Click here to close now.




















Welcome!

News Feed Item

Northern Lion Discovers VHMS-Related Mineralization at Mavroyi, Republic of Cyprus/Centerra to Continue Funding Next Phase of Exploration

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/22/14 -- 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:


--------------------------------------------------------------------------
                  From      To  Interval    Gold   Silver   Copper    Zinc
Hole No.            (m)     (m)       (m)   (g/t)    (g/t)      (%)     (%)
--------------------------------------------------------------------------
PLDD13-01         47.2    58.7      11.5    0.43     3.29     0.24    0.86
--------------------------------------------------------------------------
PLDD13-02         37.4    66.9      29.5    0.61     3.59     0.15    1.45
--------------------------------------------------------------------------
 includes         54.5    66.9      12.4    0.78     4.90     0.23    2.31
--------------------------------------------------------------------------
PLDD13-03         91.5    92.5       1.0    0.27     4.40     0.91    0.09
--------------------------------------------------------------------------
KNDD13-01(ii)                                                             
--------------------------------------------------------------------------
MVDD13-01        111.1   117.1       6.0    0.44     1.72     0.04    0.35
--------------------------------------------------------------------------
MVDD13-02^        89.9  104.05     14.05    2.12    16.91     0.54    3.25
--------------------------------------------------------------------------
MVDD13-03        159.4   169.4      10.0    0.08     0.20    0.013   0.068
--------------------------------------------------------------------------
MVDD13-04(ii)                                                             
--------------------------------------------------------------------------
FLDD13-01(ii)                                                             
--------------------------------------------------------------------------
(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:


---------------------------------------------------------------------------
                     Target                    Elev  Azimuth      Dip Depth
Hole No.  District     Area    UTM E    UTM N    (m)(degrees)(degrees)   (m)
---------------------------------------------------------------------------
PLDD13-01  Larnaca     Pano   525541  3858807   630      120      -60  90.3
                    Lefkara                                                
---------------------------------------------------------------------------
PLDD13-02  Larnaca     Pano   525618  3858751   610      300      -45  71.4
                    Lefkara                                                
---------------------------------------------------------------------------
PLDD13-03  Larnaca     Pano   525807  3858336   645      240      -60 116.8
                    Lefkara                                                
---------------------------------------------------------------------------
KNDD13-01   Paphos  Kynousa   455306  3876110   360       90      -50 178.2
---------------------------------------------------------------------------
MVDD13-01   Paphos  Mavroyi   458449  3868299   343      270      -50 215.2
---------------------------------------------------------------------------
MVDD13-02   Paphos  Mavroyi   458488  3868304   340       90      -70 151.4
---------------------------------------------------------------------------
MVDD13-03   Paphos  Mavroyi   458630  3868111   361       90      -60 204.1
---------------------------------------------------------------------------
MVDD13-04   Paphos  Mavroyi   458490  3868609   311       90      -50   224
---------------------------------------------------------------------------
FLDD13-01   Paphos  Filousa   455819  3870142   415      250      -60 207.6
---------------------------------------------------------------------------
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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...