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TORONTO, Feb. 14, 2019 /CNW/ - LAURION Mineral Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF) ("LAURION" or the "Corporation") is pleased to deliver its year-end 2018 review and Corporate highlights of the 44km2 Ishkoday Gold Project ("Ishkoday") to its stakeholders, as well as outline its 2019 objectives and exploration work plan.
LAURION's objective is to validate and quantify a bulk precious and base metal environment. LAURION's drilling and sampling work to date has produced a comprehensive geological model forming a solid foundation of evidence for validation. LAURION believes that continuing focussed work on the quartz vein systems could demonstrate the true potential of Ishkoday.
During 2018, Laurion advanced Ishkoday on many fronts:
- LAURION initiated a strategic field mapping and grab-channel sampling program from key outcrops and two mechanically stripped-trenched sections, on the 85-A2 Quartz Vein system, located approximately 1.5km apart, to outline bulk precious and base metals upside potential at Ishkoday.
- Recognition of a major 1km wide northeast-southwest structural corridor, the now termed the Ishkoday Deformation Zone ("IDZ"), encompasses most of the known precious and base metal mineralization at Ishkoday.
- The IDZ likely emanates from, and is directly linked to, the east-west Paint Lake Fault located 1km to the south of Ishkoday, all part of a major shear-deformation zone similar to the gold bearing "Porcupine-Destor" and "Larder Lake-Cadillac" Breaks of the Abitibi Greenstone Belt.
- Positive field mapping, assay results and multi-element geochemistry reinforced the duality of both precious and base metals potential from new polymetallic assays in the 3km by 1km, as well as, during the May-June and August-September 2018 Stages 1 and 2 programs.
- Sulphide mineralization is present in polymetallic veins, shear zones and as disseminations (between the No. 3 Quartz vein and the Jack Showing, and the "A" Zone, CRK and Joe Zones), which adds to the greater potential within the 3km by 1km corridor.
- It is anticipated that as further historic and new quartz vein systems are exposed in 2019 as part of the continued outcrop stripping-trenching programs, gold bearing quartz and polymetallic veins and anastomosing patterns will repeat themselves on-and- across-strike, endowing them with bulk length and width potential. The more gold carrying veins the greater the potential. There are more than 120 noted gold carrying quartz veins at Ishkoday.
- LAURION is nearing completion of the 2018 Ishkoday Assessment Report (the "Report"). The Report will be eventually filed with the Ministry of Northern Development and Mines.
The main objectives for 2019 Exploration Program are as follows:
(1) Continue the mechanized outcrop stripping-trenching and channel sampling along trend of the 85-A2 and the Marge-"F" Quartz Vein systems in 5 additional trenches.
- LAURION believes that one of the keys to the gold mineralization at Ishkoday is the presence of intrusives rocks, the heat source driving both the precious and base metals mineralization. The Marge-"F" Quartz Vein system (17.62 g/t gold with Visible Gold over a 36cm width along a strike length of 314m; Phoenix Gold, 1988) is centered on the Ishkoday Diorite Stock, from which the No. 3 Quartz Vein was historically mined at the south end of the intrusive, less than 500m away.
- Two strip-trench areas with mapping and channel sampling are being planned at the Marge-"F" Quartz Vein system, to commence in the summer's exploration campaign. Two strip-trench areas are planned for the 85-A2.
(2) Ground geophysics (IP and/or EM) for defining intrusive rocks, faults and mineralization
(3) 2-D and 3-D regional and project compilation, synthesis and interpretation, all to identify and/or enhance current and any additional targets.
- LAURION has recently accessed a large valuable geophysical database executed over Ishkoday in 2008 by two operators. This database is currently being integrated with LAURION's existing GIS database, to deliver a geophysical inversion that captures all the relevant exploration criteria and provides targeting.
