Drilling Programme Analysis & Implications for Resource Potential — Ontario, Canada
Ishkōday is a district-scale gold system in one of Canada's most productive greenstone belts — with confirmed grades that rival the world's finest underground gold mines, a 6.0km mineralised corridor, and a decade of technical work that has barely scratched the surface of what this property contains.
The Sturgeon River Mine operated at 17.0 g/t Au — a grade that would rank among the top tier of producing gold mines globally today. It closed in 1942 because of wartime restrictions, not because the ore ran out. The shaft was still expanding in productive ground at 642m when operations ceased. In the eight decades since, the broader property has never been fully explored.
Since 2018, Laurion has systematically changed that. Over 98,000 metres (98,118m in 462 holes) of drilling across 20 zones has returned high-grade gold above 100 g/t repeatedly, peaking at 441 g/t — across four structurally distinct zones spanning the full 6km corridor. The M25 vein traces continuously at surface for 314 metres at an average of 17.62 g/t. The Sturgeon system extends to 1,600m strike and 738m depth — both well beyond what was known when the last independent technical report was written. Every zone properly drilled has returned high-grade results. Nine priority geophysical targets have never been drilled at all.
An independent Qualified Person (SGS Geological Services, 2023) has documented exploration potential of 22.5 to 45 million tonnes across the 20 drilled zones alone. ClearLakeBlue's analysis of that data produces a base-case estimate of approximately 1.39 million oz and an upside of approximately 2.35 million oz (advisory assessment only, derived from exploration potential ranges — not a NI 43-101 classified resource) — ClearLakeBlue notes that post-2023 drilling has produced results that go substantially beyond the SGS 2023 baseline data. The nine undrilled targets, the depth extensions beyond 600m, and the Twin Falls discovery area add further potential not captured in any current number.
The Mineral Resource Estimate is not a distant aspiration — it is a defined strategic objective. The MRE process will be initiated as the drilling programme advances and the requisite financing is secured. Laurion's Qualified Person will determine the appropriate timing for resource classification once sufficient drill density has been achieved. Laurion enters that process with over a decade of technical data, confirmed metallurgy, completed engineering studies, and a drilling record that speaks for itself. No specific date for MRE completion should be inferred from this document. The investor who engages today does so before the MRE formally quantifies what the technical record already shows.
Note: The only NI 43-101 certified resource is 9,152 recoverable oz from the surface stockpile and tailings (GeoVector, 2013) — the foundation for Stage 1 production. All drilling intercepts are QP-reviewed public SEDAR+ disclosures. SGS Table 25-1 figures are exploration potential. CLB assessments are advisory views only, not mineral resource estimates.
The Ishkōday property covers 57.43 km² in the Beardmore-Geraldton Greenstone Belt of Northwestern Ontario — a historic camp with over 4.1 million oz of past production at 6.5 g/t Au from 24 separate operations. The Ishkōday mineralised corridor spans 6.0km × 2.5km and hosts two structurally distinct mineral systems: an orogenic gold-silver system (Sturgeon River Mine, M-Series, Brenbar) and a VMS-style polymetallic system (A-Zone, McLeod, CRK).
The October 2023 SGS NI 43-101 Technical Report — authored by Maxime Dupéré B.Sc., P.Geo. of SGS Geological Services — established the formal independent baseline, confirming exploration potential of 22.5–45 million tonnes across 20 drilled zones. As Laurion's CEO has confirmed, the SGS report is a Mineral Property of Merit report: the correct NI 43-101 instrument at this stage of a systematically developing programme, presenting ranges that reflect the drill data available at the time. The 2026 MRE is the next step — already underway — that will convert this exploration potential into a classified resource. Critically, the SGS figures reflect data to mid-2023 only. Two further years of drilling have produced results that go substantially beyond Table 25-1, strengthening the case considerably.
All results below are from Laurion's SEDAR+ press releases, reviewed by a Qualified Person. ★ denotes particularly significant intercepts.
