Laurion Identifies Additional Mineralized East Ridge Zone on Bell Mountain Project, Nevada
Laurion Mineral Exploration Inc. is pleased to provide shareholders with an update on the Bell Mountain project located in Churchill County, Nevada. Project geologists have examined an additional mineralized zone in the field called the East Ridge which is located approximately 1.5 kilometers to the east of the current Bell Mountain Varga and Spurr zones on which 56 reverse circulation (“RC”) drill holes were completed. The East Ridge zone is on strike with the Varga and Spurr zones and is located within the Laurion claim block area.
Research has revealed that NDT Ventures Ltd. drilled in the East Ridge area in 2003. A press release dated May 28, 2003 stated that thirteen RC drill holes, totaling 481 meters were completed in late March 2003 in the East Ridge zone. Drill holes were spaced over a strike length of approximately 300 meters and positioned into the vein system angled between 45 and 80 degrees. The objective of the program was to establish continuity of the East Ridge vein system at relatively shallow levels below mineralized vein outcrops.
In the work executed by NDT Ventures, all sampling was completed on 3 foot intervals, with assaying conducted by ALS Chemex in Reno, Nevada. Highlights of these results include intersections of 15 feet grading 2.78 g/t gold and 64 g/t silver; 12 feet grading 3.13 g/t gold and 114 g/t silver; and, 9 feet grading 2.75 g/t gold and 72 g/t silver. The drilling and sampling was reported to be carried out under the direction of Thomas Burkhart, Vice President of Exploration for NDT Ventures, who is a Qualified Person as defined by NI 43-101.
This drilling identified the consistent presence of a Main Vein and the occurrence of hanging-wall and footwall veins and stockworks on strike and down dip. Two drill holes, CC-l and CC-6, lost recovery through the main target zones but all other holes did intercept the predicted vein zones with gold and silver results
Acquisition of the details of this drilling program data from NDT Ventures is in progress. The East Ridge mineralization may add significantly to the resource potential of the Bell Mountain Project. Further work will be completed in the East Ridge area in the spring.
Laurion has engaged Telesto Nevada, Inc. (“Telesto”) to develop a National Instrument 43-101 compliant technical report for the Bell Mountains property contemplating a conventional low cost open pit mining method with heap leach processing configuration. The 43-101 compliant technical report will confirm the resource estimate completed in 1991 by N. A. Degerstrom (the “Degerstrom Report”) and the 14,240 feet of drilling recently completed in 2010 by Laurion. The Degerstrom report, which was based on 34,682 feet of drilling, concluded that the deposit contained 2.1 million tonnes grading 1.33 g/t gold and 37.6 g/t silver. Falling metals prices made the development of the Property uneconomic at that time and the project was shelved. Although the Degerstrom Report was completed by credible professionals, it was written prior to the enactment of NI 43-101 statute, thus a “Qualified Person” has not completed sufficient work to classify the historical estimate as current mineral resources. Laurion is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
