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 LaSalle Exploration Corp. (TSXV: LSX) ("LaSalle" or the "Company") is pleased to report that field exploration is underway on the high-grade Egan Gold Property ("Egan" or the "Property"). Egan is strategically located near three actively producing gold mining camps of Timmins, Kirkland Lake, and Matachewan, which collectively have produced greater than 115M oz gold. Mining investment in the region has been heightened in recent weeks based on strong activity related to IAMGOLD's recent ground-breaking ceremony on the Côté Gold Project (IMG news release September 11, 2020) and Caldas Gold's updated mineral resource estimate on the Juby Gold Project (CGC news release October 5, 2020).
Exploration, aimed at defining priority drill targets on Egan, consists of prospecting, geological mapping and soil sampling followed by geophysical surveys. The initial focus is on extending the E1 gold zone, first discovered in 2017 when logging activities exposed a shear zone with a stockwork of quartz veins within syenite. The E1 zone was expanded by surface stripping to a strike length of over 50 metres, and widths varying between 5 and 8 metres. The shear zone hosted gold mineralization occurs within narrow quartz veinlets and stockworks crosscutting the zone and also within highly altered (hematite and potassium) syenite with 1-4 % pyrite and no visible veining. The E1 zone is open to the northeast and appears to terminate to the southwest against an east-west fault of undetermined movement.
Seventy-eight grab samples by the vendors ranged from 0.1 to 105.0 g/t gold with several samples returning over 10 g/t including 105.0 g/t, 47.6 g/t and 67.2 g/t gold. In July LaSalle confirmed the presence of high-grade gold in all 9 grab samples collected in the shear zone; anomalous gold values ranged from 0.09 g/t to 63.70 g/t gold, including individual select grab samples yielding 63.70 g/t, 4.70 g/t and 22.70 g/t gold. In addition, two separate composite chip samples were collected in areas of the shear zone not previously sampled. These composites returned 7.67 g/t gold over 3.0 metres and 2.80 g/t gold over 4.0 metres and are considered representative of the zones that were sampled.
The E2 Zone, exposed in trenches dating from the 1920's, is located 3 km southeast of the E1 Zone and is hosted by a series of quartz veins intruding andesites of the Blake River Group near the contact with the Bradley Lake Syenite. Five grab samples taken by LaSalle all yielded anomalous gold values ranging from 0.1 to 4.51 g/t gold.
Both the E1 and E2 gold zones are within or adjacent to the Bradley Lake Syenite, part of a multi-phase intrusive body that intruded an east-west trending sequence of mafic metavolcanics rocks. Syenite intrusions show a close spatial relationship with several gold deposits in the region including Alamos' Young Davidson Mine (3M oz), the past producing Ross Mine (1M oz) and Kirkland Lake Gold's Macassa (5M oz) and Holt-McDermott (3M oz) Mines.
"We are excited to begin exploring the Egan Property and our exploration initially will focus on the high-grade gold mineralization of the E1 and E2 discoveries but also on target areas elsewhere on the Property that have no recorded history of exploration. LaSalle intends to define priority targets for drilling as soon as appropriate permits are in place," commented Ian Campbell, President and CEO of LaSalle.
LaSalle can earn a 100% interest in the Egan property by making cash payments totalling $350,000, incurring $400,000 in exploration expenditures and issuing 700,000 shares over a three-year period. The initial commitments of $20,000 cash and 200,000 shares were completed by LaSalle upon execution of the option agreement in August 2020. The vendors retain a 2% net smelter returns Royalty of which LaSalle retains the option to buy back one-half (1%) of the Royalty at any time for $1.5M (CDN) and a right of first refusal over the remaining 1% Royalty.
LaSalle due diligence samples were delivered directly to ALS-Chemex of Val d'Or, a certified and accredited laboratory service provider, for analysis. Gold was determined by fire assay / atomic absorption method, with any samples returning gold values higher than 1 g/t additionally analyzed by the gravimetric method. Thirty-five (35) other elements were analyzed by ICP after being digested in a nitric aqua regia solution. No standards or blanks were inserted by LaSalle. The standard, blank and duplicate samples used by ALS-Chemex were considered sufficient QAQC for LaSalle's sample analysis, with the objective being to verify the gold values stated by the Vendor. It should be noted that, due to the selective nature of the LaSalle due diligence sampling program, assay results from grab samples may not be indicative of the overall grade and extent of mineralization in the areas sampled.
Qualified Persons
The technical information in this news release was reviewed and approved by Alan Sexton, P.Geo., who is an independent qualified person for the technical disclosure as defined by the National Instrument 43-101. Mr. Sexton is participating in the office and field-based exploration program on the Egan Property since early September 2020. The technical information in this news release was also reviewed and approved by Ian Campbell, P.Geo. who is a non-independent qualified person for the technical disclosure as defined by National Instrument 43-101 and who visited the property in July 2020 and collected several rock samples over the E1 and E2 gold zones.
About LaSalle Exploration Corp
LaSalle is an exploration company focused on less-explored districts of the Abitibi Greenstone Belt, recognized for mining investment based on mineral potential, policy and success, central to world-class mining districts in Ontario, and the developing Eeyou Itschee-James Bay region in Québec. LaSalle trades on the TSX Venture Exchange ("TSX-V") under the symbol "LSX". Additional information about LaSalle can be found on SEDAR at www.sedar.com and on the Company's website at www.lasallecorp.com.
On behalf of the Board of Directors
"Ian Campbell"
President and Chief Executive Officer
Telephone: (604) 647-3966
Cautionary Note Regarding Forward-Looking Statements and Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65976