VANCOUVER, BRITISH COLUMBIA -- (Marketwire - March 29, 2012) -
Laurentian Goldfields Ltd. (TSX VENTURE:LGF) ("Laurentian" or the "Company") is pleased to provide an exploration update for the Van Horne gold property, located 8 kilometres southwest of Dryden, Ontario.
Flambeau Bulk-Tonnage Gold Discovery
In 2011 Laurentian conducted the Company's first drill program on the Van Horne property, focusing on the Flambeau bulk-tonnage gold target, the westernmost in a series of gold targets located along a 5 km long gold trend. Laurentian's 10 hole, 2,500 m drill program successfully confirmed the presence of broad and continuous zones of near-surface gold mineralization at the Flambeau Zone (see News Release dated September 29, 2011).
Gold mineralization at the Flambeau Zone occurs on the eastern edge of an altered quartz diorite intrusive, returning assays up to 0.73 g/t Au over 33.07 m and 1.34 g/t Au over 11.62 m (Drill hole VH11-006). The Flambeau Zone has been partially drill tested over strike and dip lengths of 600 m and 200 m, respectively, and remains open in all directions. Geological, geophysical and alteration studies indicate that the Flambeau Zone extends an additional 2 km southwest of the 2011 drill area, where it is associated with a large gold-in-soil geochemical and magnetic geophysical anomaly.
Emerging Bulk-Tonnage Exploration Target
Laurentian has developed a 3D geological model utilizing Leapfrog™ software for the Flambeau Zone, which incorporates the results of the Company's drill program, as well as those from 35 historic exploration holes in the Flambeau area that were completed in the 1980s. Modeling includes the development of gold grade shells from 0.1 g/t Au through to 1.0 g/t Au, and an analysis of gold analytical results within individual grade shells. These models reflect partial drill testing of 600 m of strike length and provide the basis for the exploration target described in Table 1 below. The exploration target is located within a footprint approximately 2.6 km long by 250 m in width and within 200 m of surface. This target will be the focus for continued step out and infill drilling in 2012.
Table 1 - Flambeau Bulk-Tonnage Gold Exploration Target (*)
Tonnage Range Gold Grad Contained Gold Range
Flambeau (millions) Range (millions)
Projected Exploration Target
(2.6km X 250m X 200m) 40 to 60 Mt 0.90 to 1.10 g/t 1.2 - 2.1 Moz
* The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
"We are very encouraged with the size potential of the bulk-tonnage Flambeau gold zone," states Darin Labrenz, P.Geo, President and CEO of Laurentian. "Drill results clearly indicate the presence of significant, widespread, intrusion-related gold stockwork mineralization over a 600 m strike length, and the fact that this zone appears to extend for an additional 2 km of strike length is testament to the exploration upside of the Van Horne Property. The Company is confident that additional drilling planned for 2012 will significantly increase the size and tenor of the Flambeau Zone, as well as confirm significant historic high-grade gold assays from a number of nearby high-grade gold occurrences."
Multiple Lode Gold Targets - Vanlas, Drake and Bonanza Zones
The premise that a significant bulk-tonnage gold deposit exists on the Van Horne property is a recent development and attributable to Laurentian's conceptual geological modeling. Prior to the Company's modeling, the Van Horne property was renowned for a multitude of shallow historic shafts, workings and trenches, over four principle gold bearing structures that occur along a 5 km long east-west trend.
The Vanlas target, located approximately 1 km to the east of the Flambeau Zone, was one of a number of high-grade gold occurrences that achieved limited production in the early 1900s, with two shallow exploration shafts developed on the target. Little exploration was conducted in the area until a brief resurgence in the 1980s, when a number of shallow drill holes were completed. Three mineralized zones were delineated, resulting in a historic (non-compliant to NI 43-101) resource of 55,000 tons grading 0.30 oz/ton Au(1). Highlights from this drilling include:
- 13.7 g/t Au over 6.71 m (D-87-13)
- 7.9 g/t Au over 3.75 m (D-87-12)
- 6.9 g/t Au over 4.45 m (D-87-17)
The Drake target, also situated on the 5 km gold trend, is located approximately 2 km east of the Vanlas target. Previous channel sampling at the Drake target returned assay results that include 36.1 g/t Au over 0.5 m, 19.8 g/t Au over 0.5m and 6.9 g/t Au over 0.6m, and grab samples up to 29.7 g/t Au.
