Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

March 31, 2011 09:00 ET

Laurion Mineral Exploration Inc.: Drill Program Commences on High Priority Targets on the Ahki Zone-Sturgeon River Property, Beardmore, ON

TORONTO, ONTARIO--(Marketwire - March 31, 2011) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion") is pleased to announce the completion of an induced polarization ("IP") survey carried out by Quantec Geoscience on the North East Grid (Ahki Zone) of a polymetallic base metal target on its Sturgeon River Property, Beardmore, Ontario. Laurion has commenced drilling on the IP anomalies that have been defined by this survey. IP surveying on the South East Grid (Asha Zone) has also been completed.

To explore these targets GeoVector Management Inc. designed two IP surveys (North East Grid on the Ahki Zone and the South West Grid on the Asha Zone). The survey was carried out over 16 line kilometers with 100 meter line spacing and 25 meter station intervals using TDIP pole-dipole array for the IP and a GSM-19 Overhauser magnetometer.

Results from the IP survey on the North East Grid (Ahki Zone) indicated multiple chargeability anomalies, assumed to be associated with sulphides, located south of the contact between intermediate volcanics/porphyry and tuffaceous rhyolites. The contact (A2 gold zone) has previously been drilled by Placer Dome (1988) and zones of significant sphalerite and chalcopyrite over 900 meters of strike were recorded. The strongest IP chargeability anomalies were not drilled. These anomalies are being tested in the current drill program. In addition, 3 drill holes will test base metal mineralization in the area of the A6 vein, which during previous prospecting and mapping in 2010, returned a grab assay of 6.76 g/t Au, 10.2% Zn, 0.70% Cu and 8.5 g/t Ag. The initial drilling program on the North East Grid has nine holes planned for 1300 meters, and is being carried out by Cobra Drilling Limited. It is expected that this first phase of drilling will take 3 weeks to complete, although spring thaw may require a 2 week break during the program, extending the timeline to completion. This program will be followed by drilling of identified targets on the South West Grid.

The IP grids are associated with the Tehya base metal zone which was drilled in the summer of 2010 and reported 0.94% Cu, 3.91% Zn, 27.80 g/t Ag and 0.45 g/t Au over 4.08 m in drill hole LME10-07 within two parallel lenses of massive to semi-massive sulphides within sheared and brecciated volcanics. Subsequent trenching exposed the sulphide mineralization for approximately 15 meters and channel sampling returned 7.44% Zn, 0.91% Cu and 20.8g/t Ag over 1.50m and 3.07% Zn, 0.32% Cu and 14.7 g/t Ag over 4.05 meters. The stripping, mapping and channel sampling provided important information on the strike, dip, and structural setting for the VMS style Cu-Zn-Pb-Ag-Au zones.

One of the main purposes of the stripping of the Tehya zone, was to define the geological controls and apply this knowledge to the exploration of several high priority zinc/copper soil anomalies. These high priority anomalies are not exposed in outcrop but are covered with thin overburden. They display much larger and stronger soil anomalies than the Tehya Zone. These anomalies are complimented by 400 to 800 meter long historical very low frequency – electromagnetic ("VLF-EM") (1984) survey anomalies, and have known Zn-Cu-Ag-Au showings located close to the anomalies. These VLF-EM anomalies have not been previously drilled. Drilling by Placer Dome in 1988, proximal to these anomalies indicated occurrences of disseminated to massive sphalerite (zinc) and chalcopyrite (copper) in tuffaceous rhyolites that are brecciated and silicified. Placer Dome did not carry out any base metal assaying during its search for gold mineralization.

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
    1-888-212-4070 or 1-705-788-9186
    1-705-788-9187 (FAX)
    Laurion Mineral Exploration Inc.
    Karen Doxsee
    VP Corporate Communications
    1-888-212-4070 or 1-705-788-9186
    1-705-788-9187 (FAX)