Lion One Metals Limited

Lion One Metals Limited

July 20, 2011 13:30 ET

Lion One Announces New Upper Stockwork Zone at Tuvatu

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) - 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.


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.

Bench UR3 Results
Interval Gold g/t
25.4m 5.5 Total samples weighted average
1m 5.26
1m 6.3
1m 133
Bench UR5 Results
Interval Gold g/t
112m 0.65 Total samples weighted average
.25m 38.1
.23m 31.6
0.17m 40
0.26m 14.35
.56m 36

To view news release accompanied by map and photograph please visit


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.


Au g/t vein/mineralization
20 31.5 11.5 0.59 porphyry
38.5 41.7 3.2 2.28 porphyry
46.5 51.5 5 0.59 porphyry
62 70 8 1.6 porphyry
83.5 93.5 10 .93 mixed
84.4 85.5 1.1 4.48 epithermal vein
8.5 0.56 porphyry
93.5 111.1 (EOH) 18.05 1.58 mixed


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.


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.


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 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).


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.


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.

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