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TORONTO, Sept. 5, 2018 /CNW/ - Laurion Mineral
Exploration Inc. (TSXV: LME) and (OTCPINK: LMEFF) ("Laurion" or the
"Corporation") is pleased to announce the commencement of a
SONIC drill program on its surface rock "waste" Stockpile (the
"Stockpile") from the historic operation of the Sturgeon River Mine
at the Corporation's wholly owned Ishkoday Gold Project
("Ishkoday"). The SONIC drill will complete a planned 180 metres of
drilling, each hole being approximately 4 to 16 metres deep. The
objective of the SONIC drill program is to complete additional test
work to complement the 2010 assay and metallurgical testing.
Each of the SONIC drill holes has been plotted strategically to
sample the inner core of the Stockpile, and will drill to a maximum
of 1.5m below the base of the
Stockpile. Laurion wants to ascertain a greater confidence level in
the gold grade of the Stockpile, as it hosts a significant amount
of fines material. The fines material (<2mm) from the sampling
work completed in 2010 carried average values of 6.20 g/t gold, as
outlined in a technical report issued in 2013
(Resources Estimate on the Sturgeon River Waste Pile and
Tailings, Ishkoday Property, by GeoVector Management Inc., June 7,
2013; the "2013 Technical Report"). The 2013 Technical
Report concluded the potential for higher-grade gold values existed
at the base of the tailings where gold would have accumulated from
gravity settling of the Stockpile.
Previous Stockpile Sampling Work
The Sturgeon River Mine produced 73,322 ounces of gold, and
15,929 ounces of silver between 1936 to1942, at the No. 3 Vein
averaging 24 g/t gold. The gold was believed to be essentially
located in white quartz vein material and was reportedly hand
sorted and milled at an average grade of 15.71 g/t gold. It was
reported in 1984 that a bulk sample extracted at that time from the
Stockpile by front-end loader returned an average of 2.95 g/t gold
which suggested the potential for 11,000 to 12,000 ounces of gold
in the 132,000 tons of the Stockpile (Phoenix Gold, 1984). This
estimate of contained metal is historical and does not conform to
the current National Instrument 43-101 standards. A qualified
person has not done sufficient work to classify this historical
estimate as current mineral resources or mineral reserves, and
Laurion is not treating the historical estimate as current mineral
resources or mineral reserves.
The Stockpile sampling done in 2010 by GeoVector Management Inc.
("GeoVector"), returned an initial range of 0.06 g/t to 10.2 g/t
gold for an average grade of 2.83 g/t gold from eight random
samples. On the basis of these initial encouraging results, Laurion
commissioned a comprehensive program to accurately determine the
location and volume of the Stockpile, and to sample the Stockpile
using an excavator to dig pits for acquiring representative samples
for gold analysis.
A total of 30 pits were excavated and 46 selective samples were
collected, with deeper pits (maximum 5.2 meters deep) providing 2
or 3 selective samples at successively deeper levels. Sampling of
the excavated material was carried out by GeoVector to acquire
samples that were representative of rock types and broken rock
size. Samples were collected in 20 litre pails and delivered to
Overburden Drilling Management ("ODM") in Ottawa (Ontario) for processing. Individual sample
weight was between 20.8 and 30.7 kg, and total sample weight tested
was 1.22 tonnes. The <2mm fraction had the highest gold grade
material averaging 6.20 g/t gold, and all samples in this size
fraction had assays greater than 1.75 g/t gold. The coarsest >
63 mm fraction had highly erratic values of nugget gold, and also
contained the highest-grade sample of 32 g/t gold (QSWR-10-018).
The 2013 Technical Report stated the Stockpile contained 144,070
tonnes grading 1.59 g/t gold in the Indicated Mineral Resources
category (see the Corporation's news release dated April 23, 2013).
Stockpile Permitting Process
Beginning in June Laurion began
the data collection requirements for the future permits required to
process the Stockpile. To date three monthly surface water
sampling events have been conducted from locations adjacent to the
tailings and Stockpile, upstream and downstream from the Stockpile.
The results to date from these surface water sampling events
indicate that past historical operations have not effected the
surface water quality adjacent or downstream to the Stockpile.
In addition, Laurion has initiated hydrogeologic data collection
requirements by the installation of 10 groundwater monitoring wells
at specific locations proximal to the Stockpile and tailings. Like
the surface water sampling, the groundwater sampling will identify
any legacy impacts to groundwater.
Laurion's Stage 2 Exploration
Work
Simultaneous with the SONIC Drilling Program on the Stockpile
and hydrogeological test work, the Corporation is also currently
executing the Stage 2 exploration work which comprises of
mechanized and manual outcrop stripping, channel sampling and
assaying along several strategic NW-SE 400m to 500m
outcrop stripping lines (the "Lines") as a first pass assessment of
the bulk polymetallic veins in the Target Area.
One of the Lines will pass 100m to
the east of the historic 85-A2 quartz-gold veins, which is to look
at extending some 100m on-strike the
higher gold grade grab and channel samples, as well as testing a
number of previously unexplored sulphide-rich veins located
700m SW of the "CRK" veins sector.
Laurion's previous channel sampling work in 2014 from the "CRK"
Showing yielded typical assay results up to 8m width of 1.08 g/t gold, 4.90 g/t silver, 1.11%
zinc and 0.08% copper, including 5m
width of 1.68 g/t gold, 7.00 g/t silver, 1.27% zinc and 0.10%
copper.
