Lounor starts drill program on the Matagami Gold Property
Listing (TSXV = LO Frankfurt = LE2A)
ROUYN-NORANDA, QC, March 4, 2013 /CNW Telbec/ - LOUNOR EXPLORATION INC. is pleased to announce the start of a drill program on the Matagami Gold Property. The property is located in the Matagami mining camp and is comprised of 106 mining claims located in the Isle-Dieu Township, Province of Quebec, covering a total area of 1,632 hectares. The Matagami mining camp has a long history of producing base and precious metals with at least 15 mines to date (former and current producers).
The Matagami Gold Property is hosted by a gold bearing quartz-carbonate vein system. A VSM-type polymetallic occurrence is also present on the northern part of the property.
Polymetallic VMS Targets
Lounor's consultant geologist has discovered the existence and the location of five (5) historic shallow holes (less than 80 meters) that have returned Cu, Au, Ag, Zn values over width ranging from 5 meters to 9 meters. The values of these historic holes drilled in the 1960 ranged from 1.5% copper to 3.5% copper; gold values ranged from 1g/t to 3 g/t; silver values ranges from 1 g/t to 5 g/t and zinc values ranged from 1.5 % to 3%. Due to the significance of these results in relation to the current price of commodities, Lounor has decided to complete a follow-up exploration program.
Lounor completed a gravity survey, a ground electromagnetic survey (infiniTEM). Strong conductors were identified and coincide with gravity anomalies. The priority target will be drilled tested in the coming weeks.
Geological and geophysical compilation report was completed by MRB and Associates, a geological consulting firm of Val-d'Or, from April 2012 to September 2012. A prospection and trenching campaign was completed at the same time. Large areas of veins and veinlets were discovered. More detailed compilation assessment works are underway and are covering the area where is located the historical mineral inventory (Marcelle, Edith and Rolande historical veins). The compilation is realized on an area located 1.5 km south of the polymetallic targets. Lounor is planning to drill the low grade gold targets in the summer of 2013.
Christian Dupont, p. Eng., is responsible of the information contained in this press release.
About Lounor Exploration
Lounor Exploration Inc. is a Canadian-based natural resources company with mineral holdings in Ontario and Quebec and is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold, 450,000,000 tonnes of base metal ore over the last 100 years. The Company is headquartered in Quebec.
LOUNOR EXPLORATION INC. is a publicly traded company on the TSX-Venture (TSXV-LO) and on the Frankfurt Exchange (LE2A).
This press release was prepared by Lounor Exploration Inc. 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.
This document may contain forward-looking statements relating to Lounor's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Lounor's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Lounor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
SOURCE LOUNOR EXPLORATION INC.