Lions Gate Metals Continues to Expand Poplar Deposit Mineralization to the North With 0.55% CuEq Over 164 Metres and Anticipa...
February 16 2012 - 6:00AM
Marketwired Canada
Lions Gate Metals Inc. (TSX VENTURE:LGM) ("Lions Gate" or the "Company") is very
pleased to announce the results from the final four (4) holes of the twenty-nine
hole, 10,913.93 metres, phase-two diamond drill program (the "Program") at the
Poplar Copper-Gold-Silver Porphyry Property (the "Property"). Significant CuEq
and Au values returned from the drilling along and outside the north-central
margin of the NI 43-101 compliant Inferred Resource area (1.4 billion lbs
copper; 245,000,000 tonnes grading 0.27% Cu - 0.15% cut-off) indicate that the
mineralized system remains open at depth and to the north. See Poplar Deposit
map for resource area and drilling locations.
Holes 11-PC-109, 11-PC-110, 11-PC-114 and 11-PC-122, were drilled to test the
limits of mineralization on the north side of both the Main and East Zones.
These holes were drilled north and west of Holes 11-PC-85 and 11-PC-92, which
returned 147 metres grading 0.51% CuEq and 123 metres grading 0.31% CuEq
respectively, in the Phase One 5,569 metre, 13 hole program, completed by Lions
Gate in the spring of 2011. These final four holes returned encouraging copper,
gold and silver values, over the entire length of each hole.
"Phase-two results are such that, the Company expects to increase both grade and
tonnage of our initial inferred copper resource estimate, and anticipates
reporting significant gold and silver credits for the first time, as well," says
Lions Gate President and CEO, Paul Sarjeant. "We have quite a bit more work to
do at the Property to better understand the extent of mineralization and
distribution of metals within the Main Zone and East Zones, and to explore what
appears to be a new and separate silver system to the north. In the near term,
we are working diligently with the phase-two drill data with the goal to update
and announce a new NI 43-101 resource model within two to three weeks, in time
hopefully, for PDAC in Toronto, where we will be exhibiting in the Core Shack."
Significant Results: Poplar Copper-Gold-Silver Deposit - North-Central Main
and East Zones
----------------------------------------------------------------------------
From To Length Cu Au Mo Ag CuEq
Hole No. (m) (m) (m) (%) (g/t) (%) (g/t) (%) Comments
----------------------------------------------------------------------------
11-PC-109 30.00 501.00 471.00 0.18 0.06 0.006 1.88 0.27 Main & East Zone
margin open at
depth and to the
north.
Significant
CuEq, Ag over
length.
----------------------------------------------------------------------------
inc. 243.23 501.00 257.77 0.29 0.10 0.010 2.58 0.43
----------------------------------------------------------------------------
inc. 336.23 501.00 164.77 0.37 0.13 0.013 3.40 0.55
----------------------------------------------------------------------------
11-PC-110 18.00 477.00 459.00 0.22 0.07 0.002 1.61 0.29
----------------------------------------------------------------------------
inc. 336.17 477.00 140.29 0.42 0.14 0.005 2.19 0.55 Significant
CuEq.
----------------------------------------------------------------------------
11-PC-114 45.55 200.25 154.70 0.34 0.12 0.018 1.54 0.52 Significant CuEq
over length.
----------------------------------------------------------------------------
inc. 93.80 200.25 106.45 0.38 0.14 0.021 1.58 0.60
----------------------------------------------------------------------------
11-PC-122 27.43 252.07 224.64 0.11 0.03 0.003 0.98 0.15
----------------------------------------------------------------------------
inc. 156.44 192.01 35.57 0.26 0.08 0.003 0.91 0.33 Mineralization
continues at
depth.
----------------------------------------------------------------------------
The Program, completed in November, 2011, was designed to test and extend the
limits of mineralization of the Poplar deposit, expand tonnage, increase grade
of copper, and qualify to standard significant gold and silver content not
included in the current NI 43-101 inferred resource of 1.4 billion lbs copper;
245,000,000 tonnes averaging 0.27% Cu (0.15% cut-off), but indicated by previous
drilling.
Drill Hole Details
---------------------------------------------------------------------------
Hole No. UTM E UTM N Elevation Azimuth Inclination TD (m)
---------------------------------------------------------------------------
11-PC-109 631894 5987150 905 180 -67 501.00
---------------------------------------------------------------------------
11-PC-110 632004 5987116 890 180 -70 477.00
---------------------------------------------------------------------------
11-PC-114 631866 5987049 857 177 -50 200.25
---------------------------------------------------------------------------
11-PC-122 631954 5987051 915 175 -60 252.07
---------------------------------------------------------------------------
Drill intersections are true widths though the mineralized zones. All samples
were submitted to AcmeLabs, Vancouver, an ISO 17025 accredited analytical
laboratory, for preparation and analyses. Sample preparation used procedure
R200-250, with digestion and analyses using method 1EX and gold determination by
method G601. Lions Gate QA/QC included the insertion of one standard, one blank
and one duplicate in each batch of 20 samples.
Lions Gate management and geologists invite PDAC 2012 delegates to visit them at
the Metro Toronto Convention Centre from March 4-7, 2012. Lions Gate will be
exhibiting in The Core Shack at Exhibit #5018, on Sunday March 4th, 2012 and
Monday March 5th, and in their Investors Exchange Exhibitor Booth #2524 (Halls
F&G) for the four-day duration of the show. The Core Shack is a PDAC feature
destination where 'The latest discoveries are highlighted, along with maps,
charts and technical information'.
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 Property
Lions Gate Minerals has 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 operated by Imperial Metals, between Huckleberry and the
mining resource town of Houston. The Poplar Deposit on the Property has a NI
43-101 compliant inferred resource of 245 million tonnes grading 0.27% copper,
containing 1.4 billion pounds of copper, at a 0.15% copper cut-off. Additional
diamond drilling is planned to further define and to upgrade this resource.
Near-surface mineralization and significant gold and silver presence are Poplar
Deposit highlights. Eight other regional copper-gold porphyry targets have been
identified on the Property.
The inferred resource estimate was prepared by Giroux Consultants Limited (news
release dated August 23, 2011), and was based on 105 historical drill holes and
13 diamond drill holes, totaling 5,569m, completed by Lions Gate in the spring
of 2011. The phase-two drill program, completed in late November 2011, will
provide enough data for an estimate of gold and silver grades, in addition to
copper and molybdenum grades. An updated resource estimate is anticipated in the
spring of 2012, when data from the phase-two drilling program is compiled and
interpreted.
About Lions Gate Metals
Lions Gate Metals 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 Imperial Metals Huckleberry mine (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
Metal's 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.Geol., Vice President Exploration is a Qualified Person under
NI 43-101 and has reviewed and approved the contents of this news release.
For further information on the Company and its projects please visit the web
site at www.lionsgatemetals.com.
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, 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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