Issued and Outstanding 65,923,683 Common Shares
TORONTO, Feb. 14 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME)
("Laurion") is pleased to provide an update on the Enid-Massey
("Enid-Massey"), Lydian ("Lydian"), (previously East Clavos), the German
("German"), and the North Tisdale projects located in Timmins; and the
Sturgeon River Mine Project located in the Beardmore-Geraldton district in
Ontario (the "Sturgeon").
Sturgeon River Mine Project - Beardmore- Geraldton District: Laurion 100%
A detailed compilation of all historical data is currently underway on
the Sturgeon River Mine. Once completed, a NI 43-101 Technical Report will be
prepared and geological programs comprising field work, ground geophysics and
drilling will be designed and implemented for the upcoming field season.
The Property consists of thirty-five (35) patented mineral claims and is
located 22 km northeast of Beardmore Ontario. The Sturgeon Mine operated from
1936 to 1942, producing 73,332 oz of gold and 15,922 oz of silver from 233,476
tons of ore. At its closing, the Sturgeon River Mine was estimated to have
reserves of 130,680 tons grading of 0.306 oz of gold per ton (OM 86-43). This
historical estimate is not current and does not meet CIM Definition Standards
and is here for historical purposes and should not be relied upon.
The Beardmore-Geraldton mineral belt has produced 4.1 million ounces of
gold from several deposits located along its 84 km east-west extent, and is up
to 21 km wide. The Beardmore-Geraldton Camp is under explored and contains
significant geologic potential at current metal prices for the discovery of
additional economic gold, silver, and base metal deposits.
The Sturgeon is located 10 km southwest and along strike of Kodiak
Exploration's 'Golden Mile', 'Marino', 'Yellow Brick Road', 'Penelton' and
'WL' vein systems at the Hercules project. The Sturgeon is reported to host
more than 120 veins, many of which host significant gold mineralization in
multiple parallel structures. Notable base metal values are also present
within the felsic volcanics.
Lydian and German Projects - Timmins: Laurion 50% and 75% interest
In early 2008, a total of 11 km and 6 km of Induced Polarization and
Magnetic surveys were completed on the Lydian and German Projects
respectively. Once the results have been finalized, targets will be selected
for a diamond drilling program scheduled to commence in mid to late March.
Enid-Massey Project: Laurion 100% interest
The Phase Four Exploration Program has been completed on the Enid-Massey
Project. The program was designed to test several spectral I.P. chargeability
and magnetic anomalies that coincided with moderate to strong EM conductors
previously identified in the 2006 AeroTEM airborne survey on the Santrap and
On the Santrap Grid, five diamond drill holes totaling 630 m were
completed. On the ZED'or Grid, three diamond drill holes totaling 291 m were
completed. A total of 159 samples have been prepared and shipped for assay to
Accurassay Laboratories in Thunder Bay, Ontario.
Earlier results from the Phase Three Exploration Program in the
Cote-Bihar and Argos Areas revealed anomalous copper and zinc values
intersected in diamond drill holes AR-07-02 and AR-07-03.
The Corporation follows a rigorous sampling and QA/QC protocol on all of
its exploration projects. Results will be published as they are returned and
have been reviewed by management.
North Tisdale Claims: Laurion 100% interest.
The Corporation is currently compiling available historic data together
with more recent regional airborne data and a property ground MAG survey
completed in the 90's with the goal to completing field work, additional
ground geophysics and diamond drilling mid to late summer 2008.
The Tisdale Claims have seen very little exploration property-wide.
Higher gold prices and historical data reviews have prompted consideration for
further exploration on the Tisdale Claims targeting zones of reported
alteration, quartz veining, and gold mineralization either in core or at
The abundance of faults is one of the most prominent features of the
Tisdale property and is host to the Davidson Tisdale Mine (668,662 tonnes at
8.33 g/t equating to 179,187 oz measured and indicated at a 4.0 g/t cut off
grade as per NI 43-101 Technical Report by Geostat, 2003.
Tisdale Armstrong-McGibbon Zone
Eight holes were drilled in 1985 by the Getty-Davidson Tisdale Joint
Venture. Three separate alteration zones were intercepted, two of which were
auriferous. The most favourable result was from diamond drill hole DB85-8
which reported an intersection of 0.73 oz/ton Au over 1.0 m (Upper Zone). The
second auriferous zone (middle zone) was located between 30 to 40 m below
Upper Zone. Quartz veining was reported in five veins systems ranging up to
3.7 m in thickness. Anomalous values and visible gold was reported in three of
the seven holes (OM 85-168).
Tisdale Kinch North Zone
This area was drilled by Newmont in 1984 with reported assay values of
0.07 oz/ton Au over 28.9 ft included 0.31 oz/ton Au over 1.0 ft, 0.16 oz/ton
Au over 1.8 ft, 0.14 oz/ton over 1.7 ft and 0.165 oz/ton Au over 3.7 ft; and
some reported assays values in sludges were 0.17 oz/ton Au over 70 ft
including 0.34 oz/ton Au over 10 ft, as well as 0.29 oz/ton Au over 10 ft and
0.15 oz/ton Au over 10 ft.
The Tisdale Kinch Shaft Zone is reported to host historic exploration
shafts. Visible gold is noted at several locations with surface grab samples
returning values up to 0.55 oz/ton. Historic drilling in 1954 in quartz
veining and notable sulphides reported one assay at 0.74 oz/ton Au over 2.0 ft
(Summary of Exploration - Davidson-Broulan Exploration Project April 1986 -
Joerg Kleinboeck, P.Geo., a consulting geologist with Caracle Creek
International Consulting Inc. (CCIC), is the Company's Qualified Person as
defined by National Instrument 43-101. Mr. Kleinboeck has reviewed and
approved the scientific and technical content 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. Neither Laurion nor its management assumes any
obligation to revise or update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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; CHF Investor Relations: Michael Borovec, Associate Account
Manager, email@example.com, Tel: (416) 868-1079 x 229, Website: www.chfir.com