(TheNewswire)
TORONTO, ONTARIO - (May 23, 2024) – TheNewswire – Laurion Mineral Exploration Inc. (TSX.V:LME and OTCPINK: LMEFF) (“LAURION” or the“Corporation”) is pleased to announce thatit has received the second batch of assay reports from its 2024diamond drilling program, which relate to drill holes LME24-044 andLME24-045 at the Ishkõday Project located 220 km northeast of ThunderBay, Ontario.
Drill holes LME24-044 and LME24-045 were strategicallysited 204 metres and 157 metres northeast of the Sturgeon River MineShaft. These drill holes are part of a phaseof drilling focused on examining the Sturgeon River Mine structuresalong an east-to-west axis. This phase of the drilling explorationprogram follows-up on high-grade intercepts discovered during the Fall2023 drill program and aims to test the eastern stratigraphic boundaryof the historic Sturgeon River Mine, aligningwith LAURION’s commitment to rigorous exploration practices.
Drill hole LME24-045 was a short hole (252 m) and wasdesigned specifically to investigate the mineralization historicallymined by targeting the No. 3 vein. The drill hole identified the knownstructures east of the Stur geon Mine. However, due to ground conditions, this hole wasstopped short of the No.3 vein. Drill hole LME24-044 aimed at thedepth extension of the No.3 vein in the historic working. The drillingwas successful in intercepting all mineralized structures east of theNo.3 vein (see highlights below), together with the No. 3 vein showing0.50 g/t over 8.95m along core; including 0.5m @ 2.48 g/t Au from 342.90 m to 343.40 m and 0.50 m @ 3.55 g/t Au from346.05 m to 346.55 m .
Cynthia Le Sueur-Aquin, President and CEO of LAURION,stated: “The assay results received so far are highly encouraging inmy view, indicating a large mineralized system approximately 300 mwide and 1,200 m long, open at both depth and along strike. Each drillhole has provided promising results, supporting our 3D model and thedevelopment potential mineral resources. The Ishkõday Project, with its 57.43 km²area, offers significant 'blue sky' potential, featuring numerousunexplored regions. Strategic exploration and expansion of the mineralfootprint are essential for enhancing corporate value. Our fieldexploration and targeted drill programs aim to expand resources,thereby strengthening our asset base and market position.”
The selection of collar placements and orientations wasmeticulously conducted to ensure adequate spacing from interceptsidentified in neighboring drill holes, notably LME23-033 and LME23-034to the south, as well as LME23-035 and LME23-036 to the north. The2024 exploration program and its strategic approach was undertaken tothoroughly assess the mineralized structures at varying depths andinclinations, thereby garnering a comprehensive understanding of thestructural dynamics in play at the IshkõdayProject .
Highlights of drill holes LME24-044 and LME24-045 are asfollows:
LME24-044
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1.90 m @ 0.77g/t Au from 9.10 m to 11.00 m; including 0.50m @ 1.26 g/t Au from 9.90 m to 10.40 m;
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8.40 m @ 2.23 g/t Au from 86.90 m to 95.30 m;including 1.00 m @ 15.37 g/tAu from 86.90 m to 87.90 m;
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3.00 m @ 0.28g/t Au from 152.00 m to 155.00 m; including0.50 m @ 0.69 g/tAu from 152.80 m to 153.30 m;
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0.60 m @ 0.81g/t Au 314.90 m to 315.50 m;
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1.05 m @ 2.47g/t Au from 319.00 m to 320.05 m; including0.50 m @ 4.21 g/tAu from 319.55 m to 320.05 m;
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8.95 m @ 0.50g/t Au from 337.60 m to 346.55 m; including 0.5m @ 2.48 g/t Au from 342.90 m to 343.40 m and 0.50 m @ 3.55 g/t Au from346.05 m to 346.55 m; and
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0.70 m @ 30.00g/t Au from 423.00 m to 423.70 m.
LME24-045
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1.00 m @ 1.28g/t Au from 51.00 m to 52.00 m;
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1.00 m @ 0.32g/t Au from 132.00 m to 133.00 m; and
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0.50 m @ 0.39g/t Au fr om 184.85 m to185.35 m.
