Feb. 18, 2010 (Marketwire Canada) -- VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2010) -
Over the past few months, Laurentian Goldfields Ltd. (TSX VENTURE:LGF) has been making great progress in the advancement of our projects and exploration alliances with Kinross Gold Corporation and AngloGold Ashanti Ltd. On the corporate side, we are very pleased that Dr. Mark O'Dea has joined Laurentian's Board of Directors. Dr. O'Dea is President and CEO of Fronteer (FRG -TSX/NYSE Amex) and he brings a wealth of exploration and financial intellect to the Company.
Laurentian focuses on exploration in jurisdictions that have the best combination of gold endowment and underexplored terrain. We seek properties that have strong historic significance but are underexplored using modern and thorough exploration. Laurentian integrates non-traditional analytical methods, such as hydrogeochemistry and hyperspectral mineral mapping, into generative programs as a cost-effective means to screen new areas for the chemical "footprint" of large, gold-bearing systems.
Uchi Alliance, Kinross Gold Corporation
In August 2009, Laurentian and Kinross entered into an exploration alliance to generate gold targets in the Uchi Geological Subprovince, covering Manitoba and Ontario and targeting the highly prospective Red Lake, Rice Lake and Pickle Lake greenstone belts. Kinross is funding $400k and Laurentian $100k over one year to identify new gold exploration projects.
Regional geological compilation work and initial geochemical sampling were completed in 2009 with encouraging results. These results are being assembled and evaluated to determine work to be completed in 2010.
Superior Alliance, AngloGold Ashanti Ltd.
In April 2009, Laurentian and AngloGold entered into a 3 year exploration alliance whereby AngloGold will fund $5.4 million to finance new grassroots exploration projects in Saskatchewan, Manitoba, Ontario and Quebec. We have entered into Year 2 of the Superior Alliance with AngloGold funding $1.8 million.
Areas of interest defined in Year 1 are being evaluated and 2010 exploration plans are expected to be announced shortly.
Van Horne Project
The Van Horne Project is located 8 kilometres (km) SW of Dryden, Ontario. To date, Laurentian has completed mechanical stripping and channel sampling, extensive rock, soil, and lake sediment geochemical sampling, and a high resolution aeromagnetic survey that has defined a 5 km long Gold Trend. This east-west trending vein system that has been traced by mapping, sampling and aeromagnetics and appears to link a number of historic exploration shafts and historic resources, including the Bonanza Mine, which saw limited production in the early 1900's.
In 2009, Laurentian defined 3 distinct, drill-ready zones: Bonanza-Drake, Flambeau and Gator. Channel samples returned high-grade assays of 36.1 grams per tonne (g/t) gold over 0.5 metres (m), 19.8 g/t gold over 0.5 m, and 6.9 g/t gold over 0.5 m and grab samples up to 29.7 g/t gold (see news release dated January 26, 2010). We believe that the alteration minerals and gold mineralization seen at surface are the expression of a robust hydrothermal system underlying the Van Horne property.
Laurentian is currently prioritizing drill targets with the intent of initiating a 2010 diamond drill program.
New Klondike and Sakoose West
Both New Klondike and Sakoose West are early-stage exploration properties located close to the Van Horne Project. Both properties were acquired in August 2009 at a very low cost to Laurentian and like Van Horne, we believe their potential may have been overlooked in recent years.
Exploration in 2009 at New Klondike consisted of rock and soil sampling and structural mapping along a 400 m zone of gold mineralization exposed in historic trenches. Grab samples from vein exposures returned significant gold assays, including one at 20.8 g/t gold (see news release dated December 2, 2009).
Sakoose West is thought to be the strike/plunge extension of the historic Sakoose Mine which was discovered in 1897 and underwent intermittent gold production between 1897 and 1947. To date, Laurentian has completed a preliminary MMI(TM) soil sampling program on Sakoose West and we are encouraged by initial results that suggest the Sakoose Mine gold mineralization may trend west onto the Sakoose West property.
Laurentian owns 100% of the 8 separate properties that comprise the Grenville Projects in Quebec. The projects are divided into North and South Blocks, which are located in the Grenville Geological Province, east of Chibougamau and Val D'Or, respectively. The Grenville South block is currently part of the Superior Alliance with AngloGold Ashanti Ltd.
In May 2009, Laurentian completed a widespread soil sampling and prospecting program, as well as focused mapping of alteration and geological structures on the Grenville South block to determine the source of reconnaissance gold-in-soil anomalies delineated in 2008.
A similar program was completed on the North Block in August 2009. Laurentian is currently seeking partners to finance further exploration of the Grenville North block. 2010 exploration plans are currently under review.
Exploration commitments for Maze Lake are in good standing until 2015.
The project is drill-ready and the Maze Lake Joint Venture is currently seeking partnership with a major mining company to finance further exploration.
Laurentian recently appointed Dr. Mark O'Dea to the Board of Directors. Dr. O'Dea is President and CEO of Fronteer. Under Dr. O'Dea's leadership, Fronteer has rapidly grown into a well-funded gold company with a strong development team and a focus on future production in Nevada. We admire how Mark has grown Fronteer through strategic acquisitions and exploration. We believe his experience will be invaluable as we grow Laurentian.
On March 9-10, 2010, Laurentian will be exhibiting at the Prospector's and Developers Association of Canada's annual convention in Toronto, Ontario, Booth #2415B. We hope that shareholders attending the conference or in the Toronto area will stop by to say hello and meet some of the team.
Also, stay tuned for the unveiling of Laurentian's new website...
Summary and 2010 Outlook
In 2010, we will begin to bring some of our projects to the next step in exploration. At Van Horne, we have 3 drill-ready targets and a surrounding district of properties with the potential for additional discoveries. Both the Kinross and AngloGold alliances continue to generate new ideas and targets while conserving Laurentian's treasury. Laurentian will continue to create value through exploration, acquisition and alliances.
We look forward to updating you as progress continues.
The technical contents of this release have been reviewed by Mr. Patrick Lengyel, P.Geo., Vice President Exploration for Laurentian Goldfields Ltd., a Qualified Person as defined by NI 43-101.
ON BEHALF OF LAURENTIAN GOLDFIELDS LTD.,
Manager, Corporate Communications
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to mineral potential and planned exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, realized mineralization of properties and the timing and success of future exploration, development and production activities.
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.