TORONTO, Jan. 17, 2013 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) and (OTCQX: LMEFF) ("Laurion" or the "Corporation") is pleased to report on progress and the successful developments of Laurion. In 2012, Laurion attained significant progress on a number of key objectives on the Sturgeon River property; most importantly, substantial progress was achieved with our exploration programs, such that we look forward with confidence to continue resource definition drilling in 2013.
In the last 2 years, Laurion's efforts on the Sturgeon River project have created significant value for the Corporation, which has not been credited to the Corporation in terms of market appreciation and share value. The Corporation garnered $6.35 million from the disposition of non-core assets; made strategic acquisitions on adjacent properties to the Sturgeon River Property; and, determined through subsequent comprehensive field work, the existence of a collective 9,000 m strike length of three strong northeastern structural trends, hosting precious metal rich volcanic massive sulphides (``VMS``) mineralization within a 1 km corridor. Laurion has identified this 1 km corridor as having the strong potential to host a precious metal rich VMS deposit.
The 2012 summer program focussed on a 15 drill hole program targeted on 400 m of the most northeastern end of the A-Zone, within the 3,000 m long mineral rich Loki Trend. The drill program revealed stacked, gold, silver and zinc rich horizons within the A-Zone of the Loki Trend. The A-Zone of the Loki Trend is one of 3 trends.
The 2012 Summer Program highlighted the following key aspects:
- The drilling results of the 15-hole program achieved a 100% drill-success rate on completion.
- Systematic drilling of the A-zone revealed a consistency within the gold rich base metal zones of the Loki Trend, which holds great potential for economic widths and strike extension.
- Drill testing to date has only been conducted to a total vertical depth of approximately 100 m.
- Deeper drilling below the 100m level has shown that the grade and mineralized widths are increasing at depth. This information highlights the possibility of wider and richer zones.
- The Loki Zone is best described as a series of stacked gold rich base metal zones, enveloped by a large lower grade gold and base metal halo with a width that is approximately 80 m wide. A good example of this is drill hole LBX12-010 which targeted the entire known A-Zone passing through 5 high grade mineralized horizons within a lower grade mineralized halo measuring 113 m in width.
- Prospecting over the 9,000 m strike hosting the Tehya, Loki and River Zones within the 1,000 m wide precious metal rich corridor, grab samples taken returned high grade values up to 53.00 g/t Au, 133 g/t Ag, 1.86% Cu and 27.50% Zn.
- Further prospecting in the fall 2012 discovered an outcrop exposed at low water level in the Namewamikan River. Grab samples taken confirmed a new mineralized zone within the River Trend returning values of 3.02% Cu and 33.2 g/t Ag; 1.42% Cu and 10.8 g/t Ag; and 2.11% Cu and 27.9 g/t Ag. The new River Zone exposure outcrops over a strike of approximately 30 m and a width of 4 m.
- The fall 2012 prospecting program also revealed a new showing on the Tehya Trend called the Azurite. Grab samples taken returned values of 12.4 g/t Ag and 13.9% Zn in one sample and 67.7 g/t Ag, 1.29 % Cu, 4.8% Zn and 0.96 g/t Au in a second sample.
- Prospecting results returned high grade values for gold, silver copper and zinc with minor hits for lead. This prospecting program successfully extended and confirmed the surface footprint for mineralization on all three major trends.
This summer drill program is the first of a series of planned drilling programs. Laurion is diligently working towards its ultimate goal of developing a NI 43-101 mineral resource compliant report, building on its comprehensive database of 283 drill holes totalling 42,230 m and developing value through building resources.
Expert Consultant Engaged
Mr. Campbell is a Professional Geologist with over 30 years of experience in the mining industry with significant expertise in various commodities, mine geology, project development and mine operational experience and was invited to join the Board of Laurion Mineral Exploration in December 2012. He has operations experience from chief geologist to mine supervision in underground and open pit environments, and project development roles from pre-feasibility to construction and start-up, as senior geologist to project manager. Mr. Campbell's project management and involvement in the Sturgeon River has been invaluable. Laurion plans to continue working with Mr. Campbell and GeoVector Management's associated geological and project management's expertise, as the project continues on its track of generating exploration successes and moving forward.
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.
Laurion Mineral Exploration Inc. is a junior mining company focusing on the upside of its 100%-owned Sturgeon River property, a high impact project with a primary focus on gold and secondary focus in 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 Corporation's current focus is on resource development at Sturgeon River, located in Beardmore, Ontario, approximately 220 km 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