Lion One Metals Limited: Further Drill Assays Significantly Extend the Zone of Mineralization at Tuvatu Gold Project, Fiji
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/13/13 -- Lion One Metals Limited (TSX VENTURE: LIO)(OTCQX: LOMLF)(FRANKFURT: LY1) -
Highlights
-- Further results from diamond drill holes on the Tuvatu Gold Project in
Fiji have significantly extended the zone of known mineralization.
-- These additional results confirm thicknesses and grade of lodes mapped
on surface.
-- The drilling program targeted the western extension of known surface
mineralization previously drilled.
-- Further work in the area to focus on closer spaced resource definition
drilling.
-- Drilling and surface mapping is ongoing. Significant results include:
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Hole ID Interval From Lode
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TUDDH 341 2.32 m @ 62.81 g/t Au 148.54 m Snake
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TUDDH 350 2.55 m @ 22.56 g/t Au 78.99 m Murau 2
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and 1.39 m @ 10.56 g/t Au 89.43 m Murau 2
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and 3.66 m @ 15.68 g/t Au 142 m Murau 1
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TUDDH 356 3.59 m @ 15.43 g/t Au 89.70 m Snake
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Tuvatu Drilling Update
Lion One Metals Limited ("Lion One" or the "Company") is pleased to announce further high grade results from its diamond drilling program at the Tuvatu Gold Project in Fiji. Most significant results include 2.35 meters at 62.81 grams per tonne ("g/t") gold ("Au") and 31.6 g/t Ag (silver) from diamond drill hole number TUDDH 341; 2.55 meters at 22.56 g/t Au and 3.66 meters at 15.68 g/t Au, both from TUDDH 350; and 3.59 meters at 15.43 g/t Au from TUDDH 356.
The current drill program continues to test and confirm the grade, thickness, and continuity of mineralized lodes that cross-cut the main Tuvatu Resource Area. These lodes have been mapped at surface up to 1,330 meters along strike to the west. The latest drill holes were spaced on 80 meter centers in a zone extending up to 250 meters west of the existing Tuvatu Resource Area, with further additional resource definition drill holes planned. The Company believes that further drilling on these extensions has the potential to significantly increase both the tonnage and resources of the Tuvatu gold project. To view a version of the news release with maps please visit the Company website at http://www.liononemetals.com/i/pdf/news/2013-02-13_NR.pdf.
In 2012 the Company reported three other significant high grade holes within the same area. These recent results complement the previous drilling by extending the mineralization identified in those holes and in particular, highlight the thickness and grade continuity.
Previously drill results reported by Lion One in 2012 included:
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Hole ID Interval From
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TUDDH 347 3.78 m @ 16.15 g/t Au 121.99 m
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TUDDH 348 7.49 m @ 23.03 g/t Au 155.05 m
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TUDDH 349 11.90 m @ 11.77 g/t Au 128.55 m
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A summary of the Tuvatu drilling results included in this report are:
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True
From To Interval Width Gold
Hole ID (meters) (meters) (meters) (meters) Lode (g/t)(i)
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TUDDH 341 148.54 150.86 2.32 1.49 Snake 62.81(ii)
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TUDDH 341 incl 149.50 149.85 0.35 420.00
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TUDDH 350 12.20 13.65 1.45 1.03 Murau 2 1.24
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TUDDH 350 78.99 81.51 2.55 1.80 Murau 2 22.56
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incl 79.96 80.43 0.47 20.00
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incl 80.43 80.68 0.25 21.10
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incl 80.68 81.24 0.56 72.20
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TUDDH 350 89.43 90.82 1.39 1.00 Murau 2 10.56
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TUDDH 350 121.15 125.04 3.89 2.76 Murau 1 2.70
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TUDDH 350 142.00 145.66 3.66 2.76 Murau 1 15.68
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incl 142.00 142.44
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incl 143.84 144.55 0.61 49.70
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TUDDH 350 182.00 184.00 2.00 1.42 1.23
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TUDDH 350 248.60 250.60 2.00 1.42 2.58
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TUDDH 352 33.47 35.04 1.57 1.11 3.83
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TUDDH 352 53.36 54.30 0.94 0.67 1.56
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TUDDH 352 295.05 296.16 1.11 0.79 1.05
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TUDDH 352 306.70 307.97 1.27 0.83 1.00
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TUDDH 353 308.48 311.89 3.41 2.18 3.13
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TUDDH 353 incl 309.70 310.35 0.65 10.35
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TUDDH 356 30.78 32.15 1.37 0.93 1.31
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TUDDH 356 74.05 77.60 3.55 2.41 6.03
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TUDDH 356 89.70 93.29 3.59 2.44 15.43
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(i) All results are uncut grades.
(ii) Includes 209 g/t Ag.
Figure 1 identifies the drill holes reported in this release, the location of the cross section in Figure 2, and includes those holes reported previously in 2012. The existing exploration decline is located in the center of the previously outlined resource to the east of the current drilling. Drilling is ongoing with planned 40 meter spaced holes allowing for the eventual resource calculation of this new zone. Figure 2, below, highlights a typical cross section and demonstrates the grade and thickness continuity of many of the main lodes in the Tuvatu project area.
About Tuvatu
Tuvatu is situated on the Viti Levu Lineament; a north-west trending belt hosting Fiji's known gold deposits, including the 11 million ounce Vatukoula gold deposit (over 7 million oz. of historical gold production and 4.3 million oz. of gold resources and 680,000 of gold reserves), located approximately 50 km to the northwest along the regional trend. Low sulphidation, epithermal gold veins at Tuvatu occur along the margins of the eroded Navilawa volcanic center in a multi-phase geologic environment. The Fijian Islands themselves are situated along the highly mineralized Pacific Islands Arc, the host of a number of major deposits that include the Lihir, Porgera, Ok Tedi, and Wafi-Golpu gold deposits located in Papua New Guinea. The Tuvatu Project currently contains a mineral resource of 652,000 ounces gold resources (consisting of 172,000 oz. Au indicated, 480,000 oz. Au inferred).
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 Tuvatu Project Manager, 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
Hamish Greig, Director, Vice President
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.
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Lion One Metals Limited
Investor Relations
604-998-1250
604-998-1253 (FAX)
info@liononemetals.com
www.liononemetals.com