VANCOUVER, BRITISH COLUMBIA -- (
Marketwire - Nov. 23, 2011) -
Lion One Metals Limited (TSX VENTURE:LIO) (OTCQX:LOMLF) (FRANKFURT:LY1) (the "Company") is pleased to report results from concurrent trenching and drill core analysis programs at its Tuvatu Gold Project on the island of Viti Levu in Fiji. Trench 7 exposed a wide interval of coexisting porphyry and epithermal gold mineralization averaging 3.96 g/t gold over 71 meters. The trench is located in the First Porphyry Bulk Development Area, geologically interpreted to represent the upper levels of a gold porphyry system adjoining and overprinted by a high grade epithermal system.
Gold mineralization in Trench 7 is observed in well-defined epithermal quartz-calcite veins, in addition to more diffuse quartz-only veins surrounded by secondary biotite, an alteration assemblage diagnostic of porphyry style mineralization. The trench sits near the valley floor, one hundred meters in elevation below and 500 meters to the north of Tuvatu's Upper Stockwork Zones. Mineralization remains open to the east.
TRENCH TRUE
LENGTH WIDTH GOLD
BENCH #7 (meters) (meters) (g/t) NOTES
Entire Trench Interval 89.0 85.3 3.16 Entire Trench Interval
which includes 71.0 68.1 3.96 Entire Epithermal/Porphyry Structure
which includes 14.0 13.4 11.24 High-Grade Central Core
The Company also received positive results from resampled historic drill hole DDH-014, drilled close to Trench 7 in the First Porphyry Bulk Development Area. DDH-014 had previously been only partially sampled but now returns 0.74 g/t over 91 meters, including 49 meters averaging 1.03 g/t gold, with the hole bottoming at a depth of 111 meters in porphyry material grading 1.58 g/t. The Company has commenced testing the northern extent of this area for a possible second porphyry bulk development block.
Assays are pending for core samples from 35 drill holes, including 24 holes from the Murau Development Area. The Company is preparing additional holes for laboratory analysis and expects to receive results for this work on an ongoing basis. The Company expects to significantly increase the resource base through the process of sampling and assaying unsampled core material and by significantly lowering the 3 g/t grade cutoff applied in historic reserve estimates.
Lion One Chairman and CEO, Walter Berukoff said, "These results provide further confirmation that porphyry and epithermal gold mineralization coexist in the Tuvatu system. We are advancing Tuvatu's transition into a large bulk tonnage target and are encouraged by the latest exploration results, which continue to broaden the horizontal and vertical extent and continuity of gold mineralization in the Tuvatu system."
QA/QC
Samples are analyzed at Australian Laboratory Services (ALS) Pty. Ltd. an independent and qualified analytical laboratory in Brisbane, Australia. Samples are first prepared and crushed at the ALS facility in Suva, Fiji. Samples are subjected to fire assay with atomic absorption finish for gold and 33 elements, four acids, Inductively Coupled Plasma Spectrometry (ICP-AES). Consistent with industry standard QA/QC protocols, sample standards and blanks are inserted to ensure quality control.
THE TUVATU GOLD DEPOSIT
The Tuvatu property lies within Viti Levu Lineament, a north-west trending belt that hosts a number of alkaline volcanic centers. These include the world-class Vatukoula Gold Mine, which lies approximately 50 km to the north east. Low sulphidation, epithermal gold veins at Tuvatu occur along the margins of the eroded Navilawa volcanic center in a multi-phase geologic environment that also hosts porphyry copper-gold and VMS style mineralization. The Fijian Islands themselves are situated along the margins of the SW Pacific Rim regional tectonic plate, the host of a number of world class epithermal gold-silver and porphyry copper-gold deposits that include Lihir, Porgera, Wafi-Golpu (Papua New Guinea), and Lepanto (Philippines).
QUALIFIED PERSON
Helen Grond, P.Geo, Senior Geologist with Lion One and Brian Hall, P.Geo, are Qualified Persons 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
Walter H. Berukoff, Chairman of the Board
Lion One Metals Limited
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.
Contact Information
Lion One Metals Limited
Investor Relations
604-998-1250 or NA Toll Free: 1-855-805-1250
604-998-1253 (FAX)
info@liononemetals.com
www.liononemetals.com
