Lion One Announces Completion of CSAMT Survey at Tuvatu
Lion One Announces Completion of CSAMT
Survey at Tuvatu
North Vancouver, British Columbia--(Newsfile Corp. - June 20, 2023) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is pleased to announce
that it has completed a CSAMT (Controlled Source Audio-frequency Magnetotellurics) survey at its
100% owned Tuvatu Alkaline Gold Project in Fiji.
Highlights:
14 new CSAMT survey lines were completed, including 7 across the main Tuvatu deposit area.
3 lines from the 2019 CSAMT survey were extended.
Station density has doubled from 100 m in the 2019 survey to 50 m in the 2022-23 survey.
Line spacing has halved from an average of 560 m in 2019 to an average of 300 m in 2023.
A total of approximately 33 line-kms were surveyed (11 km in 2022 and 22 km in 2023).
CSAMT processing and interpretation is expected to be complete in July; increased resolution of
the CSAMT data will be used to generate high quality drill targets across the Navilawa caldera.
Lion One Chairman and CEO Walter Berukoff commented: "We're thrilled to have completed our
CSAMT survey and we eagerly await the results of the survey, which we hope to have available later in
July. The 2019 survey was invaluable in helping us to discover the feeder zone underlying Tuvatu and led
us directly to the 500 Zone, where we intersected
75.9 m of 20.86 g/t Au
.
1
The 2022-2023 survey will
complement the 2019 survey and will dramatically improve survey resolution across the property, where
we have already identified numerous exciting and untested prospects. The CSAMT data will help us to
identify and refine drill targets underlying those prospects and we look forward to drill testing select
targets later in 2023."
Figure 1. Location of 2022-2023 CSAMT Survey Lines.
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CSAMT Overview
CSAMT is a ground geophysical method used for obtaining information about subsurface resistivity in a
survey area. It measures the electrical resistivity of rocks down to depths of approximately 1.2 to 1.5 km,
which is much deeper than alternative resistivity techniques. The survey identifies areas of bedrock with
contrasting electrical properties, often due to variations in lithology, porosity, or alteration. Abrupt
changes in resistivity occur when two rock types with differing resistivity characteristics are juxtaposed
against one another, or when an area is highly fractured and allows groundwater to penetrate resistive
rocks thereby producing an area of lower resistivity. CSAMT surveys are highly beneficial in identifying
subsurface structures, such as lithological contact zones, faults, and fracture systems, especially if these
are deep-rooted structures.
In alkaline gold deposits such as Tuvatu, it is these deep-rooted structures that provide the conduits for
fluid flow to rise up in the earth's crust and in which gold is deposited. When interpreting CSAMT data,
the main focus is on steep resistivity gradients that may indicate the presence of such structures.
CSAMT surveys are the pre-eminent geophysical tool in identifying mineralized structures and drill
targets in alkaline gold deposits.
2022-2023 Survey
Lion One's 2022-2023 CSAMT survey was designed to complement the 2019 survey by adding infill and
extension lines to the previous survey area. The 2019 survey was moderate to widely spaced, with line
spacing ranging from 300 m to 800 m, and station spacing every 100 m. Line and station spacing has
improved significantly across the Navilawa Caldera following the 2022-2023 CSAMT survey, with line
spacing ranging from 100 m to 400 m, and station spacing only 50 m apart on all new lines (Figure 1).
The increased line and station density will provide greater resolution across the property and will assist
in refining and generating new drill targets in the caldera.
The 2022-2023 CSAMT survey was conducted by Zonge Engineering and Research Organization of
Adelaide, Australia. The 2022 portion of the survey was completed on October 8
th
, 2022 and the 2023
portion was completed on June 10
th
, 2023. A total of 33 line-km were surveyed, with 11 km completed in
2022 and 22 km completed in 2023. In addition to the 22.5 line-km surveyed in 2019, Lion One has now
surveyed a total of 55.5 line-km of CSAMT across the Navilawa Caldera. Notably, the 2022-2023 survey
included 5 survey lines oriented north-south across the main Tuvatu deposit, providing a high-density
grid of coverage across the Tuvatu area. This will provide high-quality resistivity data for the Tuvatu
deposit and all near-mine exploration targets, such as the West Zone.
Lion One has also identified numerous regional prospects throughout the Navilawa Caldera, with
multiple surface samples returning grades of over 100 g/t Au (Figure 2). One of the goals of the 2022-
2023 CSAMT survey was to improve coverage and understanding of the structural architecture
underlying these prospects, some of which are located on the edge of the 2019 survey lines where
results can be less reliable. The 2022-2023 infill and extension lines will dramatically improve survey
resolution and reliability in these areas and will help refine drill targets underlying those prospects.
The 2022-2023 CSAMT survey was originally planned for 2021 but was delayed by the COVID-19
pandemic. The 2022-2023 survey was completed under budget.
Figure 2. Select Regional Prospects.
Select regional prospects covered by the CSAMT survey area.
The goal of the CSAMT survey is to define high resolution structures underlying these prospects and to
thereby identify high priority drill targets. All grades shown are peak results from surface samples, either
rock chips or channel samples. Refer to the November 15
th
, 2022 news release and the April 22
nd
, 2022
technical report for full contextualization of data.
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Figure 3. Example 2019 CSAMT Interpretation, West Zone.
The 2019 CSAMT survey identified
several resistivity gradients in the area of the West Zone which may indicate a potential new feeder
zone. The 2022-2023 CSAMT infill and extension lines in this area will increase resolution and help to
refine drill targets in the West Zone. Warm colors indicate areas of high resistivity, cool colors indicate
areas of low resistivity. Inset map shows the location of this interpretation section in relation to the
Navilawa caldera, with the D-D' line highlighted in yellow and the main Tuvatu deposit indicated by the
star. The 2019 survey, including this figure, is the subject of a news release dated
February 5, 2020
.
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About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral
resource for Tuvatu as disclosed in the technical report "Technical Report and Preliminary Economic
Assessment for the Tuvatu Gold Project, Republic of Fiji", dated September 25, 2020, and prepared by
Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au
(274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0
g/t Au.
The technical report is available on the Lion One website at
www.liononemetals.com
and on the
SEDAR website at
www.sedar.com
.
Qualified Person
In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-
101"), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the
Company and has reviewed and is responsible for the technical and scientific content of this news
release.
About Lion One Metals Limited
Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project,
located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold
mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the
entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system.
Lion One's CEO Walter Berukoff leads an experienced team of explorers and mine builders and has
owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines,
Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for
shareholders.
On behalf of the Board of Directors of
Lion One Metals Limited
"
Walter Berukoff
", Chairman and CEO
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email:
Website:
www.liononemetals.com
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Although Lion One Metals Limited has attempted to identify important factors that could cause actual
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to update any forward-looking information, except in accordance with applicable securities laws.
1
Refer Company news release dated 6 June 2022.
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