Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

February 22, 2011 09:00 ET

Laurion Intersects Multiple Goldzones: Assay Report of 8.20 g/t Au Over 2.99 Metres at Sturgeon River Project, Beardmore, ON

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2011) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion") is pleased to announce assay results from drill hole LME10-09, the third drill hole within the first phase of the Company's deep drilling program on the Sturgeon River Mine area. Drill hole LME10-09was designed to intersect the No. 3 Vein under the shaft location near the centre of the mineralized shoot, at the 640 metre level approximately 125-150 metres below the last underground development workings. Drill hole LME10-09 intersected 6.00 g/t gold over 1.73 metres in the No. 3 Vein, in which visible gold was reported, including 14.30 g/t gold over 0.69 metres in the quartz portion of this zone. Several other zones were also intersected, including 8.20 g/t gold over 2.99 metres in New Zone 5;24.80 g/t gold over 0.50 metres in New Zone 1; 8.20 g/t gold over 1.00metrein New Zone 6; 10.20 g/t gold over 0.50metres in the M Vein; and 1.54 g/t over 3.00 metres in the No. 10 vein. All significant intersections for LME10-09 are tabulated below.

Hole LME10-09 Gold Intersections
  From (meters) To
  70.40 70.90 0.50 1.65   New Zone
  125.50 126.00 0.50 24.80   New Zone 1
  322.20 322.70 0.50 2.29   New Zone 4
  377.40 379.40 0.83 2.00   0.5% Pb, 0.28% Zn, 4.8 g/t Ag
  467.76 470.75 2.99 8.20   New Zone 5
  607.00 608.00 1.00 8.20   New Zone 6
  637.70 638.20 0.50 10.20   M vein
  725.25 738.85 13.60 1.20   3 vein/10 Vein (Main Zone)
Incl. 725.25 728.25 3.00 1.54   10 Vein
Incl. 733.17 734.90 1.73 6.00   3 vein (Main Zone)
Incl. 734.21 734.90 0.69 14.30   3 Quartz vein (Main Zone) with 1 VG
  770.10 771.00 0.90 0.70   3b Vein

The Sturgeon River Mine historically reported production of 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 to the 1,750 ft. level (530 m). Mining occurred mostly above the 1425 ft. level. These first phase drill 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.

The first two holes (LME10-08 and LME10-08W) were designed to intersect the No. 3 Vein approximately 130 meters south of the shaft location near the southern boundary of the vertically plunging mineralized shoot. Results for drill hole LME10-08, which were reported on February 2, 2011, included intersections of 17.50 g/t gold over 0.50 metres in a new zone and 9.67 g/t gold over 0.74 metres in the main No. 3 Vein target. The wedged extension to this first drill hole (LME10-08W) deviated significantly to the south and missed the expected plunge trend of the No. 3 Vein mineralized zone. LME10-08W still intersected the No. 3 vein and assayed 1.07 g/t gold over 0.50 metres, indicating the vein continues to carry significant gold outside the known ore shoot trend leading to the possibility of other high grade shoots along strike. The best result from LME10-08W was in the No. 10 Vein (2.90 g/t gold over 1.0 metre). There were multiple other zones of mineralization encountered in the hole with 1-2 g/t gold over narrow widths tabled below.

 Hole LME10-08W Gold Intersections
  From (meters) To
  354.60 356.40 1.80 0.90 Wide Shear Zone - New Zone 5
  409.45 409.95 0.50 1.26 New Zone 6
  444.60 445.60 1.00 1.58  
  560.20 561.20 1.00 2.90 10 vein
  680.70 681.20 0.50 1.18 M vein
  863.20 863.70 0.50 1.07 3 vein (Main Zone)
  871.50 874.00 1.30 0.47 3b Vein

The drill intersections received to date provide support for a down plunge extension of the No.3 mineralized shoot and indicate that additional mineralized zones on other veins and shear horizons are located close to the previous underground workings. 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)