Follow-up Drilling Extends New Zone of Mineralization at Tuvatu West
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/15/13 -- Lion One Metals Limited (TSX VENTURE: LIO)(OTCQX: LOMLF)(FRANKFURT: FY1) ("Lion One" or the "Company") is pleased to announce further results from its diamond drilling program at the Tuvatu Gold Project in Fiji (see Figure 1). The latest holes were drilled at 40 m centers and have confirmed the grade, widths, and continuity of the mineralized extensions west of the Tuvatu Resource Area. Significant results include:
------------------------------------------------------------
Interval Grade From
Hole ID (m) (g/t Au) (m depth)
------------------------------------------------------------
TUDDH 342 1.56 5.74 19.00
------------------------------------------------------------
TUDDH 355 1.87 2.98 45.97
------------------------------------------------------------
TUDDH 358 2.82 3.55 69.43
------------------------------------------------------------
TUDDH-362 1.81 2.07 83.00
------------------------------------------------------------
TUDDH-362 1.3 8.84 87.40
------------------------------------------------------------
TUDDH-359 2.74 6.99 85.56
------------------------------------------------------------
TUDDH-359 2.44 4.22 93.24
------------------------------------------------------------
TUDDH-359 3.11 14.31 130.69
------------------------------------------------------------
TUDDH-365 13.81 7.07 155.05
------------------------------------------------------------
including 7.45 4.88 155.05
------------------------------------------------------------
and 4.31 14.95 164.55
------------------------------------------------------------
TUDDH-364 6.43 12.74 202.93
------------------------------------------------------------
including 4.39 18.34 202.93
------------------------------------------------------------
Gold mineralization in this new zone (Tuvatu West) is hosted in east-west oriented vein structures that cross cut the main Tuvatu Resource and extend along strike over 1 km to the west. Mineralization in the Tuvatu Resource Area has been drill tested to depths of 300m, and remains open at depth and along strike. To view a version of the news release with maps please visit the Company website at http://www.liononemetals.com/i/pdf/news/2013-05-15_NR.pdf.
"The most recent drill hole spacings were reduced from 80 meters to 40 meters to infill Tuvatu West with further drilling planned to extend the zone a further 250 m west. These latest results confirm the grades, widths, and continuity of the Tuvatu West mineralized zone and provide further evidence of upside resource potential for Tuvatu," said Lion One Chairman Walter Berukoff. "These mineralized structures are laterally extensive and confirm the widespread mineralization within the area."
The Company is continuing the drilling in the area with the intention to undertake a new resource estimation upon receipt of all geochemical results from the program. Geological mapping and surface sampling is ongoing within the Tuvatu West area to ensure a clear understanding of the controls and nature of mineralization throughout the target zone. The company also wishes to report that it has filed a surface lease application with the i-Taukei Land Trust Board, and is preparing to file its Environmental Impact Assessment ("EIA") and related documentation that will accompany a mining lease application for Tuvatu with the Mineral Resources Department of Fiji.
