Lion One Announces Revised NI 43-101 Resource Estimate: Increased
Tonnage and Grades at the Tuvatu Gold Project, Fiji
NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 4, 2014) -
Lion One Metals Limited
(TSX-VENTURE:LIO)(FRANKFURT:LY1)(OTCQX:LOMLF)(ASX:LLO) ("Lion One"
or the "Company") is pleased to announce the results of an updated
NI 43-101 compliant mineral resource estimate for the Tuvatu Gold
Project ("Tuvatu").
At a 3.0 gram cutoff, the indicated resource has increased by 90
percent over the previous estimate in 2010 to 1,102,000 tonnes at
8.46 grams per tonne (g/t) for 300,000 oz. Au, while the grade of
the inferred resource has increased by 31 percent to 1,506,000
tonnes at 9.67 g/t for 468,000 oz. Au (see Table 1).
Table 1: Resource Summary, Tuvatu Gold Project
Cutoff |
Indicated |
g/t |
tonnes |
g/t |
ounces |
1.0 |
1,943,000 |
5.61 |
350,300 |
2.0 |
1,435,000 |
7.07 |
326,200 |
3.0 |
1,101,000 |
8.46 |
299,500 |
5.0 |
683,000 |
11.25 |
247,000 |
Cutoff |
Inferred |
g/t |
tonnes |
g/t |
ounces |
1.0 |
3,022,000 |
5.8 |
561,000 |
2.0 |
2,156,000 |
7.5 |
520,000 |
3.0 |
1,506,000 |
9.7 |
468,000 |
5.0 |
872,000 |
13.9 |
390,000 |
The updated estimate was completed by Mining Associates Pty Ltd.
of Brisbane, Australia, and will be included in a technical report
prepared under National Instrumental (NI) 43-101 and JORC 2012, to
be filed on SEDAR within 45 days.
About Tuvatu
The 10,565 hectare Tuvatu alkali epithermal Gold Project
consists of three tenements located in the upper reaches of Sabeto
Valley approximately 24 kilometres ("km") north east of Nadi on the
west coast of Viti Levu, 15 km from the Nadi International
Airport.
The deposit is hosted in a sequence of volcanic units intruded
by a monzonite intrusive complex. Gold mineralization is dominantly
hosted in the monzonite units but also occurs in the adjacent
volcanics. The mineralization is structurally-controlled and is
considered to have a close association with the emplacement of the
monzonite intrusive body, occurring as sets and networks of narrow
veins and cracks, with individual veins as modelled in the estimate
ranging from 0.04 to 9 meters ("m") true width with a mean
thickness of 1.1 m. Lode mineralogy is varied, with most veins
containing quartz, pyrite, and base metal sulphides. A high portion
of the gold mineralization in the deposit occurs as either free
gold amenable to gravity processing, or is contained in quartz or
pyrite composite particles that can be extracted by simple
floatation followed by leaching. The free gold present is both fine
and coarse grains although sample assay repeatability is very good
suggesting most is fine grained. Mineralization contains low values
of potentially deleterious elements such as arsenic, selenium, and
uranium. The main mineralized zone (Upper Ridges) comprises eleven
principal lodes with a strike length in excess of 500 m and a
vertical depth of more than 300 m. Another major zone of
mineralization (Murau) strikes east-west and consists of two major
lodes with a mapped strike length in excess of 800 m. A total of 39
different lode structures were identified in the resource area
including 11 lodes in the Upper Ridges area, 3 lodes in the Murau
area, 4 lodes in the West area, 2 lodes in the Tuvatu area and the
stockwork veins in the SKL area. A minimum of 5 intercepts are
needed for a vein to be defined. Multiple other lodes having been
identified but require additional drilling for inclusion in future,
revised resource estimates. Minimum 1.2 m thicknesses were modeled
for the mineralized structures, with associated dilution
included.
