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TORONTO, May 19, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the
"Corporation") is pleased to report the first drill hole
assays of its 4,500 m diamond drill
campaign (see April 28, 2020 news
release) on its 100% owned Ishkoday property and contiguous Brenbar
earn-in option property (collectively, the "Project"),
located 220 km northeast of Thunder Bay,
Ontario, near the town of Beardmore. To date, seven holes totalling
1,800 m have been drilled (LBX20-001
to -007) and assays for hole LBX20-001 are reported here, with
results pending for six subsequent holes.
The initial drilling is focussed on testing historic intercepts
and the validity of a new structural model previously reported for
the A Zone of the Loki Trend (see April 28,
2020 news release). Hole LBX20-001 intersected
24.4 m grading of 0.67 g/t Gold, 6.40
g/t Silver, 0.09 % Copper and 1.50 % Zinc from 116.96 m to 141.5
m, which was intersected at a vertical depth of 100 m below surface. Other mineralized
veins also occur higher in the hole and closer to surface (Table
1). The true width of the mineralized zone is unknown. Hole
LBX20-001 is collared at 446559 mE, 5512930 mN, 320 m elevation (coordinates in UTM NAD83 Zone
16N) and was drilled to a depth of 326
m with an azimuth of 310° and a dip of -50°.
Table 1: Significant Assay Results, Hole LBX20-001
Hole
ID
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(wt%)
|
Zinc
(wt%)
|
LBX20-001
|
61.5
|
62.4
|
0.90
|
0.47
|
14.90
|
0.09
|
1.51
|
And
|
70
|
71
|
1.00
|
1.38
|
61.00
|
0.05
|
0.60
|
And
|
90.88
|
91.37
|
0.49
|
1.12
|
4.00
|
0.07
|
0.41
|
And
|
116.96
|
141.5
|
24.54
|
0.67
|
6.40
|
0.09
|
1.50
|
Including
|
116.96
|
119.9
|
2.94
|
2.09
|
10.38
|
0.12
|
2.88
|
Including
|
119.9
|
128.2
|
8.3
|
0.02
|
0.10
|
0.00
|
0.02
|
Including
|
128.2
|
141.5
|
13.3
|
0.76
|
9.44
|
0.14
|
2.12
|
"This first hole was designed to test both the nearby historic
intercepts and the validity of the updated structural
interpretations," stated David
Lewis, LAURION Exploration Manager. "This first hole pierced
a thin, moderately dipping shear zone at 109
m depth downhole and we intersected the main mineralized
zone shortly thereafter. In this hole, we deliberately drilled
perpendicular to the shear zone and to the majority of the historic
holes and we were able to show that the area still has significant
potential, despite ~26,000 m of historic drilling."
The zone consists of highly silicified and sulphide-bearing
rocks and, although some quartz veins are present, the precious and
base metal mineralization occurs throughout the zone. A relatively
barren intrusive rock, 8.3 m thick,
cuts the mineralization. This zone occurs immediately below a
moderately-dipping shear zone that was described in the
April 28, 2020 news release. Some of
the historic drill holes, particularly 87-010 and 87-06B, intersected mineralization in the vicinity
of this zone (Figure 1), although it is unclear whether the
historic mineralization was intersected above or below the
newly-recognized shear zone (Table 2; Figure 2).
Table 2: Historic mineralized intervals near hole LBX20-001
HoleID
|
From
|
To
|
Width
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(wt%)
|
Zinc
(wt%)
|
87-010
|
94.14
|
108.75
|
14.61
|
0.28
|
-
|
-
|
0.49
|
87-06B
|
106.15
|
118.87
|
12.72
|
0.62
|
9.32
|
0.19
|
0.32
|
And
|
135.1
|
139.06
|
3.96
|
2.35
|
28.02
|
0.38
|
4.45
|
Note: The true
thicknesses of the mineralized zones are unknown. Part of the focus
in this drill program is on controls of zone orientation supported
by modelling of the mineralized zones. Readers are cautioned that
the above drill hole data are historical in nature. A Qualified
Person has not verified the historic data since there is no other
information (such as Quality Assurance and Quality Control
measures) available apart from the historic drill logs and assays
and the historic drill core cannot be re-sampled nor re-assayed as
it may no longer exist. LAURION believes that these historical
drill holes provide a conceptual indication of the potential of
mineral occurrences within the project and are a relevant guide for
ongoing exploration and drilling.
|
Previous work in the Project identified two distinct styles of
mineralization: an early, likely syn-volcanic, zinc-dominant
hydrothermal system, termed the Ishkoday-style mineralization; and
a later, gold-dominant event that is linked primarily to later
tectonic gold-silver bearing quartz veins, termed the Sturgeon
River-style mineralization. Textures from hole LBX20-001 suggest
that mineralization intersected in this hole above the
moderately-dipping shear zone is predominantly Sturgeon River-type
and predominantly Ishkoday-type beneath.
All core samples have been assayed by ALS Laboratories in
Thunder Bay, Ontario. Samples are
processed by 4-acid digestion and analyzed by fire assay on 50 g
pulps and ICP-AES (Inductively-Coupled-Plasma –
Atomic-Element-Spectroscopy). Over limit analyses are reprocessed
with gravimetric finish. LAURION employs an industry standard QA/QC
program including insertion of blanks, duplicates and
standards. Samples are sawn by core saw on site (cut
perpendicular to mineralization), with one-half of the core sent in
secure bags to ALS Laboratories.
Mr. David Lewis, P. Geo.
(PGO), LAURION 's Exploration Manager, is a Qualified Person as
defined by National Instrument 43-101 and has reviewed and approved
the content of this news release.
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 181,125,977 outstanding
shares of which approximately 59% 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. Ishkoday has a
project-wide database (2008 to 2019) that includes 307 diamond
drill holes totaling 48,879 m,
geological mapping, ground and airborne geophysics, and 21,800
individual samples with assays and geochemical analysis. 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.
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
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.