Laurion Mineral Exploration Inc. (TSX-V: LME; OTCQX: LMEFF) announced today that it has commenced drilling on their Sturgeon River North property (“Mahki zone”), located in Pifher Township, north of the Corporations 100% owned Sturgeon River Project, 25 kilometres east of the Town of Beardmore, Ontario.
Laurion Mineral Exploration (OTCQX: LMEFF; TSX-V: LME) has amended the terms of its private placement for up to 20 million flow through units. The price of the units has been amended from $0.08 to $0.07 per flow through unit.
Laurion Mineral Exploration (OTCQX: LMEFF; TSX-V: LME) carried out a 3-hole, 427 metre drill program on its Jubilee property in an effort to locate mineralized trends discovered in drilling in 1953 on the property which included 1,006 g/t Au over 2.93 metres in a quartz vein system and 1.71 g/t Au, 9.6 g/t Ag and 4.98% Zn in an adjacent sub-parallel base metal system located to the north west.
Laurion is encouraged that the initial drill program has led to the discovery of what is believed to be the mineralized trends. Now that the location of the trends has been confirmed subsequent exploration programs will focus on discovering the high grade lodes associated with these trends.
Laurion Mineral Exploration (OTCQX: LMEFF; TSX-V: LME) has entered into an agreement with Beaurox Mines Limited, in which the Company has received the option to acquire up to a 100% interest in 30 mining leases covering an area of 447.35 hectares. The Beaurox property is contiguous to the Company’s north eastern boundary, and is located in the south western quarter of Elmhirst Township. The Company’s Sturgeon River Property is located 25 kilometres east of the Town of Beardmore, Ontario.
Laurion Mineral Exploration Inc. (TSX-V: LME and OTCQX: LMEFF announced today that Major Drilling of Salt Lake City, Utah have mobilized their drill onto the Bell Mountain property, and that drilling has commenced.
The drill program is composed of 1,219.2m (4,000ft.) of reverse circulation drilling (“RC”). Approximately 823m (2,700ft.) will be completed on the Sphinx Zone. Historic sampling indicates that the Sphinx Zone is approximately 300m (1,000ft.) along strike and up to 24m (75ft.) in maximum width. The Sphinx Zone dips approximately 60 degrees to the south-west and thus drilling could contribute significantly to the resource totals. The remaining RC drill holes will be on the west-facing slope of the Varga Zone.
Laurion Mineral Exploration (OTCQX: LMEFF; TSX-V: LME) is set to begin drill programs and exploration activities at its Bell Mountain property in Nevada and Sturgeon River project in Beardmore, Ontario.
At Bell Mountain, the Company has retained Major Drilling of Salt Lake City to complete 4,000 feet of reverse circulation drilling. To date, the Company has completed 55,000 feet of drilling resulting in an inferred resource of 165,018 ounces of gold and 5,533,907 ounces of silver or approximately 265,000 gold equivalent ounces. The Company has initiated a baseline data collection for use in environmental permitting process and has commenced a preliminary economic assessment (“PEA”), both of which the Company expects to complete both the permitting phase and the PEA in Q4 2012 or Q1 2013.
At Sturgeon River, the Company seeks to complete an additional 8 diamond drill holes, including on some of the Company’s recently acquired Elmhirst, Walter-Elmhirst, and Sturgeon Pifher North claims.
Laurion Mineral Exploration Inc. (OTC Other: LMEFF; TSX-V: LME) issued a press release on September 8, 2011 , announcing that it had entered into a definitive option agreement with Prodigy Gold Inc., whereby Laurion would acquire a 100% interest in three mineral claims comprising 21 claim units located in Walter-Elmhirst Townships, Thunder Bay Mining Division, in the Province of Ontario.
Laurion announced today that it has received all necessary corporate and regulatory approvals with respect to the above transaction with Prodigy, and confirms that the transaction has closed.
The Prodigy Walter-Elmhirst property is contiguous to the Corporation’s Sturgeon River property. The objective of this transaction is to encompass the strike of parallel extensions which lay south of the Tehya, Ahki, Loki and A2 Vein trends that are potential prospective horizons for precious metal rich VMS mineralization.