Laurion scores high-grade gold at Ishkoday in Ontario

Laurion Mineral Exploration (TSXV: LME; US-OTC: LMEFF) says its fall drilling program has returned bonanza grades from the Ishkoday project that sits near a historic mine dating from before World War Two.

The results were from 3,636 metres across nine diamond drill holes that targeted the northeast extension of the Sturgeon River Mine structure, whose mineralization occurs across three main quartz veins. Located about 220 km northeast of Thunder Bay, the 57.4-sq.-km Ishkoday property is near the Sturgeon River site that was a producing mine between 1936 and 1942.

Highlighted results include 3.5 metres grading 29.5 grams gold per tonne from 172.5 metres depth, including 0.5 metres at 186 grams gold from 172.5 metres downhole, and 1.6 metres grading 3.11 grams gold from 243.1 metres in hole LME23-032.

In hole LME23-033, results returned 2.5 metres grading 1.23 grams gold from 210 metres downhole and 0.6 metres at 4.35 grams gold from 210 metres.

Hole LME23-034 returned 2 metres at 12.89 grams gold from 175.7 metres, and 1.4 metres grading 17.63 grams gold and 0.65 metres of 18.25 grams gold from 176.3 metres downhole. 

The drilling extends mineralization of the Sturgeon River structure by 600 metres, Laurion said, and the results show the system extends on strike length and remains open at depth and along strike.

Confirming extensions of the structure will help with the 2-D and 3-D geological mineralization model, potentially offering a technical base for further diamond drilling.

Over its mine life, Sturgeon River produced 73,439 oz. of gold and 15,922 oz. of silver from 145,123 tonnes of ore grading 17 grams gold per tonne. In 2020, Laurion acquired the nearby Brenbar property hosting the historic namesake mine which is believed to be on strike of the Sturgeon River mineralization. 

Laurion shares were up 3% to 50¢ apiece on Friday at mid-day in Toronto, valuing the company at $134.3 million. Its shares traded in a 52-week range of 32¢ and 76¢.