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2022 Exploration Program

Presentation Fact Sheet

2022 FIELD EXPLORATION PROGRAM

In 2021, the Company retained Ronacher McKenzie Geosciences Inc. of Sudbury, ON to work with LAURION in the design, execution, and geological management of exploration work on its Ishkoday Project. The Company’s engagement of the RMG muscle provides consistency and accessibility to a variety and depth of diverse geological expertise with innovative approaches and new techniques, to achieve the next level exploration successes and development of efficient operations. The RMG group of geologists and geophysicists provided a unique combination of solutions for innovative targeting and resource development.

In January of 2022, LAURION commenced the planned 15,000-metre drilling program, completing 14,211.5 m in 46 drill holes. The goal of this drill program was to define the continuity of the Ishkoday mineralized system from the CRK to A - Zones, extending over 1.4 km strike length. Many of the targets laid in untested areas of the swamp between the A-Zone and McLeod Zone Area, hence winter conditions and freezing permitted access to these areas, located in a swamp.

The diamond drilling commenced at the A-Zone to follow up on the southeast extension of gold and base metal-rich mineralized zones intersected in 2020 with 10.34 m @ 3.22 g/t Au in Hole LBX20-002 and 63.93 m @ 0.58 g/t Au, 6.10 g/t Ag, 0.11% Cu and 1.92% Zn in Hole LBX20-003 (See May 29, 2020, news release).

In this drill program nine drill holes were located in a swamp to the northeast of the McLeod zone and were designed to intercept the modelled gold-and zinc-rich veins and gold orogenic veins along the northeast-trending Ishkoday mineralized trend. Once spring conditions availed, three additional drill holes were planned and drilled in the swamp to target a large chargeability anomaly coinciding with interpreted mineralized horizons. The drill was then moved to the A-Zone to further investigate a newly opened area; and the continuity of the CRK and A-Zone.

In Q2-2022, LAURION announced the assay results for Diamond drill holes LBX22-056 and 56A to LBX22-0561, which were designed to expand on the gold-and-zinc-rich mineralization at the A-Zone (See Press Releases April 19, 2022 and May 21, 2022)

The assay results below confirmed the continuity of the A-Zone to the southwest by 160 m since the last release and intercepted the stacked gold- and zinc-rich epithermal and orogenic gold veins located in this newly drilled area. The gold-and zinc-rich epithermal and orogenic gold veins and mineralization are highlighted below and were reported with the following intercepts:

The drill was then moved to the northeastern portion of the A-Zone. The assay results reported below (See Press Release Dated May 31, 2022), confirmed that the gold-and-zinc-rich synvolcanic mineralization extended to depth over more than 240 m vertical. The drilling also identified a new mineralized structure, associated with the Behzik Shear Zone, bordering the northeastern edge of the A-Zone. 

The depth extension of the A-Zone returned the following highlights:

The new mineralized structure in association with the Behzik Shear returned the following highlights: 

This new mineralized structure, associated with the Behzik Shear Zone discovered in drill holes LBX22-063 to LBX22-065 is open to the southwest and the A-Zone remains open at depth. The extensions were further tested by drill holes LBX22-077, LBX22-078, LBX22-079 and LBX22-080.

Drill holes LBX22-072 and 074 tested a potential N-S zone at 300m depth, of the A-Zone which was found to hold mineralization. Holes LBX22-073, located to 205 m to the northeast of drill holes LME11-013 (3.22g/t Au, 27.5g/t Ag, 0.38% Cu and 5.63% Zn) in the Ahki Vein area has also confirmed the northeast extension of this system. 

Drill holes LBX22-075 and 076 successfully confirmed the southwestern continuity of the McLeod Zone at depth. Drill holes LBX22-077 to 082 also tested the potential extension of the A-Zone mineralization to the southwest between the A-Zone and McLeod Zone, with current results confirming the continuity of the mineralized system.

