VANCOUVER, BRITISH COLUMBIA
-- (MARKET WIRE)
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.
-- 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.
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.
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.
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.
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.
Northern Lion Gold Corp.
(604) 669-2701 or Toll Free: 1 800 663 0510
Northern Lion Gold Corp.
(604) 669-2701 or Toll Free: 1 800 663 0510
(604) 687-4670 (FAX)
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