Lion One Extends Mineralization at Tuvatu Gold Project, Fiji
Sep 06, 2012
OTC Disclosure News Service
North Vancouver, BC, Canada –
LION ONE EXTENDS MINERALIZATION AT TUVATU GOLD PROJECT, FIJI
Intersects 16.15 g/t Gold over 3.78 m (including 248 g/t over 0.09 m)
And 23.03 g/t Gold over 7.49 m (including 855 g/t Over 0.17 m)
Vancouver, B.C., September 6, 2012. Lion One Metals Limited (TSX-V: LIO) (FSE: LY1) (LOMLF: OTCQX) (the “Company” or “Lion One”) is pleased to report complete assay results for its first two drill holes from its diamond drilling program at the Tuvatu Gold Project on the island of Viti Levu in Fiji.
The results confirm lateral continuity of the east-west trending Murau Lodes, intersecting down dip mineralization along strike 80 meters to the west. Notable intersections include 16.15 g/t gold over 3.78 meters at 121.99 meters depth from TUDDH-347, and 23.03 g/t gold over 7.49 meters at 155.05 meters depth from TUDDH-348. These intervals include bonanza grades of 248 g/t gold over .09 meters from TUDDH-347, and 855 g/t gold over 0.17 meters from TUDDH-348. 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 news release dated May 7, 2012 for reference).
Assays are pending for results from four other completed holes, including two holes drilled near the Tuvatu portal that tested mapped extensions of the north-south trending UR lodes. A second drill rig has been mobilized to the Tuvatu property. To view a version of the news release with a map please visit the Company website at http://www.liononemetals.com/i/pdf/news/2012-09-06_NR.pdf
Initial 2012 Drilling Results
1) Lower cutoff grade of 0.50 g/t Au; no upper cutoff applied
2) Up to 0.6 meters of consecutive samples of internal waste included in an interval
Previous drill results from the Murau 1 and 2 Lodes:
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, 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 Lihir, Porgera, Ok Tedi, and Wafi-Golpu. The Tuvatu Project currently contains a mineral resource of 652,000 ounces gold (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 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” 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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