Laurion Mineral Exploration Inc. (TSXV:LME and OTC:LMEFF) is pleased to report the commencement of the 2020 exploration drill program at its 100% owned Ishkoday Project.
Laurion Mineral Exploration Inc. (TSXV:LME and OTC:LMEFF) (“LAURION” or the “Corporation”) is pleased to report the commencement of the 2020 exploration drill program (the “Program”) at its 100% owned Ishkoday Project (the “Project”), located 220 km northeast of Thunder Bay, Ontario, near the town of Beardmore.
The first Program of 4,500 metres is focussed on priority targeting of the A-Zone of the Loki Trend, which extends over a 3,000 m by 800 m corridor (“the Loki Trend Corridor”). The A-Zone is currently defined along a 1+ km corridor. Historic (1980s and 1990s) and more recent LAURION (2012 to 2014) drilling has intersected significant grades and widths of gold and base metal mineralization as follows:
Cynthia Le Sueur-Aquin, President & CEO of LAURION commented: “Our geological team has reinterpreted the geology of the A zone and identified a major north-south shear zone which may be an important control on higher grade gold mineralization in the A Zone. This new target will be tested in our drilling program which has now commenced.”
David Lewis, LAURION’s Exploration Manager, stated: “The identification of this southeast-dipping shear zone, which occurs in otherwise relatively undeformed rock, is an important find. If it is a controlling structure on mineralization, it may have been insufficiently tested as the vast majority of historic drilling appears to be oriented subparallel to this structure.”
The planned drilling is designed to confirm historic mineralized intercepts and will also test the intersection of the vein structures and interpreted shear zones. The induced polarization survey (announced in the March 17, 2020 news release) has been completed over the A-Zone and results will be used in conjunction with the updated structural model to further refine drill targets. Core will be oriented using Boart/LongyearTM TruCoreTM to help constrain the orientation of shear zones, vein structures and rock contacts and will be used to facilitate ongoing drill targeting.
Further details on historical and LAURION drilling intercepts of the A-Zone are outlined in the March 27, 2020 news release.
On a property scale, the A-Zone lies near the northeast boundary of the ellipsoidal Sturgeon River Stock (Figure 1). The elongation of the stock, coupled with the nearby shear zones inferred through previous Ontario Geological Survey, Laurentian University Metal Earth and LAURION mapping and geophysics, suggests that the A-Zone is hosted in a major prospective extensional zone.
A 3D conceptual model of the A-Zone, produced in GEMCOMTM by A. S. Horvath Engineering Inc., was initiated in December 2019 and completed in March 2020 (Figure 2). The model integrated approximately 26,000 m of historic (1987 to 1992) and recent (2012 to 2014) drill core and suggests that two orientations (010° and 035°) of sub vertically dipping mineralized vein structures are present in the area.
Infill assay sampling of available LAURION A-Zone drill holes identified the presence of an unsampled, moderately dipping, 2 to 5 m wide shear zone with associated quartz veins in holes LBX14-016 and LBX14-017. The shear zone is at low angle (~0 to 15°) to core axis and a search of the surrounding historic and recent LAURION drill holes suggests that the structure dips moderately (~50°) east or southeast. The infill sampling also shows that two types of mineralized veins are present (shear hosted and extensional), although the trend of these veins is not yet verified. Results on these infill samples are pending.
The conceptual 3D vein structure model (Figure 2), in conjunction with the shear zones and vein styles identified in surrounding drill holes, suggests that the shear hosted veins dip moderately east or southeast and the extensional veins strike northeast and dip steeply. The vast majority (~95%) of historic drilling at the A-Zone was drilled moderately (~50°) to the southeast, subparallel to this newly-recognized shear zone.
Mr. David Lewis, P. Geo. (PGO), LAURION ‘s Exploration Manager and 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.
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 180,599,311 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.
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