LAURION Acquires the Twin Falls Orogenic Occurrence Contiguous to Ishkoday Project
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LAURION Acquires the Twin Falls Orogenic Occurrence
Contiguous to Ishkoday Project
TORONTO, ONTARIO (October 11, 2023) - LAURION Mineral Exploration Inc. (TSX.V:
LME) and (OTCPINK: LMEFF) (“LAURION” or the “Corporation”) is very pleased to
announce that it has expanded its flagship Ishkoday Project by acquiring mineral
exploration claims (the “Acquisition”) by way of a purchase agreement between the
Corporation and two arms-length parties (the “Vendors”), dated October 10 , 2023.
Specifically, LAURION has acquired 53 mineral claims located in the Irwin, Pifher and
Sandra Townships within the Greenstone area of Northwestern Ontario (collectively,
the “Property”). The Property, which hosts an orogenic gold occurrence, is 10.46 km2
(1,046 hectares) and is located in the Onaman-Tashota Greenstone Belt (the “OTGB”),
approximately 10 k m north of the Trans -Canada Highway (Highway 11) and 28 k m
northeast of the Town of Beardmore.
As consideration for the Property, LAURION has agreed to issue to the V endors an
aggregate of142,857 common shares in the capital of the Corporation (“Shares”) at
a deemed price of $0.70 per Share, representing an aggregate purchase price of
$100,000. The Corporation has also granted to the Vendors a net smelter returns
royalty of 1.0% on gold and base metal production from the Property (the “NSR
Royalty”). The Corporation shall have the exclusive and irrevocable right and option
to purchase, at any time, 0.5% of the NSR Royalty by paying $500,000 a nd giving
notice to the Vendors to that effect.
The Shares issued to acquire the Property will be subject to a four-month hold from the
date of issue.
The Acquisition is an arm’s length transaction for the purposes of the policies of the
TSX Venture Exchange (the “TSXV”), and no finder’s fees are payable in connection
with the Acquisition . The Acquisition was completed as an “Expedited Acquisition”
under TSXV Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets, and remains
subject to the TSXV’s final acceptance.
Twin Falls Property
The Property is contiguous and lies west of the Ishkoday Project. The addition of the
Property will increase the prospective Ishkoday land package to 57. 43 km2 (5,743
hectares).
The geological setting in the Property’s vicinity is dominated by Archean, intermediate
to felsic metavolcanic rocks of the OTGB. Many of the gold occurrences in this region
are stock-related and located at the margins of intrusive igneous bodies. This includes
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both granite-granodiorite bodies. Locally, the claim group is underlain by feldspar and
quartz-feldspar porphyry, and medium to coarse felsic volcanic breccia
(agglomerate).
A regional break, known as the Paint Lake Fault, lies approximately 4 km to the south
and marks the northern boundary of the main Beardmore-Geraldton Greenstone Belt.
A secondary break (Musca Lake Fault) traverses the southern boundary of the claim
group and may have contributed to the intense shearing seen at the Twin Falls
Occurrence.
Power stripping in 1998 revealed a 60 m wide zone, adjacent to the swamp along the
eastern shore of the lake, comprising highly sheared and sericitized quartz -eye
feldspar porphyry or felsic tuff. This zone strikes E-W at 102 degrees and dips steeply to
the south. The ma in showing on the Property consists of a quartz vein with Fe -
carbonate alteration , 22.8 cm in width. In one place, specks of visible gold were
observed. (The Beardmore -Geraldton Economic Geologist - August 7, 1985 and
October 24, 1985 - B. Nelson - MDI42E13NW00004.)
Qualified Person
The technical contents of this release were reviewed and approved by Jean-Philippe
Paiement, PGeo, MSc, a consultant to LAURION, and a qualified person as defined by
National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development company listed on
the TSX Venture Exchange under the symbol LME and on the OTC under the symbol
LMEFF. LAURION now has 257,948,737 outstanding shares of which approximately 80%
are owned and controlled by Insiders who are eligible investors under the “Friends and
Family” categories.
LAURION's emphasis is on the exploration and development of its flagship project, the
100% owned mid -stage 47 km 2 Ishkoday Project , and its gold -rich polymetallic
mineralization.
LAURION’s chief priority remains maximizing shareholder value while simultaneously
embracing and considering the principles and best practices of environmental,
social, and corporate governance (ESG) issues. A large portion of the Corporation ’s
focus in this regard falls within the ambit of its mineral exploration activities and more
specifically, advancing the Ishkoday Project.
FOR FURTHER INFORMATION, CONTACT:
LAURION Mineral Exploration Inc.
Cynthia Le Sueur-Aquin – President and CEO
Tel: 1-705-788-9186
Fax: 1-705-805-9256
Website: http://www.LAURION .ca
Follow us on Twitter: @LAURION_LME
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Caution Regarding Forward-Looking Information
This press release contains forward -looking statements, which reflect the Corporation’s current
expectations regarding future events, including with respect to the anticipated impact of the acquisition
of the Property on the Ishkoday Project, the Corporation and its business and operations , the
Corporation’s ability to obtain TSXV final acceptance for the acquisition of the Property, LAURION's
business, operations and condition, and management's objectives, strategies, beliefs and intentions. The
forward-looking statements involve risks and uncertainties. Actual events and future results, performance
or achievements expressed or implied by such forward -looking statements could differ materially from
those projected herein including as a result of a change in t he trading price of the common shares of
LAURION, the interpretation and actual results of current and future exploration activities, changes in
project parameters as plans continue to be refined, future prices of gold and/or other metals, possible
variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the
failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in
obtaining governmental approvals or financing or in the completion of exploration, as well as those
factors disclosed in the Corporation’s publicly filed documents. Investors should consult the Corporation’s
ongoing quarterly and annual filings, as well as any other additional documentation comprising the
Corporation’s public disclosure record, for additional information on risks and uncertainties relating to
these forward -looking statements. The reader is cautioned not to rely on these forward -looking
statements. Subject to applicable law, the Corporation d isclaims any obligation to 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 accurac y of this release. No
stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.