The mine produced 73,438 oz Au at 17.0 g/t (1936–1942), halted by wartime restrictions — not resource exhaustion. The 2023–2024 programme confirmed the system over 1,600m strike (previously 450m) and to 738m depth, intercepting all seven known veins. High-grade gold has been returned from surface to below the original shaft depth across the NE extension, SE extension, and directly beneath the historic workings.
| ★ | Drill Hole | Zone / Location | Key Intercept | Significance |
|---|---|---|---|---|
| ★ | LME14-031 | Sturgeon Mine — 47m | 1.8m @ 27.86 g/t Au, 13.14 g/t Ag | Historical confirmation — mine-grade at shallow depth |
| ★ | LME23-032 | Sturgeon NE Ext. +600m | 3.50m @ 29.45 g/t incl. 0.55m @ 186 g/t Au | NE extension confirmed 600m beyond previously known limit |
| LME23-034 | Sturgeon NE Extension | 2.00m @ 12.89 g/t incl. 0.65m @ 18.25 g/t | Grade continuity confirmed in NE extension | |
| ★ | LME23-036 | Sturgeon SE Ext. +320m | 1.20m @ 7.38 g/t incl. 0.50m @ 17.50 g/t | SE extension confirmed 320m beyond known limit |
| ★ | LME24-044 | Sturgeon / A-Zone | 8.40m @ 2.23 g/t incl. 1.0m @ 15.37 g/t at 86.9m | Broad mineralised zone intercepting structures from both Sturgeon and A-Zone systems — consistent with structural model showing convergence of the two systems at depth; strengthens the district-scale investment case |
| ★ | LME24-047 | Sturgeon at 505m depth | 1.30m @ 11.61 g/t incl. 0.50m @ 52.3 g/t | High grade confirmed at 500m+ — system strongly mineralised at depth |
| LME24-047 | Sturgeon 505m | 0.50m @ 25.90 g/t Au | Additional high-grade interval — same hole | |
| ★ | LME24-055 | Sturgeon Mine | 1.20m @ 17.47 g/t incl. 0.50m @ 37.70 g/t | Mine-grade returned directly below historic workings |
| ★ | LME25-060 | Sturgeon NW Shaft | 0.80m @ 9.16 g/t at 272m; 1.0m @ 3.16 g/t at 584m | High grade NW of shaft; confirmed beyond 580m |
| ★ | LME25-067 | Sturgeon / M-Series link | 1.30m @ 5.64 g/t Au (235.0-236.3m) incl. 0.70m @ 11.40 g/t Au at 235.6m | Confirms structural connection between Sturgeon and M-series — broader interval provides important width context |
| ★ | LME25-069 | Sturgeon Deep — 738m | 1.10m @ 4.14 g/t incl. 0.50m @ 7.30 g/t at 738–739m | Deepest confirmation — open below original shaft depth |
| LME25-069 | Sturgeon 450m | 0.50m @ 15.35 g/t Au at 450m | Additional high-grade mid-depth — same hole | |
| LME25-056 | Sturgeon E, 610m | 0.50m @ 3.07 g/t at 609.5m; 0.60m @ 3.03 g/t at 595m | Gold confirmed east of shaft beyond 600m |
Note: All drill intercepts are reported as downhole core lengths. True widths have not been established and may differ materially. ★ = Particularly significant intercept. Programme summary (Feb 2, 2024): 1,600m strike / all 7 veins intercepted / 600m depth confirmed. All results from SEDAR+ press releases, QP-reviewed.
The channel sampling conducted at Twin Falls and across the broader Ishkōday corridor represents technically rigorous surface data carrying formal standing under Canada's NI 43-101 framework. The 2014 CIM Definition Standards — the foundational classification framework referenced by NI 43-101 — expressly recognise sampling from outcrops, trenches, pits, workings and drill holes as legitimate data sources for Mineral Resource estimation. Channel samples are treated by Qualified Persons as a primary data type on a par with drill core wherever sampling methodology meets CIM Mineral Exploration Best Practice Guidelines (2018) and CIM Estimation Best Practice Guidelines (2019). All channel sampling at Ishkōday has been conducted by saw-cut perpendicular to mineralisation strike at approximately 5cm depth and 10cm width, with samples shipped to ALS Laboratories, Thunder Bay, under full QA/QC protocols including certified reference materials, blanks and field duplicates — meeting the requirements for inclusion in a NI 43-101 Technical Report.
