TORONTO, May 14, 2012 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) and (OTCQX: LMEFF) ("Laurion" or the "Corporation") is pleased to announce that Northstar Drilling of Thunder Bay has mobilized a drill onto the Sturgeon River property, and that drilling has commenced. The drill program is composed of 1,200m of diamond drilling on the "A"-Zone, on the 2,000m strike of the Loki trend.
Historical exploration drilling campaigns (1987, 1988, 1990 and 1992) were conducted on the "A"-Zone, within the Loki trend. The Corporation's current drill program will be conducted in proximity to the historic drill holes shown in the table below.
The "A"-Zone crosses a deformation zone hosting gold-zinc mineralization, thus confirming the continuity of the "A"-Zone, which resulted in discovery of significant polymetallic (gold-silver-copper-zinc) horizons with highlights of drill hole intersections that include:
|Au g/t||Ag g/t||Cu%||Zn%|
|Two types of mineralization occur on the Sturgeon River property:|
|― an extensive silicified and brecciated envelope filled with chlorite, pyrite, sphalerite, and locally, chalcopyrite; and|
|― high grade lode gold style quartz veins, locally speckled by minor amounts of chalcopyrite and pyrite.|
The Sturgeon River Mine quartz vein system is associated with very strong northeast to north northeast trending structures, which are host to massive to semi-massive sulphides occurring on multiple horizons within the kilometre wide corridor.
The Sturgeon River property can be described as contained within a north-easterly volcanic "wedge" and is situated in an area where the volcanics have been wedged in between the Coyle Lake Stock to the south of the Namewaminikan River and the Elmhirst Stock to the north.
In the last year, Laurion has successfully identified this kilometre wide corridor as having the potential to host a precious metal rich Volcanic Massive Sulphide ("VMS") deposit. Approximately 245 diamond drill holes totalling 35,159 metres have been completed on the Sturgeon River property to date, with most of these drill holes testing down dip of surface mineralization of 3 precious metal rich VMS trends, intersecting the 3 zones to a shallow depth of approximately 100m below surface. Laurion has developed a Target Deposit of 4.0 to 6.0 million tonnes of 1.5 to 3.0 g/t gold, 20 to 30 g/t silver, 2.5 to 3.5% zinc and 0.25 to 0.50% copper, which suggests a combined strike length of 6,000 metres for the 3 zones of sulphides. The zones are highlighted in the image below.
Note: The potential quantity and grade of the Target Deposit is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain as to whether further exploration will result in discovery of a mineral resource.
Field checking of historical drill collars has been carried out, allowing accurate placement of the locations of the 1988, 1990, and 1992 drill holes carried out on the "A"-Zone. Based on this positional work, this drill program is the first phase of a number of drill programs which will comprise of twinning, infill and extensional exploration drilling, to be carried out, with the goal of bringing the Loki trend to a NI 43-101 compliant resource estimate. It is expected that this drill program may take approximately 6 to 8 months to complete. This work will be followed with grid drilling along the Tehya-Ahki trend with sufficient drill spacing to allow this area to advance to NI 43-101 resource estimation. It is expected that this work will take 12-18 months to complete.
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 Laurion Mineral Exploration Inc.
The Corporation's focus is to make the transition from explorer to 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, with key interests in prospective mining properties located in Ontario, Canada and Nevada, USA.
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.
Image with caption: "STURGEON RIVER Laurion Target Zones Beardmore, Ontario, Canada(CNW Group/Laurion Mineral Exploration Inc.)". Image available at: http://photos.newswire.ca/images/download/20120514_C7237_PHOTO_EN_13676.jpg
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President