Laurion Mineral Exploration Inc.

Published : June 23rd, 2015

Laurion Announces Execution of Letter of Intent to Acquire the Brenbar Property

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Laurion Announces Execution of Letter of Intent to Acquire the Brenbar Property

June 23, 2015
Laurion Announces Execution of Letter of Intent to Acquire the Brenbar Property
TORONTO - June 23, 2015 - Laurion Mineral Exploration Inc. (TSX-V:LME and OTCPINK: LMEFF) ("Laurion" or the "Corporation") is pleased to announce it has executed a Letter of Intent ("LOI") to receive an option to acquire the mineral rights of Jubilee Gold Exploration Inc.'s ("Jubilee") representing an undivided 100% legal interest in the Brenbar Property ("Brenbar").

Brenbar Property is contiguous with and is situated to the west of the Ishkoday Property located 28km north east of the town of Beardmore. The property encompasses 253ha and has excellent road access from the gravel highway 801 through the Ishkoday Property.

The LOI contemplates that a definitive option agreement (the "Option Agreement") incorporating the LOI terms shall be completed and executed on or around August 14, 2015 (the "Closing Date"), subject to both parties obtaining all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. The LOI contemplates the acquisition of a 100% legal and beneficial interest in the Brenbar by making cash payments of $165,000, issuing an aggregate of 760,000 common shares in the capital of Laurion and incurring a total of $300,000 in exploration expenditures (collectively, the " Expenditures") over a 36 month period from the proposed closing date. On the Closing Date, Laurion will be required to make a cash payment of $50,000 and issue 300,000 Laurion common shares to Jubilee. Brenbar Property will be subject to a 2.0% NSR on gold production (the "Gold Royalty and a 1.5% NSR on base metal production (the "Base Metal Royalty"), collectively the "Royalties".

Stated Cynthia Le Sueur--Aquin, CEO of Laurion, "Drilling to date on the Ishkoday Property has identified 3 massive sulphide trends of 3,000 metres each in strike length. Laurion's acquisition of the Brenbar is strategic in that the Ishkoday Sturgeon River Mine lies on very strong northeast to north northeast trending structures, which are host to semi-massive to massive sulphides which occur on multiple horizons . The Sturgeon River mine is located at the confluence of a late North-South fault with the dominant northeasterly-trending Tehya Trend shear zone which is interpreted to continue through the Brenbar leases. The historic Brenbar mine is also associated with a trend situated to the north of the Tehya Trend. With Laurion's acquisition of the Brenbar Leases, the Tehya, Loki and Name Ziibi Trends could well be extended to over 4,500m. The Ishkoday knowledge base indicates that the Ishkoday Property occupies an area proximal to a volcanic and hydrothermal centre and thus there is significant potential for a large polymetallic deposit. Substantial exploration potential and opportunity exists to define a multiple metal resource on our collective 4,697 hectare land package, however there is no guarantee that future drilling and exploration work will lead to the identification of a deposit that can be mined economically."

The Brenbar Mine operated from 1940-1949, and produced small quantities of gold from narrow folded quartz veins that contained grains of visible gold with minor pyrite, chalcopyrite, galena, and sphalerite. Between 2008 and 2010, extensive stripping, channel sampling and a 12 hole Diamond drilling program totaling 1,850m and an airborne VTEM survey were completed. Of the total 521 grab samples collected, 12 samples returned greater than 15.0 g/t Au and 120 samples (23%) assayed in excess of 0.5 g/t Au. These 12 high grade samples ranged from 16.2 g/t Au (sample G28407) to 112.0 g/t Au (sample G29750). Surface work around historic trenches also uncovered several new showings in the Brenbar area. Channel sampling returned up to 196 g/t Au over 0.25m.

The Tala discovery zone is located west of the Sturgeon River Mine area and east of Brenbar Mine on the Tehya Trend on which drill hole BB09-09 intersected 10.35 g/t gold over 1.70 metres. The Tala Zone returned grab sample assay values taken in 2010 which reported 124 g/t Au with 79 g/t Ag; 24 g/t Au; 6.1 g/t Au with 85 g/t Ag; 5.72 g/t Au with 22 g/t Ag; 3.45 g/t Au; 2.52 g/t Au; 1.05% Zn with 0.40 g/t Au; and, 10 samples graded between 0.5 g/t and 2 g/t Au. These grab samples clustered along an east-northeast 1984 zinc and gold soil anomaly trend which extends more than 1 kilometre in strike length.