From a geometric standpoint, a properly executed surface channel sample cut perpendicular across a subvertical vein system functions as the horizontal equivalent of a drill hole intersection: it establishes grade and width across the mineralised structure at a known spatial position. On exposed vein systems such as the M-Series and Twin Falls corridor — where outcrop or stripped bedrock provides direct access to the mineralised contact — channel samples provide grade and width data directly comparable in information content to shallow drill hole intercepts in the same vein. The M25 vein channel sample dataset — 314 metres of continuous QP-reviewed results averaging 17.62 g/t Au across a 36cm true width at surface — constitutes a spatially continuous grade-and-width dataset along more than 300 metres of strike that will contribute directly to the technical foundation of the forthcoming MRE.
ⓘ All channel sample results represent apparent widths unless otherwise stated. True widths may differ depending on the angle between sampling direction and true orientation of the mineralised structure. All results are from QP-reviewed SEDAR+ public disclosures. Channel sample results do not constitute a Mineral Resource Estimate under NI 43-101, and no inference of tonnage or resource quantity should be drawn from surface sampling data alone.
The M-series hosts multiple stacked quartz veins (M21, M23, M24, M25, Marge) exposed at surface, systematically channel sampled perpendicular to vein strike. The results are extraordinary: a 314m continuous section of the M25 vein traces at an average of 17.62 g/t Au — mine-equivalent grade at surface across a third of a kilometre. Channel samples returned 47–92 g/t over several metres. The Brenbar structure (entirely separate zone NE of M-series) returned 69.10 g/t in 2025.
| ★ | Sample / Hole | Zone | Key Result | Significance |
|---|---|---|---|---|
| ★ | Channel Line 5 | 3 Vein / Marge — surface | 12.98m composite @ 92.58 g/t Au (in-vein) | 92 g/t over 13m at surface — world-class surface grade |
| ★ | Channel 5-L26P | 3 Vein in-vein | 7.95m @ 47.61 g/t Au | Grade continuity confirmed along strike |
| ★ | Channel 5-L28P | 3 Vein in-vein | 4.18m @ 79.64 g/t Au | Third channel confirms consistent high grade |
| ★ | M25 Vein (continuous) | M25 — 314m strike | 314m continuous @ avg. 17.62 g/t Au; 36cm avg true width (visible gold throughout) — surface channel sample | Entire 314m vein at mine-equivalent grade — surface channel sample; 36cm average true width; depth continuity subject to drilling confirmation |
| ★ | M24 #866565 | M24 Quartz Vein | 0.22m @ 81.80 g/t Au (in-vein check) | Ultra-high grade — M24 confirmed as genuine high-grade vein |
| M24 #866583 | M24 Quartz Vein | 0.39m @ 35.00 g/t; 0.30m @ 26.40 g/t | Multiple high-grade samples along 285m of M24 | |
| ★ | LME25-059 West | M-Series West (new 2025) | 0.50m @ 16.00 g/t; 0.50m @ 9.79 g/t (stacked veins) | First modern drilling of M-series West — stacked high-grade confirmed |
| ★ | BB10-19 | Brenbar Vein | 0.30m @ 69.10 g/t Au; 1.0m @ 20.90 g/t Au | Separate structural zone — high grade NE of M-series |
Channel samples cut perpendicular to vein strike by saw, QP-reviewed, public SEDAR+ disclosures. Grab samples are selective and not representative of average grade.
