TORONTO, April 17, 2012 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) and (OTCQX: LMEFF) ("Laurion" or the "Corporation") issued a press release on November 22, 2011, announcing that it had entered into a definitive agreement with Beaurox Mines Limited ("Beaurox"), in which the Corporation received the option to acquire up to a 100% interest in 30 mining leases, covering an area of 447.35 hectares (the "Beaurox Property"). Further to the November 22, 2011 press release, Laurion is pleased to announce that it has executed a purchase agreement ("Purchase Agreement") with Beaurox concerning the purchase of the Beaurox Property. Pursuant to the terms and conditions of the Purchase Agreement, and conditional upon TSX Venture Exchange ("TSX-V") approval, Laurion will acquire all of Beaurox's rights, title and interest in and to the Beaurox Property. Closing of this transaction is expected to occur before the end of April, 2012, or such other date as the parties mutually agree.
The Beaurox Property is contiguous and strategic to the Corporation's Northeastern boundary, and is located in the south western quarter of Elmhirst Township. The Corporations' Sturgeon River property is located 25 kilometres east of the Town of Beardmore, Ontario.
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 add substantial strike lengths to these strongly mineralized zones.
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.
Approximately 200 diamond drill holes totalling 20,836 metres have been completed on the combined Laurion and Beaurox Properties 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 of this drilling information into a digital database that, in addition to 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 drilling information as well as historical drilling information that suggests a combined strike length of 6,000 metres for three (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 assumes 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.
Please note that the potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain as to whether further exploration will result in discovery of a mineral resource.
Laurion has recently completed four holes targeting VTEM anomalies located north of the Namewaminikan River on the Mahki zone. The anomalies are relatively strong conductors which are buried by glacial sand deposits and therefore, have never been prospected or drilled.
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-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) 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.
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