Laurion Provides Overview of Positive Exploration and Drilling on its Sturgeon River Property

TORONTO, Jan. 31, 2012 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) and (OTCQX: LMEFF) ("Laurion") conducted an overview of its successful drilling and exploration completed in the last 18 months on its Sturgeon River property, 25 kilometres east of the Town of Beardmore, Ontario.

Two main target types have emerged from exploration work on the Sturgeon property. These include:

i)  high grade lode gold style quartz veins within larger highly altered shear zones; and

ii) extensive precious metal polymetallic VMS deposits associated with felsic and intermediate fragmental volcanics.

A summary of results exploration on the two target types is contained below. For details on all the exceptional drilling and prospecting sample results, please refer to the attached link (click here), or please refer to news releases on the Laurion website at www.laurion.ca.

Lode Gold Hosted in Quartz Veins and Shears

Sturgeon River Mine - A Significant Gold Environment

The Sturgeon River Mine produced 73,322 ounces of gold and 15,929 ounces of silver processed from 145,123 tons mined primarily from the high grade No. 3 Quartz Vein. Historical reports suggest a target deposit of a 300,000 - 400,000 ton resource at 0.12 ozs to 0.17 ozs/ton gold (3.75 to 5.30 g/t) down to the 2,000ft (610m) level at the Sturgeon River Mine. This resource is entirely contained within the No. 3, the M, 10 quartz vein systems over a strike length on surface of 200m increasing to 466m in strike length on the 2100ft level (642m depth). This increased strike length indicates a potential for a far larger ore body at depth.

During its 1936-1942 production period, the mined grade was approximately 0.30 oz/ton (10.29 g/t) gold. All the coarse sized run of mine quartz vein material was hand sorted for milling and upgraded to an average grade of 0.505 oz/ton (17.31 g/t) gold.  All other material, including low grade vein shoulders and fines of high grade material was placed on a waste rock pile. Laurion commissioned a comprehensive program to accurately sample the 145,000 ton waste rock pile with samples collected from excavator pits, and sampling the 135,000 ton tailings pile area with a pattern of auger drill holes to acquire representative values. This work will allow the generation of 43-101 compliant resource reporting once all the information is collated.

Deep drilling was carried out between October 2010 and January 2011 on the Sturgeon River Mine to test the down dip extension of the No. 3 vein and also targeted the 10, 11 and M quartz veins in the areas below the deepest Sturgeon Mine workings, approximately 1,750ft (533m) deep. In this round of drilling, a number of shear zones were intersected up-hole from the mine workings. These zones were unknown to the previous operators, and strengthen the potential of multiple zones of mineralization adjacent to the traditional narrow quartz vein lodes and offering the possibility of greater mining widths.

The Sturgeon River Mine quartz vein system is associated with typical strong northeast to north northeast trending structures which may constitute vein emplacement along principal and conjugate Riedel shears respectively, within a regional scale shear system that passes through the Sturgeon property.

Based on historical ground magnetics and a 2009 airborne magnetic survey, an intersection of these two conjugate shear directions is interpreted at the Ahmik zone located just north of the shaft. Historical soil sampling at the Ahmik zone has assayed over 1.0g/t gold.

The Corporation has commenced drilling of three holes into the Ahmik zone. The Ahmik zone is along strike north of the Sturgeon River Mine No. 3 quartz vein, and is northeast along strike from newly discovered shear zones that were intersected in the deep drilling. The intersection of these two zones may host a far larger gold target.

The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, it is uncertain if further exploration will result in discovery of a mineral resource.

Marge Vein

A further gold zone of notable potential is the Marge Zone, which is located approximately 700m to the north of the Sturgeon River Mine. The Marge Zone outcrops on surface and thus is available for quick mine development. Phoenix Gold Mines Inc. channel sampled this vein in 1984 over a strike length of 154m (505ft), reporting an average grade of 25 g/t (0.73 oz/ton) gold over an average width of 0.36m (1.2ft). In 2008 Laurion stripped and channel sampled the Marge vein for 47m (154ft) across the exposed vein width of 1.5m (4.9ft) collecting 34 channel samples. These samples averaged 0.49 oz/ton (16.97 g/t) gold over an average width of 0.47m (1.54ft).There is great potential for wider zones of mineralization, as there are 10 other veins subparallel or obliquely crossing the Marge vein and, the adjacent host rock is mineralized as indicated from six samples taken from the host rock adjacent to the Marge vein which ranged up to 1.06 g/t gold.

