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Laurion
Mineral Exploration Inc. (TSX VENTURE:LME - News; OTCQX:LMEFF) ("Laurion")
is pleased to announce that the Corporation has finished its first phase of
the deep drilling program on the Sturgeon River Mine area, shutting down the
drill on January 7th, 2011.
Commenting
on the recent drill results, Cynthia Le Sueur-Aquin, President of Laurion
Mineral Exploration Inc. stated, "Laurion is pleased with the initial
drill intersections, and is confident that further results will verify the
existence of mineral resources."
To
date Laurion has received assays for the first hole in the program
(LME10-08). This hole is designed to intersect the No. 3 Vein approximately
130 meters south of the shaft location which is centered on the near vertical
mineralized shoot. Multiple zones of mineralization were encountered in the
hole with significant zones tabled below.
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Hole LME10-08 Gold Intersections
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Down Hole Depth
--------------------------------
From
To
Interval
Au g/t
Zone
----------------------------------------------------------------------------
133.50
134.00
0.50
1.09
New Zone 1
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257.40
259.00
1.60
0.48
New Zone 2
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273.01
274.87
1.86
0.42
New Zone 3
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304.50
358.18
53.68
0.27
Wide Shear Zone
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incl.
327.27 330.37
3.10 3.69
New Zone 4
----------------------------------------------------------------------------
incl.
329.37
329.87 0.50 17.50
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incl.
356.00
358.18 2.18
0.85
New Zone 5
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375.32
376.06
0.74
1.49
New Zone 6
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568.00
568.85
0.85
4.01
10 Vein
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669.90 670.40
0.50
7.05
M vein
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761.08
761.82
0.74
9.67 3 vein (Main
Zone)
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823.50
824.00
0.50
2.90
3b Vein
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871.50
874.00
2.50
0.74 New Zone 7
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The
No. 10 and M Veins are sub-parallel in strike and dip to the No. 3 Vein based
on geological maps from the mine workings. They are known to intersect each
other in the mine workings. They were intersected in LME10-08 as predicted
based on the dips and strikes derived from the mine plans and projected with
3D modeling (Gemcom). These veins represent the primary target for potential
mineral resources.
The
Wide Shear Zone was intersected up-hole from the mine workings, and these
zones were unknown to the previous miners. The Wide Shear Zone has been
intersected in subsequent drill holes (LME10-09 and LME 10-10) that are
awaiting assays. These zones represent addition potential for mineral
resources that were not anticipated prior to the drilling campaign.
The
Sturgeon River Mine produced historically reported 73,322 ounces of gold and
15,929 ounces of silver from 145,123 tons taken primarily from No. 3 Vein
during 1936 to 1942. The shaft was sunk to a depth of 2,100 ft. (640 m) with
development and to the 1,750 ft. level (530 m). Mining occurred mostly above
the 1425 ft. level. In 1942 the mine had a reported ore reserve estimate
blocked out by drifting and raising that yielded high grade reserves of
130,680 tons with an average grade of 0.306 ounces of gold per ton (10.5 g/t)
This estimate does not conform to the current National Instrument 43-101
standards, and should not be relied upon.
Detailed
mine plans, cross sections and long sections indicate where the Sturgeon
River mineralization occurs in and below the workings and this information
was used to target drill holes to ascertain whether the ore structures
continued at depth. Holes were designed to intersect the No. 3 Vein at or
below the level of the bottom of the shaft, and to intersect other known
sub-parallel gold bearing structures. This work will help verify whether
mineralization below the shaft, estimated by D.E. McBride (P.Eng) in 1986 as
an additional 400,000 tons at 0.15 ounces per ton of gold (5.14 g/t), could
be there (non 43-101 estimate). McBride had indicated in his report that no
exploration had ever been carried out down plunge of the main No.3
mineralized shoot, and he recommended exploration down to the 3600 ft. level
(1100 m). Laurion's program is considered a first phase of delineating that
mineralization for possible 43-101 resource estimation.
All
sampling from the 2010 programs were delivered by GeoVector Management Inc.
personnel to the Activation Laboratories ("Actlabs") facility in
Thunder Bay and/or Geraldton. Actlabs is an ISO/IEC 17025 accredited
analytical laboratory. Analysis for gold was by fire assay with AA finish,
followed by fire assay with gravimetric finish for samples over 3 g/t Au.
Samples were also treated with a multi-acid ICP process, and base metal
values over detection limit were treated to ore grade base metal assays.
Analytical accuracy and precision are monitored at the laboratory by the
analysis of reagent blanks, reference material and replicate samples. Quality
control is further assured by the use of international and in-house
standards. GeoVector also routinely inserted blanks and certified standards
into the sample stream in order to independently assess analytical accuracy.
All certified standard assays were within acceptable limits.
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 he
is a Qualified Person as defined in "National Instrument 43-101,
Standards of Disclosure for Mineral Properties."
About
Laurion Mineral Exploration Inc.
Laurion's
focus is to make the transition from explorer to near-term producer.
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 Nevada, USA.
Laurion
envisages the realization of shareholder value and wealth through
monetization of its discoveries and assets.
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.
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.
Contact:
Cynthia Le Sueur-Aquin
Laurion Mineral Exploration Inc.
President
1-705-788-9186
1-705-788-9187 (FAX)
www.laurion.ca
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