TORONTO, May 13 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME) ("Laurion") is pleased to announce that its consultants, GeoVector Management Inc. ("GeoVector") completed their initial field visit of the Quebec Sturgeon Property, and has now initiated compilation studies of previous work to aid in the design of its 2010 exploration program. The Quebec Sturgeon Property consists of thirty-five (35) patented mineral claims in Irwin, Pifher, Walters and Elmhirst Townships in the historic Geraldton-Beardmore Gold Camp, and is located southwest of Kodiak Exploration Limited ("Kodiak") Hercules Project and is on strike and contiguous with Kodiak's Brenbar Claims (Irwin Township) where Kodiak has recently announced significant high grade gold results in its 2009 drill programs.
Exploration Strategy for 2010
Laurion has commissioned GeoVector to compile all the historical exploration results with respect to the Quebec Sturgeon Property, into a GIS work space. This will include a 3D modeling of the No.3 ore shoot at the Quebec Sturgeon Property, digital input of known drill holes and compilation of channel sampling, soil sampling and ground geophysics. Work programs developed from this compilation work will include:
1. Comprehensive sampling of the Quebec Sturgeon Property's waste
rock pile and economic feasibility assessment for extraction of
the contained ounces of gold. Historical work suggests potential
for approximately 11-12,000 oz of gold in 132,000 tons of waste
2. A program of hollow auger sampling to reach the basal layer of the
Quebec Sturgeon Property tailings to determine the contained gold.
Historical work suggests that the tailings contain 145,000 tons.
3. A drill program to define the down plunge extent of the Quebec
Sturgeon Mine below the 1750 ft (530 m) level. Historical reports
suggest a target deposit of a 400,000 ton resource at 0.15 oz/ton
(5.14 g/t) down to the 2000 ft (610m) level. Additionally the last
mine work indicated the potential for extending the strike of the
main zone (No. 3 vein) and possible development of multiple zones
at depth (No. 10, 11 and M veins). Extensive core sampling will
also investigate the extent and grade of the host rock
mineralization between these quartz veins. A compilation of the
historic workings coupled with sufficient new drill holes may
result in enough information to generate a National Instrument
43-101 compliant ore resource report.
4. A drill program to intersect a high grade portion of the Marge
vein near the 2008 channel sampling area with the target of
defining a Quebec Sturgeon style deposit, and sampling to
investigate the extent and grade of host rock mineralization.
5. A property wide mapping program to define the character of felsic
and intermediate volcanics (locally porphyritic and/or fragmental)
with reported associated solution sediments (iron formations) that
may host polymetallic precious metal style VMS deposits. Follow up
drilling will target dip and strike extensions of known high grade
base metal zones.
6. Exposure by trenching of areas with extensive sub-parallel sets of
quartz veining with channeling across the vein sets to determine
the potential for wider, lower grade ore zones subsequent drilling
will follow up on promising zones of mineralization.
It is expected that these work programs will be carried out in the summer and fall of 2010 and that these programs will total approximately $500,000.
The Sturgeon Property
The Quebec Sturgeon Property is host to the former producing Quebec Sturgeon Mine, which produced 73,322 ounces of gold and 15,929 ounces of silver from 145,123 tons taken primarily from the No. 3 Vein between 1936 to 1942. The shaft was sunk to a depth of 2,100 ft (640 m) with development and mining down to the 1,750 ft level (530 m). A 1942 ore reserve estimate yielded high grade reserves of 130,680 tons with an average grade of 0.306 oz Au/ton (James Wade Engineering report, 1983). This ore reserve calculation was based on tonnage blocked out by underground drifting and raising down to the 1750 ft level (530 m), and was calculated prior to mine shutdown during World War II. This estimate does not conform to the current National Instrument 43-101 standards, and should not be relied upon.
In addition to the historical reserve estimate referred to above, a report by D.E. McBride (P.Eng) in 1986 estimated that significant additional lower grade ore existed in the mine workings and the report estimated that 400,000 tons of ore at 0.15 oz/ton (5.14 g/t) remained in the mine bottom at the 2100 ft level (640 m). The report also indicated that no exploration had ever been carried out on the down plunge of the main No. 3 ore shoot, and that exploration down to the 3600 ft level (1100 m) was recommended.
