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TORONTO, June 4, 2019 /CNW/ - Laurion Mineral Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF) ("LAURION" or the "Corporation") is pleased to announce the commencement of the summer 2019 exploration program (the "Campaign") on the Corporation's 47 km2 Ishkoday Project ("Ishkoday"), located 220 km northeast of Thunder Bay.
The Campaign forms part of 2018-2019 exploration initiated in May 2018 as a three-staged 18-month program with the strategic objective of outlining the bulk precious and base metals upside potential at Ishkoday. It is linked to the on-going Stage 2 program facilitating the confirmation of the lateral and cross-strike continuity of the mineralization. A 2-D and 3-D geology-mineralization model will be constructed in conjunction with the confirmation of the lateral and cross-strike continuity of the mineralization, thus providing Laurion a solid technical background model to initiate diamond drilling to prove the model as part of the Stage 3 program.
The Campaign started on May 21, and consists of mechanized outcrop stripping, power washing, geological mapping, channel sampling and assaying of an additional 3,000m in 5 stripped areas or lines (the "Lines"): (1) finishing up TR18-3, the SW extension of the Marge/"F" Veins system; (2) the historic past producing Sturgeon River Mine's No. 3 Quartz Vein and the nearby No.1, No. 2 and No. 8/11 Veins (TR19-1); (3) the Marge/"F" Quartz Vein system (TR19-2); (4) the CRK polymetallic sulphide vein (TR19-3); and (5) the "A" Zone polymetallic sulphide vein (TR19-4). Additional work will consist of detailed mapping of the SW, SE and NE sectors of the Target Area to confirm extensions of known and new gold bearing quartz and polymetallic sulphide veins; and ultimately completing the construction of the 2-D and 3-D geological-mineralization model by LAURION and Mira, and planning of the Stage 3 diamond drilling program – a first pass model is expected by mid-June.
The Campaign is slated for completion at the end of Q3-2019.
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. LAURION now has 153,470,084 outstanding shares of which 55.1% are owned and controlled by Insiders and within the "friends and family" category.
LAURION's emphasis is on the development of its flagship project, the 100% owned mid-stage 44 km2 Ishkoday Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential. The Ishkoday Project has a project-wide database (2008 to 2018) that includes 283 diamond drill holes totaling 40,729m, geological mapping, ground geophysics, and 14,992 individual samples with assays and geochemical analysis. The mineralization on the 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, as evidenced in the past producing Sturgeon River Mine.
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.
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, the Agreement and the transactions contemplated therein, the relationship between Metals House and the Corporation, future plans for the development of the Corporation, Ahsineeg and/or the Ishkoday Gold Project, 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.
For further information: 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