Building upon the successes of the 2023 drill program,particularly within the Sturgeon River Mine area, LAURION'sexploration endeavors have thus far shown great promise as some of thecharacteristics observed through these endeavours are also commonlyobserved in orogenic gold deposits. The Sturgeon River mineralizedsystem, characterized by the presence of seven distinct quartz veinsand mineralized shear zones, exhibited true widths ranging from 0.5 metres to 7.95 metres andgrades ranging from 0.1 grams per tonne gold to 7.78 grams per tonneAu ( asdetailed in press releases dated January 5, January 12 and February 2,2024 ).
These notable findings not only validate the geologicalmodel but also offer valuable insights into expansion opportunitiesboth north and south of the Sturgeon River Mine. This significantmilestone marks the commencement of LAURION's exploration effortsaimed at further delineating the mineral potential of the IshkõdayProject, situated north of the prolific Beardmore-Geraldton GreenstoneBelt of Northern Ontario.
This initial drilling phase, executed with precisionand efficiency, underscores LAURION's commitment to advancing itsexploration objectives while maintaining the highest standards ofoperational excellence and environmental stewardship .
Assay Results: Highlights of theNortheastern Sturgeon River Mine Drill Holes LME24-044 andLME24-045
Hole ID | From (m) | To (m) | True Core Length (m) | Au (g/t) |
LME24-044 | 9.10 | 11.00 | 1.90 | 0.772 |
LME24-044 | 9.90 | 10.40 | 0.50 | 1.255 |
LME24-044 | 86.90 | 95.30 | 8.40 | 2.226 |
including | 86.90 | 87.90 | 1.00 | 15.365 |
including | 92.15 | 92.65 | 0.50 | 5.020 |
LME24-044 | 152.00 | 155.00 | 3.00 | 0.284 |
including | 152.80 | 153.30 | 0.50 | 0.694 |
LME24-044 | 184.00 | 185.00 | 1.00 | 0.393 |
LME24-044 | 188.30 | 188.90 | 0.60 | 0.386 |
LME24-044 | 215.50 | 218.55 | 3.05 | 0.439 |
including | 216.20 | 216.70 | 0.50 | 1.335 |
LME24-044 | 314.90 | 315.50 | 0.60 | 0.812 |
LME24-044 | 319.00 | 320.05 | 1.05 | 2.470 |
LME24-044 | 319.55 | 320.05 | 0.50 | 4.210 |
LME24-044 | 337.60 | 344.00 | 6.40 | 0.410 |
including | 342.90 | 344.00 | 1.10 | 1.623 |
LME24-044 | 346.05 | 346.55 | 0.50 | 3.550 |
LME24-044 | 409.30 | 409.80 | 0.50 | 0.398 |
LME24-044 | 417.30 | 417.80 | 0.50 | 0.684 |
LME24-044 | 423.00 | 423.70 | 0.70 | 30.300 |
LME24-045 | 51.00 | 52.00 | 1.00 | 1.275 |
LME24-045 | 88.20 | 94.00 | 5.80 | 0.292 |
including | 88.20 | 88.85 | 0.65 | 0.908 |
LME24-045 | 115.25 | 117.70 | 2.45 | 0.252 |
including | 115.25 | 116.00 | 0.75 | 0.612 |
LME24-045 | 132.00 | 133.00 | 1.00 | 0.321 |
LME24-045 | 144.00 | 145.00 | 1.00 | 0.407 |
LME24-045 | 155.80 | 156.30 | 0.50 | 0.982 |
LME24-045 | 173.00 | 174.00 | 1.00 | 0.358 |
LME24-045 | 184.85 | 185.35 | 0.50 | 0.394 |
Coordinates for Drill Holes LME24-044 and LME24-045
Hole ID | Azimuth | Dip | Planned (m) | Actual (m) |
LME24-044 | 280 | -70 | 300 | 432 |
LME24-045 | 280 | -60 | 250 | 252 |
Sampling and QA/QC Protocols
All drill core is transported andstored inside the core facility located at theIshkõday Project in Greenstone, Ontario.
