LAURION ANNOUNCES PROPOSED NON-BROKERED PRIVATE PLACEMENT
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION. THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, ONTARIO – (March 22, 2018) – Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) (“Laurion” or the “Corporation”) today announced that it has closed its previously-announced non-brokered private placement (the “Private Placement”) consisting of 4,340,000 units (“Units”) at a subscription price of $0.05 per Unit for aggregate gross proceeds to the Corporation of $217,000. Each Unit is comprised of one common share (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.07 for a period of 24 months following the date of issue, subject to customary adjustment provisions.
The Corporation intends to use the net proceeds of the Private Placement for exploration activities and general working capital purposes. The Corporation did not pay any agent or broker commissions or finders’ fees in connection with the Private Placement.
Pursuant to applicable Canadian securities laws, all securities issued pursuant to the Private Placement are subject to a hold period of four months and one day, expiring on July 23, 2018.
Update on the Ishkoday Project
Laurion’s Ishkoday Project is a mid-stage exploration project. The Corporation’s emphasis is on the development of its gold-rich polymetallic mineralization with a significant upside potential.
Mineralization on the Ishkoday exhibits repetitive stacked gold and zinc-rich sulphides in lenses and veins, visible in the mineralized outcrop exposure, which also contains a material amount of fine and coarse gold. The mineralization appears open at depth beyond the current core drilling limit of -200m from surface, based on the historical mining to a -685m depth.
The Corporation’s main objective is to validate the existence of a large near surface significant gold-polymetallic target over a 3km2 area.
The Ishkoday Project also hosts the high grade gold past producer (1930’s-1940’s vintage), the #3 Vein of the Sturgeon River Mine (24 g/t Gold), which produced a large gold and silver bearing stockpile of 144,070 tonnes, thus offering potential revenue generation opportunities within the proximity of the shaft area.
The Ishkoday hosts a series multi-directional veins (and stockworks). The N-NE vein sets are gold-quartz bearing; whereas the NE-E sets are gold, silver, zinc and copper bearing. The abundance and proximity of these vein sets within a 3km by 1km outcrop segment of Ishkoday highlights the probability for near surface bulk metal potential, and the same time offering a Volcanogenic Massive Sulphide (VMS) metallogenic environment, as well as individual higher gold grade veins that could be developed separately.
Previous work since the 1980’s indicates the presence of hundreds of shears, hence hundreds of veins, suggesting the potential for material vein stockworks as can be observed at other deposits in Archean Greenstone Belts, such as the Dome, Canadian-Malartic, Detour and Sigma-Lamaque Gold Deposits of the Abitibi Greenstone Belt. In the case of the Ishkoday Project, it is evident that there are two mineralized systems, one gold-rich and the other gold-zinc-silver-copper.
The Corporation has designed a strategic three-phased exploration program over the next thirty-six months, which aims to define a Gold Bulk Metal approach, concentrating on rapidly defining and expanding near surface Mineral Resources in Gold, Silver, Zinc and Copper.
Mr. Jean Lafleur, P. Geo., Laurion’s Technical Advisor to the Board of Directors, is a Qualified Person as defined by National Instrument 43-101 guidelines, and has reviewed and approved the content of this news release.
Laurion Mineral Exploration Inc. is a small-cap junior exploration company focused on its wholly owned 47km2 Ishkoday Project.
The Corporation’s main objective is to demonstrate the existence of near surface Bulk Metal mineralization, within a Bulk Gold and/or Gold bearing Volcanogenic Massive Sulphides (“VMS”) which extend over a 1 km x 3 km area (collective total strike length of 9,000 m) and also on the remainder of the project.
The Ishkoday Project is located 220km NE of Thunder Bay and 28km NE of Beardmore and conveniently straddles Highway #807. The Ishkoday property has favourable year round access and proximity to all services, including grid power and water supply, which management believes translates to lower exploration and development costs.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin – President and CEO
photo credit: Laurion Mineral Exploration