Laurion is currently executing a 23.7 line kilometre grid of a 3D IP Geophysics survey over the north east portion of the Ishkoday Property covering the A-Zone of the Loki Trend and the Name Ziibi and the Tehya Tends. The geophysics program will be followed up with several programs of drilling, with the ultimate goal of building on the comprehensive property--wide database of 283 drill holes totalling 42,230m to work toward a NI 43-101 resource estimate of the polymetallic volcanic massive sulphide mineralization.

It is evident from the Corporation's drilling to date that the mineralization on Ishkoday can reach high grades, e.g., 3.32g/t Au, 27.5g/t Ag, 0.33% Cu and 5.65% Zn over 3.10m (LME11-013); 5.25g/t Au, 40.1g/t Ag, 0.29% Cu, 8.38% Zn and 1.24% Pb over 4.04m (LBX12-010).

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 Jubilee Gold Exploration Inc.

Jubilee Gold Exploration Inc. came into existence on January 1, 2010 being an amalgamation of five companies: Union Gold Inc., Sheldon-Larder Mines, Limited, Golden Harker Explorations Limited, Wood-Croesus Gold Mines, Limited and Milestone Exploration Limited.

About Laurion

Laurion's Ishkoday Discovery Property is contained within a 100% owned 4,442ha property package, located
220 km northeast of Thunder Bay with easy access off the Trans-Canada Highway.

Laurion is focused on unlocking the value of the Ishkoday gold and base metal environment hosted within three base metal trends, 3,000m each in strike length, in a 1km wide corridor. Laurion is expanding on a legacy of gold production from the Ishkoday shaft which is hosted in a significant gold environment.

Laurion's balanced and diversified management team is results driven and has achieved a decade of growth through asset monetization. Laurion's management objective is to advance the Ishkoday Discovery Property from discovery to value creation.

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 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.
Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Laurion Mineral Exploration Inc.

EXPLORATION STAGE
CODE : LME.V
ISIN : CA5193221010
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Laurion Mineral Expl. is a gold exploration company based in Canada.

Laurion Mineral Expl. holds various exploration projects in Canada.

Its main exploration properties are STURGEON RIVER MINE, GERMAN PROPERTY, BELL MOUNTAIN, DAVIDSON-TISDALE, DAVIDSON TISDALE / LAURION CLAIMS, EAST CLAVOS and HEMLO-MONTCLERG / NORTHCOTT in Canada.

Laurion Mineral Expl. is listed in Canada. Its market capitalisation is CA$ 43.3 millions as of today (US$ 31.9 millions, € 28.7 millions).

Its stock quote reached its lowest recent point on January 01, 2016 at CA$ 0.01, and its highest recent level on June 17, 2022 at CA$ 1.15.

