TORONTO, Dec. 8, 2022
/CNW/ - LAURION Mineral Exploration Inc. (TSX.V: LME)
(OTCPINK: LMEFF) ("LAURION" or the "Corporation"), is
pleased to report results from recent drilling at it's wholly-owned
Ishkoday gold-polymetallic property (the "Ishkoday
Project"), located in northwestern Ontario, 56 kilometres west of Geraldton, and just10 kilometres north of the
Trans Canada highway No. 11 along Provincial Road 801.
The results for holes LBX22-090 to LBX22-094 complete the assay
database for the Corporation's 2022 drilling campaign.
Results for five (5) holes were received for a total of 1,926
metres (NQ core) of which two holes, for a total of 744 metres,
were successful at intersecting the depth extension of the A-Zone
polymetallic synvolcanic mineralization (Figure 1). The intercepts
include 1.64 g/t Au and 3.14% Zn over 1m (from 168m to
169m) in hole LBX22-092 and 0.73 g/t
Au and 3.1% Zn over 0.71m
(226.4m to 227.1m) in hole LBX22-093.
Hole LBX22-090 was drilled to the West of the A-Zone in order to
test an interpreted North trending orogenic structure (Figure 1).
Hole LBX22-090A represents the first of two holes drilled from this
location. The drill hole was terminated at a depth of 55
metres, due to excessively blocky ground; however, it intersected
several stringers/veins/narrow intervals of polymetallic
mineralization throughout, the most significant of which was a 1.08
metres wide (core width) intercept grading 1.35 g/t Au and 0.62%
zinc. Current interpretation supports the existence of North
trending orogenic structures.
Hole LBX22-091 was located nearly 300 metres north of the A-Zone
proper This hole was designed to test a coincident IP chargeability
and VTEM anomalies comprising a northeast-trending feature parallel
to and possibly related to the A-Zone and/or associated, later
orogenic-gold mineralized structures. This area had not been
previously tested by LAURION. The hole was drilled toward the
southeast to a depth of 249.00 metres. Near the end of the hole,
between 228.5 and 229.7 metres, the drillhole intersected 2.83 g/t
Au over 1.15 metres; including 0.5 metre at 5.29 g/t Au. The gold
versus base metals content of the observed mineralization appears
to be consistent with later orogenic style gold mineralization as
opposed to earlier style epithermal mineralization.
LAURION is very pleased with its key exploration milestones
achieved in 2022, validating the 6 km x 2.5 km mineralized corridor
and extending the A-Zone to the McLeod Zone by 400 m to 1.4 km, thereby significantly increasing
the gold potential of the property by identifying this new orogenic
mineralization associated with the Niish Shear Zone.
Key Mineralization Findings in
2022
Through its drilling campaign, mapping program, stripping of
outcrop and 3D modelling, LAURION has gained significant
understanding in the mineralization style and history present at
the Ishoday property. The key findings are summarized below.
- Synvolcanic, Ishkoday style mineralization is associated with
the rifting of an arc-like volcanic sequence, and intrusion of a
dioritic dike swarm. Current age dating sets this mineralization
event at ca. 2740-2736 Ma.
- The Ishkoday polymetallic mineralization consists of base metal
sulfide stringers and gold-silver bearing comb-textured quartz vein
networks within the same faults and fractures as those exploited by
the dike swarm.
- Later, orogenic (or Sturgeon River) style gold mineralization
represents a mesothermal orogenic system that overprints earlier
Ishkoday style mineralization, consisting primarily of higher grade
laminated extensional gold-bearing quartz veins.
- The two hydrothermal systems are associated with each other and
with the synvolcanic dike swarm, and is an example of ancestral
structural control on orogenic systems.
Exploration potential for concentrations of gold mineralization
of possible economic significance exists in areas where both
earlier and later mineralization is found overlapping and in close
proximity, or where there is a sufficient concentration of orogenic
gold-bearing veins alone.
The newly identified (2022 exploration) Niish orogenic structure
(Figure1) holds a significant potential for orogenic mineralization
and will be the focuss of the Corporation's 2023 exploration
campaign. This structure has been identified in several drillholes
on the property and also from surface mapping, as containing
extensive orogenic style alteration. Key intercepts associated with
this mineralized corridor alongs a 3.5 km strike (Figure 2),
include:
Hole
ID
|
From
(m)
|
To
(m)
|
Core Length
(m)
|
Au
(g/t)
|
351-018
|
114.6
|
116.43
|
1.83
|
1.14
|
LBX22-075
|
398.4
|
400.0
|
1.6
|
2.79
|
LBX22-088
|
128.5
|
131.5
|
2.00
|
2.45
|
LBX22-085
|
268.0
|
269.8
|
1.8
|
1.48
|
LBX20-021
|
150.1
|
155.1
|
4.95
|
1.34
|
90-49
|
227.17
|
228.08
|
0.91
|
6.38
|
C-28
|
180.75
|
183.79
|
3.04
|
1.37
|
LME10-008
|
822.5
|
824.0
|
1.5
|
1.16
|
LME11-023
|
32.0
|
33.0
|
1.0
|
1.02
|
351-021
|
92.66
|
93.75
|
1.09
|
4.80
|
351-027
|
231.04
|
231.95
|
0.91
|
9.26
|
LME11-015
|
93.9
|
95.5
|
2.35
|
0.94
|
LBX22-083
|
237.5
|
239.0
|
1.5
|
1.6
|
LBX22-068
|
253.75
|
254.54
|
0.79
|
2.93
|
Quality Assurance & Quality
Control
All samples were analyzed at Actlabs (ISO 9001:2015) in
Thunder Bay. Actlabs is an
internationally recognized laboratory that provides geochemical
sample preparation, analytical procedures, and data management
solutions. LAURION uses a quality assurance/quality control (QA/QC)
program that monitors the chain of custody of samples and includes
the insertion of blanks (5% of the announced results), duplicates
(1.3% of the announced results), and standard reference material
(5% of the announced results) in each batch of samples sent for
analysis. Drill core is photographed, logged, and cut in half with
one half retained in a secured location for verification purposes
and one half shipped for analysis. The entire sample is crushed to
80% passing 2 mm and a riffle split of 250 grams is taken and
pulverized to 95% passing 105 µm (RX1). Samples are analyzed by
four-acid digestion/ICP-MS package for 36 elements (1F2).
Additionally, samples are analyzed for Au using a firing assay from
a 50-gram pulp (1A2B-50). Overlimit samples values for zinc
(>1%) and Pb (>0.5%) are re-assayed using a four-acid
digestion overlimit method with ICP-AES 9 (8-4 Acid over limit). No
QA/QC issues were noted with the results reported herein.
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 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.
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 ability to advance the Ishkoday
Project and the Corporation's future exploration campaigns. 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 and exploration campaign parametres
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.