Of significance is the strike of 650 ft (200 m) in length of the ore grade shoot within the No. 3 vein at surface, which began to increase at depth, and on the 1750 ft level (530 m), the ore shoot reached a strike length of 1530 ft (466 m). At around the 1500 ft level (460 m), two other veins were encountered that intersected the No. 3 vein (No. 10 and the M veins). At the end of the mine life active mining of these veins were ensued. As well, a further high grade vein (No. 11) was reported on the 2100 ft level (640 m) cross cut.
The increased shoot strike length and the presence of multiple intersecting veins bodes well for potentially larger ore zones at depth. Recent sampling by GeoVector of surface showings of the No. 3 vein returned 95 g/t and 51.6 g/t over a 30 cm vein width, confirming the historically reported high grade nature of this vein. This is consistent with the results of an 8 ton bulk sample taken in 1981 of the No. 3 vein that was subjected to photometric sorting (mechanical colour sorter) by Ore Sorters of Canada on behalf of Phoenix Gold Mines Inc. ("Phoenix"). The sorted quartz averaged 2.527 oz/ton gold (86.65 g/t).
In addition, two samples of the adjacent host rock over approximately 50 cm width returned values of 1.35 g/t and 1.16 g/t, indicating that the host rock may well carry significant grade. Mining carried out from 1936 to 1942 hand sorted the quartz vein material and discarded host rock, leaving a potential low grade gold stockpile. In 1984, to test this potential, L. Koskitalo (B.Sc) on behalf of Phoenix reported (the "1984 Report") on a 17.6 ton sample sent to Lakefield Research Centre. This was a representative sample from a 6000 cubic meter bulk sample removed from the waste pile by a front end loader. This sample graded 0.086 oz/t gold (2.95 g/t). Based on a transit stadia survey Phoenix estimated that the mine waste pile contained 132,000 tons. Recent grab sampling by GeoVector of the waste pile returned a range of 0.06 g/t to 10.2 g/t gold for an average grade of 2.83 g/t gold from eight random samples. These sample results support the grades indicated in the 1984 Report, and more importantly indicate that the host rock between the veins has the potential to carry significant gold grade.
Additional to the waste pile material, the site contains approximately 145,000 tons of tailings. Recent sampling from the surface of the tailings by GeoVector returned 0.68 g/t gold. Historical sampling by Phoenix in the 1984 Report returned 0.58 g/t gold from the edges of the tailings, disposal area. The potential for higher grade gold exists at the base of the tailings where gold could accumulate from gravity settling of the tailings.
Approximately 700 m north of the Quebec Sturgeon Mine, a high grade vein (Marge or M-1) has been exposed by extensive trenching dating back to the mid 1930s. In 1984, Phoenix cleaned and channel sampled this vein over a strike length of 505 ft (154 m), and reported an average grade of 0.73 oz/ton (25.03 g/t) gold over an average width of 1.2 ft (0.36 m). In 2008, Laurion stripped and channel sampled a 47 m length of the Marge vein and collected 34 channel samples across the width of the vein, approximately 1.5 m apart, for the entire exposed area. These samples averaged 16.97 g/t gold over an average width of 0.47 m, confirming the historical grade for this vein. Of further importance, Laurion collected six samples of host rock next to the Marge vein which ranged up to 1.06 g/t gold and averaged 0.40 g/t gold, indicating the potential for the host rock between veins to carry gold grade. This is important as there are reports of at least ten other veins sub-parallel or obliquely crossing the Marge vein, creating the opportunity for wider zones of mineralization. Recent sampling of the Marge vein host rock (granodiorite) by GeoVector (two samples) averaged 0.26 g/t gold, supporting the historic reports of anomalous host rock.
