LaSalle Options the Egan High Grade Gold Property
Vancouver, August 6, 2020 - LaSalle Exploration Corp. (TSXV: LSX) ("LaSalle" or the "Company") is pleased to report that it has entered into a definitive option agreement (the "Agreement") with four individuals (the "Vendors") to acquire a 100% interest in the Egan Gold Property ("Egan" or the "Property"). The Egan property covers an area of 4,720 hectares, strategically located nearby three actively producing gold mining camps: Timmins (70M oz); Kirkland Lake (42M oz); and Alamos' Young Davidson Gold Mine near Matachewan (3M oz). These camps are some of the world's richest gold mining camps with total production to date of greater than 115M oz and are all located in the Abitibi Greenstone Belt of northeastern Ontario.
High grade gold mineralization on the Egan Property was first discovered by the Vendors in 2017 when logging activities exposed a stockwork of quartz veins within a northeast-southwest striking 2 to 4-metre wide shear zone with well developed potassic and hematite alteration. This discovery, the E1 Zone, returned grab sample results ranging from 0.1 to 105.0 g/t gold on 78 samples with several over 10 g/t including 105.0 g/t, 47.6 g/t and 67.2 g/t gold. Surface stripping by the Vendors earlier this year expanded the exposure to a strike length of over 50 metres, and widths varying between 5 and 8 metres. The E1 discovery zone is open to the northeast and appears to terminate to the southwest against a north-south fault of undetermined movement.
Due diligence sampling by LaSalle confirmed the presence of high-grade gold mineralization at the E1 Zone with all 9 grab samples collected in the shear zone returning anomalous gold values ranging from 0.09 g/t to 63.70 g/t gold, including individual select grab samples yielding 63.70 g/t, 4.70 g/t and 22.70 g/t gold. In addition, two separate composite chip samples were collected in areas of the shear zone not previously sampled. These composites returned 7.67 g/t over 3.0 metres and 2.80 g/t over 4.0 metres and are considered representative of the zones that have been sampled. The shear zone hosted gold mineralization occurs within narrow quartz veinlets and stockworks crosscutting the zone and also within highly altered (hematite and potassium) syenite with no visible veining.
The E1 Zone is hosted within the Bradley Lake Syenite, part of a multi-phase intrusive body which has intruded a regionally east-west trending sequence of mafic metavolcanics rocks. Syenite intrusions show a close spatial relationship with several deposits in the region including Alamos' Young Davidson Mine (3M oz), the past producing Ross Mine (1M oz) and Kirkland Lake Gold's Macassa (5M oz) and Holt-McDermott (3M oz) Mines.
A second gold zone, E2 Zone, exposed in trenches dating from the 1920's, is located 3 km southeast of E1 Zone and is hosted by a series of quartz veins intruding andesites of the Blake River Group near the contact of the Bradley Lake Syenite. Five grab samples taken by LaSalle all yielded anomalous gold values ranging from 0.11 to 4.51 g/t gold.
"The Egan Property presents an exciting new opportunity for us, based on the high-grade nature of the E1 and E2 gold discoveries. Gold mineralization at Egan is hosted by favorable regional geology that suggests additional high potential target areas elsewhere on the Property that have no recorded history of exploration will be discovered. Our exploration will focus on defining priority drill targets for testing as soon as appropriate permits are in place," commented Ian Campbell, President and CEO of LaSalle.
LaSalle can earn a 100% interest in the Egan property by making $350,000 in cash payments including $20,000 on signing, $20,000 within six months, and $60,000, $80,000 and $150,000 on each anniversary. LaSalle must incur $400,000 in exploration expenditures including $150,000 in the first year and an additional $250,000 by the third anniversary. The Vendors also receive 200,000 shares on signing, 200,000 shares on the first and second anniversary, and 300,000 shares on the third anniversary. The vendors retain a 2% net smelter returns Royalty of which LaSalle retains the option to buy back one-half (1%) of the Royalty at any time for $1.5M (CDN) and a right of first refusal over the remaining 1% Royalty.
LaSalle due diligence samples were delivered directly to ALS-Chemex of Val d'Or, a certified and accredited laboratory service provider, for analysis. Gold was determined by fire assay / atomic absorption method, with any samples returning gold values higher than 1 g/t additionally analyzed by the gravimetric method. Thirty-five (35) other elements were analyzed by ICP after being digested in a nitric aqua regia solution. No standards or blanks were inserted by LaSalle. The standard, blank and duplicate samples used by ALS-Chemex were considered sufficient QAQC for LaSalle's sample analysis, with the objective being to verify the gold values stated by the Vendor. It should be noted that, due to the selective nature of the LaSalle due diligence sampling program, assay results from grab samples may not be indicative of the overall grade and extent of mineralization in the areas sampled.
Qualified Person
The technical information in this news release was reviewed and approved by Ian Campbell, P.Geo., President and CEO of LaSalle Exploration Corp. who is a non-independent qualified person for the technical disclosure as defined by the National Instrument 43-101. He visited the Egan Property in July 2020 and collected several samples over the main mineralized areas E1 and E2.
About LaSalle Exploration Corp
LaSalle is an exploration company focused on less explored districts of the Abitibi, recognized for mining investment based on mineral potential, policy and success, and the developing Eeyou Itschee-James Bay region in Québec. LaSalle trades on the Toronto Venture Exchange ("TSX-V") under the symbol "LSX". Additional information about LaSalle can be found on SEDAR at www.sedar.com and on the Company's website at www.lasallecorp.com.
On behalf of the Board of Directors
"Ian Campbell"
President and Chief Executive Officer
Telephone: (604) 647-3966
Cautionary Note Regarding Forward-Looking Statements and Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61134
