Northern Lion Discovers VHMS-Related Mineralization at Mavroyi, Republic of Cyprus/Centerra to Continue Funding Next Phase of...
January 22 2014 - 12:10PM
Marketwired Canada
Northern Lion Gold Corp. (the "Company") (TSX VENTURE:NL)(FRANKFURT:N3E)
announces the results from the recently completed diamond drill program with the
Company's joint venture partner, Centerra Gold (KB) Inc., a subsidiary of
Centerra Gold Inc. (collectively "Centerra"), within the Optioned Permits in the
Republic of Cyprus. These results include the discovery of new Volcanogenic
Hosted Massive Sulphide ("VHMS") related mineralization in the Mavroyi area
located in the Paphos District of western Cyprus. Based on these positive
results, the Company also announces that Centerra will continue to fund
exploration work, with a surface exploration program planned to commence during
the first quarter of 2014.
In late 2013, a nine hole 1,459 metre diamond drill program was conducted in two
areas across the Republic of Cyprus. Three holes were completed at the Pano
Lefkara permit located in the Larnaca District of central Cyprus and six holes
were drilled in the Paphos District of western Cyprus. Hole targeting was
primarily based on resistivity anomalies identified from an audio
magnetotelurics survey that was completed in 2013 (reported October 10, 2013).
Assay Results from 2013 Diamond Drill Program:
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From To Interval Gold Silver Copper Zinc
Hole No. (m) (m) (m) (g/t) (g/t) (%) (%)
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PLDD13-01 47.2 58.7 11.5 0.43 3.29 0.24 0.86
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PLDD13-02 37.4 66.9 29.5 0.61 3.59 0.15 1.45
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includes 54.5 66.9 12.4 0.78 4.90 0.23 2.31
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PLDD13-03 91.5 92.5 1.0 0.27 4.40 0.91 0.09
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KNDD13-01(ii)
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MVDD13-01 111.1 117.1 6.0 0.44 1.72 0.04 0.35
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MVDD13-02^ 89.9 104.05 14.05 2.12 16.91 0.54 3.25
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MVDD13-03 159.4 169.4 10.0 0.08 0.20 0.013 0.068
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MVDD13-04(ii)
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FLDD13-01(ii)
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(ii) no significant assay results
m = metres g/t = grams per tonne
^ = includes 0.8m of 3.61% lead
Drill widths presented above are drill intersection widths and may not represent
the true widths of mineralization.
At the Mavroyi permits, the drill program discovered a mineralized debris flow
of transported VHMS-related material in drill holes MVDD13-01, MVDD13-02, and
MVDD13-03, across a distance of 240 metres. The drill intercepts of the debris
flow varied in thickness from 6.0 to 14.1 metres, with true thickness estimated
to range from 4.5 to 13.0 metres. The zone consists of sulfide and sulfidic,
silicified volcanic fragments in a matrix of fine, strongly clay altered
material, occurring as a discrete bed within a sequence of volcanic flows and
volcaniclastics. It is believed that the sulfide debris flow is derived from a
sea floor "black smoker" mound. Black smokers usually form topographic highs,
from which debris avalanches commonly occur. Analytical results from hole
MVDD13-02 averaged 2.12g/t gold, 16.91g/t silver, 0.54% copper, and 3.25% zinc
over 14.05 metres. This interval also includes 0.8 metres of 3.61% lead. Three
other drill holes in the Paphos District; KNDD13-01, FLDD13-02, and MVDD13-04,
targeted other resistivity anomalies derived from the 2013 audio
magnetotellurics survey, but did not encounter significant mineralization.
The Mavroyi permits are located in the Paphos District of western Cyprus on the
southwestern side of the Troodos Massif. The Company has recognized this area as
an underexplored segment of the VHMS prospective stratigraphy of Cyprus and as a
result, the Company has conducted mapping, prospecting, geochemical sampling and
airborne geophysics prior to the 2013 program. Four past producing mines,
located 10 kilometres to the northwest of Mavroyi, occur within this prospective
trend. The Limni Mine was the largest of these, produced over 8 million tonnes
of ore with an average grade of 1.11% copper.
At the Pano Lefkara permit, the 2013 diamond drill program targeted
mineralization that was discovered in the Company's 2012 rotary drill program
(reported July 17, 2012). The 2013 drilling indicates that the mineralization
consists of brecciated lavas with sulfides occurring as matrix and stockworks.
Hole PLDD13-02 returned an interval of 29.5 metres averaging 0.61g/t gold,
3.59g/t silver, 0.15% copper and 1.45% zinc. The Company and Centerra have
agreed that further work is warranted at Pano Lefkara, which will be included in
the upcoming exploration program.
