Lions Gate Metals Inc. Confirms Increased Grade at Poplar Silver Zone; Re-Assay of Silver Anomalies Indicate Significant Adde...
04 May 2012 - 12:28AM
Marketwired Canada
Lions Gate Metals Inc. (TSX VENTURE:LGM) ("Lions Gate" or the "Company") is
pleased to announce that, as part of the Company's ongoing Quality
Assurance/Quality Control Program ("the Program"), a three metre sample of Hole
11-PC-113 was re-assayed, returning a 53% increase in silver grade over the
entire 75.15 metre length of the hole. Silver grade increased from 200 g/t Ag to
308 g/t Ag, elevating overall silver values from 11.71 g/t Ag to 17.89 g/t Ag,
and copper equivalent values from 0.15% to 0.22%. Hole 11-PC-113 is located in
the Silver Zone, approximately 180 metres north of the Poplar Main Zone and East
Zone Mineral Resource areas.
"A total of 34 EM conductors within and around copper porphyry targets, often
associated with silver mineralization, were identified from the 2010 airborne
magnetic and electromagnetic survey report that covered the Poplar project
area," says Lions Gate President & CEO Paul Sarjeant. "Survey results associated
with these holes indicate that, other EM targets near the Poplar Main and East
zones may host similar high grade silver mineralization. Further testing is
planned to determine how we might expand the resource and/or improve the
economics of the ultimate, potential pit."
QA-QC Program Re-assay Highlights
---------------------------------------------------------------------------
From To Length Cu Au Mo Ag CuEq
Hole No. (m) (m) (m) (%) (g/t) (%) (g/t) (%) Comments
---------------------------------------------------------------------------
11-PC-113 51.95 127.10 75.15 0.02 0.01 0.00 11.71 0.15 Results
released
January 30,
2012
---------------------------------------------------------------------------
incl 92.00 95.00 3.00 0.06 0.008 0.00 308.00 9.18 Interval
Re-Assayed
April, 2012
---------------------------------------------------------------------------
51.95 127.10 75.15 0.02 0.01 0.00 17.89 0.22 Revised
totals
---------------------------------------------------------------------------
11-PC-112 18.27 130.15 111.88 0.06 0.03 0.001 2.20 0.10 Results
released
January 30,
2012
---------------------------------------------------------------------------
incl 98.4 130.15 31.75 0.14 0.07 0.003 5.04 0.25 Interval
Re-Assayed
April, 2012
---------------------------------------------------------------------------
11-PC-96 11.28 300.89 289.61 0.01 0.01 0.018 1.15 0.04 Results
released
May 11,
2011
---------------------------------------------------------------------------
incl 230.11 252.19 22.08 0.06 0.03 0.001 9.40 0.18 Interval
Re-Assayed
April, 2012
---------------------------------------------------------------------------
incl 245.11 252.19 7.08 0.07 0.04 0.001 22.04 0.30 Interval
Re-Assayed
April, 2012
---------------------------------------------------------------------------
11-PC-95 28.35 599.54 571.19 0.07 0.02 0.005 3.11 0.12 Results
released
May 11,
2011
---------------------------------------------------------------------------
incl 28.35 93.38 65.03 0.01 0.01 0.001 10.1 0.13 Interval
Re-Assayed
April, 2012
---------------------------------------------------------------------------
The relationship of the Silver Zone to the Main and East Zones of the Poplar
deposit is still under investigation with additional drilling planned for this
area, during the 2012 exploration season.
Some of the conductors and the drill holes were located within the limits of
optimized pit shells currently under evaluation (see drilling location map for
hole locations).
Induced Polarization Surveys are being planned to cover some of the targets,
both for precious metal and for base metal exploration.
Copper Equivalent (CuEq)
Calculations were based on equivalency factors of CuEq% = Cu% x 1, Au (CuEq%) =
Au g/t x 0.57291667, Ag (CuEq%) = Ag g/t x 0.01041667, and metal prices of Cu
$2.80/lb, Mo $16.00/lb, Au $1100/troy oz., Ag $20/troy oz. The equivalency
factor for molybdenum is Mo (CuEq%) = Mo% x 5.71428571. Metal recoveries are not
used, as metallurgical studies are incomplete.
About the Poplar Property
Lions Gate Metals Inc. has a 100% interest in the 77,705 hectare, 196 claim
Poplar Copper-Gold-Silver Porphyry Property located in western-central British
Columbia, Canada, approximately 35 kilometres northeast of the Huckleberry
copper-molybdenum mine, between Huckleberry and the mining resource town of
Houston. The Huckleberry Mine is operated by the Imperial Metals led consortium
named Huckleberry Mines Ltd. The Poplar Deposit on the Property has an NI 43-101
compliant Indicated Resource of 171.3 million tonnes grading 0.28% Cu, 0.008%
Mo, 0.08 g/t Au and 2.30 g/t Ag (0.40% CuEq), plus an Inferred Resource of 209.0
million tonnes grading 0.23% Cu, 0.004% Mo, 0.06 g/t Au and 3.62 g/t Ag (0.33%
CuEq).
Additional diamond drilling is planned to further define and upgrade this
resource. Near-surface mineralization and significant gold and silver content
are Poplar Deposit highlights. Eight other regional copper-gold porphyry targets
have been identified on the Property.
About ROK Coyote
Lions Gate Metals Inc. is earning into a 75% interest in the 6,900 hectare, 19
claim ROK-Coyote copper-gold project adjacent to Imperial Metals' Red Chris
project which has reported, measured and indicated reserves of 936.2 million
tones at 0.37% Cu and 0.38 g/t Au, plus inferred resources of 871.1 million
tonnes grading 0.31% Cu and 0.35 g/t Au. The Company considers ROK Coyote to be
one of BC's most highly prospective copper-gold alkalic porphyry targets
amenable to pit and bulk underground mining.
About Lions Gate Metals
Lions Gate Metals Inc. is a Canadian based, junior resource company focused on
the exploration, development, and acquisition of copper and copper-focused
multi-mineral projects. The Company boasts one of the largest consolidated
property portfolios of any Canadian junior resource company, including the
77,705 hectare Poplar copper-gold-silver porphyry property located 35km
northeast of the Huckleberry Mine operated by Imperial Metals Corp
(proven/probable 39.7 million tonnes grading 0.343% copper: aggregate production
to Dec 31, 2010 approximately 870.0 million pounds copper, 8.0 million pounds
molybdenum, 105,000 ounces gold and 3.4 million ounces silver) in west-central
British Columbia, and the 6,900 hectare ROK-Coyote copper-gold porphyry property
contiguous with Imperial Metals' Red Chris copper-gold project in northwestern
British Columbia. Poplar and ROK-Coyote are the primary focus of the 2012
Exploration Program.
Andrew Gourlay P. Geo., Vice President Exploration is a 'Qualified Person' under
NI 43-101 and has reviewed and approved the contents of this news release.
Forward-Looking Statements
Statements in this release that are forward-looking statements, including
statements 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, 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, loss of key
employees, legal, political or environmental factors that may influence future
events or conditions, 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.
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