TORONTO, Nov. 23,
2022 /CNW/ - LAURION Mineral Exploration Inc.
(TSXV: LME) and (OTCPINK: LMEFF) ("LAURION" or the
"Corporation"), is very pleased to announce that, further
to its news release dated September 20,
2022, the Corporation has commissioned DRA Americas Inc.
("DRA") to provide a scoping study and preliminary
capital and operating cost estimates for the economic recovery
of its surface stockpiles at the Corporation's wholly-owned
Ishkoday Project, located 220 km northeast of Thunder Bay, Ontario.
DRA will execute a techno-economic study to establish
preliminary estimates of capital and operating costs of processing
facility, including the application of ore sorting
technology. The planned studies regarding the Ishkoday
Stockpile Processing Project are expected to be stage-gated with
the goal of producing a final Feasibility Study.
A legacy stockpile estimated to contain 144,000 tons with an
average grade of 1.59g/t Au, was stacked adjacent to the mine shaft
during the exploitation phase of the Sturgeon River Mine. A
tailings pile estimated at 137,501 tonnes grading 0.67 g/t gold was
also deposited of the legacy stockpile. These estimates are
reported with a cut-off grade of 0 g/t Au as described in the
National Instrument 43-101-compliant Technical Report entitled
"Technical Report on the Resource Estimate on the Sturgeon River
Mine Waste Pile and Tailings, Ishkoday Property, Northern Ontario", dated June 7, 2013 (the "Technical Report"),
which is available on SEDAR. (See the Technical Report and the
Corporation's news release dated April 23,
2013.)
LAURION's chief priority remains maximizing shareholder value by
focusing its efforts on advancing the Ishkoday Project, including
the objective of initiating development and production, concurrent
with the execution of exploration of gold and polymetallic
potential, as well as continuing to explore opportunities and
potential strategic alternatives that are strategically beneficial
to the Corporation and its shareholders. The Corporation will
promptly issue a news release if any material change occurs.
Qualified Person
The technical contents of this release were reviewed and
approved by Jean-Philippe Paiement,
PGeo, MSc, a consultant to LAURION, and a qualified person as
defined by National Instrument 43-101 – Standards of Disclosure for
Mineral Projects.
About DRA Americas Inc.
DRA Americas Inc. a 100% owned subsidiary of DRA Global Limited
(ASX: DRA) (JSE: DRA) ("DRA Global"), which is a diversified
global engineering, project delivery and operations management
group, with an impressive track record spanning more than three
decades. Known for its collaborative approach and extensive
experience in project development and delivery, as well as turnkey
operations and maintenance services, DRA Global aims to deliver
optimal solutions from 'womb to tomb' that are tailored to meet
needs of the mining industry.
About 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. LAURION now has
256,069,855 outstanding shares of which approximately 80% 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 Ishkoday has a history of mining activity dating back to
1936, when gold and silver was mined from 1936 to 1942. The
Sturgeon River Mine produced 73,322 ounces of gold, and 15,929
ounces of silver from the No. 3 Vein at 24 g/t gold.
Since 2003, Laurion has: completed multiple exploration surveys
on the property, including prospecting, mapping, geochemical (grab,
channel and soil sampling), ground and airborne geophysical (Mag,
IP, VLF-EM), 3D modelling, airborne (LiDAR) and drilling surveys;
invited experts in geophysics and in economic and structural
geology to visit and review the property; and undertaken a PhD
thesis and research led by Laurentian
University and Metal Earth. To date, 419 drill holes for a
total of 78,663 m have been drilled
on the property, including 43,396 m
completed by Laurion from 2010 to 2014 and from 2020 to 2022 and
35,267 m historic drill holes. Most
of the drill holes are closely spaced and concentrated within the
A-Zone and McLeod zone, except for some largely spaced drill holes
located along the Ishkoday mineralized trend.
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, management's objectives, strategies, beliefs and
intentions, the Corporation's engagement of DRA and/or its
affiliates and the studies and estimates that result from this
engagement, and the Corporation's ability to advance the Ishkoday
Project, including the Corporation's ability to initiate
development and production. 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 disclosure documents available under its
profile at www.sedar.com. 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 foregoing is not an exhaustive list of factors that may
affect the Corporation's forward-looking statements. Other risks
and uncertainties not presently known to the Corporation and/or not
specifically referenced herein could also cause actual results or
events to differ materially from those expressed in its
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.