Ms. Cynthia Le Sueur-Aquin reports
LAURION ACQUIRES 100% INTEREST IN 179 MINING CLAIM UNITS CONTIGUOUS TO THE NORTH OF THE STURGEON RIVER PROJECT, BEARDMORE ON
Laurion Mineral Exploration Inc., James E. Bond II and Russell P. Renner have entered into a letter of intent (the LOI) for Laurion to acquire an undivided 100-per-cent interest in 13 mining claims totalling 179 units and primarily located in Pifher township north of the corporation's 100-per-cent-owned Sturgeon River project (known as the Sturgeon Pifher North claims). The purchase price payable by Laurion for the property is $68,000, payable by the issuance of 800,000 Laurion common shares at a deemed price of 8.5 cents per share to be divided equally between Mr. Bond and Mr. Renner.
The LOI contemplates that a definitive purchase agreement incorporating the LOI terms will be subject to the parties obtaining all necessary corporate and regulatory approvals.
Highlights of the Sturgeon Pifher North claims
In 1972, Augmitto Explorations Ltd. conducted a prospecting program followed by an induced polarization (IP) survey which resulted in the reported discovery of a zone of chalcopyrite-pyrrhotite mineralization of approximately 16 to 20 feet wide and 250 feet in strike length in a northeasterly direction, hosted in an altered, chloritized acid volcanic or rock of dacitic to rhyolitic composition. A second zone was stripped uncovering fine disseminated chalcopyrite and pyrite. This zone was located on the extension of one of the higher IP survey anomalies over which mineralization was found to extend over a width of approximately 200 feet. A grab sample was reported to assay 0.250 ounce per ton gold, 1.43 ounces per ton silver and 3.77 per cent copper.
A program of diamond drilling was commenced in November, 1972, to test the surface showing and geophysical anomalies. Three holes were drilled in the phase totalling 1,302 feet of drilling. The drill hole reported the results shown in the table.
Drill hole From To (ft) Width Width (m) Oz/ton Oz/ton Copper % (ft) (ft) gold silverAM-2 127.3 165 37.7 11.49 0.022 0.196 0.76including 127.3 150 27.7 8.44 0.033 0.240 1.02
Carling Gold Resources Inc. carried out several drill programs of diamond drilling following up on a VLF-EM (very low frequency-electromagnetic) survey carried out in 1960 and a VLF and IP survey in the 1970. Encouraging gold results from the H zone outlined in surface trenching and diamond drilling between 1983 and 1985 extended the H zone from 100 feet to a 600-foot strike length. The H zone is reported to be the northern strike extension of the Laurion Sturgeon River gold-bearing Marge vein. In 1984, 155 metres of Marge vein was exposed by trenching and the accumulated channel samples resulted in an average of 25 grams per tonne (g/t) gold over 0.36 m of vein width. Trenching in 2008 by Laurion exposed and additional 47 m of the Marge vein and achieved an average grade of 17 g/t over 0.47 m in channel sampling. Drill results from LME10-01 reported a high-grade gold intercept of 20.20 g/t over 0.36 m on Marge vein confirming the historical high grade for this vein.
Carling Gold reported a grab sample of 21.5 g/t gold in 1984 and followed up in 1985 and 1987 with the drill hole results in the table.
Drill hole From (ft) To (ft) Width (ft) Width (m) Oz/ton AuCP84-1 24.4 27.3 2.7 0.85 0.130CP85-8 57.1 63.1 6.0 1.83 0.364CG/87-1 783.9 784.8 0.9 0.27 0.108 158 164.7 6.7 2.04 0.026 1,107.8 1,114.5 6.7 2.04 0.053CG/87-2 177.5 178 0.5 0.15 0.152CG/87-5 168.4 169.2 0.8 0.24 0.285 523.5 525.6 2.1 0.64 0.155CG/87-11 1,312.4 1,312.8 0.4 0.12 0.595CG/87-12 324 325 1.0 0.30 0.137 325 326.7 1.7 0.52 0.045 383 348.4 1.0 0.30 0.165
The technical information contained in this news release has been verified by Joe Campbell, PGeo, 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.
We seek Safe Harbor.