Company President and CEO, John Lando, commented: "We are very encouraged with
the results from the Mavroyi permits, in an underexplored area of western
Cyprus. The results indicate a debris flow from a VHMS mineralized source. We
are very pleased to continue working with Centerra to further our exploration
efforts in identifying buried massive sulphides."
A surface exploration program is currently in the planning stages with Centerra,
and is expected to commence in the first quarter of 2014. Centerra will provide
the funding for this work, which is expected to consist of detailed geological
mapping and ground geophysics. This will include extensive work at the Mavroyi
permits with the intention to locate drill targets for the VHMS sulfide mound
from which the newly discovered mineralized debris flow was derived.
Under an option agreement, Centerra has the right to acquire up to 70% interest
in several exploration permits located in the Paphos and Larnaca Districts (the
"Optioned Permits"). The Company, through its Cypriot subsidiary Katla
Exploration Ltd., is the operator during the first year of the option agreement,
following which Centerra may elect to assume operatorship (reported May 14,
2013).
Summary of 2013 Diamond Drill Holes:
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Target Elev Azimuth Dip Depth
Hole No. District Area UTM E UTM N (m)(degrees)(degrees) (m)
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PLDD13-01 Larnaca Pano 525541 3858807 630 120 -60 90.3
Lefkara
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PLDD13-02 Larnaca Pano 525618 3858751 610 300 -45 71.4
Lefkara
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PLDD13-03 Larnaca Pano 525807 3858336 645 240 -60 116.8
Lefkara
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KNDD13-01 Paphos Kynousa 455306 3876110 360 90 -50 178.2
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MVDD13-01 Paphos Mavroyi 458449 3868299 343 270 -50 215.2
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MVDD13-02 Paphos Mavroyi 458488 3868304 340 90 -70 151.4
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MVDD13-03 Paphos Mavroyi 458630 3868111 361 90 -60 204.1
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MVDD13-04 Paphos Mavroyi 458490 3868609 311 90 -50 224
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FLDD13-01 Paphos Filousa 455819 3870142 415 250 -60 207.6
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UTM datum is WGS84 Zone 36 North
Quality Control and Assurance
The Company's field activities in the Republic of Cyprus are under the direction
of Robert Johnston, P.Geo. (BC), a consultant to the Company and "qualified
person", as defined by National Instrument 43-101 ("NI 43-101"). Mr. Johnston is
responsible for the technical content of this news release.
All drill core is transported by Company personnel to a secure logging and
sampling facility located proximal to the exploration site. After the core has
been logged and sample intervals marked, it is split by means of a diamond saw.
One half of the core is then placed in a plastic bag with a waterproof uniquely
numbered sample tag, which is sealed with a tamperproof security tie, while the
balance is retained in the core box for future reference. The bagged samples are
placed in secured sacks for transportation by truck to the Company's customs
broker in Nicosia. The samples are sent by air to ALS Romania SRL, located at
Rosia Montana, Romania. The facility is NI 43-101 and Joint Ore Resource
Committee (JORC) compliant and is accredited to international quality standards
through the International Organization for Standardization /International
Electrochemical Commission (ISO/IEC) 17025:2005.
The total sample is jaw crushed dry to less than 2 mm. A 250 gram representative
sample is obtained using a Riffle splitter and pulverized so that 85% passes 75
microns. Samples are then analyzed for gold and ICP analysis. A four acid
digestion is used for a thirty three element ICP analysis, while the gold
analyses used a 30 gram sample with lead-fire assay followed by atomic
absorption spectrometry finish.
The Company and ALS Romania both employ rigorous systems of mineralized
standards, sample duplicates and blanks in each batch of samples.
About Northern Lion
Northern Lion is committed to building a strong portfolio of projects within
mining-friendly and infrastructure-rich areas of Europe. Northern Lion currently
has a number of exploration permits in the Republic of Cyprus and is pursuing
other opportunities within the region.
NORTHERN LION GOLD CORP.
John Lando, President
This news release includes "forward-looking information", as such term is
defined in applicable securities laws. The forward-looking information includes,
without limitation, exploration plans of the Company, including the time
thereof, 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; risks arising as a result of the Company operating in Cyprus; the
ability of the Company to obtain additional financing; including through
Centerra funding exploration and development activities pursuant to the option
agreement; 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Northern Lion Gold Corp.
John Lando or Ian Mitchell
(604) 669-2701 or Toll Free: 1 800 663 0510
(604) 687-4670 (FAX)
info@northernliongold.com
www.northernliongold.com
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