2018 Exploration Program: Stage 1 and 2 Campaigns*
The 2018 program focussed on an initial field validation exploration program (the Stage 1 Campaign), consisted of selective geological mapping and prospecting of historic mineralized veins and their extensions, and in new areas (refer to LAURION's 2018 news releases dated May 29, June 19, July 6 and 10, August 1 and 14). Two multi-kilometric sectors were identified, the historic "85-A" and "Marge-F" Quartz Veins sectors. Of the total samples taken some 14% of the selective field samples were anomalous in either gold, silver, copper or zinc or any combination of these elements, and most were located in the southern 3km by 1km Target Area. Some 6 assay results exceeded 18 g/t gold in quartz veins with the highest values located with Visible Gold from the 85-A2 yielding 40.80, 43.00 and 1,185.00 g/t gold. One additional sample was located in a chlorite-sericite schist with trace pyrite yielding 27.50 g/t gold; and a second, in a porphyry with 1% pyrite gave 28.40 g/t gold. One sample in a diorite/granodiorite porphyry yielded 1.61% copper; whereas a rhyodacite gave 1.74% zinc; 3.26% and 12.00% zinc in two separate sericite-chlorite schist; a chlorite vein yielded 1.89% zinc and an additional quartz vein gave 2.82% zinc.
This work was followed by mechanized stripping, channel sampling and assaying along two strategic NW-SE 400m to 500m outcrop stripping lines, TR18-1 and 2 (the Stage 2 Campaign) (refer to LAURION's 2018 news releases dated August 21, September 26, November 13 and December 12). Line TR18-1 extended 500m in a NW-SE direction intersecting the undulating/anastomosing "85-A2" Quartz Vein system located approximately 1km NE of the past producing Sturgeon River Mine's No. 3 Quartz Vein. Line 500m long NW-SE TR18-2 was located approximately 350m W-SW of the No. 3 Quartz Vein. Two major vein sets were identified, including the newly discovered 040° Bootleg Quartz Vein that appears to be the SW extension of the "85-A2" Quartz Vein located more than 1km to the NE.
Some 70 channel samples gave between 0.10 and 1 g/t gold; and 18 were above 1 g/t in the range 1.02 g/t gold over 0.2m to 27.70 g/t gold over 0.4m, with the most significant interval of 17.1 g/t gold over 1.5m. In addition, 96 channel samples were above 1 g/t in the range 1.00 g/t silver over 0.3m to 11.50 g/t silver over 0.3m; and 6 zinc assay were above 1% zinc from 1.03% zinc over 0.6m to 3.80% zinc over 0.8m.
The Corporation has a project-wide database (2008 to 2018) that includes 283 diamond drill holes totaling 40,729 m, geological mapping, ground geophysics, and 14,992 individual samples with assays and geochemical analysis. Between 40% and 60% of all samples carry more than 0.005 g/t gold. This is not unusual in Archean gold districts, but the fact that the Sturgeon River Gold Mine (the "Mine") exists demonstrates that there are mechanisms active at Ishkoday that have concentrated gold. As LAURION increases its quartz vein sampling over the next campaigns, it is anticipated gold grades could potentially follow similar patterns to the Phoenix Gold results (63% of samples above 0.005 g/t gold). From the perspective of statistical analysis of the precious and base metal element correlations (Statistical Correlation Coefficients or "CC"), LAURION interprets the gold/silver event as distinct from the base metal system, linked solely to the late overprinting quartz veins.
* LAURION follows rigorous Quality Assurance and Quality Control procedures for its field sampling as outlined in its December 4, 2018 news release. All assay sample preparation and geochemical analysis were done at the ALS Canada Ltd., facilities in Thunder Bay (Ontario) and North Vancouver (British Columbia).
About LAURION Mineral Exploration Inc.
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 140,870,084 outstanding shares of which 59.4% are owned and controlled by Insiders and within the "friends and family" category. The Corporation's emphasis is on the development of its flagship project, the 100% owned mid-stage Ishkoday Gold Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential.
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.
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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, management's objectives, strategies, beliefs and intentions, the details, anticipated timing and completion of the transactions and other matters described in this press release, including without limitation, the timing, completion and future results of the Corporation's exploration program at Ishkoday. 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.
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