LAURION employs an industry standard system of externalstandards, blanks and duplicates for all of its sampling, in additionto the QA/QC protocol employed by the laboratory.
After logging, core samples were identified and thencut in half along core axis in the same building, and then zip tiedindividually in plastic sample bags with a bar code. Approximatelyfive or six of these individual bags were then stacked into a“rice” white material bag and stored on a skid for final shipmentto the laboratory.
All core samples were shipped to the ALS facility inThunder Bay, which were then prepared by ALS Global Geochemistry inThunder Bay and analyzed by ALS Global Analytical Lab in NorthVancouver, British Columbia. Samples are processed by 4-aciddigestion and analyzed by fire assay on 50 gpulps and ICP-AES (Inductively-Coupled-Plasma –Atomic-Element-Spectroscopy). Over limit analyses are reprocessed withgravimetric finish. A total of 5% blanks and 5% standard are insertedrandomly within all samples. 5% of the best assay result pulps weresent for re-assays. A total of 8.7% blanks and 9.5% standard wererandomly inserted during the pXRF analyse of the soil sampling. 2.8%we re-analyzed. All QAQC were verified, and no contamination or biashave been observed.
The remaining half of the core, as well as theunsampled core, were stacked on a skid outside in Beardmore and thentransferred to the Sturgeon Mine site core farm for finalstorage.
Qualified Person
The technical contents of this release were reviewedand approved by Jean-Philippe Paiement, PGeo, MSc, a consultant toLAURION, and a qualified person as defined by National Instrument43-101 – Standards of Disclosure for Mineral Projects.
AboutLAURION
The Corporation is a junior mineral exploration anddevelopment company listed on the TSX Venture Exchange under thesymbol LME and on the OTC under the symbol LMEFF. LAURION now has267,071,735 outstanding shares of which approximately 72% are ownedand controlled by Insiders who are eligible investors under the“Friends and Family” categories.
LAURION's emphasis is on the exploration anddevelopment of its flagship project, the 100% owned mid-stage 57.43km 2 Ishkõday Project, and its gold-richpolymetallic mineralization.
FOR FURTHER INFORMATION, CONTACT:
LAURION Mineral ExplorationInc.
Cynthia Le Sueur-Aquin – President and CEO
Tel: 1-705-788-9186
Fax: 1-705-805-9256
Douglas Vass - Investor Relations Consultant
Email: info@laurion.ca
Website: http://www.LAURION.ca
Follow us on Twitter: @LAURION_LME andInstagram laurionmineral
Caution Regarding Forward-LookingInformation
This press release containsforward-looking statements, which reflect the Corporation’s currentexpectations regarding future events including with respect toLAURION's business, operations and condition, management's objectives,strategies, beliefs and intentions, the Corporation’s ability toadvance the Ishkõday Project, the nature, focus, timing and potentialresults of the Corporation’s current diamond drilling program andfuture exploration efforts, including its planned activities for theIshkõday Project in 2024. The forward-looking statements involverisks and uncertainties. Actual events and future results, performance orachievements expressed or implied by such forward-looking statementscould differ materially from those projected herein including as aresult of a change in the trading price of the common shares ofLAURION, the interpretation and actual results of current explorationactivities, changes in project parameters as plans continue to berefined, future prices of gold and/or other metals, possiblevariations in grade or recovery rates, failure of equipment orprocesses to operate as anticipated, the failure of contracted partiesto perform, labor disputes and other risks of the mining industry,delays in obtaining governmental approvals or financing or in thecompletion of exploration, as well as those factors disclosed in theCorporation’s publicly filed documents. Investors should consult theCorporation’s ongoing quarterly and annual filings, as well as anyother additional documentation comprising the Corporation’s publicdisclosure record, for additional information on risks anduncertainties relating to these forward-looking statements. The readeris cautioned not to rely on these forward-looking statements. Subjectto applicable law, the Corporation disclaims any obligation to updatethese forward-looking statements.
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