Nr on Corporate Update !! Heres the Highlights......
Laurion Provides Corporate Update on Asset Monetization, Exploration Planning and Annual Shareholders Meeting
TORONTO – May 27, 2014 - Laurion Mineral Exploration Inc. (TSX.V: LME; OTCQX: LMEFF) ("Laurion") is pleased to provide shareholders with the following update of its current activities. The Corporation is most pleased with drill results obtained to date on its Ishkoday discovery property located 220km north east of Thunder Bay, and is maintaining its “one property, one focus” business plan in order to maximize shareholder value. The key priority at the top of the Corporation’s agenda is reflected in its ability to continue monetizing its assets and discoveries. In 2012, Laurion disposed of the Bell Mountain Project located in Nevada to Lincoln Mining for $2.35 million in cash. To date, Laurion has received a total of $1,539,414 inclusive of interest. Two remaining cash payments totalling $832,900 inclusive of interest are scheduled for payment prior to June 21, 2014.
Exploration Planning and Outlook on the Ishkoday Discovery Property.
DIAMOND DRILLING - In February and March 2014, the Corporation completed 924m of diamond drilling in 6 holes (See Press Releases dated March 19 and May 14, 2014). All of the diamond drill holes were collared to intersect geology associated within the base metal Loki/A-Zone mineralization reported in Laurion drilling carried out in 2012, while two of the six holes were strategically planned with the specific objective of defining the initial step of a phase-one drill program.
MINERALIZED ZONE INCREASED - As a result of these drill holes, the Corporation determined the depth extent of the mineralized zone increased from 75m to 165m almost doubling the dip length, with the estimated thickness of the alteration zone increasing from approximately 20m to 40m. Deeper intersections in the mineralized A-Zone were somewhat richer in copper, with higher associated silver values. These factors may indicate a transition to closer proximity to mineralizing source with depth. Drilling also determined that there were multiple narrow lenses of higher-grade mineralization within a broader mineralized alteration halo.
MINERALIZATION MODEL - Laurion's goal is to develop the gold-rich massive sulphide environment at Ishkoday. To aid this, Laurion is developing a "fingerprint" or model of the mineralization by comparing it to other known deposits. Based on the current drilling information, the model is stacked gold-rich massive sulphide lenses hosting base metals trends within a large mineralized halo.
EXPLORATION PLANNING - Over the next 6 months, Laurion's objective is to complete a program composed of high resolution aerial photography, retaining expertise with volcanogenic and structural VMS perspective for guidance on regional targeting concepts and recommendations for effective exploration techniques and definition of priority target zones, and a geophysics program covering 10km of IPower 3D ground geophysical surveys.
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PHASE-ONE DRILL PROGRAM - An exploration drill program composed of 6,500m of diamond drilling will focus on testing the depth extent of the three gold-rich base metal trends, 3,000m each in strike length, in a 1km wide corridor, targeting the core of the VMS style mineralization and possible associated feeder structures.
Annual and Special Meeting of Shareholders
The Laurion Annual and Special Meeting of Shareholders will be held on June 6, 2014 at the offices of Baker McKenzie LLP in Toronto. Management of the Corporation will be requesting shareholder approval for, amongst other things, a Special Resolution to approve a consolidation of the common shares of the Corporation in order to make the Corporation’s shares more attractive to investors, since it may provide the Corporation with increased flexibility to seek additional financing opportunities.
While management believes that the Corporation’s cash position in the interim is strong, the Corporation will need to complete a private placement to continue developing the gold-rich base metal environment on the Ishkoday Discovery Property. There is no guarantee that the Corporation will be successful in completing a Private Placement. In order to provide the Corporation with the greatest chance of attracting new financing, the Directors would like shareholder approval to consolidate the Company's common shares up to a 7:1 basis at the Directors' discretion. The Directors are seeking shareholder approval to the share consolidation at this time in order to save the cost of holding a separate special shareholders' meeting in the future.
Good luck Longs and dont forget AGM next week . Get your votes in !! B1