In the Bonanza area, located over 1 km east of the Drake target, exploration activities conducted by Laurentian have returned grab samples grading up to 33.3 g/t Au. A shallow (<100 m) 13 hole drill program at the Bonanza mine in the early 1980's led to a historic (non-compliant to NI 43-101) resource of 4,834 tons grading 0.24 oz/ton Au(2). High-resolution aeromagnetic data acquired by Laurentian has identified a series of linear fault structures that are coincident with gold mineralization and geochemical anomalies throughout the 5 km gold trend.
(1) Historic resource prepared in February 1988 by Thomas Jollife for Power Explorations Inc., and reported in assessment file 52F10NW0002. The assessment is based upon a polygonal methodology on a long section, with a minimum width of 5 feet, and a block cut-off grade of 0.10 oz/ton. This assessment was considered inferred in the original report, but has not been verified, is not being treated as a current estimate, and should not be relied upon. Historic drill hole intercepts are not true widths, and are also reported in the same assessment file.
(2) Historic resource prepared in February 1981 by Ross Kidd for Van Horne Gold Exploration Inc., and reported in assessment file 52F10NW0024. The assessment is based upon a polygonal methodology on a long section, with no minimum width, and no cut-off grade. This historic resource was not classified in the original report, has not been verified, is not being treated as a current estimate, and should not be relied upon.
Proposed 2012 Exploration Program
The Van Horne Property is Laurentian's principle exploration focus in 2012 (To view the Van Horne Property Map visit http://www.laurentiangoldfields.com/i/maps/Targets_March_2012.jpg). Laurentian intends to complete an infill and step out drill program on the Flambeau Zone, with the principle objective of expanding the bulk-tonnage gold zone identified in 2011. Step out drilling will be primarily to the southwest, where the zone has been traced over an additional 2 km. In 2012, the Company also intends to conduct limited confirmatory and step-out drilling of historic (non-compliant to NI 43-101) mineral resources at the nearby, high-grade gold Vanlas and Bonanza zones.
Property Background
The Van Horne property is located 8 km southwest of Dryden, Ontario and is road accessible from Provincial Highway 502, which passes through the west end of the property and connects approximately 8 km to the north with Trans-Canada Highway 17. The property is situated in the emerging Western Wabigoon Subprovince, an area known to host several major gold deposits. Two past producing mines, the Bonanza Mine and Redeemer Mine, are located on the property.
Laurentian has the option to earn a 100% interest in the property, with approximately $45,000 in exploration expenditure requirements remaining to earn a 100% interest in 2,765 ha, and an option to earn a 100% interest in the mineral and surface rights on the remaining 112 ha.
The technical contents of this release have been reviewed and approved by Mr. Mark J. Pryor, Pr.Sci.Nat., Vice President Exploration for Laurentian Goldfields Ltd. and a Qualified Person pursuant to National Instrument 43-101.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled and proven exploration professionals focused on the acquisition, exploration and development of high quality gold properties in Canada. The Company advances its prospective projects through the use of its internal technical team, extensive network of exploration industry specialists and by engaging the financial support of major mining companies through exploration alliances and joint venture agreements. Laurentian is committed to increasing shareholder value by exploring and advancing properties that have the potential to host world class gold deposits.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darin Labrenz, P.Geo.
President and CEO
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to mineral potential and planned exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, realized mineralization of properties and the timing and success of future exploration, development and production activities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Laurentian Goldfields Ltd.
Darin Labrenz, P.Geo., President and CEO
604-646-8000
604-646-8088 (FAX)
info@laurentiangoldfields.com
Laurentian Goldfields Ltd.
Marla Lede, Manager, Corporate Communications
(604) 697-2412
(604) 646-8088 (FAX)
mlede@laurentiangoldfields.com
www.laurentiangoldfields.com
