Uncategorized
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
![\"\"](\"http://theprospectornews.com/wp-content/uploads/2012/06/H04_staff.jpg\" "\\"Lion")
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
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Estimated
From To Width True Width Grade
Hole ID Lode (m) (m) (m) (m) (g/t)
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TUG-056 MUR2 103.6 105.25 1.65 1.65 26.82
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TUDDH-228 WEST1 209.26 212.8 3.54 3.06 17.73
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TURC-179 WEST1 68 80 12 11.43 4.13
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TURC-204 WEST1 88 93 5 4.76 4.72
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TURC-205 WEST1 76 80 4 3.81 8.14
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TUDDH-086 MUR1 238.6 244.3 5.7 0.13 5.82
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TUDDH-219 MUR1 84 88.1 4.1 4.10 7.53
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TUDDH-223 WEST3 18.25 20.8 2.55 1.34 20.04
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TURC-174 WEST3 38 44 6 5.71 8.9
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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
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Au ppm Au ppm
Sample Number (g/t) Sample Number (g/t)
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M441265 29.70 M441280 9.23
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M441266 41.30 M441281 3.44
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M441267 15.40 M441282 0.30
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M441268 30.80 M441283 1.07
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M441269 25.50 M441284 2.88
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M441270 30.00 M441285 19.55
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M441271 18.05 M441286 10.25
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M441272 32.20 M441287 25.50
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M441273 10.85 M441288 5.09
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M441274 18.80 M441289 11.80
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M441275 11.40 M441291 7.38
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M441276 5.20 M441292 3.38
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M441277 3.83 M441912 5.64
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M441278 3.14 M441913 0.40
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M441279 4.49 M441914 2.37
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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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