Laurion Mineral Expl. has 108 230 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Laurion Mineral Exploration Inc.
6/23/2011Increases Size of Private Placement to a Maximum of $1,250,0...
Nominations of Laurion Mineral Exploration Inc.
1/15/2013Amends Option Agreements with its Directors
Financials of Laurion Mineral Exploration Inc.
5/3/2011Announces Filing of the 2010 Financial Statements and MD&A
Project news of Laurion Mineral Exploration Inc.
10/9/2012Site Visit to Sturgeon River Gold/VMS Project - Laurion Mine...
5/26/2011Laurion intersects 3.10 g/t Au, 27.5 g/t Ag, 0.38% Cu and 5....
5/4/2011Laurion Files the NI43-101 Technical Report for its 100% Own...
4/1/2011(Sturgeon River Mine)Drill Program Commences on High Priority Targets on the Ahki...
3/25/2011(Sturgeon River Mine)Laurion Intersects 15.30 g/t Gold over 0.55 meters in No. 3 ...
2/24/2011Laurion Acquires 100% Interest in 179 Mining Claim Units Con...
2/21/2011Laurion Identifies Additional Mineralized East Ridge Zone on...
2/20/2011(Bell Mountain)Clarification - Laurion Identifies Additional Mineralized Ea...
2/2/2011(Sturgeon River Mine)First of Six Drill Holes-LME10-08 Demonstrates Positive Resu...
Corporate news of Laurion Mineral Exploration Inc.
8/5/2015Laurion Announces Voting Results of its Annual and Special M...
6/30/2015IIROC Trading Resumption - LME
6/29/2015IIROC Trading Halt - LME
6/23/2015Laurion Announces Execution of Letter of Intent to Acquire t...
2/25/2015Laurion Announces Letter Of Intent with Boss Power Corporati...
1/7/2015Laurion Issues Stock Options to its Directors
12/31/2014Laurion Issues Stock Options to its Directors
9/9/2014Laurion Announces Amended Payment Terms to Purchase Agreemen...
9/3/2014Laurion Confidence Endorsed by Independent Expertise: Ishkod...
6/10/2014Laurion Announces Results of Annual and Special Meeting of S...
5/27/2014Laurion Provides Corporate Update on Asset Monetization, Exp...
5/14/2014Laurion Ishkoday Discovery Property Intersects a 35 to 45m W...
8/7/2013Chip Samples from Bjorkman Zone on Laurion's Midlothian Prop...
7/23/2013Midlothian Property Grab Samples Assay 12,700 g/t (370 oz/to...
6/10/2013Announces Results of Annual and Special Meeting of Sharehold...
4/22/2013adopts advance notice by-law amendment
4/22/2013adopts advance notice by-law amendment
3/26/2013First Nations Community Renames Laurion's Sturgeon River to ...
10/18/2012Intersects 12.84m of 3.31 g/t Au, 18.1 g/t Ag and 3.72% Zn I...
9/18/2012intersects 8.5m of 1.82 g/t gold, 2.5 g/t silver and 1.65% z...
9/13/2012(Bell Mountain)Capitalizes on Bell Mountain; proceeds to be used to develop...
5/14/2012Mid-Day Breaking News from Laurion, Lomiko, Zenyatta, and Ne...
5/7/2012Midday Breaking News From Laurion, Celeste, and Medipattern
4/17/2012=?iso-8859-1?Q?Mid-Day_Breaking_News_El_Ni=F1o,_Laurion,_Blu...
3/15/2012Mid-Day Breaking News From Seafield, Zenyatta, Laurion, and ...
3/2/2012Multi-Faceted Potential: Laurion Mineral Exploration Underva...
1/31/2012Mid-Day Breaking News From Laurion Mineral, Mesa Exploration...
1/26/2012Laurion Reports Silver/Gold Intercepts from First 3 Holes As...
12/12/2011Mid-Day Breaking News From True North Gems, BonTerra, and La...
10/11/2011Mid-Day Breaking News From Foundation, Canada Rare Earths, L...
7/6/2011Commences Drill Program on High Priority Targets on the Asha...
6/1/2011NEW WEBSITE
5/26/2011Intersects 3.10 g/t Au, 27.5 g/t Ag, 0.38% Cu and 5.63% Zn O...
4/6/2011Reports Initial NI43-101 Mineral Resource Estimate of 9,761,...
3/17/2011Laurion Engages an Independent Consultant for Corporate Comm...
3/17/2011Engages an Independent Consultant for Corporate Communicatio...
2/22/2011Laurion Intersects Multiple Gold Zones: Assay Report of 8.20...
2/14/2011Featured by CEO Clips Airing on BNN
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (LME.V)
0.400-1.23%
TSX-V
CA$ 0.400
09/19 16:00 -0.010
-1.23%
Prev close Open
0.405 0.405
Low High
0.400 0.410
Year l/h YTD var.
0.350 -  0.520 -18.37%
52 week l/h 52 week var.
0.350 -  0.710 -32.20%
Volume 1 month var.
121,888 -1.23%
24hGold TrendPower© : -39
Produces
Develops
Explores for Gold - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2024-16.67%0.540.32
20235.49%0.760.32
2022-36.81%1.150.27
2021260.00%0.760.18
202025.00%0.240.09
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.08+0.50%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 9.13+2.48%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+1.18%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.10+1.94%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 13.31+5.05%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
 0.34+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.84+4.24%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.99+1.54%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.