Laurentian Goldfields Ltd. Stakes Porphyry-related Gold Mineralization in the Abitibi Subprovince, Quebec.December 16, 2010
December 16, 2010 – Vancouver, BC – Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian”, or, the “Company”) today announced that it has staked approximately 4200 hectares of prospective ground, partly underlain by the Belcourt porphyry, which the Company believes may be geologically comparable to the setting of the Canadian Malartic deposit currently being developed by Osisko Mining Corporation, near Val d’Or. The new claims comprise four non-contiguous blocks, located approximately 45 km northeast of Val d’Or in Quebec and are collectively referred to as the Belcourt Project (“Belcourt”). The Belcourt Project is 100% owned by Laurentian Goldfields Ltd.
In October 2010, reconnaissance work by Laurentian Goldfields Ltd. discovered gold mineralization at Belcourt, with the best of 33 grab samples assaying 4.23 g/t gold. This gold mineralization occurs within a strongly deformed and altered volcanic rock sequence with 3-5% disseminated pyrite. The mineralized zone is adjacent to a deformed, felsic porphyry dyke containing abundant sericite and carbonate alteration, emplaced along a regional fault zone.
The historic Jolin gold deposit is located approximately 5 km northwest of the Belcourt mineralized zone. Jolin has an historic, non-NI 43-101 compliant resource of 180,000 t @ 6.6 g/t gold and appears to occur along the same regional structure as the Belcourt Project.
Andrew Brown, Laurentian Goldfields Ltd. President and CEO said, “The Belcourt Project is the culmination of a successful generative program focused on porphyry-related gold in the Abitibi. Laurentian Goldfields Ltd. has gained a strong position in the most gold-rich greenstone terrane in North America, having staked open ground with excellent gold mineralization and alteration in this highly competitive area. Laurentian will launch a detailed follow up program to define drill targets by Q4, 2011.”
All rock samples were sent to ALS Chemex in Val D’Or, Quebec for analysis of 48 elements by four acid digest, Inductively Coupled Mass Spectrometry (ME-MS61) with a Fire Assay Atomic Absorption finish for gold (Au-AA23).
The technical contents of this release have been reviewed by Mr. Patrick Lengyel, P.Geo., Vice President Exploration for Laurentian Goldfields Ltd., a Qualified Person pursuant to NI 43-101.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled exploration professionals focused on discovery and growth in under-explored regions of mining-friendly jurisdictions. Laurentian generates new projects by employing leading edge exploration concepts and techniques to quickly and cost-effectively screen vast tracts of land for geological and geochemical signatures known to be associated with world class gold deposits.
ON BEHALF OF THE BOARD OF DIRECTORS,
Andrew Brown, M.Sc., P.Geo.
President and CEO
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.
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.
For further information, please contact:
Andrew Brown, President and CEO
Tel: (604) 646-8000
Fax: (604) 646-8088