2022 Ishkoday Exploration Program Outline

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 in the A-Zone, McLeod and CRK Zones, covering the northeastern part of the Ishkoday mineralized trend (over an area of 2.5 km by 1.5 km), along strike with the Sturgeon River historic gold mine. The historical mine is located 1 km to the southwest of the mapping area and produced 73,438 oz. Au, 15,992 oz. Ag at an average grade of 17 g/t Au from 1936 to 1942. The mapping program was designed to help unravel the structural complexity of the area, identify key alteration profiles and increase the current mineral exploration potential of the Ishkoday Au-Zn-Cu-Ag veins. 

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; and assisting with the critical structural and alteration mapping, which is crucial to enhancing the 3D model and future drill targeting. These key exploration activities are key to the confirmation of the continuity and expansion of the mineralized strike length. 

Downhole Televiewer Program

On September 26, 2022, DGI Geoscience Inc. (DGI) of Toronto, was retained to complete the surveying of twenty-four (24) NQ diamond drill holes and the televiewer survey of seven (7) NQ diamond drill holes with an Optical Viewer and for and physical rock property (PRP) probes: Density, Chargeability/Resistivity, Magnetic Susceptibility, and Inductive Conductivity.

The survey and downhole televiewer program were completed by October 15, 2022. The technical data once received will be provided to Terrane Geoscience for data processing.

Downhole Televiewer survey data enables the Company’s technical team to characterize any conditions of subsurface in considerable detail. Structural data collection from the drill core relies on the ability to be accurately oriented with respect to the drill holes required to for accurate drilling targeting on the Ishkoday and to create superior 3D interpretations and accurate geological models, which contributes significantly to increased efficiency and quality in our exploration programs.

Exploration Outlook

The Company is focused on validating the existence of near surface bulk mineralization in gold-silver and gold-zinc rich polymetallic component which extends over a 6 km strike within a 1 km corridor. Within this corridor, three major gold-mineralized trends, Sturgeon River Mine, M25/Marge and Loki Trend (A-Zone, CRK and McLeod Zone), which extends along strike for 2+km, 1.8+km and 3+km, respectively were identified.

The 2022 drilling 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 mineralized trend remains open at depth and on strike.  

In the Corporation’s view, significant advances in exploration of the Ishkoday property were achieved during 2022, leading to a much better understanding of the genetic processes involved in the combined gold-base metals mineralization seen within a large corridor across the property, which exceeds 1 kilometre in width in places and is estimated to be at least 6 kilometres long.  The metal endowment within this significant volume of rock is rich; vectoring in to where it is concentrated in an exploitable volume of rock remains the ongoing focus of exploration.  

Insights and understanding obtained during the 2022 field season will now drive this effort.  The anastomosed swarm of gold and/or base metal mineralized structures that comprise the Ishkoday complex shows great diversity of mineral and alteration assemblages hosted within a similarly diverse set of overlapping structures. However, the 2022 exploration program enabled Laurion to highlight two distinct mineralizing events separated in time and distinct in metal association. 

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