A6 & A4 Veins
Approximately 1.5 kilometers northeast of the Quebec Sturgeon Mine, a series of veins have been exposed over a strike length of approximately 75 m. The 1984 Report stated that the veins were wider than other veins on the property indicating the A6 vein as 0.24 oz/ton (8.23 g/t) gold over an average width of 2.5 ft (0.76 m) with an exposed strike length of 134 ft (41 m), and the A-4 vein as 0.18 oz/ton (6.17 g/t) gold over an average width of 3.2 ft (0.98 m). Written reports indicated significant copper and zinc mineralization in the A-6 vein. Recent field work by GeoVector showed that the A-6 vein did indeed have visible coarse grained chalcopyrite and sphalerite, and three grab samples averaged 4.08 g/t gold, 8.6 g/t silver, 0.37% copper and 4.69% zinc, thus confirming the historical reports. This vein occurs in an intermediate to felsic volcanic package, and points to the potential remobilized base metals from a proximal volcanogenic massive sulphide (VMS) style deposit.
Historical reports indicate that a base metal occurrence is situated in volcanics approximately 1 kilometer northeast of the QSM. Caracle Creek International Corp ("CCIC") took a sample of this zone on behalf of Laurion in 2008 and reported an assay of 18.55% zinc, 0.90% copper, 62.11 g/t silver and 0.21 g/t Au. GeoVector recently re-sampled this zone and discovered two parallel lenses of massive to semi-massive sulphides of 0.50 m (lens 1) and 1.0 m (lens 2) widths separated by 2.0 m of sheared and brecciated volcanics with disseminated sulphides. These lenses displayed similar mineralization and averaged 6.13% zinc, 1.40% copper, 45.6 g/t silver and 0.63 g/t Au. The zones of massive sulphide are possibly VMS related. Approximately 30m southwest and possibly on strike with the massive sulphide zone, a quartz vein was sampled by GeoVector that returned 57.2 g/t gold and 21.1 g/t silver.
Historical reports indicate that over 60 named quartz veins across the Sturgeon Property have the potential for high grade gold values. In several cases these veins form sets of relatively closely spaced sub-parallel vein packages. Drilling by Placer Dome in 1988 targeted several of these veins and returned several anomalous intersections including 0.53 oz/ton (18.17 g/t) gold over 2 ft (0.61 m) on the 85A-2 vein. Of interest to Laurion are areas of more extensive sampling showing wider lower grade mineralized zones, including 13.3 ft (4.05m) of 0.034 oz/ton (1.15 g/t) gold in the A-3 area. These zones of mineralization were associated with quartz flooding and shearing in rhyolitic porphyries and at the contact of rhyolites with felsic intrusives. This mineralizing style may be indicative of a larger lower grade deposit type on the property.
Joe Campbell (BSc, P.Geo.), consulting geologist with GeoVector is the project manager and is also GeoVector's Qualified Person as defined by National Instrument 43-101. Mr. Campbell has reviewed and approved the scientific and technical content of this release relating to the Quebec Sturgeon Property.
Strategic Alliance Projects - Nipigon Area
Laurion has notified Kiska Metals Corporation that it will be abandoning the underperforming Nipigon Project, which is comprised of the Dorothea, Fox Mountain and Graydon Lake Projects (collectively, the "Targets"). In making this decision, Laurion conducted geophysical surveys, field work and sampling and determined that none of the Targets satisfied their internal technical criteria.
Laurion's President, Cynthia Le Sueur-Aquin, explained, "Abandoning the underperforming Targets eliminates future funding commitments and leaves Laurion in the position to conserve its working capital prudently to advance its remaining mining projects and actively pursue an advanced stage mining project to add to its property portfolio".
About Laurion Mineral Exploration Inc.
Laurion is an exploration company with key interests in prospective mining properties located in Ontario. Laurion's primary exploration focus is the identification of gold deposits; its exploration horizon also encompasses base metals and PGEs.
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 release.
This news release includes certain forward-looking statements concerning the future performance of Laurion's business, operations and financial performance 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, as described in more detail in our recent securities filings available at www.sedar.com. 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.
SOURCE Laurion Mineral Exploration Inc.
For further information: For further information: Laurion Mineral Exploration Inc., Cynthia Le Sueur-Aquin, President, Tel: (705) 788-9186, Fax: (705) 788-9187, Website: www.laurion.ca