Vancouver, British Columbia--(Newsfile Corp. - March 10, 2020) - LaSalle Exploration Corp. (TSXV: LSX) ("LaSalle" or the "Company") is pleased to announce that field exploration is set to begin in March on the Company's Blakelock Gold Property ("Blakelock" or the "Property") located in northeastern Ontario, 140 kilometres northeast of Timmins and 130 kilometres north of Kirkland Lake. The 2020 exploration program is fully funded from the Company's oversubscribed Initial Public Offering ("IPO") that raised $1.94M. LaSalle began trading on the TSX Venture Exchange ("TSX-V") under the symbol "LSX" on January 2, 2020.
The 3700-hectare Blakelock Property is located in the Abitibi Greenstone Belt, one of the world's most prolific gold producing regions. The Property is well positioned covering 15 kilometres of the Casa Berardi Break ("CBB"), 55 kilometres west of the multi-million ounce, high grade Casa Berardi gold mine operated by Hecla Mining Company. The CBB, interpreted from airborne magnetics, and rock sequences similar to those hosting the Casa Berardi mine, traverses the central portion of the Property. LaSalle acquired the Blakelock Property from Pan American Silver subject to a $400,000 exploration expenditure by LaSalle and a retained 2% net smelter returns royalty ("NSR") with a buydown to 1%.
Gold was originally discovered in the area in the 1960's when several companies carried out regional reconnaissance reverse circulation drill programs to sample basal till. These programs outlined several gold anomalies in the basal till on the Property with results up to 6 g/t gold in the heavy mineral fraction. Subsequent diamond drilling by Esso Minerals followed by Lake Shore Gold Corp. ("Lake Shore") demonstrated the presence of multiple anomalous gold zones with some significant high-grade mineralization returning up to: 10.9 g/t gold over 10.25 metres including 210 g/t gold over 0.4 metres; 6.16 g/t gold over 4.55 metres; and 11.53 g/t gold over 6.0 metres including 81.9 g/t gold over 0.7 metres. All of these discoveries occur on the north flank of the CBB deformation corridor, with the south flank being virtually untested.
LaSalle recently completed a comprehensive compilation of technical data including examination of available historical drill intersections by previous operators. This work has demonstrated that gold mineralization described and observed in drill core is generally associated with disseminated pyrite and silicification in a sequence of host rocks typical of mesothermal gold deposits in the region, including Casa Berardi, the Detour gold mine operated by Kirkland Lake Gold, and the Fenelon gold deposit owned by Wallbridge Mining, all located within a 100 kilometre radius of the Property.
The current program will include approximately 40-line kilometres of deep penetrating Induced Polarization ("IP") surveying on several areas deemed as high potential for the extension of known gold zones, up-ice of basal till gold anomalies not yet tested, and over unexplored areas of the Property. Following completion of this phase of work expected by mid-April, LaSalle will be in a position to conduct an initial round of drill testing. A summer program consisting of geological mapping, prospecting and geochemical sampling is also planned.
"The current geophysical program is designed to quickly move us to drill ready status providing the company with an expanded list of discovery opportunities," commented Ian Campbell, President and CEO of LaSalle. This work is fully funded from the company's IPO financing in December 2019.
Cautionary statement: Mineralization occurring at the mines, deposits and occurrences surrounding the Property listed above is not necessarily representative of mineralization that may be found on the Blakelock Property described herein. LaSalle has not been able to independently verify the high-grade mineralization reported by Esso Minerals and Lake Shore due to unavailability of historic mineralized sections of drill core.
Qualified Person and Quality Control
The technical information in this news release was reviewed and approved by Brigitte Dejou, PEng, Vice President Exploration, LaSalle Exploration Corp. Ms. Dejou is the non-independent qualified person for the technical disclosure as defined by National Instrument 43-101 and described herein this news release and has supervised the compilation work to date on the Blakelock property.
About LaSalle Exploration Corp.:
LaSalle is an exploration company focused on less explored districts of the Abitibi Greenstone Belt in Ontario and Quebec, recognized for mining investment based on mineral potential, policy and success, and the emerging Eeyou Itschee-James Bay region in Québec. 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
LASALLE EXPLORATION CORP.
"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.
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