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Laurion Enters Into Option Agreement to Acquire the Brenbar Project

TORONTO, Dec. 30, 2019 /CNW/ -A Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the "Corporation")A is pleased to announce that it has entered into an option agreement (the "Agreement") with Jubilee Gold Exploration Ltd. ("Jubilee"), pursuant to which the Corporation has received an option (the "Option") to acquire up to a 100% undivided working interest in certain mining leases located in the Irwin Township of Thunder Bay, Ontario (the "Brenbar Project"), subject to the terms described below. Brenbar ProjectA The Brenbar ProjectA is contiguous with, and is situated to the west of, the Corporation's flagship Ishkoday Project ("Ishkoday") located 28 km NE of the town of Beardmore. The Brenbar ProjectA encompasses 255 hectares or 2.55 km2 and is host to the Brenbar Mine. Road access is favorable through Ishkoday via the gravel highway #801. The historical and geological information of the Brenbar Project was taken from Kodiak Exploration Limited (2009) ("Kodiak") and Prodigy Gold Incorporated (2011) ("Prodigy"). Mining at the Brenbar Project took place sporadically between 1941 and 1949 with 135 tonnes taken averaging approximately 20 g/t gold. Underground development was confined to a 64 m deep shaft, and drifts at the 31 m and 61 m levels. Numerous quartz veins up to 1 m wide were exposed. These quartz veins contain pyrite, galena, sphalerite, chalcopyrite and native gold. Extensive stripping and channel sampling programs were undertaken between 2008 and 2010 by Kodiak. Kodiak also completed a 12-hole diamond drilling program totalling 1,850m (DDH BB09-1 to 12); in addition to completing an airborne VTM survey and a reconnaissance geological mapping/sampling program of known gold showings. A total of 521 grab samples were collected with 120 samples (23%) assaying in excess of 0.50 g/t gold. Twelve samples returned greater than 15.0 g/t gold. These samples in predominantly quartz veins and stringers ranged from 16.20 g/t gold (sample G28407) to 112.00 g/t gold (sample G29750). Several new gold showings were uncovered consisting of highly-deformed quartz-carbonate veins (with one locally >5m wide) within intensely foliated iron carbonate, sericite and pyrite alteration envelopes.
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