Lion One Metals Limited's (TSX VENTURE: LIO)(FRANKFURT: LY1) -
New Surface Channel Sampling Results Include:
25.4 m averaging 5.5g/t Gold, including 4 m averaging 36.8g/t
Gold from Bench UR3
112 m averaging 0.65g/t Gold, including 3.6 m averaging 14.4g/t
Gold from Bench UR5
Other News - Porphyry Exploration Breakthrough North of Main
Tuvatu Resource Area
Lion One Metals Limited's (TSX VENTURE: LIO)(FRANKFURT: LY1)
(the "Company") Chairman, Walter H. Berukoff, announced today that
the Company has received the first results from a surface channel
sampling (benching) from the ridges above the main Tuvatu gold
system.
NEW STOCKWORK ZONE
This work has identified a vein stockwork system with extensive
gold grades over wide widths. Previous exploration work in this
area had focused on high grade veins from underground drilling 250
metres below this newly recognized vein stockwork system. The
stockwork consists of centimeter scale quartz veins in several
orientations. Full structural geological analysis is still being
undertaken. In addition assay results from Benches 1, 2, and 4, and
further extensional results from Benches 3 and 5 are pending with
results expected shortly. All Benches show similar stockwork
veining and overall indicate a possible mineralized zone 250 metres
wide and separated by 90 metres vertically along the upper southern
slopes of the Tuvatu Ridge.
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Bench UR3 Results
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Interval Gold g/t
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25.4m 5.5 Total samples weighted average
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including
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1m 5.26
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1m 6.3
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1m 133
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Bench UR5 Results
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Interval Gold g/t
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112m 0.65 Total samples weighted average
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including
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.25m 38.1
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.23m 31.6
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0.17m 40
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0.26m 14.35
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.56m 36
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To view news release accompanied by map and photograph please
visit www.liononemetals.com.
PORPHYRY EXPLORATION BREAKTHROUGH
Confirmation of gold-bearing porphyry mineralization has
resulted from the examination of several holes as well as assays
from Hole 14, located north of the portal of the Tuvatu exploration
decline. Well defined porphyry style alteration associated with
ore-grade gold values occurs within structures and has been
overprinted by the later stage epithermal veins. Historic work
focused only on the high-grade epithermal veins, and while it was
recognized that these vein systems overprinted a monzonitic
porphyry intrusive host, the potential for the porphyry system to
carry ore-grade gold remained unrecognized until now. Hole 14 was
resampled to include all porphyry related mineralization over the
length of the hole.
Work is ongoing to assess the relevance of the porphyry
mineralization and to develop exploration targets for wider zones
either along strike or at depth.
RESULTS FROM HOLE 14
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From To interval vein/mineralization
(meters) (meters) (meters) Au g/t style
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20 31.5 11.5 0.59 porphyry
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38.5 41.7 3.2 2.28 porphyry
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46.5 51.5 5 0.59 porphyry
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62 70 8 1.6 porphyry
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83.5 93.5 10 .93 mixed
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including
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84.4 85.5 1.1 4.48 epithermal vein
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8.5 0.56 porphyry
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93.5 111.1 (EOH) 18.05 1.58 mixed
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ONGOING EXPLORATION PLANS
The Company has received approval from the Mineral Resources
Department of Fiji to commence rehabilitation of the underground
exploration decline for further predevelopment and underground
exploration access.
The Company expects to report new core assays and exploration
results regularly as it builds towards a major drilling program
which will be designed to rapidly establish the nature and extent
of porphyry, stockwork, and epithermal resources on the Tuvatu
property. Drill targets will be delineated through further
trenching, core analysis, and geophysics, which combined with
underground access, will provide the company with highly
cost-effective means of exploration and resource confirmation,
prior to the commencement of follow up drill campaigns.
QA/QC
Samples are analyzed at Australian Laboratory Services (ALS)
Pty. Ltd. an independent and qualified analytical laboratory in
Brisbane, Australia. Samples are first prepared and crushed at the
ALS facility in Suva, Fiji. Samples are subjected to fire assay
with atomic absorption finish for gold and 33 elements, four acids,
Inductively Coupled Plasma Spectrometry (ICP-AES). Consistent with
industry standard QA/QC protocols, sample standards and blanks are
inserted to ensure quality control.
GRANT OF OPTIONS
The Company also reports that it has granted incentive stock
options under its 10% rolling stock option plan to officers and
consultants of the Company to purchase a total of 200,000 common
shares at $1.40 per share exercisable until July 20, 2016. The
options vest subject to the terms and conditions of the Company's
stock option plan. The options are subject to acceptance for filing
by the TSX Venture Exchange.
THE TUVATU GOLD DEPOSIT
The Tuvatu property lies within Viti Levu Lineament, a
north-west trending belt that hosts a number of alkaline volcanic
centers. These include the world-class Vatukoula Gold Mine, which
lies approximately 50 km to the north east. Low sulphidation,
epithermal gold veins at Tuvatu occur along the margins of the
eroded Navilawa volcanic center in a multi-phase geologic
environment that also hosts porphyry copper-gold and VMS style
mineralization. The Fijian Islands themselves are situated along
the margins of the SW Pacific Rim regional tectonic plate, the host
of a number of world class epithermal gold-silver and porphyry
copper-gold deposits that include Lihir, Porgera, Misima, Ok Tedi
(Papua New Guinea) and Bougainville (Solomon Islands).
QUALIFIED PERSON
Helen Grond, P.Geo, Senior Geologist with Lion One and a
Qualified Person for the Company for purposes of National
Instrument 43-101 has reviewed the technical information in this
news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Walter H. Berukoff, Chairman of the Board
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
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