The grade-block model resource was estimated for each vein
individually using Ordinary Kriging of width and grade, the later
using accumulations from core, and much lesser RC drill hole data.
284 core holes and 81 RC holes have been completed on the property.
Grades were capped for each modelled structure, using 99th to
97.5th percentiles. Bulk densities of 2.54 and 2.61 for ore and
waste respectively were used. A total of 1,341 m of decline, strike
and rise development have also been undertaken in the project area,
including a 600 m exploration decline.
"We are pleased with these significant increases in tonnage,
grade, and ounces within this resource estimate," said Lion One
Chairman and CEO Walter Berukoff. "Most of this resource is
situated within 200 meters of surface, with several target zones
identified for further resource potential. We remain focused on
continual exploration and securing a Mining License for
Tuvatu."
Quality Control
The assay analyses performed during Lion One's drilling programs
are subject to a formal quality assurance and quality control
(QA/QC) program. Diamond drill core was logged and sampled on site
at Tuvatu by Company staff with samples delivered by the Company to
the facilities of Australian Laboratory Services (ALS) Pty. Ltd.,
an independent accredited analytical laboratory. Samples are first
prepared and crushed at the ALS facility in Suva, Fiji, before
being shipped to Brisbane, Australia for assay analysis. Samples
are subjected to fire assay with atomic absorption finish for gold
and 33 elements by four acid digest, with Inductively Coupled
Plasma Spectrometry (ICP-AES). Standard reference materials,
blanks, and field duplicates samples are inserted prior to shipment
from site to monitor the quality control of the data. Samples with
higher grade gold (greater than 3 grams per tonne) are reassayed
using a gravimetric and/or pulps and metallic procedure.
Qualified Persons
The summary review of geology, resource models and estimates and
the site visit were conducted by Mr. Ian Taylor, BSc (Hons) MAusIMM
(CP) who visited the site from the 25th to 28th February 2014. Mr.
Taylor viewed the geological setting, located some drill collars,
inspected drill core, and sample storage.
Mr. Taylor has sufficient experience which is relevant to the
Tuvatu style of mineralization and deposits under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves' (Australia) and is a Qualified Person as defined in
NI43-101 (Canada). He is a Member of The Australasian Institute of
Mining and Metallurgy (Melbourne). Mr. Taylor is employed by Mining
Associates Pty Ltd of Brisbane, Australia. The information
contained in this release has been reviewed and approved by Rob
McLeod, P.Geo, a consultant to the Company and a Qualified Person
as defined by NI 43-101.
Competent Person Statement
The information in this report that relates to Exploration
Results and Mineral Resources is based on information compiled by
Mr. Stephen Mann, who is a Member of the Australian Institute of
Mining and Metallurgy (AUSIMM). Mr. Mann has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which the Company
is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves" (JORC Code). Mr. Mann
is a director of Lion One Metals Limited and consents to the
inclusion of the information in this announcement in the form and
context in which it appears.
About Lion One Metals Limited
Lion One Metals Limited is a Canadian resource company focused
on the acquisition, exploration and development of mineral projects
worldwide. The Company is focused on advancing the Tuvatu Gold
Project in Fiji, the Olary Creek Iron Ore Project in South
Australia, and additional exploration-stage projects in Fiji,
Australia, and Argentina.
For maps,
diagrams, and project data please click on the following link:
www.liononemetals.com/s/Tuvatu.asp
On Behalf of the Board of Directors
Walter H. Berukoff, Chairman of the Board
Lion One Metals Limited
Neither the TSX Venture Exchange nor its Regulation Service
Provider accepts responsibility for the adequacy or accuracy of
this release.
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.
Lion One Metals LimitedInvestor
Relations604-998-1250604-998-1253info@liononemetals.com
www.liononemetals.com
Lion One Metals (TSXV:LIO)
Historical Stock Chart
From Apr 2024 to May 2024
Lion One Metals (TSXV:LIO)
Historical Stock Chart
From May 2023 to May 2024