Lion One Continues to Extend Mineralization Along Murau Lodes at Tuvatu Gold Project, Fiji
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/20/12 -- Lion One Metals Limited (TSX VENTURE: LIO)(OTCQX: LOMLF)(FRANKFURT: LY1) (the "Company" or "Lion One") is pleased to report complete assay results for the third drill hole from its diamond drilling program at the Tuvatu Gold Project on the island of Viti Levu in Fiji. See Table 1 below for complete results.
The results continue to confirm the lateral continuity of the Murau Lodes, with this third hole collared near the intersection of the east-west trending Murau Lodes with the north-south trending Upper Ridges Lodes. The mineralization and geologic units intercepted in this hole are consistent with interceptions of bonanza grades over significant widths encountered in the first two holes of the program. These holes were collared 80 meters to the east, along strike of the most recently completed drill hole, TUDDH349. The bonanza grades in the Murau Lodes lie within structural zones associated with the Viti Levu Lineament and are consistent with dilation zones in Riedel Shears. More than 1,400 structural measurements have been taken by Company's geological team and structural interpretation is ongoing.
Notable intersections include 11.77 g/t gold over 1.83 meters (true width) from 128.55 meters depth in the Murau 2 Lode. Extensions of these lodes have been mapped at surface along strike up to 1,330 meters to the west of the Tuvatu resource area. See the map below and the Company's news releases dated May 7, 2012 and September 6, 2012 for reference.
Assays are pending for results from three other completed holes, including two holes drilled near the Tuvatu portal that tested extensions of the north-south trending UR lodes. A second drill rig has been mobilized to the Tuvatu property. Lion One is targeting the western extensions of the Murau lodes and the northern extensions of the UR lodes in an effort to significantly expand the current resource base at Tuvatu. To view a version of the news release with a map please visit the Company website at http://www.liononemetals.com/i/pdf/news/2012-09-20_NR.pdf.
Table 1 - Drill Results of TUDDH 349
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From To Interval True Au
Drill Hole Azimuth Dip (m) (m) (m) Width (m) (g/t)
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TUDDH-349 360 85 112.86 116.62 3.79 0.58 4.12
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Including 114.82 115.77 0.95 0.15 10.70
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122.15 124.55 2.40 0.37 2.25
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Including 123.41 123.55 0.14 0.02 10.85
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128.55 140.45 11.90 1.83 11.77
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Including 130.92 131.12 0.20 0.03 37.70
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And 131.90 132.14 0.24 0.04 26.40
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And 135.30 136.48 1.18 0.18 30.32
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And 137.17 137.68 0.56 0.09 53.58
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Technical Information and Qualified Persons
The assay analyses performed during Lion One's drilling programs are subject to a formal quality assurance and quality control (QA/QC) program. Diamond drill core was logged and sampled on site at Tuvatu by Company staff with samples delivered by the Company to the facilities of Australian Laboratory Services (ALS) Pty. Ltd., an independent accredited analytical laboratory. Samples are first prepared and crushed at the ALS facility in Suva, Fiji, before being shipped to Brisbane, Australia for assay analysis. Samples are subjected to fire assay with atomic absorption finish for gold and 33 elements, four acids, and Inductively Coupled Plasma Spectrometry (ICP-AES).
Standard reference materials, blanks, and field duplicates samples are inserted prior to shipment from site to monitor the quality control of the data. Samples with higher grade gold (greater than 3 grams per tonne) are reassayed using a gravimetric and/or pulps and metallic procedure. The Company's exploration team planned and executed the 2012 drilling program under the supervision of Lion One's Vice President of Exploration, Mr. David Pals. The content of this news release has been reviewed by Mr. Darcy Krohman, P.Geo, a Qualified Person for the purposes of National Instrument 43-101.
On Behalf of the Board of Directors For further information contact:
Walter H. Berukoff, Chairman of the Board
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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Contacts:
Lion One Metals Limited
Investor Relations
604-998-1250
604-998-1253 (FAX)
info@liononemetals.com
www.liononemetals.com