High grade zone assayed 48.69 g/t Gold, 35.98 g/t Silver, 1.14 % Copper over 5.40 m, including 441 g/t Gold, 191 g/t Silver over 0.57 m, in Hole LME20-031
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HIGHLIGHTS
- Drill Hole LME20-031:
- 3.90 g/t Gold, 6.46 g/t Silver, 0.25 % Copper, 0.40 % Zinc over 70.65 m
- High grade interval assayed 48.69 g/t Gold, 35.98 g/t Silver, 1.14 % Copper over 5.40 m, including 441 g/t Gold, 191 g/t Silver over 0.57 m
A plan map of mineralization and a vertical drill section is presented in Figure 1 and a map showing conceptual extensional zones related to gold mineralization is shown in Figure 2.
Discussion of Mineralization
The mineralized area, known historically as Area D, was drilled by Farboro Resources in 1987 with seven shallow holes to a maximum vertical depth of 140 m and restricted to 200 m along strike. The best historic mineralized intersection, drilled prior to the introduction of current standards under N.I. 43-101, was in hole 88-33, which intersected 18.7 m grading 0.30 g/t gold, 4.31 g/t silver, 0.15 % copper and 1.18 % zinc.
Hole LME20-030 was a twin of historic hole 88-33 and hole LME20-031 was designed as a follow-up to further test mineralization down dip. The widening mineralized interval in hole LME20-031, which occurs between a vertical depth of 250- 305 m, establishes and validates this new exploration target.
Hole LME20-030:
- 141.5 to 160.0 m – Precious and base metal mineralization is hosted in a shear zone
Hole LME20-031:
- 352.5 to 371.0 m – Precious and base metal mineralization is hosted in a shear zone, corresponding to the sheared mineralization in hole LME20-030
- 392.3 to 397.7 m - Mineralization occurs in fine quartz veining in a potentially sheared interval, including semi-massive chalcopyrite veins
- 402.0 to 423.15 m – Mineralization occurs in blebby chalcopyrite
Significant assays and drill hole position and orientation data are presented in Table 1. Re-assay data results for selected samples from hole LME20-031 is presented in Table 2.
Table 1: Significant assay results and drill position and orientations for drill holes LME20-030 and LME20-031
Hole ID | From (m) | To (m) | Length (m) | Calculated true width (m) | Gold (g/t) | Silver (g/t) | Copper (wt%) | Zinc (wt%) |
LME20-030 | 2.32 | 3.00 | 0.68 | 0.27 | 0.54 | 0.7 | 0.01 | 0.12 |
32.00 | 33.50 | 1.5 | 0.60 | 0.69 | 0 | 0 | 0.02 | |
141.50 | 160.00 | 18.50 | 7.34 | 0.18 | 14.64 | 0.21 | 3.26 | |
Including | 141.50 | 145.50 | 4.00 | 1.59 | 0.14 | 15.56 | 0.17 | 3.69 |
And | 150.00 | 150.74 | 0.74 | 0.29 | 0.97 | 1.50 | 0.03 | 0.32 |
And | 155.32 | 160.00 | 4.68 | 1.86 | 0.43 | 43.83 | 0.67 | 9.61 |
LME20-031 | 131.50 | 137.00 | 5.50 | 4.43 | 0.80 | 4.32 | 0.10 | 0.41 |
306.50 | 307.00 | 0.50 | 0.40 | 0.09 | 3.70 | 0.06 | 4.10 | |
352.50 | 423.15 | 70.65 | 56.90 | 3.90 | 6.46 | 0.25 | 0.40 | |
Including | 352.50 | 371.00 | 18.50 | 14.90 | 0.66 | 11.19 | 0.47 | 1.22 |
And | 392.30 | 397.70 | 5.40 | 4.35 | 48.69 | 35.98 | 1.14 | 0.23 |
Including | 392.30 | 393.00 | 0.70 | 0.56 | 14.40 | 4.60 | 0.12 | 0.02 |
Including | 396.00 | 396.57 | 0.57 | 0.46 | 441.00 | 191.00 | 0.57 | 0.14 |
And | 402.00 | 423.15 | 21.15 | 17.03 | 0.02 | 2.19 | 0.10 | 0.16 |
LME20-030: 445837 mE, 5512790 mN, 323 m ASL. Azimuth: 145°, Dip: -45°, Depth: 176 m | ||||||||
LME20-031: 446126 mE, 5512535 mN, 327 m ASL. Azimuth: 300°, Dip: -50°, Depth: 443 m |
Coordinates are presented in
Table 2: Re-assay data of selected samples from hole LME20-031
Hole ID | From (m) | To (m) | Length (m) | Initial gold value (g/t) | Re-assayed gold value (g/t) |
LME20-031 | 322.00 | 323.50 | 1.50 | 0.012 | 0.014 |
352.50 | 353.50 | 1.00 | 9.250 | 5.530 | |
394.50 | 396.00 | 1.50 | 0.180 | 0.133 | |
396.00 | 396.57 | 0.57 | 441.000 | 168.500 | |
396.57 | 397.25 | 0.68 | 1.515 | 1.605 | |
397.25 | 397.70 | 0.45 | 0.349 | 2.710 | |
397.70 | 399.00 | 1.30 | 0.011 | 0.009 | |
432.00 | 433.50 | 1.50 | 0.037 | 0.048 |
Note: As part of ongoing due diligence, selected samples from hole LME20-031 were re-assayed to verify results. New assay samples were collected from initial crushed sample rejects and pulverized. Unmineralized wash material was used prior to sample pulverizations to mitigate contamination. The discrepancy in high grade gold values between samples is attributed to different material from sample selection and fluctuating (nuggety) gold mineralization. Only the initial assay values were used to report grades in this news release.
Qualified Person
Mr.
All core samples have been assayed by
About
The Corporation is a junior mineral exploration and development company listed on the TSX-V under the symbol LME and on the OTCPINK under the symbol LMEFF. The Corporation currently has 202,684,319 outstanding shares, of which approximately 72% of LAURION's issued and outstanding shares are owned and controlled by Insiders who are eligible investors under the "Friends and Family" categories.
LAURION's emphasis is on the development of its flagship project, the 100% owned mid-stage 47 km2 Ishkoday Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential. The mineralization on Ishkoday is open at depth beyond the current core-drilling limit of -200 m from surface, based on the historical mining to a -685 m depth, in the past producing
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