Lions Gate Metals Inc.: Poplar Resource Estimate Contains Over 1.4B Pounds of Copper
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/23/11 -- Lions Gate Metals Inc. (TSX VENTURE: LGM) ('Lions Gate' or the 'Company') is pleased to announce its 100% owned Poplar Project has an Inferred Resource of 245 million tonnes averaging 0.27% Cu, containing over 1.4 Billion pounds of copper at a 0.15% Cu cut-off.
'The Poplar Project now has a 43-101 compliant resource that is in excess of 1 billion pounds. We are starting to see the formation of two potential high grade starter pits with over 40 million tonnes of 0.40 % Copper. This deposit is situated in an active copper mining district that has access to BC Hydro grid power and quality infrastructure. Existing roadways allow our exploration team to drive right on top of the deposit. Exploration continues as the deposit remains mineralized and open to the East, West and at depth. The Poplar Claim area covers 63,000 hectares and therefore offers significant upside potential and scalability,' stated Arni Johannson, CEO of LGM.
POPLAR MINERALIZED ZONE - INFERRED RESOURCE
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Copper Tonnes greater Average Grade
Cut-off than Cut-off greater than Cut-off Contained Metal
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(%) (tonnes) Cu Mo Million Million
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(%) (%) lbs of Cu lbs of Mo
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0.05 372,299,000 0.21 0.005 1748.558 41.046
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0.10 334,563,000 0.23 0.006 1689.359 44.263
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0.15 245,855,000 0.27 0.007 1442.013 37.948
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0.20 180,304,000 0.30 0.008 1192.711 31.806
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0.25 122,988,000 0.34 0.009 908.482 24.407
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0.30 78,076,000 0.37 0.010 636.983 17.216
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0.35 41,029,000 0.41 0.010 372.732 9.047
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0.40 17,835,000 0.47 0.009 182.867 3.539
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0.45 8,137,000 0.52 0.008 92.761 1.435
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0.50 3,861,000 0.57 0.008 48.272 0.681
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0.55 1,857,000 0.62 0.007 25.264 0.287
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0.60 953,000 0.66 0.006 13.953 0.126
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0.65 447,000 0.71 0.004 6.998 0.039
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0.70 177,000 0.77 0.002 3.005 0.008
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The preliminary resource estimates are NI 43-101 compliant and have been prepared by Gary H. Giroux, MASc., P.Eng., of Giroux Consultants Limited. Mr. Giroux is a Qualified Person as defined by NI 43-101 and is independent of the Company.
The resource estimate is based on 105 historical diamond drill holes completed by Utah Mines Limited and other operators between 1974 and 2005, totaling approximately 23,000 metres of drilling, and an additional 5,569 metres of diamond drilling in 13 holes, completed by Lions Gate in the spring of 2011.
A three dimensional grade zone solid was produced in Gemcom Software for drill holes with assay intervals greater than 0.1% Cu. This solid served to constrain the resource estimate. Assays were capped for Cu and Mo to reduce the effects of erratic outliers. Uniform down hole composites 5 m in length were used to model the grade continuity with variography. Bulk density was established from 121 measured samples. Blocks 20 x 20 x 10 m in dimension, within the mineralized solid, were estimated for Cu and Mo by ordinary kriging. At this stage of the project all blocks were classified as inferred.
The drilling completed by Lions Gate has confirmed the high quality of the work completed by Utah Mines and previous operators. Lions Gate's drilling has extended the mineralized zone to depth and laterally, and the mineralization remains open in all directions. Higher grade zones indentified by P. Ogryzlo, M.Sc., P.Geo., have been extended to the west and northwest, and remain open in both these directions.
Lions Gate has commenced a Phase 2, 10,000 metre follow-up diamond drill program at Poplar. This drilling will further define the mineralized zone, and is expected to extend the higher grade mineralization. The additional gold and silver analyses will provide enough data for an estimate of the gold and silver grade to be calculated. The results of the Phase 2 drill program will be incorporated into an updated resource estimate, expected in early 2012. A preliminary metallurgical test is scheduled to commence in early September.
Conference Call/Webinar
Lions Gate Metals is holding a conference call/webinar on Wednesday August 24th 2011 at 115pm PST. Arni Johannson, CEO and Chairman along with Blair McIntyre, President as well as Andrew Gourlay, VP Exploration/P.Geo., senior geologist, will lead the conference call to discuss the 43-101 Resource Estimate on the Poplar copper project.
To access the webinar/conference call please visit: http://momentum.adobeconnect.com/lgm/
To access via telephone please call one of the following phone numbers and enter the conference code.
North America Toll-Free: (866) 811-9555
Local and International: (647) 427-7632
Conference code: 8723026798
About Lions Gate Metals
Lions Gate is a Canadian based, junior resource company focused on the exploration, development, and acquisition of both advanced and early stage Copper projects. LGM owns 100% of five substantial mineral projects located in British Columbia. LGM's flagship project is the Poplar porphyry copper-gold deposit near Houston, BC. The Poplar Project covers 63,120 hectares in 163 claims, and is located approximately 70 kilometres south of Houston, B.C., a full service mining town. Infrastructure is excellent; the project is road accessible year round, and is approximately 10 kilometres west of the 138KV powerline and access road to the Huckleberry Mine, 50% owned by Imperial Metals Corporation.
Andrew Gourlay, P.Geol., Vice President Exploration, is a Qualified Person under NI 43-101 and has reviewed and approved the contents of this news release.
Sincerely on behalf of the Board of Directors,
Arni Johannson, CEO and Chairman of the Board
Lions Gate Metals Inc.
Lions Gate Metals Inc. is a Canadian based, junior resource company focused on the exploration, development, and acquisition of both advanced and early stage mineral projects.
For further information on the Company and its projects please visit our web site at: www.LionsGateMetals.com
Forward-Looking Statements
Statements in this release that are forward-looking statements, including statements regarding expected timing and results of future exploration activities subject to various risks and uncertainties concerning the specific factors identified in the Company's periodic filings with Canadian Securities Regulators. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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.
Contacts:
Lions Gate Metals Inc.
Blair McIntyre
President
(604) 683-7588
www.LionsGateMetals.com
Advanture Capital Partners
Investor Relations
(604) 563-5028