Table 1: Drill Hole Collar Coordinates
----------------------------------------------------------------------------
Co-ordinates
--------------------------------
Drill Hole Dip Azimuth E N Depth
----------------------------------------------------------------------------
TUDDH 342 60 360 1876180 3920650 270.4
----------------------------------------------------------------------------
TUDDH 351 60 360 1876260 3920780 102
----------------------------------------------------------------------------
TUDDH 355 65 360 1876220 3920780 132
----------------------------------------------------------------------------
TUDDH 358 65 360 1876220 3920697 222
----------------------------------------------------------------------------
TUDDH 359 65 360 1876220 3920740 183
----------------------------------------------------------------------------
TUDDH 362 65 360 1876300 3920780 132
----------------------------------------------------------------------------
TUDDH 364 70 360 1876229 3920661 342
----------------------------------------------------------------------------
TUDDH 365 65 360 1876300 3920700 267
----------------------------------------------------------------------------
Table 2: Diamond Drill Hole Results
----------------------------------------------------------------------------
Interval Depth
------------------
Drill From To Interval True Intersection
Hole ID (m) (m) (m) Width (m) Grade (g/t) Lode
----------------------------------------------------------------------------
TUDDH 342 19.00 20.56 1.56 1.10 5.74 Murau 3
----------------------------------------------------------------------------
187.66 189.37 1.71 1.21 2.74 Murau 2
----------------------------------------------------------------------------
203.28 205.26 1.98 1.40 7.20 Murau 1
----------------------------------------------------------------------------
TUDDH 351 34.25 34.53 0.28 0.21 2.34 Murau 1
----------------------------------------------------------------------------
36.78 38.11 1.33 1.02 3.17 Murau 1
----------------------------------------------------------------------------
39.50 39.75 0.25 0.19 3.24 Murau 1
----------------------------------------------------------------------------
Mura 1
42.23 42.48 0.25 0.19 3.30 Footwall
----------------------------------------------------------------------------
Snake
Hanging
49.23 51.00 1.77 1.46 0.86 Wall
----------------------------------------------------------------------------
Snake
Hanging
56.64 57.07 0.43 0.35 1.60 Wall
----------------------------------------------------------------------------
76.62 78.16 1.54 1.27 1.35 Snake
----------------------------------------------------------------------------
81.00 81.66 0.66 0.54 1.64 Snake
----------------------------------------------------------------------------
91.05 91.55 0.50 0.42 0.96 Nasivi
----------------------------------------------------------------------------
93.00 94.57 1.57 1.29 3.13 Nasivi
----------------------------------------------------------------------------
Murau 1
Hanging
TUDDH 355 26.75 27.33 0.58 0.43 0.80 Wall
----------------------------------------------------------------------------
31.63 32.00 0.37 0.28 8.96 Murau 1
----------------------------------------------------------------------------
Murau 1
Footwall
39.34 39.75 0.41 0.30 6.79 Wall
----------------------------------------------------------------------------
45.97 47.84 1.87 1.49 2.98 Snake
----------------------------------------------------------------------------
48.84 49.11 0.27 0.22 23.00 Snake
----------------------------------------------------------------------------
53.92 55.47 1.55 1.24 1.31 Snake
----------------------------------------------------------------------------
Snake
61.67 62.41 0.74 0.59 0.62 Footwall
----------------------------------------------------------------------------
Snake
69.39 69.74 0.35 0.28 1.88 Footwall
----------------------------------------------------------------------------
Snake
72.17 72.42 0.25 0.20 6.35 Footwall
----------------------------------------------------------------------------
Snake
125.79 127.24 1.45 1.14 0.97 Footwall 2
----------------------------------------------------------------------------
TUDDH 358 69.43 72.25 2.82 2.13 3.55 Murau 2
----------------------------------------------------------------------------
Snake
Hanging
133.06 133.34 0.28 0.22 22.80 Wall
----------------------------------------------------------------------------
Snake
Hanging
140.05 140.29 0.24 0.19 2.03 Wall
----------------------------------------------------------------------------
141.04 144.21 3.17 2.50 5.82 Snake
----------------------------------------------------------------------------
Snake
163.65 164.18 0.53 0.42 3.23 Footwall
----------------------------------------------------------------------------
Snake
191.50 192.40 0.90 0.70 0.71 Footwall
----------------------------------------------------------------------------
Snake
198.85 199.57 0.72 0.56 0.50 Footwall
----------------------------------------------------------------------------
Murau 1
Hanging
TUDDH 359 42.70 42.96 0.26 0.20 3.31 Wall
----------------------------------------------------------------------------
56.15 58.33 2.18 1.65 1.35 Murau 1
