Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

February 02, 2011 09:00 ET

First of Six Drill Holes-LME10-08 Demonstrates Positive Results of 17.50 g/t Gold over 0.50, 9.67 g/t Gold over 0.74 m and 7.05 g/t Gold over 0.50

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2011) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(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.

Hole LME10-08 Gold Intersections 
  Down Hole Depth      
  From To Interval Au g/t Zone
  133.50 134.00 0.50 1.09 New Zone 1
  257.40 259.00 1.60 0.48 New Zone 2
  273.01 274.87 1.86 0.42 New Zone 3
  304.50 358.18 53.68 0.27 Wide Shear Zone
incl. 327.27 330.37 3.10 3.69 New Zone 4
incl. 329.37 329.87 0.50 17.50  
incl. 356.00 358.18 2.18 0.85 New Zone 5
  375.32 376.06 0.74 1.49 New Zone 6
  568.00 568.85 0.85 4.01 10 Vein
  669.90 670.40 0.50 7.05 M vein
  761.08 761.82 0.74 9.67 3 vein (Main Zone)
  823.50 824.00 0.50 2.90 3b Vein
  871.50 874.00 2.50 0.74 New Zone 7

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 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 Information

  • Laurion Mineral Exploration Inc.
    Cynthia Le Sueur-Aquin
    1-705-788-9187 (FAX)