TIDMLION
RNS Number : 8200S
Lionsgold Limited
05 October 2017
5 October 2017
Lionsgold Limited
("Lionsgold", "LION" or the "Company")
Finland Gold Joint Venture Update
Lionsgold, the gold-focused exploration company with assets in
India and Finland, and a fintech subsidiary that provides online
accounts backed by physical gold, is pleased to provide an update
on activities undertaken by its Finnish gold joint venture ("JV")
in the Suomussalmi region of eastern Finland.
Kalevala Gold Oy ("Kalevala") is the Finland-incorporated, JV
operating company for the work conducted on the Syrjälä Project,
which includes the planned Kuikka Gold Deposit bulk sampling
programme and regional gold exploration.
Highlights
-- Kuikka Gold Deposit, Planned Bulk Sample Update:
o Bulk sample box-cut plan refined by closely spaced shallow
Rotary Air Blast ("RAB") drilling results.
o Drill sample assays from 22 inclined RAB holes have defined
the central and parallel mineralised zone; with best intersection
3m @ 26.50g/t Au from 7m in hole T014.
o Purpose built pilot scale processing plant constructed ready
for the bulk sampling.
o Initial 200t test ore sample is planned, subject to
governmental permission, to fine tune plant recoveries, bulk
sampling procedures and protocols.
-- Regional Gold Exploration Work
o Kalevala Prospecting Licence (277.7km(2) ) awarded, combined
with existing licences the JV now controls 90% of the known outcrop
of the Suomussalmi Greenstone Belt.
o Geochemical survey completed over 95km(2) in south of new
licence (1,578 samples).
o Major arsenic anomaly delineated over an 8.5km(2) area,
indicating gold potential.
o Geochemical coverage to be completed ahead of planned ground
magnetic geophysics surveys and infill sampling over anomalies in
2018.
Cameron Parry, Lionsgold CEO, commented: "We are pleased to
report on the progress being made under our JV in Finland.
Additional exploration targets have been identified and with the
new prospecting licence recently granted, Kalevala now holds more
than 300km(2) under licence representing over 90% of what the board
believes to be the highly prospective Suomussalmi Greenstone Belt.
At Kuikka, the results of the confirmation grade drilling program
further demonstrate a high grade gold deposit and further delineate
the shape and size for the most effective bulk sample cut. With
regard to processing the ore, our pilot plant and equipment is in
place and awaiting commissioning using a planned 200 tonnes
sample.
"We look forward to updating shareholders as additional
prospecting areas are granted and relevant testing permissions are
received in relation to our Finland gold assets, whilst we
concurrently progress our interests in India and develop our
gold-backed financial technology offering."
Kuikka Gold Deposit
The Kuikka Gold Deposit ("Kuikka") is located within the Syrjälä
Project area on the prospective Suomussalmi Greenstone Belt.
Originally defined by 4,359m of diamond core drilling undertaken by
the Geological Survey of Finland (GTK) and the Finnish company
Outokumpu Mining, Kuikka was subject to a further 937 metres of
infill RAB drilling carried out by MENF in 2016 ahead of a targeted
box-cut bulk sampling programme.
During 2017 work at Kuikka has concentrated on detailed
planning, mapping and further grade confirmation drilling as part
of the environmental permiting and optimisation of the bulk
sampling programme. A total of 222 drill samples were analysed for
gold in Finland by certified laboratory ALS Minerals ("ALS"). With
the 222 one metre samples from 22 inclined RAB drill holes, helping
to refine understanding of the morphology of the central vein and
parallel mineralisation, to a depth of up to 10m, within the
envelope of the planned bulk sample.
Selected inclined RAB drill hole intersections (2m or wider
composites), are set out below. Given depths are measured
downhole.
o Hole T001
Ø 2m @ 3.17g/t Au from 0m; and
Ø 5m @ 1.27g/t Au from 5m.
o Hole T007
Ø 2m @ 6.49g/t Au from 8m
o Hole T011
Ø 4m @ 4.64g/t Au from 6m
o Hole T014
Ø 3m @ 26.50g/t Au from 7m
The proposed bulk sampling was originally anticipated to be able
to commence in H2 2017, but as indicated on 4 July 2017, subject to
the timing of approval being granted, it is expected that the bulk
sampling programme will commence in 2018.
As a precursor to the bulk sample, which is expected to be circa
5,000 tonnes, permission has been sought to process an initial,
smaller, test sample of 200 tonnes in order to optimise the pilot
plant recovery and operating procedures for the planned bulk
sampling. A decision on permitting for the 200t sample is currently
pending.
Bulk Sampling Pilot Plant
Ahead of the planned bulk sampling, Kalevala has assembled a
containerised, gold recovery pilot plant which consists a crusher
and vibromill feeding a ITOMAK 5 centrifugal separator with a
production rate of up to 5 t/hr followed by a concentration/shaker
table with a capacity of up to 50 kg/hr, to clean the gravity
concentrate from the separator. As the Kuikka ore contains free
gold, gold recovery by gravity methods is expected to be high,
however tailings will be securely stored onsite in case the pilot
studies show leaching of tails to be economic.
The pilot plant is located within an aggregate processing
facility which is fully permitted for the crushing and milling
activities that will be taking place. The pilot plant incorporates
a closed water settling and recirculation system to mitigate its
environmental impact and minimise water consumption.
The current plan is to commission and optimise the pilot plant
using the material from the planned 200t test sample as soon as
permissions are granted.
The pilot plant is located approximately 1hr 40min drive from
the Kuikka Deposit, along sealed and all-weather roads.
Regional Exploration Work
Regional exploration has focussed on the securing of the
prospective exploration belt in the vicinity of the Syrjälä Project
area. The award of the 277.7km(2) Kalevala Prospecting Licence
gives the JV an effective 90% coverage of the prospective
Suomussalmi Greenstone Belt which hosts the Syrjälä Project and
Kuikka Deposit.
During August and September, a geochemical sampling programme
was conducted over 95km(2) in the south of the new Kalevala
Prospecting Licence with a total of 1,578 samples collected.
Initial results are very encouraging with a major arsenic anomaly
delineated over an area of 8.5km(2) , indicating gold potential.
All samples will now also be analysed for gold.
Kalevala plans to continue the geochemical survey work to
complete coverage of the new licence in the 2018 field season. The
anomalies identified will then be followed up by ground magnetic
geophysics and infill sampling.
The technical information contained in this disclosure has been
read and approved by Mr. Nick O'Reilly (MSc, DIC, MAusIMM, FGS),
who is a qualified geologist who meets the criteria of Competent
Person under the AIM Rules - Note for Mining and Oil & Gas
Companies. Mr. O'Reilly has visited the Syrjälä Project. Mr.
O'Reilly is a consultant working for Mining Analyst Consulting Ltd
which has been retained by Lionsgold Limited to provide technical
support.
For further information, please visit www.lionsgold.com or
contact:
Lionsgold Limited Tel: +44 (0)20 3778 0578
Cameron Parry (Chief Executive Officer)
Luke Cairns (Executive Director)
WH Ireland Limited (Nominated Adviser) Tel: +44 (0)113 394 6600
Tim Feather / Ed Allsopp
Smaller Company Capital Limited (Joint Broker) Tel: +44 (0)20 3651 2911
Rupert Williams / Jeremy Woodgate
Beaufort Securities Limited (Joint Broker) Tel: +44 (0)20 7382 8300
Elliot Hance
Tavistock (Financial PR) Tel: +44 (0) 207 920 3150
Emily Fenton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 05, 2017 06:05 ET (10:05 GMT)
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