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Laurion Mineral Exploration Inc. (TSXV: LME) (OTCPINK: LMEFF) (" LAURION " or the " Corporation ") is pleased to provide an update on its exploration activities and plans for its 2021 financial year.
LAURION's 2021 drill holes are designed with the objectives of:
- defining mineralized bodies along the 2.7km strike length hosting the Niish, CRK, McLeod, Joe and A-Zones; building on the encouraging 2020 drill intercepts; and,
- exploring, testing and expanding newly interpreted mineralized systems at the Property scale.
Cynthia Le Sueur – Aquin, President and CEO of LAURION stated: "LAURION plans a strong level of activity at Ishkoday for the 2021 field season. This drilling campaign will aim at developing numerous advanced drill targets generated from recent data integration and re-interpretation of the structural and geological settings. "LAURION's field crew will mobilize to the Ishkoday Property in March to begin preparations in order to commence high priority targeted drilling along with a field validation program on our other gold and polymetallic targets."
LAURION aims to build on the successes of the 2020 exploration and drill program as a springboard for another highly productive year. The 2020 drilling comprised 31 oriented diamond drill holes totalling 7,937 m , geophysical surveys and effective surface geological mapping, providing LAURION with a new insight into the knowledge of the Ishkoday mineralizing systems and extent of its potential new targets. LAURION's new 3D data integration with combined data and knowledge driven interpretation has greatly enhanced prospectivity, providing key understanding to maximize drill targeting and generation of new areas of interest.
LAURION'S overall exploration strategy is to establish the growth potential of high-grade zones such as the Niish Zone, which remains open along strike and at depth, and build on the 2020 high-grade discovery interval within the total intercept which assayed 48.69 g/t Au, 35.98 g/t Ag, 1.14 % Cu over 5.40 m , including 441 g/t Au, 191 g/t Ag over 0.57 m in drill hole LME20-031.
LAURION has interpreted a number of N-trending mineralized structures in addition to already known NE-NEE trending mineralized zones (See Figure 1 ). The N-trending mineralized zones are believed to be comparable structures to the historic Sturgeon River and Brenbar mines. The 2020 drill program highlighted the importance of the intersection of these structures with the NE-NEE trending zones as prime target areas for further exploration including the newly discovered Niish Zone.
The new Niish discovery zone is located on a major N-trending mineralized structure, and lies along the same mineral-rich felsic horizon as the A-Zone extension located 500 m to the north-east.
LME20-030 was drilled to test and follow up on an historical drill hole (88-33) which intersected 18.7 m grading 0.30 g/t Au, 4.31 g/t Ag, 0.15 % Cu and 1.18 % Zn. Drill hole LME20-031 was designed to test a large VTEM anomaly combined with magnetic high and to test at depth historic hole 88-33. The mineralized zone is interpreted to widen significantly at depth. This intercept represents a new zone that is completely open along strike and at depth (See press release January 19, 2021 ). Highlights of these drill holes are as follows:
- LME20-031 : 70.65 m of 3.90 g/t Au, 6.46 g/t Ag, 0.25 % Cu, 0.40 % Zn from 325- 423.25m .
- LME20-030: 18.50 m of 0.18g/t Au, 14.64g/t Ag, 0.21% Cu and 3.69% Zn from 141.50 -160.00 m .
The Ishkoday Property lies in a volcanogenic setting comprised of felsic volcanic, volcanic flow (pyroclastic) breccias interlaid with interpreted mafic sedimentary rocks. The basement is interpreted to be composed of mafic volcanics.
The early evidence from geochemistry data, geological observation and mineralization compositions show early indications that the geological setting could be compared to the Rainy River Deposit geology. At least 3 episodes of deformation are interpreted from the different fold axes identified in the 2021 re-interpretation. The compressional deformation event generated major shear zones, with subsidiary structures trending NNE to NE. Extensional third order structures are interpreted to be oriented NS to NNE.
Mineralization is composed of quartz vein stockworks and sulphide zones comprising varying amounts of pyrite, sphalerite and chalcopyrite. Two major types of mineralization are currently recognized: 1) syn-genetic volcanogenic sulphide zones; and, 2) remobilized orogenic related gold-bearing quartz veins.
Qualified Person
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements and has been reviewed and approved by Jean-Philippe Paiement , P Geo., a consultant to Laurion, and a "qualified person" within the meaning of National Instrument 43-101.
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. The Corporation currently has 202,684,319 outstanding shares, of which approximately 72% of LAURION's issued and outstanding shares 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 km 2 Ishkoday Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential. 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.
Website: https://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, 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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SOURCE Laurion Mineral Exploration Inc.
View original content: https://www.newswire.ca/en/releases/archive/February2021/17/c7418.html
Figure 1: Project Location: Urban-Barry Greenstone Belt
Figure 2: Drill targets in the northern part of the Mosseau property (Geology)
Figure 3: Drill targets in the central part of the Mosseau property (Geology)
Figure 4: Drill targets in the central part of the Mosseau property (Magnetics)
Figure 1 – Drill hole locations, focused at the northern area of Kokoseb, location of the cross sections of this announcement, and significant intercepts on drill holes reported in this announcement