Laurion Mineral Exploration Inc.
TSX VENTURE : LME
OTCQX : LMEFF

Laurion Mineral Exploration Inc.

January 10, 2011 09:00 ET

Laurion Provides Exploration Update on the Sturgeon River: Deep Drilling Assay Results Pending

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2011) -

Editors Note: There is a map associated with this press release.

Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion") is pleased to provide shareholders with an exploration activity update with respect to recent drilling and completed results on its Sturgeon River Property, Beardmore, Ontario. 

Laurion is well-funded to complete the next phases of drilling and exploration work on both Sturgeon River and Bell Mountain Projects. Laurion's focus in 2011 is to continue to successfully advance these projects, moving the Corporation closer to being a near-term producer.

CURRENT DRILLING AND EXPLORATION UPDATE:

In October 2010, deep drilling commenced on the Sturgeon River Mine to test the down dip extension of the No. 3 vein and also targeted the M, 10 and 11 veins in the areas below the deepest Sturgeon Mine workings, approximately 1800ft (549m). Historical reports suggest a target deposit of a 300,000 - 400,000 ton resource at 0.12 ozs to 0.17 ozs/tonne gold (3.75 to 5.30 g/t) down to the 2000 ft. (610m) level. Compilation of the historic workings coupled with the current deep drilling further justified by encouraging assay results of the historical waste rock pile and the mill tailings may result in enough information to generate a National Instrument 43-101 compliant ore resource report by the end of Q1-2011.

To date 2,678 m has been completed in 4 holes with one hole totalling 800 m still to be completed. To date, a total of $602,889 has been expended and is within the budgeted amount of $635,000 for 2010. Assays for above holes are still pending.

EXPLORATION HIGHLIGHTS OF 2010:

Sturgeon Rive Mine Area

  • 95 g/t and 51.6 g/t gold over a 30 cm vein width (No. 3 vein);
  • 1.35 g/t and 1.16 g/t gold (adjacent host rock over approximately 50 cm width) indicating that the host rock may well carry significant grade;
  • 34.6 g/t gold (No. 3 vein) and 25.3 g/t gold (No. 3b vein) taken approximately 165 m south of the Sturgeon River Mine shaft; and
  • Comprehensive Sampling of the waste rock pile returned values up to 32 g/t gold.
  • Comprehensive sampling of the mine tailing area returned values up to 21.9g/t gold.

The above results highlight the high grade and lateral extent of the Sturgeon River Mine vein systems and adjacent host rock, further confirmed by the comprehensive sampling program indicating the economic available surface stockpile potential for gold in both the waste rock pile and mill tailings which emanated from the historic production during the years 1936 to 1942, when the gold price was approximately $34/ounce.

Laurion completed 487 meters of drilling in 7 holes in June 2010 on the Marge Vein and Tehya zone.

Marge Vein

  • Drill Hole LME10-01 reported a high grade gold intercept of 20.20 g/t over 0.36 m on Marge Vein from 39.18-39.54 m.

Tehya Zone

  • Sampling conducted in June 2010 within the Tehya massive sulphide zone, averaged 6.13% zinc, 1.40% copper, 45.6 g/t silver, and 0.63 g/t gold. In addition, approximately 30 metres southwest of the Tehya zone, a quartz vein (A11 vein) returned samples of 57.2 g/t gold and 21.1 g/t silver.
  • Drill hole LME10-07 reported 3.91% zinc, 0.94% copper, 27.80 g/t silver and 0.45 g/t gold over 4.08 m on the Tehya Zone. In addition this hole intersected a sub-parallel quartz vein that graded 2.28 g/t gold over 1.13 m.
  • The Tehya zone was stripped and the overburden exposed, displaying sulphide mineralization approximately 15 m which was then mapped and channel sampled with assays of 7.44% zinc, 0.91% copper, 30.8 g/t silver and 0.17g/t gold over 1.50 m and 3.07% zinc, 0.32 % copper, 14.7g/t silver and 0.19 g/t gold over 4.05 m. In addition a zone of gold bearing quartz veining located 10 m structurally above the Tehya sulphide zones was exposed for approximately 35 m which returned assays of 29.50g/t gold and 13.40 g/t gold over 0.50 m.

Tala Zone (New discovery zone)

  • The Tala Zone, located west of the Sturgeon River Mine trends from the Brenbar Property eastward onto the Sturgeon River Property. 100 samples were collected at the Tala Zone with high gold values of 124 g/t gold with 79 g/t silver; 24 g/t gold; 6.1 g/t gold with 85 g/t silver; and 5.72 g/t gold with 22 g/t silver clustered along an east-northeast trend which extends more than 1 kilometer in strike length.

Asha Zone (New discovery zone)

  • The Asha Zone located south of the Sturgeon River Mine area is adjacent to an 800 m VLF EM anomaly that has no outcropping areas. In total, 92 samples were taken from this area with reporting high grade gold and silver values of 9.87 g/t gold with 136 g/t silver; 8.04 g/t gold with 59 g/t silver; and 3.71 g/t gold with 9 g/t silver.

Ahki Zone

  • Three grab samples taken from the (A6 vein area) averaged 4.08 g/t gold, 8.6 g/t silver, 0.37% copper and 4.69% zinc. This vein occurs in an intermediate to felsic volcanic package located north east of the property, and points to the potential remobilized base metals from a proximal volcanogenic massive sulphide (VMS) style deposit.

To view the map of the entire Sturgeon River Property, highlighting the various zones of discovery and interest, please visit the following link: http://www.marketwire.com/library/20110107-sr_800.jpg.

EXPLORATION PLANS FOR THE TALA, ASHA, AHKI AND TEHYA ZONES FOR 2011 

Laurion plans on completing line cutting and ground geophysics over the Tala, Asha, Ahki and Tehya Zones which will be followed up with drilling and developing the dip and strike extensions on promising zones of mineralized targets defined from the ground geophysics.

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 expected timing of assay results. 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 www.sedar.com. 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
    President
    1-705-788-9186
    1-705-788-9187 (FAX)
    www.laurion.ca