Lion One Metals Ltd (LOMLF)

[miningstock1]

Grade is King

found this post from Stockhouse on Lion One:

came across an interview on the gold report that touches on Lion One......it's a few years old but still worth a read
http://www.theaureport.com/pub/na/grade-is-king-andrew-richmond

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TGR: Are you working on any other projects in that region?

AR: I'm working on a project in Fiji owned by Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LY1:FSE). It's quite fortunate because it has access to infrastructure and a trained workforce. Its Tuvatu project is located about 20 minutes from an international airport. It has good infrastructure, such as ports and roads. It has a trained workforce, because the other big gold mine in the region, Vatukoula Gold Mines Plc (VGM:LSE; VATKF:OTCPK), has downsized its staff. Lion One has also had extensive negotiations already with the local landowners, who can often hold up projects. A lot of them are hired to work on the project.

A lot of the people in the Pacific Islands don't understand mining. They may hear bad things about it. Gold Anomaly Ltd. (GOA:ASX) in Papua New Guinea flew some of the local chiefs to another mine nearby so they could get an understanding of what mining actually is.

TGR: Do you think that Lion One will be allowed there?

AR: My personal opinion is that it will. There have been some political issues over the last 10–20 years with a number of governments being overthrown. The one thing that's been consistent through all that is the security of mining tenure. The governments haven't interfered with those. The Vatukoula mine has operated consistently through all that. It's even changed ownership two or three times.

TGR: What can you tell us about Tuvatu?

AR: Tuvatu is a high-grade underground project. It's an epithermal gold deposit, which tends to be a narrow vein. There was an exploration drive by Emperor Gold Mines Ltd.in the 1990s, but the company decided not to persevere due to the gold price prevailing at that time. A positive about this deposit is that the gold is visible on the drill core. I've worked on over 100 gold deposits during my career and there's probably only three or four where I've seen visible gold. It also has 600 drill holes going through deposits. I'm really confident that there's mineralization there.[color=red][/color]

TGR: Are those all NI-43-101-compliant drill results?

AR: Not all of them are. NI 43-101 compliance means that a qualified person (QP) will have signed off on them. Now there has been an NI 43-101 document issued by Lion One that has been signed off on by a QP, accepting those drill holes, even though they were mostly drilled in the 1990s. The company is also undertaking its own drilling program. There are about 40–50 drill holes, which are going to support the old drilling.

The company is also implementing a very good quality assurance and control program to ensure that the samples are high quality and the assay results are robust. That supports the historical drilling if the results are the same order of magnitude on average.

TGR: There's no resource as of yet, though?

AR: They do have a resource that was announced in late 2010. I've been hired to provide an updated resource estimate that will include its current drilling program, and to make sure all the processes put in place satisfy NI 43-101 rules and regulations on an ongoing basis. The work is still in progress, but hopefully it will be published sometime this year.

Read more at http://www.stockhouse.com/companies/bullboard/v.lio/lion-one-metals-limited#ZWS43VsP2A5ZPYS1.99