Laurion Announces First Field Exploration Update for 2018 on the Ishkoday Project: A Gold-Polymetallic Mineralized System in the Onaman-Tashota Greenstone Belt, Beardmore-Geraldton Area (Ontario)
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TORONTO, June 19, 2018 (GLOBE NEWSWIRE) -- Laurion Mineral Exploration Inc. (TSX.V:LME) and (OTCPINK:LMEFF) (“Laurion” or the “Corporation”) is pleased to issue its first update from the 2018 summer field exploration program at the Corporation’s 47 km2 Ishkoday Project (“Ishkoday”).
Laurion’s personnel and Explo-Logik’s technical crews (the “Team”) have been diligently working on two fronts: compilation-synthesis of the entire Ishkoday database (the “Data”) using GIS software, and field validation of historical and recent data.
Current Highlights:
- The Team is selectively geological mapping and prospecting historic mineralized “veins” and their extensions, and new areas in the previously untested northern claims. New mineralized occurrences are being manually stripped, cleaned and mapped. Grab and whenever possible deep channel samples are also being taken and sent for analysis to the ALS Laboratory facilities.
This work is part of the three-phased exploration program proposed for the next 36 months, aimed at defining near surface polymetallic gold mineral resources. Initial reconnaissance highlights of the campaign were issued earlier (refer to the Corporation’s news release dated May 29, 2018).
- The GIS compilation of all previous work is now complete. Prospecting of the northern claims is currently anticipated to be completed by June 21, 2018. The Team’s field evaluation of the previous exploration work, geology and mineralization is currently anticipated to be completed by June 27, 2018.
- The Team has now developed a practical geological and exploration model for the SE portion of Ishkoday within the 3km by 1km outcrop area encompassing all of the previously known gold-polymetallic mineralization (the “Target Area”).
Further field validation is required to test the continuity of individual and combined mineralized NE-SW trending centimetric-to metric-wide and kilometric-long lode gold quartz shear and extension veins (the “Quartz Veins”). The planned work will include additional manual and mechanized outcrop stripping, channel sampling and assaying.
There are 4 strategic NW-SE 400m to 500m outcrop stripping lines (the “Lines”) planned as a first pass assessment across key NE-SW trending Quartz Veins and gold-polymetallic (copper-zinc) veins (the “Polymetallic Veins”) systems in the Target Area (Figure 1). One of the Lines will cross a sector where historic surface mapping identified at least 20 Quartz Veins combined with several Polymetallic Veins (Figure 2).
Historic surface outcrop stripping, channel sampling and assaying of Quartz Veins was completed by Phoenix Gold Mines Ltd. (“Phoenix Gold”) in the 1980’s. Appended maps in the Phoenix Gold report (“1986 Exploration Program Report, Sturgeon River Gold Mines Property, 34 pages, by L.O. Koskitalo, February 1988”) appear to show NE-SW trending Quartz Veins up to 1 km lengths, hosting significant gold values, attesting to their individual prospectivity:
- The combined Marge (314m along the 36cm wide vein graded 17.62 g/t gold) and “F” (21m along the 25cm wide vein yielded 30.72 g/t gold) Veins (Figure 2).
- The Nos. 8/11 Vein (40m along the 29cm wide vein graded 0.89 g/t gold; and 10m along the 12cm wide vein yielded 2.50 g/t gold) (Figure 2).
- The No. 85 (21m along the 19cm wide vein yielded 20.26 g/t gold) and “A” (6.5m along the 98cm wide vein grading 24.44 g/t gold; 11m along the 39cm wide vein grading 9.60 g/t gold; and 13m along the 18cm wide vein grading 23.41 g/t gold) Veins (Figure 2).
Geological and Exploration Model Overview
The historic work completed by Phoenix Gold and Laurion demonstrates that Ishkoday hosts hundreds of Quartz Veins. There are 85 diamond drill core assay results over 5 g/t gold with interval lengths of 0.1m to 3.2m, locally associated with significant silver, zinc and copper values.
Current observations at the Ishkoday strongly suggest a major network of un-developed Quartz Veins, which are similar to those also observed in Archean vein systems in the Abitibi Greenstone Belt (the “AGB”), as seen at Sigma-Lamaque (historical underground production of 9 million ounces of gold) and Dome deposits (recent open pit and historical underground combined production of 25+ million ounces of gold).
Contrary to these other deposits Ishkoday shows two mineralized systems, one gold-silver-rich and the other gold-silver-zinc-copper.
Mineralization hosted on the Sigma-Lamaque and Dome deposits are not necessarily indicative of the mineralization hosted on the Company’s property.
Both the Quartz Veins and Polymetallic Veins patterns follow axes from a NE-SW Strain Ellipse in a Simple Shear Deformation Model. The Quartz Veins appear to have been emplaced during regional deformation of the greenstone belt encompassing Ishkoday. The Polymetallic Veins appear to be localized in specific corridors (Figure 3) and commonly associated with sericite-chlorite altered shears and magnetite bands, with or without quartz veining.
Concurrently with the outcrop stripping program, Laurion will re-log the existing drill core from its 2010 to 2014 drilling campaigns to increase understanding of the geology and mineralization, all to determine the extent and origin of, and size potential of the polymetallic gold-silver-zinc-copper system.
For Figures 1, 2 and 3 referred to in this news release, see URL http://www.laurion.org/2018 accessed on the Corporation’s website at http://www.laurion.ca or Laurion.org
About Laurion Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development company listed on the TSX Venture Exchange (the “TSX-V”) under the symbol “LME” and on the OTCPINK under the symbol “LMEFF”.
The Corporation’s emphasis is on the development of its flagship project, the 100% owned mid-stage Ishkoday Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential.
The Corporation has a property-wide database of 283 diamond drill holes totaling 40,729 m, detailed sampling, mapping, assays and geochemical analysis, and ground geophysics. The mineralization 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, as evidenced in the past producing Sturgeon River Mine (the “Mine”). The Mine produced 73,322 ounces of gold, and 15,929 ounces of silver from 1936 to 1942 on the No. 3 Vein at 24 g/t gold, and generated a large gold and silver bearing stockpile of 144,070 tonnes grading 1.59 g/t gold in the Indicated Mineral Resources category (based on a NI 43 -101 Technical Report filed on SEDAR in June 2013 – refer to the Corporation’s news release dated April 23, 2013).
Mr. Jean Lafleur, P. Geo. (APGO, OGQ), Laurion’s 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.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin – President and CEO
Tel: 1-705-788-9186
Fax: 1-705-805-9256
Website: http://www.laurion.ca
Caution Regarding Forward-Looking Information
This news 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 details, anticipated timing and completion of the transactions and other matters described in this news release, including without limitation, the timing and completion of Laurion’s exploration activities in regards to Ishkoday. 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 Laurion Common Shares, 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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