Lion One Acquires Assets of Nadi-based Drilling Company for the Tuvatu Gold Project in Fiji
Lion One Acquires Assets of Nadi-based Drilling
Company for the Tuvatu Gold Project in Fiji
North Vancouver, British Columbia--(Newsfile Corp. - January 15, 2019) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX:
LOMLF) (ASX:LLO)
("Lion One" or the "Company
") is pleased to announce the purchase of the drilling assets of Nadi-based
drilling company Geodrill to service the Company's 100% owned Tuvatu Gold Project located on the island of Viti Levu in the Fiji
Islands.
The Geodrill asset package includes one surface diamond drill rig capable of drilling up to 800 meters in HQ sized (63.5mm
diameter) drill core, and one underground diamond drill rig capable of drilling in excess of 100 meters in NQ sized (47.6mm
diameter) drill core. The package also included drilling rods, down-hole survey cameras, down-hole temperature monitors, a
spare parts inventory, transport vehicles, and support trucks. The Company used this surface drill rig for the majority of the
28,000 meters of exploration and resource definition diamond drilling undertaken over the past five years as well as the majority
of the PQ sized geotechnical drill holes completed for the tailings storage facility, new portal location for the underground
development, and the process plant and surface infrastructure areas.
"With the purchase of these drilling assets Lion One has also hired an experienced local drilling team that will ensure the
Company has readily available, cost effective drilling capabilities well into the future," said Lion One's Managing Director
Stephen Mann. "We can now plan future exploration drilling and have access to essential equipment at a significantly reduced
cost to undertake that work. Such further work will be scheduled following the end of the current wet season in Fiji."
About Lion One
Lion One Metals Limited is a Canadian exploration and development company focused on advancing its 100% owned and fully
permitted Tuvatu Gold Project towards production. Lion One envisions a low-cost high grade underground gold mining operation
with district-scale exploration upside, located near the Nadi International Airport on the island of Viti Levu in the South Pacific
island nation of Fiji.
Additional information about Lion One including NI 43-101 technical reports for the Tuvatu Gold Project is available at
www.liononemetals.com
and at
www.sedar.com
.
On behalf of the Board of Directors of Lion One Metals Limited
"
Walter Berukoff
"
Chairman & CEO
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email:
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accuracy of this release.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally,
forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does
not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain
actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion
One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on
assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual
results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports,
and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One
Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking
information. Such risks and other factors may include, but are not limited to: the early stage development of Lion One Metals
Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research
and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights;
product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation,
including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not
realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or
loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking information, there may be other factors that cause results
not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking
information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance
with applicable securities laws.