The CRK zone hosts the property's highest confirmed drill grades. LME20-031 returned 441 g/t Au over 0.57m within a 70.65m interval averaging 3.90 g/t — an exceptional combination of ultra-high peak grade within a large broad zone. Three separate drill holes have each returned grades above 98 g/t in the CRK zone, demonstrating it is a consistent high-grade system, not a one-off nugget effect.
| ★ | Drill Hole | Zone | Key Intercept | Significance |
|---|---|---|---|---|
| ★ | LME20-031 | CRK Zone | 0.57m @ 441 g/t Au, 191 g/t Ag — within 70.65m @ 3.90 g/t | Property peak grade — world-class for any gold system |
| ★ | LME20-031 | CRK Zone | 5.40m @ 48.69 g/t Au, 35.98 g/t Ag, 1.14% Cu | Broad high-grade zone within same drill hole |
| ★ | LME20-031 | CRK Broad interval | 70.65m @ 3.90 g/t Au, 6.46 g/t Ag, 0.25% Cu (325–423m) | Large bulk-mineralised interval — core length; multiple vein structures interpreted within interval; grade continuity across full length not established |
| ★ | LME20-025 | CRK Zone — 198m | 1.0m @ 152 g/t Au, 31.80 g/t Ag at 198m depth | Second ultra-high grade — different drill hole, confirms system |
| ★ | LME20-026 | CRK Zone — 247m | 0.50m @ 98.5 g/t Au at 247.6m depth | Third separate ultra-high grade intercept in CRK zone |
| CRK Channel 2020 | CRK surface | 4.25m @ 5.98 g/t incl. 0.99m @ 24.4 g/t Au | Surface channel confirms CRK extends to surface |
Note: All drill intercepts are reported as downhole core lengths. True widths have not been established and may differ materially. All CRK drill results from SEDAR+ press releases, QP-reviewed by Pierre-Jean Lafleur P.Eng.
ⓘ All drill intercepts in this section are reported as downhole core lengths. True widths have not been established and may differ materially.The A-Zone is the property's largest tonnage system — 12.7–23.3 Mt combined across six sub-zones in SGS Table 25-1. It hosts gold, silver, copper and zinc. Critically, it also contains its own high-grade gold shoots (28 g/t, 22 g/t, 15 g/t), demonstrating a dual character: bulk-tonnage polymetallic base with high-grade structural shoots. The corridor is now defined over 6km strike, extended NE and SW by 2025–2026 drilling.
| ★ | Drill Hole | Zone | Key Intercept | Significance |
|---|---|---|---|---|
| ★ | LBX20-002 | A-Zone | 1.10m @ 28.00 g/t Au, 3.20 g/t Ag within 10.34m @ 3.22 g/t | High-grade shoot within broad zone — comparable to Sturgeon character |
| ★ | LBX20-010 | A-Zone | 0.70m @ 15.60 g/t Au, 73 g/t Ag, 14.5% Zn | Exceptional silver + zinc — high polymetallic value |
| LBX20-005 | A-Zone | 1.40m @ 5.93 g/t Au, 97 g/t Ag, 8.42% Zn | Exceptional silver and zinc — high polymetallic value | |
| ★ | LBX25-098 | A-Zone / McLeod — Jan 2026 | 1.50m @ 10.38 g/t Au, 15.73 g/t Ag, 0.70% Zn incl. 0.70m @ 22.10 g/t Au, 32.10 g/t Ag, 1.39% Zn (12.50–14.00m) | High-grade shoot confirmed Jan 27, 2026 — demonstrates repeating pattern in corridor |
| ★ | LBX25-095 | A-Zone / McLeod | 4.50m @ 2.00 g/t incl. 0.55m @ 12.15 g/t — 2026 | Structural continuity confirmed; corridor extending |
| LBX25-102 | A-Zone SW ext. | 2.04m @ 2.63 g/t Au incl. 1.00m @ 5.14 g/t Au — collar 230m SW of LBX25-101 | SW extension confirmed — corridor extending beyond SGS model limits (230m refers to collar separation, not confirmed new strike) |
A-Zone corridor now confirmed over 6.0km strike — extended both NE and SW beyond SGS (2023) model limits by 2025–2026 drilling.
