LaSalle Reports High-Grade Gold Discovery at Egan, Samples up to 26.9 g/t Gold, Increases Land Position
Vancouver, May 17, 2021 - LaSalle Exploration Corp. (TSXV: LSX) ("LaSalle" or the "Company") announces that progress on its targeting model developed for the Egan Gold Property ("Egan" or the "Property") has resulted in the discovery of high-grade gold in individual grab samples grading 26.9 g/t and 15.7 g/t gold (Figure 1). This discovery, called the E3 Zone, is located approximately 3 kilometres south of the E1 Zone which has also exhibited high-grade gold in grab samples. Egan is strategically located central to three actively producing gold mining camps of Timmins, Kirkland Lake and Matachewan, which collectively have produced greater than 115M oz gold.
Highlights
- E3 Zone prospecting discovery grab samples grading 26.9 and 15.7 g/t gold
- E3 Zone wide open along strike
- Egan land expanded via a purchase agreement and staking
- Mapping and prospecting crews on site
- LiDAR survey set to begin
Commented Ian Campbell, President and CEO of LaSalle, "We are really excited about the discovery of high-grade gold in a third location, called the E3. Zone. This discovery underscores the exploration potential of Egan given that the high-grade E1 Zone was only recently discovered by logging operations in 2017. E3 is particularly significant given the favourable geology and structure which is similar to several nearby producing mines. As a result, we have moved quickly to expand Egan via a purchase agreement and staking, greatly enhancing our ability to conduct the first systematic exploration program on the Property."
A re-interpretation of the available government airborne magnetic and regional gravity data was merged with the results from LaSalle's limited 2020 field program of prospecting and geological mapping. This work resulted in a geological model predicting a series of unexplored easterly trending structures along known mafic-ultramafic contacts. This targeting quickly led to the discovery of the E3 Zone on the southern portion of the Property.
The E3 Zone consists of an easterly trending shear zone of sulphidic schist with 10-20% pyrite and 5-15% narrow quartz veins hosted in chloritic mafic metavolcanics. The mineralized zone is wide open along strike. Two grab samples taken to date have returned values of 26.9 g/t and 15.7 g/t gold. Additional sampling, prospecting and mapping is underway to extend the zone and explore several other priority areas identified by targeting.
Target definition will be greatly enhanced with the completion of detailed airborne magnetic and LiDAR surveys later this month. This work is intended to identify areas of the Property that will be prioritized for a full exploration program, to include line cutting and geophysics, later this summer. The objective is to develop drill targets for testing later this year.
Property Expansion
LaSalle has expanded the Egan property through separate transactions involving both map-staking of 48 claims (1,029 hectares) and a purchase agreement for 37 claims (775 hectares) increasing the total land area to 6,856 hectares and 248 claims.
LaSalle completed a purchase agreement to obtain a 100% interest in a block of 40 claims covering 2,230 hectares (see Figure 1) in exchange for a cash payment of $10,000 and the issuance of 100,000 shares of the Company. A 2% Net Smelter Return ("NSR") royalty has been granted to the vendor, half of which may be repurchased for $1 million. The shares are subject to a 4-month hold period and the transaction is subject to TSX Venture Exchange acceptance.
About the Egan Property
LaSalle optioned the Egan property in August 2020 based on the 2017 discovery of the E1 Zone when logging activities exposed a northeast trending shear zone with a well developed stockwork of quartz veins hosted in syenite. Sampling by the vendors of seventy-eight grab samples returned gold assay values ranging from 0.1 to 105.0 g/t gold with 15% of the samples returning over 10 g/t, including 105.0 g/t, 67.2 g/t and 47.6 g/t gold. Assays of nine grab samples by LaSalle ranged from 0.09 g/t to 63.70 g/t gold, including individual select grab samples yielding 63.70 g/t, 22.70 g/t and 4.70 g/t gold, while two composite chip samples returned 7.67 g/t gold over 3.0 metres and 2.80 g/t gold over 4.0 metres.
The E2 Zone, exposed in trenches dating from the 1920's, is located 3 km southeast of the E1 Zone and consists of a series of easterly trending, laminated quartz veins hosted by mafic metavolcanics near the contact with the Bradley Lake Syenite. The vendors collected forty-three grab samples returning anomalous gold assay values ranging from 0.1 to 19.30 g/t gold; 7% of the samples returning over 10 g/t, including 19.3, 16.6 and 15.3 g/t gold. LaSalle has confirmed the easterly trending E2 shear zone and also outlined areas of northerly trending sigmoidal quartz-ankerite veins with anomalous gold values ranging from 0.1 to 4.51 g/t gold.
Cautionary statement: Grab samples described above are selective by nature and reported grades might not be representative of more extensive mineralized zones.
Qualified Person
The technical information in this news release was reviewed and approved by Alan Sexton, P.Geo., Vice-President, Exploration of LaSalle Exploration Corp., who is a non-independent qualified person for the technical disclosure as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
About LaSalle Exploration Corp
LaSalle is a Canadian exploration company focused on less explored districts of the Abitibi in Ontario and Quebec, recognized for mining investment based on mineral potential, policy and success., LaSalle is actively exploring Radisson in the developing Eeyou Itschee-James Bay region in Québec as well as the Blakelock and Egan high-grade gold properties located in northeastern Ontario. LaSalle trades on the TSX 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.
Figure 1
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