TORONTO, March 15, 2012 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) and (OTCQX: LMEFF) ("Laurion" or the "Corporation") is pleased to announce that, it has received results from its preliminary exploration drill program carried out on the Mahki, Ahmik and Ituha zones on the Corporation's Sturgeon River properties, located 25 kilometres east of the Town of Beardmore, Ontario.
The objective of this small program was to gather information on these three new untested zones for gold and/or base metal mineralization, and to determine the merit of additional follow-up exploration as a complement to Laurion's main developed targets on its Sturgeon and Beaurox properties. The style and tenor of the mineralization in these zones was unknown prior to drilling, all were covered by overburden and none of these zones were ever previously drilled.
The Sturgeon River Mine quartz vein system is associated with very strong northeast to north northeast trending structures, which are host to massive to semi-massive sulphides which occur on multiple horizons within a kilometre wide corridor. In the last year, Laurion identified this corridor as having the potential to host a precious metal rich VMS ("Volcanic Massive Sulphide") deposit. Laurion has developed a Target Deposit, as referenced later in this press release, based on Laurion drilling and historical drilling information, which suggests a combined strike length of 6,000 metres for 3 zones of sulphides.
Two main target types of mineralization 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.|
The Mahki zone has previously been covered by VTEM ("Versatile Time Domain Electro-Magnetics") airborne surveys, which revealed a continuous anomaly over an approximate 800 metres of strike within a much longer magnetic feature. Line cutting and ground HLEM ("Horizontal Loop Electro-Magnetics") and magnetometer surveying was carried out in 2011, to better define the target. Drilling commenced in December 2011 and continued into January 2012, and included a high magnetic feature along strike from the VTEM anomaly. Five holes were drilled totalling 554 metres, and four holes intersected moderately mineralized (pyrrhotite, chalcopyrite and sphalerite) altered volcanic breccias. Base metal values were anomalous in all four holes with the best results from 2.70m to 5.00m (2.30m) grading 0.06 g/t Au, 2.0 g/t Ag, 0.12% Cu and 0.30% Zn within a 15.30 metre wide zone of mineralization, and from 159.00m to 161.30m (2.30m) grading 0.03 g/t Au, 4.8 g/t Ag, 0.42% Cu and 0.11% Zn in hole LNG11-001; and from 54.50m to 57.00m (2.50m) grading 0.08 g/t Au, 4.0 g/t Ag, and 0.26% Cu in hole LNG11-002. These results are considered sufficiently encouraging of potential VMS base metal mineralization to warrant further ground work this coming summer.
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 2010/2011 deep drilling program. The intersection of these two zones may host a far larger gold target. The Ahmik zone was identified during compilation work as an untested soil anomaly (1984 survey and a 2009 airborne magnetic survey). Historical soil sampling on the Ahmik zone assayed over 1.0 g/t gold. As no mapping or rock sampling was available to guide the targeting, four holes totalling 398 metres were drilled across the gold soil anomaly. All drill holes intersected sheared, altered and pyrite mineralized quartz veins, similar to known gold bearing veins on the property, in particular the Sturgeon Mine No. 3 quartz vein, which had been subject to previous mining between 1936 and 1942 (145,123 tons mined at 0.505 oz/ton Au recovered (17.31 g/t)). Holes LME12-026 and LME12-027 returned anomalous results on these veins structures with the highest values being from 18.00m to 19.75m (1.75m) grading 1.02 g/t Au in LME12-027, including 0.50m grading 3.42 g/t Au. The remaining zones of mineralization were all less than 0.50 g/t Au. The alteration, mineralogy and structure of these veins are indicative of a potential larger gold target which therefore encourages further exploration drilling to determine the potential of these vein structures to contain economic grades of gold.
The Ituha zone is also previously untested and undrilled, and is located on claims located to the east of the Sturgeon River property. One hole (LPG12-001), totalling 101 metres was drilled across a VTEM anomaly. Three widely separated narrow quartz veins with pyrrhotite, pyrite +/- chalcopyrite were intersected. Two veins graded greater than 1 g/t Au, with the best assay from 29.70m to 30.24m (0.54m) grading 1.61 g/t Au. This zone will be further prospected along the trend of the VTEM conductor during the summer of 2012.
LAURION'S EXPLORATION STRATEGY FOR THE STURGEON RIVER PROPERTIES
As noted previously, the most recent program was carried out as a complement to Laurion's main target focus on its Tehya - Beaurox VMS polymetallic base metal play. Laurion is currently compiling the extensive diamond drilling data base (over 200 drill holes) on known polymetallic zones extending from the original Sturgeon River property (Tehya-Ahki zones) and striking northeast onto the Beaurox property (A-Zone/D-Zone). Based on preliminary analysis of the historical drilling, including drill hole 92-58 grading 5.10 g/t Au, 24.8 g/t Ag, 0.40% Cu and 3.90% Zn over 4.00 metres, combined with Laurion's recent drill results on its Tehya and Ahki zones, including drill hole LME10-007 grading 0.45 g/t Au, 27.8 g/t Ag, 0.94% Cu and 3.91% Zn over 4.08 metres, Laurion is planning an aggressive exploration program to explore a Target Deposit size of:
Target Deposit Potential - Sturgeon River to Beaurox Trends
| Potential Tonnage
| Gold Grade
| Silver Grade
| Zinc Grade
| Copper Grade
|4.0 to 6.0 million||1.5 to 3.0||20 to 30||2.5 to 3.5||0.25 to 0.50|
The reader should be cautioned that the potential quantities and grades reflected above are conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Field checking of historical collars will be carried out in April of 2012, which will allow accurate placement of the 1988, 1990, and 1992 drilling carried out on the A-Zone on the Beaurox property. Based on this positional work, a drill program comprised of twinning, infill and extensional exploration drilling will be carried out with the goal of bringing the A-Zone to a NI 43-101 compliant resource estimate. It is expected that this program will take approximately 6 months to complete. This work will be followed with grid drilling along the Tehya-Ahki zone with sufficient drill spacing to allow this area to advance to NI 43-101 resource estimation. It is expected that this work will take 12-18 months to complete.
The technical information contained in this news release has been verified by Joe Campbell, P. Geo., consulting geologist with GeoVector Management Inc. Mr. Campbell is the project manager for Laurion's Sturgeon River project and is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."
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 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.
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