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TORONTO, April 13, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTC-PINK:
LMEFF) ("LAURION" or the "Corporation") is pleased
to announce that it has commenced this 2021 season's 10,000m diamond drill hole program at its
flagship property, Ishkoday, located in the Onaman -Tashota
Greenstone Belt, 28km northeast of Beardmore, Ontario.
Diamond Drill Program
The objective of this initial 10,000m drilling campaign is the definition of
the mineralized system which comprises the 2020 Niish discovery and
the A-Zone (Behzik structure). Early results at the Niish structure
in drill holes LME20-031which intercepted 70.65 m of 3.90 g/t Au, 6.46 g/t Ag, 0.25 % Cu,
0.40 % Zn from 325 - 423.25 m; and
LME20-030 which intercepted 18.50 m
of 0.18 g/t Au, 14.64 g/t Ag, 0.21% Cu and 3.69% Zn from 141.50
-160.00 m, showed the encouraging
potential of this mineralized structure.
The Niish and the Behzik shear zones are part of a set of third
order parallel structures, delineating the southern and northern
contact of an interpreted (from drilling and geophysics) dioritic
intrusive plug. In addition to these two (2) parallel structures, a
number of EW and NS mineralized subsidiary structures and veins
have been identified through past surface exploration and drilling
(See Figure 1). Both the Niish and Behzik structures are
interpreted as the major fluid conduits bounded by the diorite
contact and S2 foliation. This dilatational zone and the presence
competent Fe-rich rocks represents a major mineralized zone
characterized by numerous sets of organized veins.
The planned drill holes will be investigating the geometry and
grade distribution of the greater Niish and Behzik zone while also
aiming at defining the mineralized veins system comprised between
them. A total of 8 holes varying from 650 to 750 metres in depth
have been planned as part of this initial drilling campaign.
This new litho-structural interpretation opens significant
potential for the exploration of Au-rich orogenic type
mineralization at the A-Zone. "I am most pleased that the Laurion
team together with geological experts at Mira Geoscience were able
to integrate all the available data at Ishkoday, including more
than 40 years of exploration historical data, to generate a global
understanding of the A-Zone mineralization. This bodes well for
greater exploration success in building mineralization volume at
Ishkoday," stated Cynthia Le
Sueur-Aquin, President and CEO of LAURION.
Issuance of Performance Incentive Stock Options
The Corporation also wishes to announce that it has granted to
each of John Covello and
Nick Ierfino incentive stock options
("Options") to acquire 212,045 common shares of the
Corporation, exercisable on or before April
13, 2026 at an exercise price of $0.23 per share, subject to vesting requirements.
These Options are part of a discretionary performance bonus awarded
to Mr. Covello and Mr. Ierfino (who are both directors of the
Corporation) in recognition of their significant contributions to
the Corporation's capital raising initiatives.
The issuance of Options, as contemplated in this news release,
is subject to the terms of the Corporation's stock option plan and
TSX Venture Exchange ("TSXV") approval.
LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. The Corporation currently has 209,752,480
outstanding shares, of which approximately 73% 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-rich polymetallic mineralization with a
significant upside potential. The mineralization on Ishkoday is
open at depth beyond the current core-drilling limit of
-200m 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.
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, PGeo., MSc. a consultant to Laurion, and a
"qualified person" within the meaning of National Instrument
Website: http://www.LAURION .ca
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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, management's objectives, strategies, beliefs and
intentions and the issuance of Options. 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 the interpretation and
actual results of current exploration activities, the TSXV not
providing its approval for the granting of Options, 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.