Selective grab sampling at the Twin Falls area in August 2024 returned values including 73.20 g/t Au and 61.50 g/t Au from gold-dominant grab samples, and separate silver-enriched samples returning 132.0 g/t Ag (with 4.53 g/t Au) and 31.4 g/t Ag (with 13.10 g/t Au). These are separate samples — peak gold and silver values are not co-occurring. Grab samples are selective by nature and are not representative of average mineralisation across the zone. They confirm high-grade gold-silver mineralisation in an area not previously systematically explored, entirely outside SGS Table 25-1, and not captured in any current resource calculation. Twin Falls is a follow-up target for the 2026 programme.
A 2025 IP geophysical survey (21.8 line-km) identified nine anomaly targets within the same 6km mineralised corridor that has already yielded grades of up to 441 g/t. These targets are entirely outside any current resource calculation. If mineralisation is confirmed by future drilling, their contribution to any future MRE would be in addition to the estimates derived from the 20 currently drilled zones. The highest-priority target carries a historical intercept of ~575 g/t and has never been tested by a single modern drill hole.
Three additional Priority 2 targets not yet individually named in public disclosures, each with multi-parameter IP responses within the 6km corridor.
The following represents ClearLakeBlue's informed advisory assessment based on the full public technical record. These are not NI 43-101 representations.
| Zone / Factor | ClearLakeBlue Assessment |
|---|---|
Sturgeon No. 3 SGS: 0.9–1.8 Mt @ 8.0–8.7 g/t | Substantially understated. Strike extended 3.6× to 1,600m. Depth confirmed to 738m vs. shallower modelled limits. Post-SGS grades of 52–186 g/t confirm upper grade range is achievable across the full extended system. The SGS upside figure of ~504,000 oz for this zone should be treated as a conservative floor. |
CRK Zone Not separately modelled in SGS Table 25-1 | The CRK zone returned 441 g/t, 152 g/t and 98.5 g/t in three separate drill holes and hosts a 70.65m interval averaging 3.90 g/t. This high-grade zone is grouped within the A-Zone corridor in Table 25-1. Its distinct high-grade character will need to be modelled independently in the MRE — and represents an important source of additional resource ounces not captured in current estimates. |
M-Series / M25 Zone SGS: 0.1–0.5 Mt @ 1.5–2.6 g/t | Substantially understated. The M25 vein alone traced over 314m at surface at 17.62 g/t average at a 36cm average true width (surface channel sample; depth continuity subject to drilling confirmation) — far above the SGS grade range. Channel sampling returning 47–92 g/t over several metres demonstrates a genuine high-grade system. Tonnage and grade in Table 25-1 are likely materially conservative. |
A-Zone Corridor SGS: 12.7–23.3 Mt combined | Corridor now defined over 6km — beyond SGS model limits both NE and SW. High-grade shoots of 22–28 g/t confirmed within the bulk-tonnage zone. Polymetallic value (Ag, Zn, Cu) adds economic significance beyond gold alone. Total tonnage potential likely larger than Table 25-1 suggests. |
Depth Extensions >600m Not captured in Table 25-1 | Gold confirmed at 609m, 738m and multiple depths between. The original mine shaft reached 642m in productive ground. Table 25-1 did not systematically model below historic working levels. Depth extensions represent additional tonnage not captured in any current estimate. |
CLB Overall Assessment Based on full public technical record | ClearLakeBlue's base-case analysis of the 20 drilled zones produces approximately 1.39 million oz; our upside case produces 2.35 million oz (advisory assessment only, derived from SGS exploration potential ranges — not a NI 43-101 classified resource). ClearLakeBlue notes that post-2023 drilling has produced results that go substantially beyond the SGS 2023 baseline data. The CRK ultra-high grade results, M-series surface channel sampling, A-Zone high-grade shoots, and depth extensions to 738m all point to a substantially larger picture than Table 25-1 captures. If mineralisation is confirmed by future drilling from any of the nine undrilled targets or Twin Falls, their contribution to any future MRE would be in addition to the estimates derived from the currently drilled zones. The MRE, with Phase 1 drilling already underway, will be the first formal quantification of what this technical record shows. We expect it to reflect a resource materially larger than any figure currently in the public domain. |