 | 
Aug 03, 2010 : Drilling Underway at the Moura Project, Portugal (more...)
Jul 27, 2010 : Initial Cyprus Drill Program Complete (more...)
Jul 14, 2010 : Northern Lion Engages Investor Relations Consultan... (more...)
|
|
 
| | Thu Dec 3, 2009
Cyprus Sampling Confirms Gold Potential of High Grade Massive Sulphide Mineralization- 6.4 % Cu, 11.6 % Zn and 1.4g/t Au Sampled Over 6 Metres at Philani Project
|
| |
Vancouver, British Columbia: Northern Lion Gold Corp. (the "Company" or "Northern Lion") wishes to provide this update on the Republic of Cyprus exploration program. As reported in the Company's news release of September 25, 2009, several new properties were evaluated by Northern Lion personnel and two additional properties are now under option. One of these projects, Philani, hosts a partially defined orebody of high grade copper and zinc massive sulphide mineralization with significant gold values recently identified (this resource predates National Instrument 43-101 ("NI 43-101") and was not prepared in accordance with its requirements). The Company has obtained the right to earn a 100% interest in the Philani and Kokkinounavros ("Red Hill") projects through a combination of cash payments, work commitments and share issuance.
The following table contains a summary of the significant values returned from samples collected during the most recent property evaluation trip. The results of that work clearly illustrate the potential of the Cyprus type massive sulphide bodies to host significant gold mineralization as well as high grade copper, zinc and silver.
Sample # |
Sample type |
AU g/t |
Cu % |
Pb % |
Zn % |
Ag g/t |
KS1 |
25m chip |
0.754 |
0.003 |
0.034 |
0.001 |
7.2 |
KS2 |
15m chip |
1.399 |
0.002 |
0.005 |
0 |
19.3 |
KS3 |
Grab |
0.027 |
0.14 |
0.041 |
0.078 |
<0.3 |
KS4 |
Grab |
1.304 |
0.037 |
0.019 |
0.051 |
7.7 |
PH27 |
10-11m drill chips |
0.334 |
1.667 |
0.013 |
0.7 |
4.1 |
PH28 |
11-12m drill chips |
2.184 |
7.364 |
0.2668 |
7.15 |
67 |
PH29 |
12-14m drill chips |
1.637 |
8.043 |
0.1134 |
13.38 |
43.1 |
PH30 |
14-16m drill chips |
1.156 |
6.568 |
0.0807 |
17.59 |
36 |
PH31 |
16-20m drill chips |
0.173 |
1.697 |
0.0145 |
2.56 |
6.9 |
PH5 |
Grab |
4.046 |
0.5999 |
0.0553 |
0.2343 |
162 |
Samples KS1 and KS2 were collected from an open cut on the Red Hill project, through an area of intensely argillic altered material, with KS2 collected approximately 10m above KS1. This property is at a grass roots stage of exploration, with limited historic workings. All of the PH samples are from the Philani project, which has undergone limited drilling and contains a small resource (this resource predates NI 43-101 and was not prepared in accordance with its requirements). Samples PH27 through 31 are drill chips from hole DDH EXPL-1. At Philani the area of massive sulphide mineralization currently outlined by drilling covers 40m by 30m, is roughly elliptical in shape and remains open along the long axis. One of the recent Northern Lion permit application areas entirely surrounds the Philani project and is considered prospective for additional massive sulphide deposits nearby, as this is a hallmark of Cyprus style massive sulphide deposits.
An option agreement has been signed with the owner, Michael Poullaides, of the Philani, and Red Hill projects whereby the Company may earn a 100% interest in the properties through a combination of cash payments, share issuances and work commitments according to the following schedule, subject to TSX Venture Exchange approval.
