Lion One Metals Limited (TSX VENTURE: LIO)(FRANKFURT: LY1) (the
"Company") reports that it has commenced a First Phase exploration
program on its Tuvatu Gold Project on the Island of Viti Levu in
the Fijian Islands. Surface sampling work conducted in December
2010 confirmed the presence of gold-bearing veins and veinlets near
the portal of the Tuvatu exploration decline. Initial results
include assays of 119 g/t Au across 0.43 meters (see attached
table). The Company has followed up with a 1,000 meter trenching
program to test these surface expressions and those in adjoining
and adjacent areas.
Current Exploration Focus
The focus area for trenching is the surface area near the portal
of the Tuvatu exploration decline, a 1.6 kilometer development
tunnel completed by Emperor Gold Mines ("Emperor") in 2000. The
decline was originally completed with the objective of test mining
historic underground mineral reserves and resources. The Company's
principal objectives in this area are to expose and confirm the
dimensions of the structures controlling precious metal
mineralization related to the Tuvatu Lode, H Lode, and the Core
Shed Fault (CSF). The CSF is a 60 meter wide, east-west trending
shear zone exposed near the portal of the decline which can be
traced for over 5 kilometers along strike. The Tuvatu and H Lodes
are 5 to 40 meters wide and are characterized by porphyry-style
copper mineralization, with the H Lode being crosscut locally by
epithermal gold veins, and the Tuvatu Lode characterized by
potassic alteration and hosting, chalcopyrite and biotite. The
recent surface sampling program has confirmed the presence of gold
bearing veins and veinlets within the CSF and the Tuvatu and H
Lodes. The current trenching program will test the extent and grade
of the precious metal mineralization across the structure and along
strike of the CSF, as well as the Tuvatu and H Lodes.
The 1,000 meter program commenced in January and will also
encompass selected targets in the surrounding area. A total of 800
meters of trenching have been completed and assays are pending for
the work done to date.
Previous Work
Past operators including Emperor focused on the high grade
underground lodes at Tuvatu as a source of feed for the nearby mill
at the Vatukoula mine. Previous work at Tuvatu includes over 80,000
meters of surface and underground drilling, metallurgical testing,
resource and reserve estimation, completion of a feasibility study
(by Emperor and Bateman Engineering) and construction of the
exploration decline. While JORC compliant mineral reserves had been
previously delineated and disclosed by Emperor, current mineral
resources estimated in accordance with CIM definitions include
indicated resources of 172,000 ounces (760,000 tonnes grading 7.05
g/t Au) and inferred resources of 480,000 ounces (2.618 million
tonnes grading 5.71 g/t Au) at 2.0 g/t Au cut off. While the
nuggety nature of the gold mineralization necessitated a 40 g/t Au
grade cap for resource estimation purposes, numerous intercepts
exceed this cap (i.e. up to 1,620 g/t Au across 0.5 m). This
characteristic leads management to believe the contained gold
content could prove significantly greater than that currently
estimated.
A challenging economic environment for precious metals in the
late 1990's and the high grade nature of the gold mineralization
within the individual lodes necessitated that the Emperor
feasibility study focus on the identification of underground
resources for exploitation by underground mining methods. With the
advantage of significantly improved commodity prices management
looks to expand both the existing underground resource and assess
the lower grade, bulk tonnage mineralization that may be amenable
to open pit mining.
Numerous High-Grade Targets within and around the Tuvatu
Resource Area
Mapping and sampling programs completed during the past three
years by the Company's geological team within the Company's
tenements have identified 10 additional high grade gold and base
metal targets. These discoveries have precipitated a renewed
approach to the exploration of the property focusing on both the
underground and surface potential of the property. These recently
identified occurrences have returned assay results up to 290 g/t Au
in selected samples.
Tuvatu is part of a high grade gold system that remains open
both at depth and along strike in all directions, well outside the
area previously delineated as the "Tuvatu Resource Area". In
addition to re-logging and re-sampling the significant
intersections from the 80,000 meters of drilling previously
completed on the property, management is currently placing renewed
attention on the high grade surface outcrops that received limited
attention previously. By trenching in many of these areas, the
Company expects to quickly and inexpensively identify and refine a
number of shallow drill targets.
