2020 FIELD EXPLORATION PROGRAM

2020 DIAMOND DRILLING PROGRAM

LAURION commenced its first drill program of 4,500 metres focussed on priority targeting of the A-Zone of the Loki Trend, which extends over a 3,000 m by 800 m corridor (“the Loki Trend Corridor”). The A-Zone is currently defined along a 1+ km corridor. Historic (1980s and 1990s) and more recent LAURION (2012 to 2014) drilling.

To date, ten holes totalling 2,476 m have been drilled (LBX20-001 to -010) and assays for hole LBX20-001, LBX20-002, LBX20-003 and LBX20-004 are reported here. Assay results from the remaining holes are pending.

These three drill holes, in conjunction with hole LBX20-001 (see May 19, 2020 news release) were designed to test an area of mineralization known through historic intercepts. However, these holes were drilled towards the northwest rather than to the southeast like the vast majority of historic holes in order to test the new structural model. Significant assay results are presented in Table 1 below. Highlights are:

The location of these drill holes, including hole LBX20-001 (see May 19, 2020 news release), as well as the associated mineralized intercepts (projected vertically to surface) is shown in Figure 1. A 3D model showing these intersects relative to compiled historical drilling is shown in Figure 2. The hole position and survey information are presented in Table 2.

Previous work in the Project identified two distinct styles of mineralization: an early, likely syn-volcanic, zinc-dominant hydrothermal system, termed the Ishkoday-style mineralization; and a later, gold-dominant event that is linked primarily to later tectonic gold-silver bearing quartz veins, termed the Sturgeon River-style mineralization. Magnetite is associated with the higher-grade zinc mineralized zones and mineralization compares favorably with shaded total magnetic intensity maps (Figure 3). These mineralized horizons dip steeply, meaning the true width of mineralization is interpreted to be 60% of the intersected widths.

Table 1: Significant Assay Results, Holes LBX20-002 to -004

Hole ID From (m) To (m) Width (m) Gold (g/t) Silver (g/t) Copper (wt%) Zinc (wt%)
LBX20-002 124.66 135.00 10.34 3.22 0.72 0.02 0.14
Including 125.90 127.00 1.10 28.0 3.20 0.02 0.47
And 212.00 216.62 4.62 1.41 12.57 0.12 1.59
Including 213.78 216.62 2.84 2.12 12.29 0.16 1.31
LBX20-003 66.50 73.50 7.00 0.42 6.10 0.05 0.15
And 130.85 194.78 63.93 0.58 6.10 0.11 1.92
Including 130.85 147.66 16.81 0.12 2.43 0.05 1.10
Including 147.66 153.97 6.31 0.02 0.27 0.00 0.04
Including 153.97 165.00 11.03 0.35 4.34 0.06 0.87
Including 165.00 181.16 16.16 1.12 16.61 0.27 5.00
Including 181.16 194.78 13.62 0.97 2.28 0.07 1.01
LBX20-004 127.65 130.28 2.63 0.34 8.33 0.13 1.18
And 146 147.04 1.04 0.57 7.40 0.05 1.35
And 167.5 169 1.50 1.18 2.30 0.08 0.75
And 221.7 237.28 15.58 0.12 4.32 0.09 0.34

Note: The zinc-rich zones (Figure 1, 2) dip steeply and the true width of mineralization is estimated at >60% of the drill hole interval.

Table 2: Collar position, orientation, and depth of diamond drill holes. Coordinates are presented in UTM NAD83 Zone 16N.

Hole ID Easting (m) Northing (m) Elevation (m) Azimuth Dip Depth (m)
LBX20-002 446597 5512898 321 310 -50 228
LBX20-003 446532 5512884 321 310 -50 242
LBX20-004 446571 5512852 321 310 -50 282

The initial drilling is focussed on testing historic intercepts and the validity of a new structural model previously reported for the A Zone of the Loki Trend (see April 28, 2020 news release). Hole LBX20-001 intersected 24.4 m grading of 0.67 g/t Gold, 6.40 g/t Silver, 0.09 % Copper and 1.50 % Zinc from 116.96 m to 141.5 m, which was intersected at a vertical depth of 100 m below surface. Other mineralized veins also occur higher in the hole and closer to surface (Table 3). The true width of the mineralized zone is unknown. Hole LBX20-001 is collared at 446559 mE, 5512930 mN, 320 m elevation (coordinates in UTM NAD83 Zone 16N) and was drilled to a depth of 326 m with an azimuth of 310° and a dip of -50°.

Table 3: Significant Assay Results, Hole LBX20-001

Hole ID From (m) To (m) Width (m) Gold (g/t) Silver (g/t) Copper (wt%) Zinc (wt%)
LBX20-001 61.5 62.4 0.90 0.47 14.90 0.09 1.51
And 70 71 1.00 1.38 61.00 0.05 0.60
And 90.88 91.37 0.49 1.12 4.00 0.07 0.41
And 116.96 141.5 24.54 0.67 6.40 0.09 1.50
Including 116.96 119.9 2.94 2.09 10.38 0.12 2.88
Including 119.9 128.2 8.3 0.02 0.10 0.00 0.02
Including 128.2 141.5 13.3 0.76 9.44 0.14 2.12

This first hole was designed to test both the nearby historic intercepts and the validity of the updated structural interpretations. This first hole pierced a thin, moderately dipping shear zone at 109 m depth downhole and we intersected the main mineralized zone shortly thereafter. In this hole, we deliberately drilled perpendicular to the shear zone and to the majority of the historic holes and we were able to show that the area still has significant potential, despite ~26,000 m of historic drilling.

The zone consists of highly silicified and sulphide-bearing rocks and, although some quartz veins are present, the precious and base metal mineralization occurs throughout the zone. A relatively barren intrusive rock, 8.3 m thick, cuts the mineralization. This zone occurs immediately below a moderately-dipping shear zone that was described in the April 28, 2020 news release. Some of the historic drill holes, particularly 87-010 and 87-06B, intersected mineralization in the vicinity of this zone, although it is unclear whether the historic mineralization was intersected above or below the newly-recognized shear zone.

Table 4: Historic polymetallic assay results from selected compiled drill holes in the A-Zone of the Ishkoday Project

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LAURION’s 2019 exploration work confirmed 3 major gold-mineralized trends, Sturgeon River Mine, M25/Marge and Loki, which extends along strike for 2+km, 1.8+km and 3+km, respectively. The 2018 and 2019 channel and selected grab sampling campaigns returned a substantial number of significant gold and gold-silver-zinc assay results which not only validated historical sampling but also greatly expanded the target strike lengths. These results indicate that the gold-mineralizing event, or events are very widespread. The historic Sturgeon River Mine data further suggests that mineralization may be more extensive at depth.

LAURION is now in a position to pursue these 3 target areas with targeted drill programs and surface work in 2020 to expand our evaluation of these important trends.

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