Laurion Files NI 43-101 Resource Estimate on the Sturgeon River Mine Waste Pile and Tailings, Ishkoday Property
12 Jun, 2013, 11:01 ET
TORONTO, June 12, 2013 /CNW/ - Laurion Mineral Exploration Inc. ("Laurion" or the "Company") (TSX-V: LME) and (OTCQX: LMEFF) is pleased to report that it has filed a National Instrument 43-101 ("NI 43-101") compliant technical report related to its press release issued on April 23, 2013. The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.laurion.ca.
Laurion's consultants GeoVector Management Inc. ("GeoVector") have prepared NI 43-101 Indicated resource estimates for the Ishkoday Property, located approximately 28km northeast of Beardmore, Ontario. The resource estimates are for the low grade stockpile accumulated during mining operations of the old Sturgeon River Gold mine on the Ishkoday property from 1936 to 1942, and for the low grade tailings area associated with the processing of ore feed from the mine.
The resource estimates are as follows:
- 144,070 tonnes grading 1.59 g/t gold for 7,383 contained ounces of gold in the Indicated mineral resource category for the for the low grade stockpile.
- 137,501 tonnes grading 0.67 g/t gold for 2,944 contained ounces of gold in the Indicated mineral resource category for the tailings area.
The totals for both the tailings area the low grade stockpile are 281,571 tonnes grading 1.14 g/t gold for 10,327 contained ounces of gold.
About the Ishkoday Project
The Ishkoday Property has a historical production of 73,322 ounces of gold and 15,929 ounces of silver from 145,123 tons taken primarily from No. 3 Vein during 1936 to 1942, but also from the No. 10 Vein and the M Vein that were encountered at the lower depths of the mine in the later years of mine life. During mine life the mine development material was hand sorted at surface and stockpiled next to the mine shaft and mill locations. The higher grade quartz veins were milled with tailings placed in a natural depression next to the mill site. Both the low grade stockpile and tailings areas have been largely undisturbed since the mine closed during World War II due to manpower shortages.
Joe Campbell, B.Sc. P. Geo., a director of Laurion Mineral Exploration Inc., is the Qualified Person, as defined by NI 43-101, for the Ishkoday Project and has reviewed the technical information in this release. The Indicated mineral resource estimate has been prepared in compliance with the standards of NI 43-101 by Dr. A. Armitage; P. Geo. Mr. Armitage is independent of the Corporation under NI 43-101.
About Laurion Mineral Exploration Inc.
Laurion Mineral Exploration Inc. is a junior mining company focusing on the upside of its 100%-owned Ishkoday property, a high impact project with a primary focus on gold and base metals.
With proven ability to develop early stage projects and create shareholder value by monetizing its discoveries and assets, Laurion has realized a total of $6.35 million in the last two years from monetization of its assets. The Company's current focus is on resource development at Ishkoday, located in Beardmore, Ontario, approximately 220km northeast of Thunder Bay.
Neither the TSX Venture Exchange (the "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.
SOURCE: Laurion Mineral Exploration Inc.
For further information:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
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