Laurentian Identifies Kilometre-Scale Gold Anomalies at 100%-Owned Goldpines South, ONAugust 17, 2010
August 17, 2010 — Vancouver, BC – Laurentian Goldfields Ltd. (TSX-V: LGF) (“Laurentian”, or, the “Company”) is pleased to announce that two significant anomalies, defined by elevated levels of gold (Au), arsenic (As) and antimony (Sb) in lake sediment and soil samples, have been identified during Phase 1 of exploration at the Company’s 100% owned Goldpines South property, 34 kilometres (km) south of Red Lake, Ontario. AngloGold Ashanti Limited has an option to earn a 60% interest in the Goldpines South project by way of the terms of the Superior Alliance (see press release dated April 29, 2010).
During Phase 1 exploration, Laurentian completed a program consisting of Mobile Metal Ion(tm) (“MMI”) soil sampling and conventional lake sediment sampling at 500 metre (m) centers over the 34,731 hectare Goldpines South property.
Numerous areas of anomalous Au-As-Sb geochemistry were identified, the most significant being:
The Granite Zone
The Granite Zone anomaly is defined by elevated Au, Sb and As, occurring over a distance of 5 km, along the inferred contact between fine grained meta-sediments and a late granitic stock, intruding a major east-west trending fault zone. The clustering of anomalous Au to the east side of the granite stock suggests the potential for gold mineralization in low pressure zones at the margin of this intrusion.
The SLF Zone
The SLF Zone anomaly is defined by the combined results of MMI soil samples and lake sediment sampling that returned elevated levels of Au-As-Sb over a distance of 8 km, parallel and adjacent to the Sidney Lake Fault, a first-order, deep-crustal fault zone. Within the SLF Zone anomaly, assays of Au-in-lake sediments ranged from 60 to 200 ppb Au. The SLF Zone anomaly is underlain by schistose meta-sedimentary rocks of the English River Subprovince.
“When considered with the recent results from our adjoining Goldpines North Project (see press release dated August 11, 2010), the Goldpines area is demonstrating great discovery potential,” states Andrew Brown, president and chief executive officer of Laurentian. “We are seeing the strong correlation of anomalous geochemistry to regionally significant geological structures that is critical in locating large gold deposits.”
Field work will resume at Goldpines South by mid-August, with an aggressive follow-up program designed to upgrade these encouraging, early-stage results to drill-ready targets for Q1 2011. Follow up work will include tighter sampling, trenching and/or an induced polarization (“IP”) survey over certain target areas.
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