Business
Laurion Announces Termination of Agreement for Strategic Investment and Change in Investment Objectives
Toronto, Ontario--(Newsfile Corp. - August 14, 2015) - Laurion Mineral Exploration Inc. (TSXV...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"Laurion Announces Termination of Agreement for Strategic Investment and Change in Investment ObjectivesToronto, Ontario--(Newsfile Corp. - August 14, 2015) - Laurion Mineral Exploration Inc. (TSXV: LME) (OTC Pink: LMEFF) (\"Laurion\" or the \"Corporation\"), announced that Vara Minerals and Laurion have terminated the Subscription Agreement and the Securityholders Agreement previously announced in a press release dated June 30, 2015.Financing remains tough across the mining sector. The vast majority of exploration companies will continue to struggle with limited financing options and a lack of investor interest. To date, Laurion has been a careful steward of its treasury and share structure and has successfully been able to monetize several projects over the last 5 years. The Corporation intends to continue working on its financing and value added strategic objectives. Laurion's main objective is to develop what appears to be a large near surface base metal environment. Laurion recently completed property-wide mapping, geochemical sampling analysis and 3D IP geophysics over the north easterly portion of the Tehya, Loki and NameZiibi Trends. The preliminary 3D IP data indicates a strong chargeability anomaly at around 80m to 350m and follows the general trend of the Loki Zone. Laurion's drilling to date demonstrates that mineralization can reach higher grades, e.g., 5.65% Zn, 3.32g/t Au, 27.5g/t Ag, 0.33% Cu and over 3.10m (LME11-013); 8.38% Zn, 5.25g/t Au, 40.1g/t Ag, 0.29% Cu, and 1.24% Pb over 4.04m (LBX12-010) and 10.52% Zn, 4.24g/t Au, 30.6g/t Ag and 0.40% Cu over 1.25 m (LBX12-006). Drill holes LBX12-010, LBX12-006 or any other of the drill holes completed historically and by Laurion have been drilled to an average depth of 100m, which means that the chargeability anomaly indicated in the 3D IP Geophysics has not been tested by drilling. The current mineralized target deposit model for the Ishkoday is multiple gold and zinc-rich massive sulphide lenses within a highly altered, mineralized sheared envelope. Please note that the true thicknesses of the mineralized zones are currently unknown, but based on core angles observed in core they may range from 50-90%. Laurion is currently interpreting the results from the drill program with construction of cross-sections and modelling of mineralized horizons. This will provide bette...