Laurentian Goldfields Ltd. Commences Drill Program at Van Horne PropertyJune 9, 2011
Vancouver, British Columbia — June 9, 2011 – Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian” or the “Company”) is pleased to announce that diamond drilling has commenced at the Van Horne property, located 8 km south of Dryden, Ontario. Drilling will be focused on the bulk-tonnage Flambeau gold target, where Laurentian plans to complete approximately 2,500 metres of diamond drilling.
The 2011 drilling program follows two years of comprehensive surface work that identified an alteration system with a strike length in excess of 5 kilometres, and the presence of multiple high grade quartz-carbonate vein arrays and bulk tonnage-style, lower grade vein stockwork mineralization. “We are very excited to commence drilling at our Van Horne property”, said Darin Labrenz, P.Geo., President and CEO of Laurentian. “We believe the large geochemical footprint and extensive gold mineralization observed at surface are the expression of a robust hydrothermal system. The presence of multiple high grade shear vein arrays and stockwork gold mineralization at the Flambeau presents an excellent bulk tonnage gold target.”
The drill program is designed to test the strike and dip extension of the Flambeau target, where recent stripping, rock and soil geochemical sampling have extended the known strike length of mineralization from 300 to 750 metres. Notable intersections from historic drilling in the area include both high grade (10.29 g/t Au over 1.52 metres from FL-09, and 51.5 g/t Au over 0.59 metres from FL-32), and wide, lower grade gold intervals (1.02 g/t Au over 41 metres from K-84-1, and 1.42 g/t Au over 70 metres from K-84-6). The mineralization occurs at the intersection of two dominant structures and is characterized by shear vein mineralization along multiple west trending faults and vein stockwork development along the quartz-rich phase of a diorite intrusion.
Van Horne Property
In 2008 Laurentian negotiated an option to acquire 100% interest in 7 adjoining properties in the Dryden gold camp (see press release July 9, 2008). Subsequent staking and acquisitions have increased the property, collectively referred to as the Van Horne property, to 2,907 hectares.
The Van Horne property contains one of the area’s largest concentrations of classic Archean vein-hosted gold mineralization. The mineralization is hosted by Neoarchean volcanic assemblages at the north end of the Wabigoon subprovince within second order faults related to the regional Wabigoon fault. The stratigraphy includes mafic to felsic volcanic flows and tuff, syn to late tectonic porphyry dykes, alkali intrusions, and an exceptionally high number of historic shafts, pits, trenches, quartz vein and sulphide occurrences. Laurentian is confident that these showings, combined with the historic non-43-101 compliant resources in the area, represent a large scale mineralization system largely masked by overburden that has, not previously been consolidated into one land position nor tested by modern exploration methods.
Laurentian is also pleased to announce that it has signed an option agreement to acquire a 100% interest in 6 contiguous claims immediately east and adjacent to its Belcourt property, 45 km northeast of Val D’Or Quebec. The staged agreement, subject to regulatory approval, gives Laurentian the option to earn a 100% interest in the property over three years with aggregate consideration payable by the Company to the property vendor of $175,000 and 175,000 shares and total exploration expenditures of $400,000. The agreement is subject to net smelter royalties (“NSR”) of 2% where 1% of the NSR can be repurchased from the vendor for $1,000,000. The strategic acquisition solidifies Laurentian’s position in the area.
The technical contents of this release have been reviewed and approved by Mr. Patrick Lengyel, P.Geo., Vice President Exploration for Laurentian Goldfields Ltd., a Qualified Person pursuant to National Instrument 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. Laurentian is committed to developing shareholder wealth through identifying, acquiring and advancing high quality exploration properties in Canada.
ON BEHALF OF THE BOARD OF DIRECTORS,
Darin labrenz, 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:
Darin Labrenz, President and CEO
Tel: (604) 646-8000
Fax: (604) 646-8088
Tel: (416) 722-4925