VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 12, 2010) - Lions Gate Metals Inc. (TSX VENTURE:LGM) ("LGM" or the "Company") announces the completion of a 2,767 line km airborne magnetic and electromagnetic survey on their flagship Poplar Project. At least seven new targets consistent with a porphyry copper signature have been identified within LGM's tenures.
Using the past producing Bell Mine and the nearby Huckleberry Mine as models, LGM has identified similar magnetic and electromagnetic signatures throughout the Poplar tenements. The geophysical survey presented targets for geochemical and geophysical follow up in order to determine where additional mineralization occurs. The proposed work program for this year includes the geochemical and geophysical follow up in addition to the 5,200m drill program announced on January 18, 2010.
Lions Gate Metals commissioned Aeroquest International Limited ("Aeroquest") to perform the airborne survey after reviewing encouraging results from Geoscience BC's 2008 Quest West Airborne geophysical survey. In November 2009, Aeroquest flew a detailed infill survey over the Poplar claims using the same AeroTEM3 / MAG platform. Magnetic and Electromagnetic imaging indicates four unexplored and three partially explored targets that have signatures consistent with the possible presence of buried or hidden porphyry copper / porphyry copper-molybdenum deposits. Initial results were so encouraging that an additional 105.8 line km were added to the survey for a total of 2,767 line km. An additional 10,396 hectares of ground were staked to cover these extensions and the surrounding ground. Preliminary till sampling was performed over the majority of the Quest West anomalies within LGM's tenures in the fall of 2009, results of which are pending. Additional sampling is planned for the summer of 2010 to develop these new targets and prioritize a potential drill program this fall.
In conjunction with the extensive airborne geophysical survey over the Poplar property, LGM has identified extensions of the IP anomaly in the Poplar Main Zone. In October 2009, a Deep Induced Polarization ("IP") survey was completed on the Poplar Deposit. The Poplar Deposit has a published historic mineral resource of 236,000,000 tonnes at 0.37% copper equivalent grade using 0.25% copper equivalent grade cutoff. The estimation of copper equivalent grade was made in 1982 using metal prices prevalent at that time. This reserve estimate was prepared prior to the implementation of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), and does not comply with that standard; nor does the term copper equivalent grade comply with that standard. The resource estimate was produced prior to the publication of the CIM Standards on Mineral Resources and Mineral Reserves, and does not provide further classification of the estimate into Measured, Indicated or Inferred Mineral Resources. The data used and the resulting estimate may not be relied upon until they have been confirmed by using standards compliant with NI 43-101. The potential for Lions Gate Metals to reproduce the historical estimate or to expand the resource by further work is speculative. Investors are cautioned that a Qualified Person as defined under NI 43-101 has not yet completed adequate testing of the Poplar Deposit, or adequate review of the historical data to define a current resource that is in compliance with NI 43-101. Lions Gate Metals does not consider the historic resource to represent a current mineral resource.
These grades are consistent with current and past producing mines in the area. The Deep IP survey has revealed extensions in the IP anomaly below known mineralization tested by past drilling. A 5200m drill program has been proposed for completion this year to determine depth and grade of the mineralization below the Poplar Main Zone. Funding of the proposed Poplar work program is subject to completion of the private placement forming part of the AusNiCo business combination transaction announced on December 18, 2009.
The Poplar property has grown in size by a combination of claim staking and option agreements from 49,162 hectares in early 2009 to 63,936.8 hectares in early 2010 and has exciting new data regarding its mineralization.
Thank you for your continued support.
Arni Johannson, CEO
Lions Gate Metals Inc. is a Canadian based, junior resource company focused on the exploration, development, and acquisition of both advanced and early stage mineral projects.
This news release contains forward-looking information, including statements regarding the following: geological interpretations and management's expectations in respect the Company's Poplar project; the timing and content of upcoming work programs; and the Company's plans to fund further exploration on the Poplar project.
Statements in this release that are forward-looking statements are 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 including IP Surveys and Airborne Geophysical Surveys; 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 and 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.
Peter Ogryzlo, M. Sc., P. Geo., the Technical Advisor of LGM and a "qualified person" within the meaning of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.