Metallurgy
A combination of hematite and magnetite has been observed at 30m to 80m depth. Below this combined area, Davis Tube Recovery (DTR) test work grades for magnetite concentrates averaged 68-70% Fe with generally low impurities (P, S, Al2O3 and SiO2). Limited DTR testwork was carried out on samples above 80 m; the Company believes this upper zone has considerable resource potential.
Composite samples of up to 4 metres were analysed by ALS Perth using fusion XRF. Selected samples with a minimum head grade assay of approximately 10% Fe were submitted for DTR analysis after quantitative determination of magnetite content using a calibrated magnetic susceptibility meter. Results received to date indicate that multiple mineralised intervals exist over very considerable thicknesses along the strike drill tested to date. The DTR test work concentrates have returned consistent grades of iron and relatively low impurities.
About Henan Yukuang
Henan Yukuang is a subsidiary of Henan Yukuang Resources Development Group Co., Limited (Henan Zhengzhou), an affiliate enterprise of the Henan Provincial Bureau of Geo-exploration and Mineral Development, located in the city of Zhengzhou, in Henan Province, China. Henan Yukuang International holds mineral rights in over 140 gold, silver, copper, niobium-tantalum, and antimony and molybdenum projects throughout 20 countries around the world, with total assets exceeding 2 billion RMB.
About Lion One
Lion One Metals Ltd. is a Canadian company focused on the acquisition, exploration, and development of mineral projects worldwide. In June, 2013, the Company completed its merger with Avocet Resources Ltd. of Perth, Western Australia and now holds projects prospective for gold, uranium, and iron ore in Australia, Argentina, and Fiji. In Fiji, the Company holds five Special Prospect Licenses (SPLs) covering 38,000 hectares in an island-arc geological setting prospective for epithermal gold. The Company holds gold and uranium exploration projects in Australia and Argentina and holds free carried and participating interests and royalties in its Olary Creek Iron Project in South Australia. The Company currently has 60,175,608 common shares issued and outstanding.
Technical Information and Qualified Persons
The content of this news release has been reviewed and approved by Mr. Rob McLeod, P.Geo, a Consultant to Lion One and a Qualified Person as defined by National Instrument 43-101.
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr. Stephen Mann, who is a Member of the Australian Institute of Mining and Metallurgy (AUSIMM). Mr. Mann has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which the Company is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Mann is a director of Lion One Metals Ltd. and consents to the inclusion of the information in this announcement in the form and context in which it appears.
On Behalf of the Board of Directors For further information contact:
Hamish Greig, Director, Vice President
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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 Ltd.'s current beliefs and is based on information currently available to Lion One Metals Ltd. and on assumptions Lion One Metals Ltd. 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 Ltd. 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 Ltd., 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 Ltd. 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 Ltd. does not undertake to update any forward-looking information, except in accordance with applicable securities laws.