Lions Gate Metals Inc.: Encouraging Geophysical Results on Poplar-Multiple Targets Defined
February 12 2010 - 9:00AM
Marketwired
Lions Gate Metals Inc. (TSX VENTURE: LGM) ("LGM" or the "Company")
announces the completion of a 2,767 line km airborne magnetic and
electromagnetic survey on their flagship Poplar Project. At least
seven new targets consistent with a porphyry copper signature have
been identified within LGM's tenures.
Using the past producing Bell Mine and the nearby Huckleberry
Mine as models, LGM has identified similar magnetic and
electromagnetic signatures throughout the Poplar tenements. The
geophysical survey presented targets for geochemical and
geophysical follow up in order to determine where additional
mineralization occurs. The proposed work program for this year
includes the geochemical and geophysical follow up in addition to
the 5,200m drill program announced on January 18, 2010.
Lions Gate Metals commissioned Aeroquest International Limited
("Aeroquest") to perform the airborne survey after reviewing
encouraging results from Geoscience BC's 2008 Quest West Airborne
geophysical survey. In November 2009, Aeroquest flew a detailed
infill survey over the Poplar claims using the same AeroTEM3 / MAG
platform. Magnetic and Electromagnetic imaging indicates four
unexplored and three partially explored targets that have
signatures consistent with the possible presence of buried or
hidden porphyry copper / porphyry copper-molybdenum deposits.
Initial results were so encouraging that an additional 105.8 line
km were added to the survey for a total of 2,767 line km. An
additional 10,396 hectares of ground were staked to cover these
extensions and the surrounding ground. Preliminary till sampling
was performed over the majority of the Quest West anomalies within
LGM's tenures in the fall of 2009, results of which are pending.
Additional sampling is planned for the summer of 2010 to develop
these new targets and prioritize a potential drill program this
fall.
In conjunction with the extensive airborne geophysical survey
over the Poplar property, LGM has identified extensions of the IP
anomaly in the Poplar Main Zone. In October 2009, a Deep Induced
Polarization ("IP") survey was completed on the Poplar Deposit. The
Poplar Deposit has a published historic mineral resource of
236,000,000 tonnes at 0.37% copper equivalent grade using 0.25%
copper equivalent grade cutoff. The estimation of copper equivalent
grade was made in 1982 using metal prices prevalent at that time.
This reserve estimate was prepared prior to the implementation of
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101"), and does not comply with that standard; nor
does the term copper equivalent grade comply with that standard.
The resource estimate was produced prior to the publication of the
CIM Standards on Mineral Resources and Mineral Reserves, and does
not provide further classification of the estimate into Measured,
Indicated or Inferred Mineral Resources. The data used and the
resulting estimate may not be relied upon until they have been
confirmed by using standards compliant with NI 43-101. The
potential for Lions Gate Metals to reproduce the historical
estimate or to expand the resource by further work is speculative.
Investors are cautioned that a Qualified Person as defined under NI
43-101 has not yet completed adequate testing of the Poplar
Deposit, or adequate review of the historical data to define a
current resource that is in compliance with NI 43-101. Lions Gate
Metals does not consider the historic resource to represent a
current mineral resource.
These grades are consistent with current and past producing
mines in the area. The Deep IP survey has revealed extensions in
the IP anomaly below known mineralization tested by past drilling.
A 5200m drill program has been proposed for completion this year to
determine depth and grade of the mineralization below the Poplar
Main Zone. Funding of the proposed Poplar work program is subject
to completion of the private placement forming part of the AusNiCo
business combination transaction announced on December 18,
2009.
The Poplar property has grown in size by a combination of claim
staking and option agreements from 49,162 hectares in early 2009 to
63,936.8 hectares in early 2010 and has exciting new data regarding
its mineralization.
Thank you for your continued support.
Sincerely,
Arni Johannson, CEO
Lions Gate Metals Inc. is a Canadian based, junior resource
company focused on the exploration, development, and acquisition of
both advanced and early stage mineral projects.
Forward-Looking Information
This news release contains forward-looking information,
including statements regarding the following: geological
interpretations and management's expectations in respect the
Company's Poplar project; the timing and content of upcoming work
programs; and the Company's plans to fund further exploration on
the Poplar project.
Statements in this release that are forward-looking statements
are subject to various risks and uncertainties concerning the
specific factors identified in the Company's periodic filings with
Canadian Securities Regulators. These factors include the inherent
risks involved in the exploration and development of mineral
properties; the uncertainties involved in interpreting drill
results and other exploration data including IP Surveys and
Airborne Geophysical Surveys; the potential for delays in
exploration or development activities; the geology, grade and
continuity of mineral deposits; the possibility that future
exploration, development or mining results will not be consistent
with the Company's expectations; accidents, equipment breakdowns,
title matters, labor disputes or other unanticipated difficulties
with or interruptions in production and operations; fluctuating
metal prices; the possibility of project cost overruns or
unanticipated costs and expenses; uncertainties relating to the
availability and costs of financing needed in the future; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses; commodity price
fluctuations; currency fluctuations; regulatory restrictions,
including environmental regulatory restrictions and liability;
competition and loss of key employees; and other related risks and
uncertainties. The Company undertakes no obligation to update
forward-looking information except as required by applicable law.
Such forward-looking information represents management's best
judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information.
Technical Disclosure
Peter Ogryzlo, M. Sc., P. Geo., the Technical Advisor of LGM and
a "qualified person" within the meaning of National Instrument
43-101, has reviewed and approved the scientific and technical
disclosure contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Lions Gate Metals Inc. Blair McIntyre Business
Development and Investor Relations (604) 683-7588 (604) 683-7589
(FAX) info@LionsGateMetals.com www.LionsGateMetals.com
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