| | Published : February 20th, 2011 | Clarification - Laurion Identifies Additional Mineralized East Ridge Zone on Bell Mountain Project, |
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Clarification - Laurion Identifies Additional
Mineralized East Ridge Zone on Bell Mountain Project, Nevada
Laurion Mineral Exploration Inc. (TSX-V: LME and OTCQX: LMEFF)
("Laurion") is pleased to provide
shareholders with an update on the Bell Mountain project located in Churchill
County, Nevada. Project geologists have examined an additional mineralized zone
in the field called the East Ridge which is located approximately 1.5
kilometers to the east of the current Bell Mountain Varga
and Spurr zones on which 56 reverse circulation
("RC") drill holes were completed. The East Ridge zone is on
strike with the Varga and Spurr
zones and is located within the Laurion claim block
area.
Research has revealed that NDT Ventures Ltd. drilled in the East Ridge area in
2003. A press release dated May 28, 2003 stated that thirteen RC drill holes,
totaling 481 meters were completed in late March 2003 in the East Ridge zone.
Drill holes were spaced over a strike length of approximately 300 meters and
positioned into the vein system angled between 45 and 80 degrees. The objective
of the program was to establish continuity of the East Ridge vein system at
relatively shallow levels below mineralized vein outcrops.
In the work executed by NDT Ventures, all sampling was completed on 3 foot
intervals, with assaying conducted by ALS Chemex in
Reno, Nevada. Highlights of these results include intersections of 15 feet
grading 2.78 g/t gold and 64 g/t silver; 12 feet grading 3.13 g/t gold and 114
g/t silver; and, 9 feet grading 2.75 g/t gold and 72 g/t silver. The
drilling and sampling was reported to be carried out under the direction of
Thomas Burkhart, Vice President of Exploration for NDT Ventures, who is a
Qualified Person as defined by NI 43-101.
This drilling indentified the consistent presence of a Main Vein and the
occurrence of hanging-wall and footwall veins and stockworks
on strike and down dip. Two drill holes, CC-l and CC-6, lost recovery through
the main target zones but all other holes did intercept the predicted vein
zones with gold and silver results noted as follows:
Drill Hole ID
|
From (feet)
|
To (feet)
|
Width (feet)
|
Gold (g/t)
|
Silver (g/t)
|
CC-2
|
45
|
54
|
9
|
2.75
|
72
|
CC-3
|
54
|
63
|
9
|
1.83
|
75
|
CC-4
and
|
21
96
|
24
102
|
3
6
|
1.64
2.62
|
*
50
|
CC-5
and
|
39
129
|
42
132
|
3
6
|
2.30
1.66
|
35
66
|
CC-7
and
|
21
45
|
27
60
|
6
15
|
2.72
2.78
|
45
64
|
CC-8
and
|
54
99
|
60
102
|
6
3
|
1.60
4.42
|
40
112
|
CC-9
and
and
and
|
63
72
81
93
|
69
75
84
96
|
6
3
3
2
|
3.12
1.64
3.70
1.13
|
92
68
59
*
|
CC-10
and
and
and
|
42
78
99
117
|
45
84
111
120
|
3
6
12
3
|
1.01
2.31
1.80
1.72
|
*
54
38
36
|
CC-11
and
|
42
84
|
51
87
|
9
3
|
1.43
1.49
|
61
42
|
CC-12
and
|
72
87
|
78
99
|
6
12
|
1.79
3.13
|
*
114
|
CC-13
and
|
21
66
|
27
72
|
6
6
|
1.32
1.49
|
*
60
|
* less than
30 g/t Silver
Acquisition of the details of this drilling program data from NDT Ventures is
in progress. The East Ridge mineralization may add significantly to the
resource potential of the Bell Mountain Project. Further work will be completed
in the East Ridge area in the spring.
Laurion has engaged Telesto
Nevada, Inc. ("Telesto") to develop
a National Instrument 43-101 compliant technical report for the Bell Mountains
property contemplating a conventional low cost open pit mining method with heap
leach processing configuration. The 43-101 compliant technical report will
confirm the resource estimate completed in 1991 by N. A. Degerstrom
(the "Degerstrom Report") and
the 14,240 feet of drilling recently completed in 2010 by Laurion.
The Degerstrom report, which was based on 34,682 feet
of drilling, concluded that the deposit contained 2.1 million tonnes grading 1.33 g/t gold and 37.6 g/t silver.
Falling metals prices made the development of the Property uneconomic at that
time and the project was shelved. Although the Degerstrom
Report was completed by credible professionals, it was written prior to the
enactment of NI 43-101 statute, thus a "Qualified Person" has not
completed sufficient work to classify the historical estimate as current mineral
resources. Laurion is not treating the historical
estimate as current mineral resources and the historical estimate should not be
relied upon.
Qualified Person
This news release and the technical information contained in it have been
reviewed and verified by Mr. Dana C. Durgin (MSc, P.Geo), Laurion's
Exploration Manager, who is the Qualified Person responsible for the scientific
and technical work (as defined under National Instrument 43-101) discussed in
this press release.
About Laurion Minerals Exploration Inc.
The Corporation's focus is to make the transition from explorer to near-term
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 and PGEs with key interests in prospective mining properties
located in Ontario and Churchill County, Nevada USA.
The Corporation has an option to acquire a 100% interest in the Bell Mountain
Gold Project with Globex Mining Enterprises Inc. (TSE: GMX, (G1M-Frankfurt)) ("Globex") of
Rouyn-Noranda, Quebec.
Laurion is well-funded to complete the next phases of
drilling and exploration work on the Bell Mountain and Sturgeon River Gold
Projects and to successfully advance these projects, moving the Corporation
closer to being a near-term producer.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin -- President
Tel: 1-705-788-9186
Fax: 1-705-788-9187
Website: www.laurion.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements concerning the
future performance of Laurion's business, operations
and financial performance and condition, as well as management's objectives,
strategies, beliefs and intentions. Such statements include, but are not
limited to, statements concerning the approval of Laurion's
application to trade its common shares over the facilities of the OTCQX and the
commencement of such trading. 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, as described in more detail in our recent securities
filings available at www.sedar.com. 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
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