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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Northern Lion Gold Corp | TSXV:NL | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 1.82% | 0.28 | 0.185 | 0.28 | 0.28 | 0.275 | 0.275 | 5,031 | 21:00:05 |
Northern Lion Gold Corp. (the "Company" or "Northern Lion") (TSX VENTURE:NL)(FRANKFURT:N3E) wishes to announce that the first diamond drill program on the Company's Cyprus properties is now complete along with the logging and sampling of the core. Results are expected by late August. This initial drill program tested four separate targets; Red Hill, Red Rocks, Philani and Pitha. In addition to the drilling a four month surface exploration program was completed in conjunction with an exhaustive compilation of historic data from the Geological Survey of Cyprus. Ten diamond drill holes totaling 1,500 metres were completed on the four targets. Two holes testing the Pitha target, two on Philani, five at Red Hill and one on Red Rocks. Drilling Program The drilling program targeted the downdip extension of mineralized zones exposed at surface and/or tested historical rotary drilling with limited assays. These drill targets were derived and defined from both the Companys' current surface exploration program and information gathered from the historical data. Pitha Drill Target The Pitha project forms part of the Kambia Exploration Permits, which incorporate the Pitha and Peristerka massive sulphide bodies. Peristerka which consisted of two adjacent vertical massive sulphide bodies, was mined in the 1970's for pyrite, but also contained a high grade copper and zinc portion in the western ore body. The Peristerka ore bodies contained 1.12 million tonnes at an average of 0.8% copper, and an unknown gold grade. At Pitha (1km to the west) the area was partially pre-striped and now appears as an opencut. This excavation was in preparation for production when the Turkish invasion of 1974 halted activities. The company operating Peristerka went bankrupt when their ore stockpile sitting at the port of Famagusta was seized during the invasion. Historical drill data indicates a vertically oriented massive sulphide body in excess of 500,000 tons. No gold assays were carried out during the period when the massive sulphide was drilled. The two holes that Northern Lion have recently completed at the Pitha opencut were designed to test at depth the previously released rock chip sampling results (May 13, 2010) The majority of the gold and copper surface values are located at the western end of the existing cut. In addition one of the historical holes in this area assayed 0.75% copper over 40m. Hole 10PT01 was oriented to intersect this vertical hole at a depth of 65m and to continue through the postulated down dip extension of the surface sampling. The second hole 10PT02 was collared 35m southwest of 10PT01 and designed to intersect the same zone closer to surface and also a second zone located approximately 30m further west. The two zones are approximately 25 and 30m wide, and 20m apart. Surface samples collected by Northern Lion within the open cut returned assays of up to 4.67grams per tonne ("g/t") gold and 3.91% copper. Two zones of strong to intense argillic alteration with stringers of sulphide mineralization were intersected in these holes which correlate well with the surface mineralization. In the second hole a 6m zone of massive to semi massive sulphide was intersected. The soil grid which was established to the north of the opencut returned coincident gold and copper anomalies along the western edge of the grid, in line with the mineralization exposed at the western edge of the cut. All of the major structures in this area trend northerly. This also correlates with the Mandres prospect 0.75km to the south of the Pitha cut. Surface sampling by Northern Lion crews has returned anomalous gold values of up to 2.5g/t over 2m in gossanous outcrops at Mandres. Philani Target On the Philani property two holes were drilled to test the known body of massive sulphide mineralization and to evaluate the stringer zones that appear to be associated with this body. The known mineralization is a small body of high grade copper, zinc and gold ore (as reported previously - 6.4% Cu, 11.6% Zn and 1.4g/t Au over six metres). A northwesterly trending zone of surface gossans is visible immediately to the west of the massive sulphide, which has returned up to 4.4g/t gold from surface samples. Hole 10FL01 was drilled to the southeast and intersected the massive sulphides at 13m, followed by a 2m cavity of ancient workings. Drill hole 10FL02 was drilled to the west and also intersected the massive sulphide body followed by a 2m cavity resulting from the ancient workings. A stringer zone was encountered downhole of the massive sulphide and continued to the end of hole of 150m with intermittent post mineralization dykes crosscutting this zone. As in 10FL01 the stringer mineralization follows the selvages of the pillow lavas. Red Hill Target During the 1930's the gold workings at Red Hill focused on a substantial gossan covering the peak of a small hill. Northern Lion's data compilation program has located geological mapping, geophysical survey data and historical drill logs from both the Geological Survey and the Hellenic Mining Company. In the 1950's Hellenic Mining rotary drilled 5 holes within the Red Hill workings covering a 125m strike length and analyzed for gold, all of which assayed over 1 g/t for the entire hole to a maximum depth of 50m below surface. No other holes drilled in the area by Hellenic Mining Company or the Geological Survey were analyzed for gold. Northern Lion drilled a total five holes at Red Hill within the historical gold zone exposed at the top of the hill and a copper zone along the southern edge of the gossan. A vertical hole in the center of the gold anomaly was designed to determine the distribution of gold within the extensive gossan exposed at the top of the hill. All of the historical holes were less than 50m deep so Northern Lion's first hole was drilled to 135m to determine the actual depth of the gold mineralization. Northern Lion's holes 10RH02 and 05 were angled holes to provide a cross section of the mineralized zone which is believed to be subvertical. The copper zone along the southern edge of the Red Hill gossan was tested by holes 10RH03 and 04 as the historical drilling was not assayed for gold, and there appears to be a correlation between copper and gold mineralization in this area. Red Rocks Target During the 1050's Hellenic Mining identified and mined a massive pyrite body (Kambia Mine) approximately 500m to the northwest of Red Hill. This became their main focus of attention and ultimately produced 330,000 tonnes of pyrite. It contained a copper rich zone along the northwest edge of the main body of pyrite, which appears to be controlled by a major northwest trending structure. This structure continues on to the northwest to the Company's Red Rocks target, where an historical hole encountered 40m of 1% copper within a stringer zone and was not analyzed for gold. Northern Lion drilled one hole at Red Rocks to verify the historical copper results and to test for any associated gold values. About Cyprus 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 pillow lava sequences, and the remainder between the Lower Pillow Lavas and the Basal Group. All of the Company's applications overlie these important contacts. Gold mineralization associated with the massive sulphide ores has not historically been evaluated. Quality Control and Assurance The Company's field activities in Cyprus are under the direction of Jim Chapman, P.Geo. (BC), consultant to the Company and "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. In addition to its exploration permits in Cyprus and 100% interest in its Moura Licence in Portugal, the Company holds a 100% interest in two projects in the historic Bergslagen mining district of southern Sweden. 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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