LAURION Completes NI 43-101 Technical Report Mineral Property of Merit: Exploration Milestones on Ishkoday Property
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LAURION Completes NI 43-101 Technical Report Mineral Property of Merit:
Exploration Milestones on Ishkoday Property
TORONTO, ONTARIO (February 15, 2024) – LAURION Mineral Exploration Inc. (TSX.V: LME and
OTC: LMEFF) (“LAURION” or the “Corporation”) proudly announces a significant milestone with
the completion and filing on SEDAR + of an independent technical report (the “Technical
Report”) on the Ishkoday Property, located near Beardmore, 220 km northeast of Thunder
Bay, Ontario, as prepared by SGS Geological Services (“SGS”) in accordance with National
Instrument 43 -101 - Standards of Disclosure for Mineral Projects (" NI 43 -101"). T his marks a
pivotal moment in LAURION's steadfast journey towards unlocking the potential of the
Ishkoday Property and increasing shareholder value.
The report is entitled “NI 43 -101Technical Report of the Ishkoday Gold Project, Northern
Ontario, Canada” and has an effective date of October 26, 2023. The Technical Report is
available under the Corporation’ s profile on SEDAR+ at www.sedarplus.ca and on the
Corporation’s website at www.laurion.ca.
Authored by Mr. Maxime Dupéré B. Sc., P. Geo of SGS, in accordance with NI 43-101, this
Technical Report heralds Ishkoday as a 'Property of Merit,' solidifying LAURION's commitment
to propel key prospective areas through robust exploration initiatives.
Cynthia Le Sueur -Aquin, President and CEO, stated, “ This report validate s the exploration
data and the potential of the Ishkoday. The potential exists for substantial mineralization
across multiple target areas throughout the Ishkoday, coupled with opportunities to expand
existing structures both along strike and at depth, particularly in the Sturgeon River Mine and
Brenbar areas, underscoring our conservative yet ambitious approach.”
Embarking on an exploration journey spanning over a decade, LAURION has completed 154
NQ diamond drill holes for a total of 44,026 m of core drilled on the Ishkoday Property.
Notably, the report's effective date precedes the successful outcome of our 2023 drilling
campaign.
The author of the Technical Report endorsed LAURION to forge ahead with our proposed
exploration endeavours for 2024.
The Technical Report highlighted the potential of untapped mineral exploration within the
Ishkoday Property, with the prospect of delineating additional grade and tonnage potential,
and perhaps uncovering new Mineral Resources. With a vertical depth averaging 250 m, the
existing drilling activities are considered shallow, as depth potential in all areas are still open.
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The data aggregation and meticulous analysis by SGS offers compelling mineral potential on
the 6km strike of the Ishkoday. Across various mineralized zones such as M25, M24, M21,
Brenbar, Sturgeon River mineralized system (composed of seven (7) distinct quartz veins and
mineralized shear zones), the Tehya, Ahki, CRK, A2, Joe, A-Zone and numerous other zones,
Ishkoday’s exploration potential ranges from 22.5 to 45 Mt, with an average grade 0 .11 g/t
Au to 8.67 g/t Au.
The property hosts numerous occurrences and areas of potential. Among these occurrences
are the two historic mines, the Brenbar and the Sturgeon River Mines, and surface stockpiles.
Both mines executed limited exploitation of the high-grade laminated orogenic veins. The
historical yields of these mines are as follows:
1. The Brenbar Mine (1941-19490 produced 134 ounces of Au from 46 tonnes with an
average grade of 2.91 oz/t (Mackasey, 1976).
2. The Sturgeon River Mine (1936 to 1942) produced 73,738 ounces of gold and 15,922
ounces of silver from 145,123 tonnes of ore, with an average grade of 0.51 oz/t (17.0
g/t) Au and 0.11 oz/t Ag. The average hoisted grade during operations was 10.28g/t
(Mackasey, 1976).
3. At a gold cut -off grade of 0 g/t, the estimates for the surface stockpile from the
historical operations were calculated at 144,070 tonnes grading 1.59 g/t gold for 7,383
contained ounces of gold in the Indicated category. The resource estimate for the
tailing was 137,501 tonnes grading 1.67 g/t gold for 2,944 contained ounces of gold in
the Indicated category. Total Indicated mineral resources for both the stockpile and
tailings totaled 281,571 tonnes grading 1.14 g/t gold for 10,327 con tained ounces of
gold.
The information set forth above, as also referenced in the Corporation’s 2012 mineral
resource estimate (MRE), and as restated on June 7, 2013, is considered historical in nature.
Although the resource estimate at the time was prepared and disclosed in compliance with
all disclosure requirements for mineral resources or reserves set out in NI 43-101 (2011) and the
classification of the resource as a Measured, Indicated and Inferred resource was consistent
with CIM Definition Standards - For Mineral Resources and Mineral Reserves (2010), a qualified
person has not completed sufficient work to classify the historical resource estimate as current
mineral resources and L AURION is not treating the historical resource estimate as current
mineral resources.
Gibbs (1972) completed a report on the “ore reserves” remaining in the Sturgeon River Mine
shaft. It was reported that there were 489,042 tonnes at an average of 9.60 g/t in 407,564
tonnes indicated by drilling and 81,479 tonnes of “probable ore” over a 2.78 m width.
The “ore reserves” and “probable ore” for the Sturgeon Rive Mine shaft and the surface
stockpiles have not been included in the Technical Report, as these are historical in nature,
and a qualified person has not completed sufficient work to classify the historical estimate as
current mineral resources or mineral reserves; and L AURION is not treating the historical
estimate as current mineral resources or mineral reserves.
LAURION is setting its sights on surpassing these historical estimates, guided by validation
drilling and exploration methodologies.
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2024 Program and Budget
LAURION has developed an exciting 2024 exploration campaign, underpinned by a budget
of C$2.88 million. This comprehensive endeavou r encompasses a spectrum of activities,
including continuous 3D modeling, prospecting, mapping, trenching, sampling, and a robust
drilling program spanning approximately 6,500 m.
Central to our 2024 agenda is the relentless pursuit of in -fill drilling within the Sturgeon River
Mineralization zone, with the aim of expanding the defined volume. Buoyed by the success
of our 2023 drilling campaign, which saw the extension of the Sturgeon River Mineralization
by 600 m to the northeast and 320 m to the southeast, and grade intercepts as high as 29.45
g/t Au over 3.5 m , the Sturgeon River mineralized system remains most encouraging in our
focus for the 2024 drilling campaign.
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 TSXV
under the symbol LME and on the OTC under the symbol LMEFF. LAURION now has
263,346,102 outstanding shares of which approximately 72% 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 57.43 km2 Ishkoday Project, and its gold-rich polymetallic mineralization.
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
Douglas Vass - Investor Relations Consultant
Email: [email protected]
Website: http://www.LAURION.ca
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 LAURION's business, operations and condition, management's
objectives, strategies, beliefs and intentions, the Corporation’s ability to advance the Ishkoday Project , the
potential of the Ishkoday Project, exploration targets, interpretation of drill results and projections of mineralization,
future work plans, and the nature, timing and potential results of the Corporation’s future exploration efforts and
drill programs, including its planned activities for the Ishkoday Project in 2024. 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 incl uding as a
result of a change in the trading price of the common shares of LAURION, the interpretation and actual results of
current 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 approv als 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 documen tation comprising the Corporation’s public
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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 disclaims any obligation to update these forward-looking statements.
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