Vancouver, British Columbia -- March 29, 2012 - Laurentian Goldfields Ltd. (TSX-V: 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(tm) 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.
|Flambeau||Tonnage Range (millions)||Gold Grade Range||Contained Gold Range (millions)|
(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