Highlights from the assays results comprising LBX22-072 to LBX22-080, nine (9) diamond drill holes (See Press Release dated August 31, 2022), returned the following:

The drill was then moved to an area between the McLeod area and CRK Zones, to test the possible southeastern extents of the McLeod Zone. Anomalous gold-silver-zinc mineralization was intersected in each of the six (6) recently completed drill holes linking the A-Zone and McLeod Zones for more than 200 m along strike (See Press Release June 14, 2022). Highlights from these six diamond drill holes returned the following results:

Drill Holes LBX22-081 to LBX22-089, nine (9) diamond drill holes confirmed the continuity of the mineralization in an undrilled area between the CRK and McLeod areas and expanded the A-Zone to McLeod Zone strike length by 400m to 1.4km in undrilled areas, significantly expanded the mineralized trends and also confirming that the stacked vein system remains open at depth and along strike (See Press Release Dated October 18, 2022).

Drill holes LBX22-083 and 085 were located approximately 45 m NW of drill holes LBX20-020 and 021, targeting a high-grade sulphide zone at the McLeod Area, 400 m southwest of the A-Zone. This area is interpreted to represent the confluence of the A-Zone syn-volcanic mineralization and the orogenic mineralization associated with the Niish shear zone.  

Drill hole LBX22-084 was drilled 108 m southwest of drill hole LBX20-083 and approximately 127 m northwest of drill hole LBX20-021, which targeted the southwest extension of the high-grade sulphide zone at the McLeod Area, 400 m southwest of the A-Zone. 

Drill hole LBX086 was set back 75m to northwest of drill holes LBX22-083 and 085 and targeted an undrilled strong I.P. chargeability high and resistivity low anomaly on the McLeod Zone.  Drill hole LBX22-087 was set back 123m to southwest of drill hole LBX22-085 and targeted an undrilled strong I.P. chargeability high anomaly on the McLeod Zone.

Drill hole LBX22-088 is located 80 m southwest of drill hole LBX22-084 and tested the continuity of a strong I.P. chargeability high anomaly below the McLeod Zone and is associated with the Niish Shear Zone. 

Drill hole LBX22-089 is located 100 m NE of drill hole LBX22-088. This hole targeted the southeastern continuity of high-grade sulphide zone in the McLeod Area, 400 m southwest of the A-Zone. Past drilling in the area (LBX20-021) returned assay results of 5.95 g/t gold, 29.6 g/t silver over 0.49 m; 6.98 g/t gold, 15.2 g/t silver, 1.93% zinc over 0.57 m; and 0.89 g/t gold, 4.0 g/t silver and 1.04 % zinc over 14.08 m (See Press Release dated 25 October 2022).

Continuity from A-Zone to McLeod in this undrilled area and at depth, was confirmed in the following highlighted intercepts:

The 2022 drill program tested areas with strong density of lineaments identified by a 2021 LiDAR survey, where minimal drilling and exploration were previously completed. Winter conditions and freezing permitted excellent access to areas of planned drilling, located in a swamp.

The drill program defined new drill targets, which were tested in this drilling program, significantly increasing the mineral exploration potential of the Ishkoday Au-Zn-Cu-Ag deposit; and expanded the stacked vein system in the A-Zone and McLeod zone area from an area of 1.1 km by 250 m to 1.5 km by up to 400 m in the A-Zone and up to 600 m in the McLeod Zone.

The Company is most pleased with the success of the 2022 drilling and mapping programs, which have demonstrated that the stacked vein systems remain open at depth, along strike, and to both the northwest and southeast, suggesting that the mineral exploration potential of the Ishkoday Au-Zn-Cu-Ag deposit could well increase with continued targeted future drilling and explorations programs.

The majority of the stacked vein systems on the Ishkoday occur from surface to a 300 m vertical depth, indicating that the potential volume of the stacked vein system was increased in 2022 drilling across the A-Zone and McLeod zone, by a minimum of 120% or a maximum of 230%. This volume does not represent a mineral resource, but gives an estimation of the volume where the stacked vein systems were intercepted.

To date, 419 drill holes for a total of 78,663 m have been drilled on the Ishkoday.

2022 Ishkoday Mapping Program

In June 2022, LAURION commenced a geological mapping program at a scale of 1:2,500 over the A-Zone, McLeod and CRK Zones, covering the northeastern part of the Ishkoday mineralized trend (an area of 2.5 km by 1.5 km), roughly along strike of the historical Sturgeon River gold mine. The mapping program was designed to help unravel the structural complexity of the area and identify key alteration assemblages and associations believed to be related to mineralization.  A hand-stripping, power-washing and channel sampling program commenced in advance of the mapping program with the aim of exposing key areas to the west of the McLeod and CRK Zones.