----------------------------------------------------------------------------
Murau 1
59.86 60.12 0.26 0.20 7.76 Footwall
----------------------------------------------------------------------------
Snake
Hanging
85.56 88.30 2.74 2.20 6.99 Wall
----------------------------------------------------------------------------
93.24 95.68 2.44 1.96 4.22 Snake
----------------------------------------------------------------------------
Snake
100.29 100.71 0.42 0.34 1.93 Footwall
----------------------------------------------------------------------------
Snake
130.69 133.80 3.11 2.50 14.31 Footwall 1
----------------------------------------------------------------------------
Snake
TUDDH 359 135.56 136.56 1.00 0.79 2.64 Footwall 1
----------------------------------------------------------------------------
Snake
150.32 150.63 0.31 0.24 1.05 Footwall 2
----------------------------------------------------------------------------
Snake
152.38 152.70 0.32 0.25 2.88 Footwall 2
----------------------------------------------------------------------------
Snake
156.96 158.23 1.27 1.00 1.68 Footwall 2
----------------------------------------------------------------------------
175.15 176.15 1.00 0.79 0.82 Nasivi
----------------------------------------------------------------------------
TUDDH 362 20.95 21.26 0.31 0.23 1.48 Murau Flat
----------------------------------------------------------------------------
25.83 26.40 0.57 0.43 0.69 Murau Flat
----------------------------------------------------------------------------
Snake
Hanging
74.10 74.35 0.25 0.20 1.78 Wall
----------------------------------------------------------------------------
Snake
Hanging
78.15 78.40 0.25 0.20 1.08 Wall
----------------------------------------------------------------------------
Snake
Hanging
79.54 79.88 0.34 0.27 1.67 Wall
----------------------------------------------------------------------------
83.00 84.81 1.81 1.43 2.07 Snake
----------------------------------------------------------------------------
87.40 88.70 1.30 1.02 8.84 Snake
----------------------------------------------------------------------------
TUDDH 364 202.93 209.36 6.43 5.52 12.74 Snake
----------------------------------------------------------------------------
including 202.93 207.32 4.39 3.77 18.34 Snake
----------------------------------------------------------------------------
213.98 217.44 3.46 3.00 7.63 Snake
----------------------------------------------------------------------------
Snake
219.00 220.38 1.38 1.18 1.68 Footwall
----------------------------------------------------------------------------
Snake
223.79 224.75 0.96 0.82 0.86 Footwall
----------------------------------------------------------------------------
Snake
229.30 229.80 0.50 0.43 3.06 Footwall
----------------------------------------------------------------------------
Snake
315.17 317.41 2.24 1.83 1.64 Footwall
----------------------------------------------------------------------------
TUDDH 365 155.05 168.86 13.81 9.93 7.08 Murau 1
----------------------------------------------------------------------------
including 155.05 162.50 7.45 5.36 4.88
----------------------------------------------------------------------------
and 164.55 168.86 4.31 3.10 14.95
----------------------------------------------------------------------------
177.50 180.10 2.60 1.84 2.28
----------------------------------------------------------------------------
183.94 184.94 1.00 0.70 0.58
----------------------------------------------------------------------------
187.77 188.17 0.40 0.28 1.12
----------------------------------------------------------------------------
190.64 192.10 1.46 1.03 2.06
----------------------------------------------------------------------------
About the Tuvatu Gold Project
The Tuvatu Gold Project is located in Fiji, on the margins of the Navilawa Caldera, along the Viti Levu Lineament; a mineral belt hosting Fiji's known gold deposits. The Navilawa Caldera is a volcanic intrusive complex with a geological setting bearing many similarities with the adjacent Tavua Caldera, which hosts Fiji's largest gold deposit and oldest operating gold mine at Vatukoula. Vatukoula has produced over 7 million oz. gold to date, with 4.2 million oz. current resources and 700,000 oz. reserves (2013). The Fijian Islands themselves are situated along the Pacific Islands Arc, the host of a number of major deposits that include the Lihir, Porgera, Ok Tedi, and Wafi-Golpu gold deposits in PNG.
Gold mineralization at Tuvatu is evident in two deposit styles relating to hydrothermal activity; low-sulphidation epithermal gold-silver, and porphyry-style copper-gold. The Tuvatu Gold Project currently contains an indicated mineral resource of 172,000 oz. Au (760,000 tonnes at 7.05 g/t Au) and an inferred mineral resource of 480,000 oz. Au (2,618,000 tonnes at 5.71 g/t Au). (See Technical Report and Resource Estimate on the Tuvatu Gold Property, Viti Levu, Fiji dated December 15, 2010).
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 2013 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
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.
Contacts:
Lion One Metals Limited
Investor Relations
604-998-1250
604-998-1253 (FAX)
info@liononemetals.com
www.liononemetals.com
