VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2012) -
Laurentian Goldfields Ltd. (TSX VENTURE:LGF) ("Laurentian" or the "Company") is pleased to announce it has satisfied expenditure requirements under the eight option agreements that comprise the Van Horne Gold Property (the "Property"), located 8 km southwest of Dryden, ON. Laurentian recently provided notification to the Property vendors that it has incurred $1.6 million in exploration expenditure requirements and has made all share and cash payments, successfully earning a 100% mineral rights interest in 2,512 ha. Laurentian has the option to earn a 100% interest in the surface and mineral rights on the remaining 365 ha, subject to certain buyout payments.
Laurentian recently completed a Property-wide campaign of detailed structural mapping and rock sampling to better understand the controls on mineralization and constrain the location and style of high-grade gold mineralization at surface. A total of 85 channel and grab samples were collected along the Property's 5 km Gold Trend (http://www.laurentiangoldfields.com/i/maps/Targets_March_2012.jpg), with a focus on the Lost-League, Bonanza, Widow, and Ideal trends. The exploration program returned numerous high-grade gold channel sample results from quartz-ankerite-sulphide bearing veins located within historic and recent trenches excavated along the gold trend.
Highlights of the 2012 channel sampling program include:
- 80.5 grams per tonne (g/t) gold over 0.30 metres (m), 24.8 g/t gold over 0.15 m and 21.3 g/t gold over 0.20 m at the Lost-League zone;
- 7.93 g/t gold over 0.20 metres (m) from the Bonanza zone;
In addition to the above, structural mapping has been completed over the bulk-tonnage Flambeau gold target at the western extent of the Gold Trend, further refining the structural model in advance of the proposed 2012 exploration drill program.
Laurentian intends to initiate an infill and step out drill program on the Flambeau Zone, with the principal objective of expanding the bulk-tonnage gold zone identified in 2011 (please see news release dated March 29, 2012). Step out drilling will be primarily to the southwest, where the zone has been traced over an additional 2 km. The Company also intends to conduct confirmatory and step out drilling of high-grade gold mineralization defined in recent comprehensive surface work programs.
The 2,877 ha Van Horne Gold 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. Five priority drill ready targets have been identified on the Property along a 5 km long, east-west, Gold Trend including the bulk-tonnage Flambeau target and the high-grade Vanlas, Drake/Good Luck and Bonanza/Redeemer targets.
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 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 through the identification and acquisition of new exploration opportunities and the advancement and growth of its current portfolio of projects.
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.