Lion One Secures Surface Lease for Tuvatu, Reports Progress Update
for Q3
NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 22, 2014)
- Lion One Metals Limited
(TSX-VENTURE:LIO)(FRANKFURT:LY1)(OTCQX:LOMLF)(ASX:LLO) ("Lion One"
or the "Company") announces it has reached an agreement with Fiji's
iTaukei Land Trust Board (the "TLTB") on terms of a 21-year Surface
Lease for the Tuvatu Gold Project ("Tuvatu"), located near Nadi on
the island of Viti Levu in Fiji.
"The agreement for the Tuvatu Surface Lease was reached after
nearly three years and well over 200 consultations and meetings
with local communities and landowners," said Lion One Chairman and
C.E.O. Walter Berukoff. "With the Surface Lease secured and an
approved Environmental Impact Assessment we are now focused on
securing a Mining License for Tuvatu."
The Company also announces it has filed its unaudited
consolidated interim Q3 Financial Statements on SEDAR and the ASX
and provides the following update concerning its activities for the
period ending and subsequent to March 31, 2014.
Q3 Highlights
During the three month period ended March 31, 2014 and
subsequent the Company:
- Announced the approval of its Environmental Impact Assessment
for Tuvatu
- Received notification from Fiji's Mineral Resources Dept. that
the Notice of its Mining License Application for Tuvatu was
published in the Fiji Government Gazette and in two national
newspapers with no objections lodged
- Commissioned an updated independent NI 43-101 Resource Estimate
for Tuvatu
- Announced an initial NI 43-101 resource estimate for the Olary
Iron Project in South Australia
- Retained working capital of $9,368,332; 60,175,608 common
shares outstanding
Environmental Impact Assessment Approved
On February 11, 2014 the Company announced that Fiji's
Department of Environment approved the Environmental Impact
Assessment ("EIA") for Tuvatu. In addition to ongoing exploration
activities, the EIA contemplated the impact of both surface and
underground mining at Tuvatu. Fiji's Department of Environment has
notified the Mineral Resources Department ("MRD") that the EIA is
approved and recommended to the MRD that mining activities may
proceed at Tuvatu.
Mining License Application
The Company filed its application for a Mining License with the
MRD for Tuvatu in 2013. During the period ending March 31, 2014 the
Company was notified by the MRD that the Director of Mines
published the Company's Notice of Application in the Fiji
Government Gazette and two national newspapers for a period of
thirty days in December 2013, with no objections received during
the prescribed period. The Company awaits further guidance from the
MRD with respect to the status of its Mining License
application.
Tuvatu Gold Project Resource Estimate
During the period ended March 31, 2014, the Company commissioned
an updated independent geology review and resource estimate (the
"Report") for Tuvatu. The Report will incorporate new exploration
data generated through the 2012 and 2013 drilling programs and will
be carried out and completed by Mining Associates Pty Ltd. of
Brisbane, Australia.
Olary Iron Ore Project Resource Estimate
On March 6, 2014, the Company published an initial National
Instrument ("NI") 43-101 Mineral Resource Estimate for the Olary
Iron Ore Project, in South Australia. The technical report "Olary
Iron Project Mineral Resource Estimate, South Australia" was
commissioned by the Company's joint venture partner Yukuang
Australia (WA) Resources Pty Ltd ("Yukuang") and completed by SRK
Consulting Australasia Pty Ltd ("SRK"). The Company confirms it is
not aware of any new information or data that materially affects
the information included in the original market announcement.
Highlights of the estimate detailed in full in the release of
March 6 2014 include:
Olary Iron Project Resource Estimate Summary |
Category |
Tonnage |
Fe % |
SIO2% |
Al2O3% |
LOI% |
S% |
P% |
DTR% |
Density |
Indicated |
214,000,000 |
26.3 |
40.8 |
6.9 |
3.9 |
0.029 |
0.24 |
26.4 |
3.12 |
Inferred |
296,000,000 |
26.4 |
41.3 |
6.9 |
3.7 |
0.027 |
0.25 |
27.3 |
3.10 |
Table 1: Summary of Olary Iron Project Resource Estimate using
cutoff grade of 20% Fe |
|
|
Concentrate |
DTR Concentrate Grades |
Category |
Tonnage |
Fe % |
SIO2% |
Al2O3% |
LOI% |
S% |
P% |
Indicated |
57,000,000 |
69.6 |
2.9 |
0.3 |
-3.1 |
0.008 |
0.01 |
Inferred |
81,000,000 |
69.8 |
2.6 |
0.2 |
-3.1 |
0.009 |
0.008 |
Table 2: Davis Tube Recovery (DTR) test results and
Fe content for the magnetic concentrate for composite RC and
Diamond drillhole samples at grind size of 38 microns and 10% DTR
cut-off grade |
Qualified Persons
Mr. Paul Francis Hunter, MSc, MAusIMM(CP), Principal Consultant,
SRK Australasia, and Mr. Daniel Jasper Kentwell, MSc, FAusIMM,
Principal Consultant, of SRK Australasia are Qualified Persons as
defined by NI 43-101 and are responsible for the estimate. They
have reviewed, verified, and approved the technical information in
this news release, and the underlying sample, analytical, and test
data. The estimate is classified as an indicated or inferred
mineral resource according to CIM Definitions under NI 43-101.
Mineral resources are not mineral reserves and have no demonstrated
economic viability. The Company is not aware of any environmental,
permitting, legal, title, taxation, socio-political, or other
issues that may materially affect its estimate of mineral
resources. There has been no additional exploration activity that
is material to the estimate since the completion date of the SRK
estimate.
The information contained in this release has been reviewed and
approved by Rob McLeod, P.Geo, a consultant to the Company and a
Qualified Person as defined by NI 43-101.
Competent Person Statement
The information in this report that relates to Exploration
Results and Mineral Resources is based on information compiled by
Mr. Stephen Mann, who is a Member of the Australian Institute of
Mining and Metallurgy (AUSIMM). Mr. Mann has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which the Company
is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves" (JORC Code). Mr. Mann
is a director of Lion One Metals Limited and consents to the
inclusion of the information in this announcement in the form and
context in which it appears.
About Lion One Metals Limited
Lion One Metals Limited is a Canadian resource company focused
on the acquisition, exploration and development of mineral projects
worldwide. The Company is focused on advancing the Tuvatu Gold
Project in Fiji, the Olary Creek Iron Ore Project in South
Australia, and additional exploration-stage projects in Fiji,
Australia, and Argentina.
On Behalf of the Board of Directors
Walter H. Berukoff, Chairman of the Board
Neither the TSX Venture Exchange nor its Regulation Service
Provider accepts responsibility for the adequacy or accuracy of
this release.
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.
Lion One Metals LimitedInvestor
Relations604-998-1250604-998-1253info@liononemetals.comwww.liononemetals.com
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