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Lion One Metals Starts Drilling in Fiji

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Lion One Metals Starts Drilling in Fiji

 
5,000 Meter Diamond Drill Program-Infill and Step-Out Targets

New Grab Samples Grading Up to 41.3 g/t Gold

 

Lion One Metals Limited (TSX VENTURE:LIO)(OTCQX:LOMLF)(FRANKFURT:LY1)announce that drilling has commenced at the Tuvatu Gold Project, near Nadi on the island of Viti Levu in Fiji. The program consists of a combination of infill and step out holes for a total of 5,000 meters of diamond drilling. The objective of the program is to upgrade existing inferred resources to the indicated category, add new resources, and capture further historic resources. The program is expected to run for three months alongside ongoing metallurgical test work.

 

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The Company expects that the inclusion of data from 87,000 meters of historic drilling and 1,600 meters of underground workings, together with the new drill data, to significantly expand the resource base. Dr. Andrew Richmond of Martlet Consultants Pty. Ltd. of Chapel Hill, Queensland, Australia, has been engaged to review and update the Company's NI 43-101 Technical Report and Resource Estimate by P&E Mining Consultants Inc., dated October 1, 2010. The new mineral resource estimate, along with data and material from historic feasibility studies completed in 1999 – 2000, will be used to support mineral resource and mineral reserve estimates and the preparation of a preliminary economic assessment, prefeasibility and/or feasibility study.
 

Ten infill drill holes are planned to test areas of the intersections of the E-W trending Murau-Far West Lodes with the N-S trending Upper Ridge Lodes. See Figure 1 below. Follow up drilling, if warranted, could continue to test these lodes along strike. Extensions of the Murau and Far West Lodes have been mapped at surface over 1,000 meters to the west (see news release dated May 7, 2012). Selected historic drilling intervals from these areas are summarized in Table 1 below True widths were calculated from historic interpretations and the closest down-hole survey:
 

 

                                 Table 1                                 
                       Select Historic Drill Holes                       
-------------------------------------------------------------------------
                                                      Estimated          
                            From       To    Width   True Width     Grade
Hole ID            Lode       (m)      (m)      (m)          (m)     (g/t)

-------------------------------------------------------------------------
TUG-056            MUR2    103.6   105.25     1.65         1.65     26.82
-------------------------------------------------------------------------
TUDDH-228         WEST1   209.26    212.8     3.54         3.06     17.73
-------------------------------------------------------------------------
TURC-179          WEST1       68       80       12        11.43      4.13
-------------------------------------------------------------------------
TURC-204          WEST1       88       93        5         4.76      4.72
-------------------------------------------------------------------------
TURC-205          WEST1       76       80        4         3.81      8.14
-------------------------------------------------------------------------
TUDDH-086          MUR1    238.6    244.3      5.7         0.13      5.82
-------------------------------------------------------------------------
TUDDH-219          MUR1       84     88.1      4.1         4.10      7.53
-------------------------------------------------------------------------
TUDDH-223         WEST3    18.25     20.8     2.55         1.34     20.04
-------------------------------------------------------------------------
TURC-174          WEST3       38       44        6         5.71       8.9
-------------------------------------------------------------------------

 

 

To view a version of the news release with historic assay tables and a map please visit the Company website at http://www.liononemetals.com/i/pdf/news/2012-06-05_NR.pdf

 

Six step out holes are planned to test mineralized extensions of the Tuvatu and H Lodes in the northern portion of the Tuvatu resource area, where surface mapping has identified continuous mineralization along a strike length of 300 meters. A portion of the gold mineralization hosted in this area is included in the current resource base, but additional data from seven holes drilled subsequent to the last historic resource estimate, previously omitted, is to be incorporated now. Select grab samples taken at 1 meter intervals along strike from an outcrop of the H Lode and abovethe entrance to the exploration decline (Bench 4) in March 2012 have returned assays including 19.55 g/t, 25.5 g/t, 29.7 g/t, 30.8 g/t, and 41.3 g/t gold. These grab sample assay results are summarized in Table 2 below:

 

 

                            Table 2                            
                Bench 4 - Selected Grab Samples                
---------------------------------------------------------------
                      Au ppm                             Au ppm
Sample Number           (g/t)      Sample Number           (g/t)
---------------------------------------------------------------
M441265                29.70       M441280                 9.23
---------------------------------------------------------------
M441266                41.30       M441281                 3.44
---------------------------------------------------------------
M441267                15.40       M441282                 0.30
---------------------------------------------------------------
M441268                30.80       M441283                 1.07
---------------------------------------------------------------
M441269                25.50       M441284                 2.88
---------------------------------------------------------------
M441270                30.00       M441285                19.55
---------------------------------------------------------------
M441271                18.05       M441286                10.25
---------------------------------------------------------------
M441272                32.20       M441287                25.50
---------------------------------------------------------------
M441273                10.85       M441288                 5.09
---------------------------------------------------------------
M441274                18.80       M441289                11.80
---------------------------------------------------------------
M441275                11.40       M441291                 7.38
---------------------------------------------------------------
M441276                 5.20       M441292                 3.38
---------------------------------------------------------------
M441277                 3.83       M441912                 5.64
---------------------------------------------------------------
M441278                 3.14       M441913                 0.40
---------------------------------------------------------------
M441279                 4.49       M441914                 2.37
---------------------------------------------------------------

 

 

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.

 

Posted June 6, 2012

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