It will be essential to determine if most or a selective portion
of the hundreds of quartz veins identified by previous workers, and
now by Laurion, carry gold, and if the gold mineralization is
restricted to certain areas, whether high level intrusives, such as
the porphyry of the Sturgeon River Mine, and/or polymetallic veins
and/or structurally more deformed corridors, as seen in
quartz-sericite schists identified in several outcrops of the 3km
by 1km Target Area.
As reported in an earlier news release (see the corporation's
news release dated August 14,
2018), of the 322 selective field grab and channel
samples taken, 45 were anomalous in either gold, silver, copper or
zinc or any combination of these elements, and most were located in
the southern 3km by 1km Target Area (with a few exceptions). Some
33 assay results were >0.30 g/t gold and 6 were >18 g/t gold.
All are in quartz veins with the highest values located in channel
samples with Visible Gold from the 85-A2 yielding 40.80, 43.00 and
1,185.00 g/t gold. However, two selective grab samples were not.
One is located in a chlorite-sericite schist with trace pyrite
yielding 27.50 g/t gold; and a second, in a porphyry with 1% pyrite
gave 28.40 g/t gold. These selected samples may not necessarily be
representative of the mineralization hosted on Ishkoday.
Field observations to date, based on the work in the SE 3km by
1km Target Area, indicates a NE-SW trending and extensive quartz
and polymetallic vein system hosting the precious and base metals
mineralization. Further exploration fieldwork is required to
confirm the lateral and cross-strike continuity of the
mineralization, and to determine if a bulk tonnage resources model
still makes sense. Once confirmed and a geology-mineralization
model is built in 2D, Laurion would initiate diamond drilling to
prove the model in 3-D as part of the Stage 3 program.
Quality Assurance and Quality Control
("QA-QC")
(A) 2010 Stockpile Samples
All samples from the 2010 waste pile program were delivered by
GeoVector Management Inc. personnel to the Activation Laboratories
("Actlabs") facility in Geraldton.
Actlabs is an ISO/IEC 17025 accredited analytical laboratory and is
independent of Laurion. At Actlabs samples were analyzed by fire
assay with AA finish. Any high grade samples over 3,000 ppb gold
were further treated to fire assay with gravimetric finish to
determine a final gold grade.
Sampling of the excavated material was carried out by GeoVector
to acquire samples that were representative of rock type and broken
rock size. Samples were collected in 20 litre pails and delivered
to Overburden Drilling Management ("ODM") in Ottawa, Ontario. ODM sorted the individual
samples into 4 fractions of <2mm, 2 to 16mmm, 16 to 63mm and
>63mm. The size fractions from the samples were sent by ODM to
Actlabs and they were analyzed by the Fire Assay Method with an
Atomic Absorption Finish. Any high grade samples over 3,000 ppb
gold were further treated with a Gravimetric Finish to determine a
final gold grade.
(B) 2018 Field Samples
A total of 322 field samples were taken from Ishkoday: 82
channel samples from the Jack quartz-sericite-chlorite-sulphide
schists and the 85-A2 quartz vein, and 240 selective grab samples
from the quartz veins of the northern claims and both quartz and
polymetallic veins from the southern claim blocks. An additional 26
standards, blanks and duplicates were added for QA-QC, for a total
of 348 analyzed samples. Individual field samples were taken by
prospectors and geologists, and inserted in individual plastic
bags, each with ALS sample tags. Samples were checked, catalogued
and bags sealed by the Senior Project Geologist, then placed in
large numbered nylon bags with standards, blanks and duplicates.
The bags were then sealed and transported by Explo-Logik employees
to the ALS facilities in Val-d'Or
for gold and multi-element analysis. Once at the ALS facilities,
samples are catalogued with the bar coding system, dried, weighed,
crushed, pulverized to 70% <2mm, and riffle-split sample is
taken for final pulverization to 85% <75µm. A final split is
taken for multi-element ICP-AES analysis (gold plus 33 elements)
and ore grade finish on anomalous results in gold, silver, copper
and zinc).
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 137,965,639 outstanding
shares of which 54% are owned and controlled by Insiders and within
the 'friends and family' category.
The Corporation's emphasis is on the development of its flagship
project, the 100% owned mid-stage 47 km2 Ishkoday
Project Ishkoday Project, and its gold-silver and gold-rich
polymetallic mineralization with a significant upside
potential.
The Corporation has a property-wide database of 283 diamond
drill holes totaling 40,729 m,
detailed sampling, mapping, assays and geochemical analysis, and
ground geophysics. The mineralization 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, as evidenced in the past producing
Sturgeon River Mine (the "Mine").
Mr. Jean Lafleur, P. Geo.
(APGO, OGQ), Laurion's Technical Advisor to the Board of Directors,
is a Qualified Person as defined by National Instrument 43-101
guidelines, and has reviewed and approved the content of this news
release.
For links to photos and images of the Ishkoday Project, please
visit the Corporation's website at URL http://www.laurion.ca or
LinkedIn at URL
https://www.linkedin.com/in/cynthia-le-sueur-aquin-04b03017/detail/recent-activity/
The Viewer should note that images and photos displayed on these
websites show selected mineralization that may not necessarily be
representative of the mineralization hosted on the Ishkoday Gold
Project.
Follow us on Twitter: @Laurion_LME
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 details, anticipated timing and completion of the
transactions and other matters described in this press release,
including without limitation, the timing, completion and future
results of the Corporation's exploration program at Ishkoday. 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.
SOURCE Laurion Mineral Exploration Inc.