Lion One Commences Metallurgical Testing on Tuvatu
Mar 06, 2012
OTC Disclosure News Service
North Vancouver, BC, Canada –
LION ONE COMMENCES METALLURGICAL TESTING ON TUVATU GOLD PROJECT, FIJI
Vancouver, B.C., March 6, 2012. Lion One Metals Limited (TSX-V: LIO) (FSE: LY1) (OTCQX:LOMLF) (the “Company”) is pleased to announce that it has commissioned mining services company Gekko Systems Pty. Ltd. of Ballarat, Australia, to conduct metallurgical testwork on its Tuvatu Gold Project on the island of Viti Levu, Fiji.
The company has shipped a 300 kg sample of drill core composites to Australia for comminution, gravity, and flotation testwork. Results of the tests will indicate amenability to processing routes which may include gravity concentration, flotation, intensive or traditional leaching, and gravity recoverable gold. Initial testing is expected to be completed in approximately four months.
Previous Metallurgical Testing
Previous metallurgical studies performed on Tuvatu ores include a batch treatment campaign carried out in 1997 by Emperor Gold (“Emperor”), on 968 tonnes of ore with a head grade of 3.63 g/t Au. The bulk sample was treated through the Emperor Mill at Vatukoula, located 40 km NE of Tuvatu, yielding overall gold recoveries of 86.3%. Subsequent laboratory tests carried out by Metcon in connection with the 2000 feasibility study by Bateman Kinhill on a 338 kg bulk sample yielded 90% recoveries from a combination of gravity, flotation, and cyanidation. The Company considers these tests to be relevant as they demonstrated that the ores tested were amenable to conventional treatment, but is not relying on their conclusions as the current tests will be conducted under different specifications using current processing technologies.
Process and Flowsheet Design
If warranted, further testwork will focus on developing a recovery process flowsheet, assessing the economics of gold extraction, generating capital and operating cost models, and design parameters for any proposed processing facilities. This development work will be conducted in tandem with field work designed to expand and increase current gold resources, build an inventory of mineable gold, and advance Tuvatu towards production.
The Company also announces David Pals has been appointed as the Company’s Exploration Geologist. Mr. Pals was a Research Geologist at the Iowa Geological Survey for nine years, from 2002 to 2011, and has relocated to Nadi, Fiji, to oversee field work and resource modeling at Tuvatu. Mr. Pals holds a MSc. in Geology, Economic Geology, and Mineral Resources from Iowa State University and completed his thesis in a study on ore zones at the Emperor Gold Mine in Vatukoula, Fiji, in 2002. He is a member of the Society of Economic Geologists (SEG) and the Geological Society of America. Mr. Pals was awarded an Expert Field Medical Badge as a medic in the US Army, earning an Honorable Discharge. The Company also wishes to announce that Mr. Brian V. Hall has resigned from the Board of Directors. The Company’s current Board of Directors consists of Walter H. Berukoff, Richard Meli, David Duval, George S. Young, and Kelly Fielder.
The Tuvatu Gold Deposit
The Tuvatu Gold Project is located near Nadi, Fiji, along the Viti Levu lineament, a mineral belt hosting Fiji’s known gold deposits, including the Vatukoula Gold Deposit 40 km to the north east. Low sulphidation, epithermal gold veins at Tuvatu occur along the margins of the eroded Navilawa Caldera, in a multi-phase geologic environment. The Fijian Islands are situated along the SW Pacific Rim regional tectonic plate, in a region associated with world class epithermal gold-silver and porphyry copper-gold deposits such as Lihir, Porgera, Wafi-Golpu, Ok Tedi (Papua New Guinea), and Lepanto (Philippines).
Darcy Krohman, P.Geo, a Qualified Person for the Company for purposes of National Instrument 43-101 has reviewed the technical information in this news release.
On Behalf of the Board of Directors For further information contact:
“Walter H. Berukoff” Investor Relations
Chairman of the Board Tel: 604-998-1250
Lion One Metals Limited Fax: 604-998-1253
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
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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