Northern Lion Receives Airborne Data/Target Modelling Underway
February 07 2012 - 12:17PM
Marketwired Canada
Northern Lion Gold Corp. (the "Company" or "Northern Lion") (TSX
VENTURE:NL)(FRANKFURT:N3E) wishes to provide an update on its exploration
activities on its mineral permits in the Republic of Cyprus.
Highlights
-- Airborne survey completed / target generation underway
-- Asproyia sampling identifies 49.5 grams per tonne ("g/t") and 47.1 g/t
high grade gold at surface
-- Distinct gold zone identified at Anglesides - 125 metres long, 35 metres
wide and open in three directions
-- Rotary drilling to commence once airborne data compilation is completed
VTEM Airborne Survey
In early December an airborne geophysical survey was completed over two areas of
western Cyprus. Geotech Airborne Malta, Limited ("Geotech") conducted a
Versatile Time-Domain Electromagnetic ("VTEM") and aeromagnetic geophysical
survey at 100 metre line spacing for a total of 889.1 line kilometres, covering
an approximate area of 80 square kilometres. The final data from Geotech has now
been delivered to an independent consulting firm specializing in airborne data.
This firm will process the data further and amalgamate with Northern Lion's
previously completed geological mapping and geochemical surveys. Once the data
is compiled a rotary drill program will follow-up on targets generated.
The western of the two areas flown extends for 18 kilometres from Northern
Lion's Evloimeni project in the northwest to the Asproyia project in the
southeast and covering all of the Company's Paphos Regional permits between.
This area covers an underexplored zone of favourable stratigraphy on the
southwest side of the Troodos Ophiolite Complex, much of which has received
minor historical exploration. The Limni mine at the north end of the belt is a
past producer and was one of the country's largest volcanogenic massive sulphide
bodies.
The eastern area lies nine kilometres east of the Asproyia project and covers
the Company's St Nikolas project, where diamond drilling completed during 2011
returned significant results of up to 4.5 gold g/t, 19.08 silver g/t and 1.04%
copper over 28.6 metres in hole 11SN02 (news release: May 5, 2011). Follow-up
drilling will commence upon receipt of airborne survey data, and subsequent
processing and compilation.
Asproyia Project
Rock sampling and prospecting at the Asproyia project has returned high grade
values from oxidized structural zones with gold assays of up to 49.5 g/t and
47.1 g/t over widths of 0.3 and 0.75 metres. Additional work is required to
understand the significance of these results.
Anglesides Project
At the Company's 100% owned Anglesides project, results from a second round of
rotary drilling have been received. The gold and copper mineralization is very
near surface and is hosted by a flat lying zone of massive to semi-massive
pyrite that is up to 15 metres in thickness. The first round of rotary drilling
returned results up to 2.45 g/t gold and 1.77% copper over 12.19 metres from
3.05 to 15.24 metres, including 7.35 g/t gold and 4.65% copper from 3.05 to 6.1
metres below surface from hole ANRD11-03. (news release: October 12, 2011).
The sulfide zone was intersected in all four vertical holes of the second round
of rotary drilling. The flat lying near surface zone now covers an area of 125
metres east-west and 35 metres north-south, and remains open to the east, west
and north. Significant results from the second round include: 0.29 g/t gold over
21.4 metres from 15.2 to 36.6 metres, and 0.84 g/t gold over 6.1 metres from
27.4 to 33.5 metres below surface.
St Nikolas Project
Pertaining to the Company's St. Nikolas project, and subject to TSX Venture
Exchange (the "Exchange") approval, the Company has entered into an agreement
with the landowners, Athena Christodoulou, Antonitsa Kyprianou, Efthimia
Papadopoulou, Zooula Papadopoulou, Souzana Papadopoulou and Eleni Papadopoulou
(collectively, the "Landowners") of land parcel 225, Sheet/Plan 46/14, located
at the village of Arminou in the district of Paphos, Republic of Cyprus ("Lot
225") whereby the Company has been granted permission to perform mineral
exploration work on Lot 225 for a period of six months.
The Company must issue 2,500 common shares of the Company to each Landowner for
a total of 15,000 shares on or before 10 business days of receipt of Exchange
approval.
The Company may elect to perform mineral exploration work on Lot 225 for a
further six months, provided that the Company informs the Landowners in writing
and issues an additional 3,334 common shares of the Company to each Landowner
for a total of 20,004 shares on or before June 5, 2012.
Rotary Drilling
The rotary drill is a quick and cost efficient prospecting tool which will aid
in discovering and outlining mineralization in buried targets. Rotary hole
results are considered as only an indication of the potential mineralization
because of the sample contamination inherent in this drilling method and thus
the results can only be used in a qualitative manner.
Samples are collected at 3.05 metre intervals as the drilling progresses, and
there is contamination as material from above falls into and mixes with the
drill cuttings at the bottom of the hole. When mineralization is encountered
this will lead to a dilution of the mineralized material and decrease in the
actual analytical results, but the apparent length of the mineralzed interval
will be increased as mineralized material falls into unmineralized rocks in the
footwall.
Quality Control and Assurance
The Company's field activities in Cyprus are under the direction of Robert
Johnston, P.Geo. (BC), consultant to the Company and "qualified person", as
defined by National Instrument 43-101, who is responsible for the technical
content of this news release.
Under the supervision of the drillsite geologist, 3.05 metre intervals of the
rotary chips and sludge were collected, split, bagged, sealed and stored,
pending secured transport for analysis. All drill samples were submitted to ALS
Chemex Labs in Romania (ISO 9001:2000 accredited) for sample preparation and
analyses.
At ALS Chemex, the samples were dried and crushed and a 250g split was taken and
pulverized. The samples underwent an aqua regia digestion followed by analysis
of 41 elements using an ICP mass spectrometer, and gold was fire assayed from a
50 gramme pulp sample with an atomic absorption finish.
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.
In addition to the Company's exploration permits in Cyprus, the Company holds a
100% interest in its Moura Licence in Portugal.
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, 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.
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