Laurentian Goldfields Ltd. Identifies Gold Anomalies at Goldpines North, ONAugust 11, 2010
August 11, 2010 — Vancouver, BC – Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian”) is pleased to announce that it has completed Phase 1 of exploration on the Goldpines North property. “Phase 1 results demonstrate that Goldpines North is highly prospective for the presence of sediment-hosted gold mineralization” states Andrew Brown, President and CEO of Laurentian Goldfields Ltd. The 21, 976 hectare Goldpines North property is located 34 kilometres (km) south of Red Lake, ON and is subject to a 50/50 joint venture with Kinross Gold Corporation (see press release dated March 31, 2010).
Pakwash Lake Gold Anomaly
183 lake sediment samples were collected at 500 metre (m) centers on Pakwash Lake. Of these samples, 25 assayed in the range of 109 to 206 parts per billion (ppb) gold (Au) and 41 in the range of 66 to 109 ppb Au. This cluster of gold-bearing lake sediments also contains elevated levels of antimony (Sb) and arsenic (As), distinctive pathfinder elements in many large gold-bearing systems.
The 4 km by 2 km Pakwash Lake anomaly (Au > 109 ppb) overlies the intersection point of two prominent fault structures, one of which marks the contact between fine grained meta-sedimentary rocks and a large diorite intrusion. The characteristics and setting of the Pakwash Lake anomaly support Laurentian’s exploration model, which is targeting a large, sediment-hosted gold deposit, similar to the Roberto Zone at Goldcorp’s Éléonore project, in the James Bay region of Quebec.
A total of 571 soil samples were collected on 500 m centers and 4 areas of elevated Au, Sb and As, based on Mobile Metal Ion(tm) response ratios (“RR”) were identified. The most significant soil anomaly is located approximately 10 km west of Pakwash Lake and is defined by a cluster of 18 samples (RR > 10), over an area roughly 5 km by 1.5 km in diameter. This soil anomaly straddles the contact between granitoids of the Uchi Subprovince and a fault bounded wedge of English River metasediments. Additional sampling on a tighter spacing will be conducted later this month.
Laurentian will resume work on Goldpines North by mid-August, with an aggressive follow-up program designed to upgrade these encouraging target areas to drill-ready stage for Q1 2011. Follow up work will include tighter sampling, trenching and/or an induced polarization (“IP”) survey over certain target areas later this year.
Laurentian’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Patrick Lengyel, P.Geo., Laurentian’s Vice-President, Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101. Lake sediment samples were shipped to Activation Laboratories of Ancaster, ON for Aqua Regia, ICP-MS (ultratrace 1) analyses. Soil samples were sent to SGS Laboratories of Toronto, ON for ICP-MS analyses using the MMI(tm) process (MMI-M). The Goldpines North property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled exploration professionals focused on discovery 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:
Vanessa Pickering, Manager, Corporate Communications
Tel: (604) 646-8000
Fax: (604) 642-8088