Samples are analyzed at ALS Chemex, an independent and qualified
analytical laboratory in Brisbane, Australia. Samples are first
prepared and crushed at the ALS facility on Suva, Fiji. Gold is
determined by fire assay and a suite of 30 additional elements by
Inductively Coupled Plasma Spectrometry (ICP). Consistent with
industry standard practice, sample standards and blanks and other
control methods are used to ensure quality control.
Qualified Person
Darcy Krohman, P.Geo., a Qualified Person for the Company for
purposes of National Instrument 43-101 has reviewed the technical
information in this news release.
Selected assay results in excess of 1.0 g/t Au from the surface
sampling program include:
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SAMPLE_NO AU (g/t) SAMPLE DESCRIPTION
----------------------------------------------------------------------------
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TS00175 2.49 0.20 m chip sample from Jomaki Creek
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TS00176 1.16 0.21 m chip sample from Jomaki Creek
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TS00180 4.38 0.39 m chip sample from Vetoi
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TS00190 2.19 0.21 m chip sample from Davui
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TS00198 2.01 0.35 m chip sample from Bubura
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TS00232 9.47 0.22 m chip sample from oxidized shear zone - UR2 Lode
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TS00237 4.43 0.76 m chip sample from oxidized shear zone - UR2 Lode
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TS00239 12.15 0.46 m chip sample from oxidized shear zone - UR2 Lode
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TS00240 6.73 0.33 m chip sample from oxidized shear zone - UR2 Lode
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TS00242 3.52 0.71 m chip sample from oxidized shear zone - UR2 Lode
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TS00249 5.59 1.0 m chip sample - Tuvatu Lode
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TS00250 4.18 1.0 m chip sample - Tuvatu Lode
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TS00302 2.73 0.40 m chip sample - Tuvatu Lode
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TS00252 5.35 0.48 m chip sample - Bubura creek
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TS00253 0.57 0.20 m chip sample - Bubura creek
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TS00304 1.14 1.0 m chip sample - Tuvatu Lode
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TS00305 3.34 1.0 m chip sample - Tuvatu Lode
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TS00306 1.73 1.0 m chip sample - Tuvatu Lode
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TS00308 13.55 0.6 m chip sample - Tuvatu Lode
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TS00309 61.4 1.0 m chip sample - Tuvatu Lode
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TS00310 3.85 1.0 m chip sample - Tuvatu Lode
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TS00312 1.63 1.0 m chip sample - Tuvatu Lode
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TS00313 119.0 0.43 m chip sample - UR2 Lode
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TS00314 16.7 0.31 m chip sample - UR2 Lode
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TS00316 1.48 0.70 m chip sample - Tuvatu Lode
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TS00318 2.28 0.53 m chip sample - UR2-Lode
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TS00319 3.33 0.62 m chip sample - UR2-Lode
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TS00320 1.49 0.75 m chip sample - Shear zone between UR2 & UR3
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TS00323 22 0.70 m chip sample - Tuvatu Lode
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TS00651 6.89 1.0 m chip sample - Tuvatu & H Lode
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TS00652 6.85 1.0 m chip sample - Tuvatu & H Lode
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TS00653 3.66 1.0 m chip sample - Tuvatu & H Lode
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TS00654 3.3 1.0 m chip sample - Tuvatu & H Lode
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TS00655 4.3 1.0 m chip sample - Tuvatu & H Lode
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TS00656 34.8 1.0 m chip sample - Tuvatu & H Lode
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VD184527 3.6 0.4 m chip sample - Tuvatu Lode
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VD184536 2.4 1.0 m chip sample - Tuvatu Lode
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VD184538 1.15 1.0 m chip sample - Tuvatu Lode
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VD184539 1.23 1.0 m chip sample - Tuvatu Lode
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VD184540 7.88 1.0 m chip sample - Tuvatu Lode
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VD184541 5.18 1.0 m chip sample - Tuvatu Lode
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VD_199758 2.36 Selective grab sample
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VD_199759 5.66 Selective grab sample
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VD_199760 11.85 Selective grab sample
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ON BEHALF OF THE BOARD OF DIRECTORS
Walter H. Berukoff, Chairman and Director
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, 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
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