Downhole Televiewer Program

On September 26, 2022, DGI Geoscience Inc. (“DGI”) of Toronto, was retained to carry out downhole surveying of twenty-four holes, and a televiewer survey of seven holes.  Properties documented included: density, chargeability/resistivity, magnetic susceptibility, and inductive conductivity.

Downhole Televiewer survey data assists in characterizing  the various lithological units intersected in drilling. In turn, this assists with the development of geological models that aid in guiding ongoing exploration efforts.

ESG Reporting

On March 31, 2023, the Company announced that it engaged ONYEN Corp. (“ONYEN”) to provide its unique technology software to assist the Company with its environmental, social and governance (“ESG”) reporting. ONYEN’s system is a powerful platform that helps companies better capture, monitor, benchmark, manage and report their ESG risks and opportunities with real-time reporting displayed on the executive dashboard and ESG scorecards. It also includes an AI-driven predictive scoring model, in real time, to assist the Company in understanding how the resulting metrics are viewed by the investing community, thereby supporting the Company’s efforts to meet the Company’s obligations to stakeholders. With all relevant standards and frameworks built in, this solution generates auditable ESG reports for directors, CEOs, sustainability professionals, capital providers, rating agencies and regulators.

Exploration Outlook

Key Mineralization Findings in 2022 and Exploration Outlook

The Ishkoday Property hosts numerous occurrences of gold and polymetallic mineralization within a roughly linear trend over a distance of 6 km and across widths of up to 1 km.

A ninterpretive breakthrough by LAURION’s team of geologists has allowed for significant advances on the Ishkoday Project. Mineralization encountered at Ishkoday is the product of two separate and distinct mineralizing events separated in time by 40 million years. Both mineralizing events are believed to be exploiting the same structural pathways. The mineralization can be classified as: (i) epithermal polymetallic sulphide veins; and (ii) mesothermal (orogenic) quartz vein hosted gold.

Key findings are summarized below.

  1. Earlier, “Ishkoday style” (epithermal) mineralization is associated with the rifting of an arc-like volcanic sequence, and intrusion of a dioritic dike swarm. Current age dating sets this mineralization event at ca. 2740-2736 Ma.
  1. Ishkoday style polymetallic mineralization consists of base metal sulfide stringers and gold-silver bearing comb-textured quartz vein networks within the same faults and fractures as those exploited by the dike swarm.
  1. Later, “Sturgeon River style” (orogenic) gold mineralization is found overprinting earlier Ishkoday style mineralization as these mineralized structures were reopened, consisting  mainly of laminated gold-bearing quartz veins; additional structures hosting only later mineralization are seen, as well.
  1. The two hydrothermal systems are spatially associated and are an example of ancestral structural control on orogenic systems.
  1. Exploration potential for concentrations of gold mineralization of possible economic significance exists in areas where both earlier and later mineralization is found overlapping and in proximity, or where there is a sufficient concentration of orogenic gold-bearing veins alone.

The 2023 exploration campaign will focus on the orogenic gold corridor associated with the Niish Shear Zone, and those areas where there is potential for a sufficient concentration/density of mineralized veins.

In light of its re-evaluation of the Ishkoday Property and interpreted potential of the Sturgeon River Mine area, in particular, management has decided to focus on completing additional surface work and drilling in the area of the historical shaft prior to committing the capital necessary to process the stockpile. Notwithstanding the foregoing, environmental permitting will continue as planned. For further information, please see the Corporation’s National Instrument 43-101-compliant Technical Report entitled “Technical Report on the Resource Estimate on the Sturgeon River Mine Waste Pile and Tailings, Ishkoday Property, Northern Ontario”, dated June 7, 2013, which is available on SEDAR, as well as the Corporation’s news release dated April 23, 2013.  

With the new insights and exploration tools now available to LAURION’s technical team, management looks forward to this year’s field program with great anticipation. Core reinterpretation and relogging began in mid-March and field work is scheduled for mid-May, subject to weather conditions

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