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By: AllPennyStocks.com
Over the course of this current recession, Ontario has seen its economic
fortunes slip with higher unemployment and now the introduction of a new and
unpopular harmonized sales tax. The good news is that, besides the current
economic problems, the northern portion of the province’s vast, still untapped
gold reserves could provide fuel for an economic resurgence.
So it was significant in mid-May when Toronto-based Laurion Mineral Exploration
Inc. (TSX-Venture:LME) announced more concrete steps toward commencing its 2010
exploration program, on the deceptively-named Quebec Sturgeon Property. The
area, which consists of 35 patented mineral claims is located in the historic
Geraldton-Beardmore Gold Camp area of Ontario.
LME commissioned consultant GeoVector Management Inc. to compile all the
historical exploration results with respect to Quebec Sturgeon Property,
including a 3D modeling of the No.3 ore shoot at Quebec Sturgeon, digital input
of known drill holes and compilation of channel sampling, soil sampling and
ground geophysics.
History suggests potential for up to 12,000 oz of gold in 132,000 tons of waste
rock. In addition, a drill program to define the down plunge extent of Quebec
Sturgeon Mine below the 1,750 ft (530 m) level. Historical reports
suggest a target deposit of a 400,000-ton resource at 0.15 oz/ton (5.14 g/t)
down to the 2,000 ft (610m) level.
LME is an exploration company with key interests in prospective mining
properties located in Ontario. The company’s primary exploration focus is the
identification of gold deposits; its exploration horizon also encompasses base
metals and PGEs. Through joint venture partnerships with significant players
with capital, the company’s business model allows this junior exploration
company to focus its resources on project identification and acquisition, thus
permitting LME to have many irons in the fire.
Among those irons: the Enid-Massey Property, located in Enid, Massey, Cote and
Fortune Townships, in the Porcupine Mining Division, about 40 kilometres west of
Timmins. LME holds a 100% interest in a total of 589 mining claim units (55
mining claims) covering 9,542 acres; as well, the nickel- and copper-rich Fox
Mountain Project, located 40 km west of Cameron Falls and straddles the
Townships of Little Sturge and Leckie Lakes, and consists of a 1730.5-hectare
(17.3-sq-km.) claim block.
The company’s stock price remains in the middle of a fairly narrow 52-week
trading range that peaked last October around a dime, having plumbed to a depth
of 1.5 cents late last June. The news of the company’s readiness to embark on
what looks to be a lucrative Quebec Sturgeon development program caused volume
to shoot through the three-million-share mark on May 13, trading around five
cents a share. With gold prices continuing their climb to new highs almost
daily, having yet another player in the gold space could prove exciting for
small-cap investors looking for a bargain, and with news that could vault it out
of its current stock price rut.
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