Five holes were drilled in June 2010 over a 250m strike length of the Marge vein and were designed to intersect an area of the vein that had indications of high grade gold from historical trenching and channel sampling. All holes were mineralized with drill hole LME10-01 reporting a high grade gold intercept of 20.20 g/t over 0.36m.

More than 30 other lode gold style veins have been exposed in prospecting and trenching, with assays up to 159 g/t in grab samples. All of these zones merit further exploration.

Polymetallic Volcanic Massive Sulphide ("VMS") Zones

Potential for a Precious Metal Rich VMS Deposit

Massive to semi-massive sulphides occur on multiple horizons within a kilometre wide corridor of sheared volcanics that trend through the centre of the Sturgeon River property and strike northeast onto the Jubilee and Beaurox properties recently acquired by Laurion. In the last year Laurion identified this corridor as having the potential to host a precious metal rich VMS deposit, and the acquired mining leases and claims adds substantial strike lengths to these strongly mineralized zones.

Historical drilling campaigns on the optioned ground demonstrate that the opportunity exists to develop mineral resources along this trend. Laurion's initial focus on the potential for a gold-silver-zinc-copper VMS deposit centred on the Tehya Zone which had been exposed by historical pitting. Initial drilling on the Tehya included hole LME10-07 which reported 3.91% zinc, 0.94% copper, 27.80 g/t silver and 0.45 g/t gold over 4.08m. This drilling was followed up by overburden stripping that exposed sulphide mineralization over approximately 15m of strike length which was then mapped and channel sampled with assays of 7.44% zinc, 0.91% copper, 30.8 g/t silver and 0.17g/t gold over 1.50m and 3.07% zinc, 0.32 % copper, 14.7g/t silver and 0.19 g/t gold over 4.05m. In addition, a zone of gold bearing quartz veining located 10m structurally above the Tehya sulphide zones was exposed for approximately 35m with assays of 29.50g/t gold and 13.40 g/t gold over 0.50m. Ground geophysical surveys carried out in the winter of 2011 indicated a potential strike length of greater than 800 metres on the Tehya Zone, which was followed by further encouraging drill hole intersections in the spring of 2011. The successful 2010 and 2011 drill programs prompted Laurion to enter into a definitive agreement (the "Agreement") with Beaurox Mines Limited ("Beaurox"), to acquire up to a 100% interest in 30 mining leases covering an area of 447.35 hectares, contiguous to the Corporation's north eastern boundary. This property is along strike from multiple VMS style targets discovered on the Sturgeon property.

Approximately 197 diamond drill holes totalling 20,836 metres have been completed on the Beaurox property with most of these holes testing down dip of surface mineralization and intersecting the zones to approximately 100m below surface. Laurion is currently collating all this drilling information into a digital database, which with field checking of collar locations, will allow development of 3D models of the mineralization to focus future drill programs.

Laurion developed a Target Deposit based on its own and the historical drilling information which suggests a combined strike length of 6,000 metres for 3 zones of sulphides. The target assumes a minimum vertical depth of 250 metres on these zones at an average true width of 2.5 metres, and that the trends are 30-50% mineralized. Given these assumptions the Target Deposit size is 4.0 to 6.0 million tonnes of 1.5 to 3.0 g/t gold, 20 to 30 g/t silver, 2.5 to 3.5% zinc and 0.25 to 0.50% copper.

The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, it is uncertain if further exploration will result in discovery of a mineral resource.

Laurion has recently completed four holes on the Mahki zone targeting VTEM anomalies on the Mahki zone located north of the Namewaminikan River. The anomalies are relatively strong conductors which are buried by glacial sand deposits, and therefore have never been prospected or drilled.

About Laurion Mineral Exploration Inc.

The Corporation's focus is to make the transition from explorer to producer and envisages the realization of shareholder value and wealth through monetization of its discoveries and assets. Laurion's exploration horizons are focused primarily on gold with a secondary interest in base metals with key interests in prospective mining properties located in Ontario, Canada and Nevada, USA.

Neither 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 news release.

This news release includes certain forward-looking statements concerning the future performance of Laurion's business, operations and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing. Actual events or results may differ materially from those projected in the forward-looking statements and Laurion cautions against placing undue reliance thereon. Laurion and its management assume no obligation to revise or update these forward looking statements except as required by law.

SOURCE Laurion Mineral Exploration Inc.

For further information:

Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
Tel: 1-888-212-4070
Tel: 1-705-788-9186
Fax: 1-705-788-9187
Website: www.laurion.ca

Profil de l'entreprise

Laurion Mineral Exploration Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.