2020 FIELD EXPLORATION PROGRAM

2020 DIAMOND DRILLING PROGRAM

LAURION commenced its first drill program of 4,500 metres focussed on priority targeting of the A-Zone of the Loki Trend, which extends over a 3,000 m by 800 m corridor (“the Loki Trend Corridor”). The A-Zone is currently defined along a 1+ km corridor. Historic (1980s and 1990s) and more recent LAURION (2012 to 2014) drilling.

Seven holes totalling 1,800 m have been drilled (LBX20-001 to -007) and assays for hole LBX20-001 are reported here, with results pending for six subsequent holes.

The initial drilling is focussed on testing historic intercepts and the validity of a new structural model previously reported for the A Zone of the Loki Trend (see April 28, 2020 news release). Hole LBX20-001 intersected 24.4 m grading of 0.67 g/t Gold, 6.40 g/t Silver, 0.09 % Copper and 1.50 % Zinc from 116.96 m to 141.5 m, which was intersected at a vertical depth of 100 m below surface. Other mineralized veins also occur higher in the hole and closer to surface (Table 1). The true width of the mineralized zone is unknown. Hole LBX20-001 is collared at 446559 mE, 5512930 mN, 320 m elevation (coordinates in UTM NAD83 Zone 16N) and was drilled to a depth of 326 m with an azimuth of 310° and a dip of -50°.

Table 1: Significant Assay Results, Hole LBX20-001

Hole ID From (m) To (m) Width (m) Gold (g/t) Silver (g/t) Copper (wt%) Zinc (wt%)
LBX20-001 61.5 62.4 0.90 0.47 14.90 0.09 1.51
And 70 71 1.00 1.38 61.00 0.05 0.60
And 90.88 91.37 0.49 1.12 4.00 0.07 0.41
And 116.96 141.5 24.54 0.67 6.40 0.09 1.50
Including 116.96 119.9 2.94 2.09 10.38 0.12 2.88
Including 119.9 128.2 8.3 0.02 0.10 0.00 0.02
Including 128.2 141.5 13.3 0.76 9.44 0.14 2.12

“This first hole was designed to test both the nearby historic intercepts and the validity of the updated structural interpretations,” stated David Lewis, LAURION Exploration Manager. “This first hole pierced a thin, moderately dipping shear zone at 109 m depth downhole and we intersected the main mineralized zone shortly thereafter. In this hole, we deliberately drilled perpendicular to the shear zone and to the majority of the historic holes and we were able to show that the area still has significant potential, despite ~26,000 m of historic drilling.”

The zone consists of highly silicified and sulphide-bearing rocks and, although some quartz veins are present, the precious and base metal mineralization occurs throughout the zone. A relatively barren intrusive rock, 8.3 m thick, cuts the mineralization. This zone occurs immediately below a moderately-dipping shear zone that was described in the April 28, 2020 news release. Some of the historic drill holes, particularly 87-010 and 87-06B, intersected mineralization in the vicinity of this zone (Figure 1), although it is unclear whether the historic mineralization was intersected above or below the newly-recognized shear zone (Table 2; Figure 2).

Table 1: Historic polymetallic assay results from selected compiled drill holes in the A-Zone of the Ishkoday Project

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LAURION’s 2019 exploration work confirmed 3 major gold-mineralized trends, Sturgeon River Mine, M25/Marge and Loki, which extends along strike for 2+km, 1.8+km and 3+km, respectively. The 2018 and 2019 channel and selected grab sampling campaigns returned a substantial number of significant gold and gold-silver-zinc assay results which not only validated historical sampling but also greatly expanded the target strike lengths. These results indicate that the gold-mineralizing event, or events are very widespread. The historic Sturgeon River Mine data further suggests that mineralization may be more extensive at depth.

LAURION is now in a position to pursue these 3 target areas with targeted drill programs and surface work in 2020 to expand our evaluation of these important trends.

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