Dec 6 2011
Lions Gate Metals Inc. has announced assay results from Hole 11-PC-97, the second hole released from the recently completed 29 hole, 11,913.93 metre diamond drill program at the Poplar Project.
Hole 11-PC-97 was located along the northern side of the main zone of mineralization. Results indicate the zone remains open to the north and at depth. The hole intercepted mineralization over its entire length.
The Lions Gate technical team continues to develop the Poplar geological model. These results extend the limit of the main zone to the north and have confirmed a higher grade mineralized zone within the target area. More drilling has been budgeted for 2012 to further define the extent of the main zone and delineate higher grade targets.
"One of the primary goals of this drilling program was to get a better understanding of the extent to which gold and silver will add to the economic value of Poplar. We are very pleased with these results as they suggest strong gold and silver values within the mineralized zone," stated Arni Johannson, Chairman.
Copper Equivalent (Cu Eq) calculations were based on equivalency factors of CuEq% = Cu% x 1,, Au (CuEq%) = Au g/t x 0.57291667, Ag (CuEq%) = Ag g/t x 0.01041667, and metal prices of Cu $2.80/lb, Mo $16.00/lb, Au $1100/troy oz., Ag $20/troy oz. The equivalency factor for molybdenum is Mo (CuEq%) = Mo% x 5.71428571. However, the molybdenum values intersected in 11-PC-104 may not be recoverable, and are not used in the calculation of copper equivalent grade. Metal recoveries are not used, as metallurgical studies are incomplete.
The 100% owned Poplar Project has a NI 43-101 compliant resource of 245 million tonnes grading 0.27% copper, containing 1.4 billion pounds of copper, at a 0.15% copper cut-off. This resource estimate was prepared by Giroux Consultants Limited, and was based on 105 historical drill holes and 13 diamond drill holes, totaling 5,569m, completed by Lions Gate in the spring of 2011. The Phase 2 drill program will provide enough data for an estimate of gold and silver grades, in addition to copper and molybdenum grades. An updated resource estimate is anticipated in the spring of 2012 when all results from the Phase 2 drilling have been received and compiled.
2011 Milestones:
- Completed a National Instrument 43-101 compliant resource calculation for Poplar.
- Completed over 16,000 metres of drilling at costs below $200 per metre at Poplar.
- Improved our corporate governance practices to include a fully independent audit committee.
- Filed an Annual Information Form ("AIF") which will enhance capital market access.
- Negotiated Option to earn 75% of ROK-Coyote.
- Completed preliminary exploration at ROK-Coyote, Poplar Regional and Hudson Bay Mountain.
- Staked additional claims to the south west of Poplar Project.
2012 Goals:
- Publish an updated National Instrument 43-101 Resource Estimate for Poplar.
- Continue drilling to expand and enhance the Poplar Project.
- Continue exploration of Poplar Regional to include geophysics and drill targets.
- Drill target identification and possible drilling at ROK-Coyote.
Source: www.LionsGateMetals.com