021
re-interpretation. The compressional deformation event generated
major shear zones, with subsidiary structures trending NNE to NE.
Extensional third order structures are interpreted to be oriented
NS to NNE.
Mineralization is composed of quartz vein stockworks and
sulphide zones comprising varying amounts of pyrite, sphalerite and
chalcopyrite. Two major types of mineralization are currently
recognized: 1) syn-genetic volcanogenic sulphide zones; and, 2)
remobilized orogenic related gold-bearing quartz
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements and has been
reviewed and approved by Jean-Philippe
Paiement, P Geo., a consultant to Laurion, and a "qualified
person" within the meaning of National Instrument 43-101.
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"
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.
Website: http://www.LAURION .ca
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
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.