[Marinir] {Disarmed} Lions Gate Metals (LGM - TSX.v) Poplar Resource Estimate Contains Over 1.4B Pounds of Copper
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Wed Aug 24 14:54:34 CEST 2011
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News Releases
August 23, 2011
POPLAR RESOURCE ESTIMATE CONTAINS OVER 1.4B POUNDS OF COPPER
Vancouver, BC Canada, August 23, 2011 -- Lions Gate Metals Inc. (TSX-V:
LGM) ("Lions Gate" or the "Company") .) is pleased to announce its 100%
owned Poplar Project has an Inferred Resource of 245 million tonnes
averaging 0.27% Cu, containing over 1.4 Billion pounds of copper at a
0.15% Cu cut-off.
"The Poplar Project now has a 43-101 compliant resource that is in
excess of 1 billion pounds. We are starting to see the formation of two
potential high grade starter pits with over 40 million tonnes of 0.40+ %
Copper. This deposit is situated in an active copper mining district
that has access to BC Hydro grid power and quality infrastructure.
Existing roadways allow our exploration team to drive right on top of
the deposit. Exploration continues as the deposit remains mineralized
and open to the East, West and at depth. The Poplar Claim area covers
63,000 hectares and therefore offers significant upside potential and
scalability," stated Arni Johannson, CEO of LGM.
POPLAR MINERALIZED ZONE - INFERRED RESOURCE
Copper Cut-off Tonnes> Cut-off Average Grade > Cut-off Contained Metal
(%) (tonnes) Cu Mo Million Million
(%) (%) lbs of Cu lbs of Mo
0.05 372,299,000 0.21 0.005 1748.558 41.046
0.10 334,563,000 0.23 0.006 1689.359 44.263
0.15 245,855,000 0.27 0.007 1442.013 37.948
0.20 180,304,000 0.3 0.008 1192.711 31.806
0.25 122,988,000 0.34 0.009 908.482 24.407
0.30 78,076,000 0.37 0.01 636.983 17.216
0.35 41,029,000 0.41 0.01 372.732 9.047
0.40 17,835,000 0.47 0.009 182.867 3.539
0.45 8,137,000 0.52 0.008 92.761 1.435
0.50 3,861,000 0.57 0.008 48.272 0.681
0.55 1,857,000 0.62 0.007 25.264 0.287
0.60 953,000 0.66 0.006 13.953 0.126
0.65 447,000 0.71 0.004 6.998 0.039
0.70 177,000 0.77 0.002 3.005 0.008
The preliminary resource estimates are NI 43-101 compliant and have been
prepared by Gary H. Giroux, MASc., P.Eng., of Giroux Consultants
Limited. Mr. Giroux is a Qualified Person as defined by NI 43-101 and is
independent of the Company.
The resource estimate is based on 105 historical diamond drill holes
completed by Utah Mines Limited and other operators between 1974 and
2005, totaling approximately 23,000 metres of drilling, and an
additional 5,569 metres of diamond drilling in 13 holes, completed by
Lions Gate in the spring of 2011.
A three-dimensional grade zone solid was produced in Gemcom Software for
drill holes with assay intervals greater than 0.1% Cu. This solid served
to constrain the resource estimate. Assays were capped for Cu and Mo to
reduce the effects of erratic outliers. Uniform down hole composites 5 m
in length were used to model the grade continuity with variography. Bulk
density was established from 121 measured samples. Blocks 20 x 20 x 10 m
in dimension, within the mineralized solid, were estimated for Cu and Mo
by ordinary kriging. At this stage of the project all blocks were
classified as inferred.
The drilling completed by Lions Gate has confirmed the high quality of
the work completed by Utah Mines and previous operators. Lions Gate.s
drilling has extended the mineralized zone to depth and laterally, and
the mineralization remains open in all directions. Higher grade zones
indentified by P. Ogryzlo, M. Sc., P. Geo. have been extended to the
west and northwest, and remain open in both these directions.
Lions Gate has commenced a Phase 2, 10,000 metre follow-up diamond drill
program at Poplar. This drilling will further define the mineralized
zone, and willis expected to extend the higher grade mineralization. The
additional gold and silver analyses will provide enough data for an
estimate of the gold and silver grade to be calculated. The results of
the Phase 2 drill program will be incorporated into an updated resource
estimate, expected in early 2012. A preliminary metallurgical test is
scheduled to commence in early September.
Conference Call / Webinar
Lions Gate Metals is holding a conference call / webinar on Wednesday
August 24th 2011 at 115pm PST.
Blair McIntyre, President, as well as Andrew Gourlay, VP Exploration/
PGeo, senior geologist, will lead the conference call to discuss the
43-101 Resource Estimate on the Poplar copper project.
To access the webinar / conference call please visit:
http://momentum.adobeconnect.com/lgm/
http://momentum.adobeconnect.com/lgm/
To access via telephone please call one of the following phone numbers
and enter the conference code.
North America Toll-Free:
(866) 811-9555
Local and International:
(647) 427-7632
Conference code:
8723026798
About Lions Gate Metals
Lions Gate is a Canadian based, junior resource company focused on the
exploration, development, and acquisition of both advanced and early
stage Copper projects. LGM owns 100% of five substantial mineral
projects located in British Columbia. LGM.s flagship project is the
Poplar porphyry copper.gold deposit near Houston, BC. The Poplar Project
covers 63,120 hectares in 163 claims, and is located approximately 70
kilometres south of Houston, B.C., a full service mining town.
Infrastructure is excellent; the project is road accessible year round,
and is approximately 10 kilometres west of the 138KV powerline and
access road to the Huckleberry Mine, 50% owned by Imperial Metals
Corporation.
Andrew Gourlay P. Geol., Vice President Exploration is a Qualified
Person under NI 43-101 and has reviewed and approved the contents of
this news release.
Sincerely on behalf of the Board of Directors,
"Arni Johannson"
Arni Johannson
CEO and Chairman of the Board
Lions Gate Metals Inc.
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.
For further information on the Company and its projects please visit our
web site:
www.LionsGateMetals.com
http://www.LionsGateMetals.com
or contact:
Lions Gate Metals Inc.
Blair McIntyre, President
(604) 683-7588
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.
Forward-Looking Statements
Statements in this release that are forward-looking statements,
including statements regarding expected timing and results of future
exploration activities 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, 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, 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.
You can view the Previous
http://www.lionsgatemetals.com/s/NewsReleases.asp?ReportID=463824&_Title=Results-Of-Annual-General-And-Special-Meeting
News Releases item: Thu Jun 23, 2011, Results Of Annual General And
Special Meeting
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© Lions Gate Metals 2008 - 2011
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