TORONTO, July 23, 2013 /CNW/ - Laurion Mineral Exploration Inc. ("Laurion" or the "Company") (TSX-V: LME) and (OTCQX: LMEFF) is pleased to report that a grab sample collected in May from a quartz vein/alteration zone, named the Bjorkman zone, on its Midlothian property assayed 12,700 g/t Au. A second grab sample collected from the same zone 5 m away assayed 296 g/t Au. Grab samples are selective by nature and are unlikely to represent average grades of the deposit
The Midlothian property consists of 11 claims (152 claim units) covering an area of approximately 24.2 km2. The property is jointly owned by Laurion (51%) and Kiska Metals Corporation (TSX-V: KSK: 49%). Laurion is the project operator.
The Midlothian property occurs 80 km west-southwest of Kirkland Lake and 25 km west-southwest of Matachewan. The west-southwest trending, 250 km long Cadillac-Larder Lake Break ("CLLB") is interpreted to pass through the southeast portion of the property. This major structure provides a regional locus for numerous gold deposits and hosts more than 100 mines and significant gold prospects, extends from well east of Val d'Or, Quebec to Matachewan in Ontario, and probably extends further to the southwest. Combined past production and known reserves from the break aggregate more than 80 million ounces of gold.
A subparallel structure to the CLLB has also been interpreted on the Midlothian property, and several westerly trending splays off the latter structure have been inferred. The western half of the property contains Archean intermediate and felsic volcanics intruded by east-trending mafic to ultramafic linear intrusions (typically gabbro to peridotite). The northeastern corner of the property contains Timiskaming Conglomerate, and the Archean geology of the eastern portion of the property, including the CLLB, is concealed by an unknown thickness of Proterozoic sediments. During the 1950s and early 1960s most investigations were concentrated on the gold potential of the Timiskaming Conglomerate and on asbestos and copper-nickel showings associated with the mafic to ultramafic sills. Asbestos was mined from several pits by United Asbestos Incorporated from 1975 to 1977.
A five-day prospecting program was conducted on the property in late May, 2013. The highlights of the results were two grab samples taken 5 m apart from a quartz vein/alteration zone, in the wall of the top bench of one of United Asbestos's open pits. These samples assayed 296 g/t (8.6 oz/ton) and 12,700 g/t (370 oz/ton) gold respectively.
The mineralized Bjorkman zone is 1 m wide, and consists of a mixture of white bull quartz, very fine-grained grey silica and iron carbonate, with a 10 cm zone of banded fine-grained silica on the margin. The Bjorkman zone occurs on the western contact of an approximately 25 m wide, northerly trending intermediate dike which cuts the ultramafic sill, and is proximal to one of the westerly trending interpreted splay structures. The contact and mineralized zone vary in dip from 45 degrees to subvertical. The Bjorkman zone can be followed for approximately 20 m; it is concealed at both ends by debris associated with the open pit. Abundant visible gold occurs in the banded margin of the zone in at least one locality. Malachite is also present locally. Photographs of the mineralized zone and the visible gold are available on Laurion's website: http://www.laurion.ca/s/midlothian.asp.
Laurion spent two days in July re-examining the mineralized zone and conducting additional sampling and prospecting on the property. There is extensive iron carbonate alteration with pyrite in the Timiskaming Conglomerate and locally in the volcanics on the property, in many instances proximal to the interpreted structures. Minor veining and small cliffs were also noted along the interpreted structures.
Six chip samples were collected across the Bjorkman mineralized zone, and additional grab samples were collected where anomalous results were obtained from the May program. All results from the May program will be reported in conjunction with results from the recent sampling as soon as the latter results are available.
Samples were analyzed by Activation Laboratories Ltd. of Thunder Bay. The 296 g/t Au analysis was obtained by the fire assay method with gravimetric finish. The 12,700 g/t Au analysis was obtained by the screen metallic assay method on a 436 g sample.
Tom Setterfield, PhD, P. Geo., Principal of GeoVector Management Inc., is the Qualified Person, as defined by NI 43-101, for the Midlothian Property and has reviewed the technical information in this release.
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. Exploration of its high-potential Midlothian Property is in its early stages.
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 28 km northeast of Beardmore, and approximately 220 km northeast of Thunder Bay, Ontario.
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