LaSalle Closes Flow-Through Private Placement and Provides Exploration Update
Vancouver, May 5, 2020 - LaSalle Exploration Corp. (TSXV: LSX) ("LaSalle" or the "Company") has closed the flow through private placement arranged on April 27 (the "Offering"). A total of 2,272,700 flow-through common shares have been issued at a price of $0.11 per share for gross proceeds of $249,997. The Flow-Through Shares issued in the Offering will be subject to a four-month resale hold period in Canada ending August 29, 2020.
Proceeds from the Offering will be used by the Company for exploration expenditures at the Radisson Property ("Radisson") in Quebec that will qualify as "Canadian exploration expenditures" and "flow-through mining expenditures" within the meaning of the Income Tax Act (Canada) and as the funds will be expended in Quebec, they will qualify for additional deductions under the Taxation Act (Quebec). Laurentian Bank Securities Inc. acted as Advisor on the Offering.
Exploration Update
LaSalle also provides an update on its exploration activities in the context of the COVID-19 climate. In mid-March, field activities were suspended for health and safety reasons for its employees, contractors and the general public and as directed by Provincial authorities. Commented Ian Campbell, President and CEO of LaSalle, "We look forward to resuming our planned field activities as soon as appropriate and generating exploration results to rapidly advance both our Radisson and Blakelock properties."
Radisson Property
Prior to the suspension of activities, LaSalle largely completed its Induced Polarization "IP" geophysical survey on Radisson as detailed in a News Release dated February 4, 2020. The survey was designed to further delineate and categorize zones of sulphide disseminations potentially associated with gold and copper mineralization discovered to date by LaSalle.
Final interpretation of the Orevision IP survey performed by Abitibi Geophysics, is well underway and is expected to be completed in the coming weeks. Technical data gained from the IP survey will also enhance the understanding of Radisson geology prior to the planned summer field program consisting of property wide geological mapping, prospecting and geochemical sampling on areas not yet explored and in preparation for diamond drill testing.
Radisson is 100% owned and located in the Eeyou-Itschee-James Bay Territory of Quebec and is easily accessible via the main north-south James Bay paved road 1.5 kilometres to the west. It covers a portion of the highly prospective regional contact between the La Grande and Opinaca geological Subprovinces, a structural setting highly favourable for gold mineralization, and which also hosts the Eleonore Mine (Newmont) and the Cheechoo deposit (Sirios Resources) to the southeast and the La Pointe deposit (Quebec Precious Metals) to the northeast.
Blakelock Property
Activities were also suspended on the Blakelock Property ("Blakelock") in mid-March. Prior to the suspension, line-cutting was completed in preparation of an IP survey which was set to begin at the time field activities were suspended.
Blakelock is located in northeastern Ontario, 140 kilometres northeast of Timmins geologically within the Abitibi Greenstone Belt, one of the world's most prolific gold producing regions. Blakelock 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 is a deformation corridor of regional extent spatially associated with several gold prospects and deposits, and similar to the Larder Lake-Cadillac Break along which the Kirkland Lake and Val d'Or gold mining camps are located. The CBB traverses the central portion of Blakelock with described rock sequences similar to those hosting the Casa Berardi mine.
Exploration programs preceding LaSalle included regional reconnaissance, reverse circulation drill which outlined several gold anomalies in the basal till. Subsequent diamond drilling on some of these gold anomalies by Esso Minerals and Lake Shore Gold Corp. demonstrated the presence of multiple anomalous gold zones with some significant high-grade gold mineralized intercepts. These gold zones occur on the north flank of the CBB, while the central and southern flanks along with several gold in till anomalies remain virtually untested.
Cautionary statement: Mineralization occurring at the mines, deposits and occurrences listed in this press release are not necessarily representative of mineralization that may be found on the Radisson or Blakelock properties 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.
About LaSalle Exploration Corp.:
LaSalle Exploration Corp..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 Exploration Corp. is listed on the Toronto Venture Exchange ("TSX-V") under the symbol "LSX".
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 and the Radisson properties.
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
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been, and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available).
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/55346