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TORONTO, March 11, 2019 /CNW/ - Laurion Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF) ("Laurion" or
the "Corporation") is pleased to announce assay results from
surface grab rock samples ("Samples") collected during the
2018 SONIC drilling and ancillary work program (the
"Program") on its surface stockpile (the "Stockpile")
from the historic operation of the Sturgeon River Mine at the
Corporation's wholly owned Ishkoday Project ("Ishkoday").
Notwithstanding the foregoing, surface grab rock samples are
selected samples and are not necessarily representative of the
mineralization hosted on Ishkoday.
Laurion collected 7 Samples from the northern portions of the
Stockpile, where larger rock samples from the historic underground
workings were found. Assay results are summarized in the following
table:
SAMPLE
NUMBERS
|
SAMPLE
WEIGHTS
|
GOLD
(G/T)
|
SILVER
(G/T)
|
COPPER
(PPM)
|
ZINC
(PPM)
|
E5924801
|
1.1
|
0.01
|
trace
|
92
|
41
|
E5924802
|
1.4
|
7.25
|
3.40
|
32
|
180
|
E5924803
|
2.2
|
0.04
|
0.50
|
240
|
442
|
E5924804
|
1.7
|
6.64
|
1.20
|
25
|
218
|
E5924805
|
1.0
|
0.10
|
6.70
|
780
|
5,350
|
E5924806
|
2.4
|
0.03
|
trace
|
47
|
86
|
E5924807
|
1.6
|
2.62
|
0.80
|
90
|
90
|
All 7 Samples are various breccias, whether volcanic,
hydrothermal and/or shear, and contain up to 50% quartz veins
(shear-types with chlorite shear planes) and trace to 5%
disseminated to blebby pyrite. Samples yielding 7.25, 6.64 and 2.62
g/t Gold contain the most quartz veins and pyrite.
Additional results from the metallurgical test work are
expected to be available in the coming weeks.
Laurion's Surface Stockpile 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. Phoenix Gold (1984) reported a historical grade of 2.95 g/t
gold from a bulk sample, giving an indication of the potential gold
grade of the Stockpile.
The Program complements the 2010 assay and metallurgical testing
as outlined in a previous report titled "Resource Estimate on
the Sturgeon River Mine Waste Pile and Tailings, Ishkoday
Property", by A. Armitage, P. Geo., and D. Studd, P. Geo., of
GeoVector Management Inc., June
2013 (the "2013 Technical Report"), all
to ascertain a greater level of confidence in the gold grade
as well as silver, zinc and copper content of the Stockpile.
The 2013 Technical Report outlined Stockpile grades in 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 small bulk 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 to acquire
samples that were representative of rock types and broken rock
size. Samples were collected in 20 litre pails for processing.
Individual sample weights were between 20.8 and 30.7 kg, and the
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 resource estimate for the
low grade stockpile is 144,070 tonnes grading 1.59 g/t gold for
7,383 contained ounces of gold in the Indicated category. The
resource estimate for the low grade tails is 137,501 tonnes grading
0.67 g/t gold for 2,944 contained ounces of gold in the Indicated
category. Total Indicated mineral resources for both deposits
totals 281,571 tonnes grading 1.14 g/t gold for 10,327 contained
ounces of gold (see the Corporation's news release dated
April 23, 2013). The previous
specific gravity applied to the block model of the Stockpile was
2.20 t/m3. This was a standard engineering estimate for
broken and compacted rock.
In 2018, a total of 20 SONIC drill holes were completed on the
Stockpile for 185.3m, averaging
9.3m in a range of 3.7m to 15.2 m.
Each of the SONIC drill holes was strategically positioned to
sample the inner core of the Stockpile to a minimum of 1.5m below the base of the Stockpile. Assays and
metallurgical results from this work are still pending. However,
additional specific gravity work of the Stockpile
indicates ranges of 2.20 to 2.40 t/m3, with a
new volume range between 75,000m3 to 80,000m3 over an area of 12,000m2 or in the range of 150,000 to
190,000 tonnes, with gold grades between 0.67 to 1.59 g/t gold (as
outlined above). At this time, the potential quantity is conceptual
in nature, that there has been insufficient exploration to define
the quantity and that it is uncertain if further exploration will
result in the target being eventually delineated as a mineral
resource. Additional specific gravity, volume and tonnage
refinements will be completed using future exploration and
laboratory work.
Quality Assurance and Quality Control
("QA-QC")
The 2018 surface grab rock samples were collected by LAURION
staff, bagged and tagged, and sent to AGAT Laboratories of
Mississauga (Ontario). AGAT is an ISO/IEC 17025 accredited
analytical laboratory and is independent of Laurion. Here, samples
were weighed (1 to 2.4 kg), dried, crushed, split, pulverized and
screened, then analyzed using: (1) the two-acid digestion, ICP-OES
finish for the Silver analysis; (2) the sodium peroxide fusion with
ICP-OES/ICP-MS finish for the 44 multi-element geochemistry
analysis, including Silver, Copper and Zinc; and (3) the fire-assay
ICP-OES finish on a 50 gram sub-sample for Gold analysis.
QA-QC protocols from the LAURION 2010 waste pile program were
reported in the 2013 Technical Report and the Corporation news
release dated September 5, 2018.
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
140,870,084 outstanding shares of which 59.4% 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 Ishkoday Gold Project, and its
gold-silver and gold-rich polymetallic mineralization with a
significant upside potential.
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.
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.
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SOURCE Laurion Mineral Exploration Inc.