LaSalle Exploration Corp. Set to Drill Goldhawk and Goldhawk Extension Zone Radisson Property
LaSalle and Harfang announced on January 6, 2022 a definitive Arrangement Agreement pursuant to which Harfang will acquire all of the issued and outstanding shares of LaSalle. The transaction will be carried out by way of a plan of arrangement under the Business Corporations Act (British Columbia) and is subject to approval of LaSalle shareholders at a Special Meeting set for March 30, 2022.
"We are excited to begin our follow-up drill program at Radisson for additional testing of the Goldhawk trend," said Ian Campbell, President and CEO of LaSalle. "The Goldhawk Zone returned highly encouraging gold drill intercepts from all four holes on our initial test last summer which confirmed the prospectivity of the Goldhawk mineralized structure. Furthermore, we extended the zone an additional 1,200 metres to the northwest with the discovery of the Goldhawk Extension where grab samples returned up to 37.40 g/t and 12.45 g/t gold. The Goldhawk structure lies within the northern extension of the high-grade gold corridor that has now been traced over 8 kilometres on both Radisson and the adjoining Harfang Serpent property."
Goldhawk was initially identified by surface prospecting late in the 2020 field season with the discovery of high-grade gold mineralization including 64.5 g/t and 37.1 g/t gold from grab sampling. Initial testing with four holes drilled in 2021 intersected the structure at shallow depths ranging from 50 to 100 metres vertical over a strike length of 300 metres. All holes intersected highly encouraging results, for example:
- 22.40 metres grading 1.64 g/t gold including 11.98 metres grading 2.69 g/t gold,
- 1.0 metre grading 17.15 g/t gold,
- 6.0 metres grading 3.01 g/t gold including 1.0 metre grading 10.35 g/t gold.
The Goldhawk Zone occurs within a district sized gold enriched deformation corridor that has been identified over 2 kilometres on Radisson and extends for an additional 6 kilometres onto the adjoining Harfang Serpent property.
In the Goldhawk area, the high strain zone hosting the gold mineralization is up to 50 metres wide, strikes northwest at ~300o and is characterized by multiple, parallel, mineralized shear zones including the Main, North and South Goldhawk shear zones. These contain steeply dipping quartz veins that vary from a few centimetres up to 2 metres in width, with up to 5% disseminated pyrite, hosted in an altered diorite complex that also hosts the high-grade gold occurrences on the adjacent Harfang Serpent property.
Late in 2021, the Goldhawk Extension was discovered along strike to the northwest, adding an additional 1,000 metres to the Zone. The Goldhawk Extension, defined by several quartz veins up to 1 metre wide with up to 5% pyrite hosted in sheared diorite, returned 0.53 to 37.4 g/t gold from grab samples over a strike length of 600 metres. These samples have similar metal associations to the Goldhawk Zone, which includes silver grades up to 2.7 g/t, anomalous tungsten, molybdenum and lead.
The upcoming drill program will test the northwest extension of the main Goldhawk Zone with 300 metre step-outs with the intent to extend the zone in areas of little outcrop (Figure 1) and to identify any parallel structures in this highly prospective area.
Figure 1
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6809/116612_lasalle.jpg
Update on LaSalle and Harfang Plan of Arrangement
On March 10, 2022 LaSalle announced that it had received an interim order from the Supreme Court of British Columbia authorizing the holding of the Special Meeting to pass a special resolution to approve the proposed plan of arrangement, and that the meeting materials had been filed on www.sedar.com and mailed to shareholders of record as of February 16, 2022. The Special Meeting will be held on March 30, 2022 and the proposed transaction, if approved by shareholders, is expected to close in early April.
In conjunction with the proposed arrangement, on February 4, 2022, Harfang completed a private placement of subscription receipts for aggregate gross proceeds of $4.25M, which will be converted to post consolidation common shares of Harfang upon completion of the arrangement.
In addition to a robust cash position, the combination of LaSalle and Harfang will result in a strengthened portfolio of exploration properties from which to unlock shareholder value and the platform for further project consolidations and grow opportunities.
The Board asks Shareholders to complete their proxies as soon as possible and recommends that they vote FOR the Arrangement Resolution.
For more information, please refer to the noted news releases and the disclosure documents filed on www.sedar.com.
Field Work and COVID-19 Protocols
The health and safety of the staff at site, and the communities in which the Company operates, is of paramount importance to LaSalle. All employees and contractors work according to the most recent government protocols on COVID-19 restrictions, which define the measures and constraints to be adopted in order to limit the risks associated with COVID-19, ensuring the health and safety of everyone involved in the exploration programs.
Qualified Person
The technical information in this news release was reviewed and approved by Ian Campbell, P.Geo., President and CEO, LaSalle Exploration Corp., who is a non-independent qualified person for the technical disclosure as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
The core, channel and rock samples reported above were delivered to ALS of Rouyn-Noranda or Sudbury, a certified and accredited laboratory service provider, for sample preparation. Analyses were completed by ALS in Vancouver. All samples were prepared by procedures CRU-31 (crush entire sample to 70% <2mm), PUL-32 (pulverize 1000 grams to 85% <75 microns) and SPL-21 (split 250 grams from the entire sample using a riffle splitter). A 30-gram sub-sample from the 250 gram riffle split was analysed for gold by FA/AA (method Au-AA23), with any samples returning values of 10 g/t gold or higher being re-assayed by FA with a gravimetric finish (method AA-GRA21). All samples were also analysed for 33 elements by 4-acid ICP-AES (method ME-ICP61) and any base metals that returned values of 10,000 ppm or greater were assayed by a 4-acid ore grade (method Cu-OG62). The LaSalle QA/QC protocol includes the regular insertion of certified standards and blanks every ten (10) samples. In addition, ALS routinely inserts certified standards, blanks and pulp duplicate samples. Results of all ALS QA/QC samples are reported to LaSalle.
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 as well as the high-grade gold Blakelock and Egan properties located in northeastern Ontario. LaSalle Exploration Corp. is listed 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 Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding anticipated benefits of the Arrangement, the closing of the Arrangement, the Serpent and Radisson (the "Projects"), including anticipated operational synergies between the properties, are forward-looking statements. Although LaSalle believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators, and assumptions made with regard to: the Company's ability to complete the proposed Arrangement; the Company's ability to secure the necessary shareholder, security holder, legal and regulatory approvals required to complete the Arrangement; the estimated costs associated with the advancement of the Projects; and the Company's ability to achieve the synergies expected as a result of the Arrangement. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include risks associated with the business of Harfang and LaSalle; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement; non-completion of the Arrangement; risks related to reliance on technical information provided by Harfang and LaSalle; risks related to exploration and potential development of the Projects; business and economic conditions in the mining industry generally; the impact of COVID-19; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and indigenous groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Harfang and LaSalle's filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. LaSalle does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.