Philani Project
Due Date |
Cash Payment |
Shares |
Exploration Expenditures |
On signing |
€12,000 (paid) |
|
|
1st Anniversary |
€5,000 |
|
€20,000 |
2nd Anniversary |
€10,000 |
|
€30,000 |
3rd Anniversary |
€10,000 |
|
€50,000 |
4th Anniversary |
€25,000 |
|
€75,000 |
5th Anniversary |
€650,000 |
200,000 |
€50,000 |
Total |
€712,000 |
200,000 |
€225,000 |
Red Hill Project
Due Date |
Cash Payment |
Exploration Expenditures |
On signing |
€10,000 (paid) |
|
1st Anniversary |
€5,000 |
€15,000 |
2nd Anniversary |
€5,000 |
€25,000 |
3rd Anniversary |
€10,000 |
€40,000 |
4th Anniversary |
€10,000 |
€40,000 |
5th Anniversary |
€225,000 |
€30,000 |
Total |
€265,000 |
€150,000 |
The history of mineral exploitation (copper, gold and other metals) on the island of Cyprus dates back to the Bronze age, approximately 5,000 years ago. The Phoenicians were the first to process copper on the island, followed by the Romans and this activity has continued to the present day. The evidence of this long history of mining is readily observed in the abundant ancient surface and underground workings along with extensive slag heaps. Mineral exploration in the Republic of Cyprus has been at a very low level over the last few decades, and management believes that there is a high probability of additional massive sulphide bodies being present that did not outcrop, as nearly all of the known deposits did.
The metal deposits of Cyprus are dominantly copper-bearing volcanogenic hosted massive sulphide "VHMS" deposits. These deposits are hosted within the pillow lava sequence of the Troodos Ophiolite Complex. The pillow lava sequence is divided into Upper and Lower Pillow Lavas, with the majority of massive sulphide bodies located along the contact between the two pillow lava sequences. All of the Company's applications overlie this important contact. Gold mineralization associated with the massive sulphide ores has not historically been evaluated. During management's initial visit to the area in April 2008, six grab samples were collected from within the Company's Asproyia project and their application areas. Highlights included one sample which returned 4.1% copper, and another sample which returned 7.3 grams per tonne ("g/t") gold and 17.6 g/t silver. In conjunction with the recent sampling these results indicate that there are significant gold values associated with the massive sulphides.
Quality Control and Assurance
The Company's field activities in Cyprus are to be supervised by Dr. Kyriacos Louca, under the direction of Jim Chapman, P.Geo. (BC), a consultant to the Company and a "qualified person", as defined by NI 43-101, who is responsible for the technical content of this news release.
About Northern Lion
Northern Lion Gold Corp. is a Canadian mineral exploration company, listed on the TSX Venture Exchange and the Frankfurt Exchange. The Company is committed to building a strong portfolio of projects within mining-friendly and infrastructure-rich areas of Europe. The Company is well funded to continue to define and explore its existing projects and to acquire and explore new projects.
In addition to its properties in Cyprus, the Company maintains a 100% interest in its Moura, lead, zinc, silver project in Portugal. The Company also holds a 100% interest in several projects in the historic Bergslagen mining district of southern Sweden.
NORTHERN LION GOLD CORP.
John Lando, President
For information with respect to Northern Lion or the contents of this news release, please contact John Lando or Don Flahiff at (604) 669-2701, toll free at 1-800-663-0510, or email to info@northerliongold.com.
This news release includes "forward-looking information", as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and, except as required by law, the Company is under no obligation to update or alter any forward-looking information.
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 NEWS RELEASE |
| |
| | You can view the Next News Releases item: Tue Jan 19, 2010, Exploration Programs Commence on Cyprus Copper-Gold Enriched VHMS Projects and Moura Lead-Zinc, Copper, Silver Project, Portugal
You can view the Previous News Releases item: Thu Nov 19, 2009, Cyprus Project Expanded - New Permits Granted Additional 50 Square Kilometres of Permitting Applied For
You can return to the main News Releases page, or press the Back button on your browser.
|
|
| |
