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LaSalle Exploration Corp. (TSXV: LSX) ("LaSalle" or the "Company") is pleased to announce that it has received an exploration work permit from the Ontario Ministry of Energy, Northern Development and Mines and that a Phase 1 diamond drilling program has been initiated at the Company's Blakelock Gold Property ("Blakelock" or the "Property") located in northeastern Ontario.
Blakelock is well-positioned in a central location in one of the world's most prolific gold-producing regions in the Abitibi greenstone belt, covering 15 kilometres of the Casa Berardi Break ("CBB"), 55 kilometres west of the multi-million ounce Casa Berardi mine operated by Hecla Mining Company, 50 kilometres due south of Kirkland Lake Gold's Detour mine, 140 kilometres northeast of the Timmins Gold Camp and 130 kilometres north of Kirkland Lake Gold Camp.
The focus of the initial 5-hole drill program is to confirm and expand historic intersections in the Porphyry Creek Zone ("PCZ"). Oriented drill core will be used to better establish the geometry of the mineralized zones and the host porphyry and the continuity of the mineralization. Two holes have been completed and the drilling has been paused for the holiday season and will be restarted in the new year. Additional drilling is being planned to test the PCZ mineralization below 150-metres vertical depth where the zone remains open.
Gold was originally discovered in the area when several companies drill tested gold in basal till anomalies outlined by regional reverse circulation drill programs following the discovery of the Casa Berardi gold mine. On Blakelock, diamond drill testing by previous operators and most recently by Lake Shore Gold Corp. ("Lake Shore") in 2010 resulted in the discovery of the PCZ, characterized by the presence of multiple anomalous gold zones with some significant high-grade mineralized intervals returning: 10.9 g/t gold over 10.25 metres, including 210 g/t gold over 0.4 metres; 6.16 g/t gold over 4.55 metres; and 11.53 g/t gold over 6.0 metres, including 81.9 g/t gold over 0.7 metres.
The PCZ has been intersected at shallow depths over a 500-metre strike length with the deepest hole testing to only 250-metres vertical depth on one section and with the majority of holes being above 150-metres vertical depth. Gold-mineralized intersections are hosted within shear zones that crosscut mafic volcanics and felsic intrusive bodies of unknown dimensions. The mineralization is generally characterized by multiple generations of quartz veins accompanied by wallrock alteration consisting of silicification, sericitization, chloritization and sulphides.
An Induced Polarization survey is also set to begin in January 2021 covering the sediment package immediately south of the PCZ and CBB and which traverses the central portion of the property. The Company views this sequence of rocks as a prime exploration target for additional gold discoveries at Blakelock and typical of Casa Berardi. These rock sequences have seen only very little historic drilling.
Cautionary statement: Mineralization occurring at the mines, deposits and occurrences surrounding the Property listed above is not necessarily representative of mineralization that may be found on the Blakelock Property described herein. LaSalle has not been able to independently verify the high-grade mineralization reported by Esso Minerals and Lake Shore due to unavailability of historic mineralized sections of drill core.
About the Property
The 3,730-hectare Blakelock Property was acquired from Pan American Silver subject to a $400,000 exploration expenditure by LaSalle and a retained 2% net smelter returns royalty ("NSR") with a buydown at any time to 1% for $1M.
Qualified Person
The technical information in this news release was reviewed and approved by Alan Sexton, P.Geo., an independent qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Sexton has supervised the compilation work to date and has visited the Blakelock Property.
About LaSalle Exploration Corp.:
LaSalle is an exploration company focused on less explored districts of the Abitibi, recognized for mining investment based on mineral potential, policy and success, and the developing Eeyou Itschee-James Bay region in Québec. LaSalle is actively exploring Radisson as well as the Blakelock and Egan high-grade gold properties located in northeastern Ontario. 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/70517