Lion One Announces New Regional Gold Discovery 2 km Northeast of Tuvatu Alkaline Gold Project in Fiji Batiri Creek Vein: Surface Channel Sample Returns 13.27 g/t Au over 4.0m
Lion One Announces New Regional Gold
Discovery 2 km Northeast of Tuvatu Alkaline
Gold Project in Fiji
Batiri Creek Vein: Surface Channel Sample Returns 13.27 g/t
Au over 4.0m
North Vancouver, British Columbia--(Newsfile Corp. - August 29, 2022) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is pleased to announce
a new regional high grade gold discovery, the Batiri Creek Vein, located in the Navilawa Caldera 2 km
northeast of the Company's 100% owned, fully permitted Tuvatu Alkaline Gold Project in Fiji.
The Batiri Vein discovery is credited to the Lion One Fiji exploration team's regional benching and
surface sampling program targeting new gold bearing systems in under-explored regions peripheral to
Tuvatu in the surrounding Navilawa Caldera.
The new structure is characterized by an intense zone of veining on a lithological contact between
monzonite and andesite, with two significant N-S and NE-SW oriented structural intersections. The
lithological contact and structural intersections observed in the Batiri Vein are comparable to the
lithological contact and structural intersections observed from deep extensional drilling in the 500 Zone
below the Tuvatu resource where Lion One recently reported the longest and highest-grade intercepts
yet recovered at Tuvatu, including
20.86 g/t Au over 75.90m
from TUG 141 (see NR dated June 6,
2022) and
12.22 g/t Au over 54.90m
including
20.10m @ 23.03 g/t Au
from TUDDH 601 (see NR
dated Aug. 15, 2022).
Highlight intercepts from surface benching/channel sampling program include:
Surface Channel: Batiri Vein (CH3047-CH3048)
13.27g/t Au over 4.0m at surface including:
36.10 g/t Au over 1.0m and
17.91 g/t Au over 0.80m
Other results from the Batiri Vein include:
Channel CH2765 with 2.63g/t Au over 1.0m
Channel CH2834 with 3.32g/t Au over 0.3m
Channel CH2789 with 3.54g/t Au over 0.3m
Channel CH2946 with 3.42g/t Au over 0.4m
Channel CH3073 with 3.32g/t Au over 1.0m
Lion One is planning a regional drill program for the Batiri Vein target. The Company now has eight drill
rigs, with the pending delivery of the latest two rigs expected around mid-September. The Company
currently has two drilling programs underway, including Zone 5 infill drilling on the Tuvatu resource, and
deep extensional drilling in Zone 500 below the Tuvatu resource. The Company has now drilled
approximately 6,100 meters, about 75% of the planned infill drilling on Zone 5 and expects to announce
the results from previously unreleased holes in the near future.
Lion One technical advisor Quinton Hennigh stated, "Tuvatu and the wider Navilawa Caldera are part of
a classic alkaline gold system. As we know, from geologically comparable world class systems, such as
Porgera in PNG or Cripple Creek in Colorado, these kinds of deposits are not isolated and there is
potential for multiple zones of mineralisation within the gold camp. The new discovery on the Batiri Vein
presents the potential for such a new discovery."
Lion One CEO Walter Berukoff further stated, "The new discovery at surface on the Batiri Vein is very
encouraging and I congratulate the regional exploration team for their persistence. While the Tuvatu Gold
Project is the core of our development, any new discoveries in the immediate vicinity potentially play a
part in the development of a high-grade gold mine. We look forward to following this up with drilling in the
near future."
Figure 1.
Photograph and channel sampling results of Batiri Vein (channel CH3047-3048)
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/135128_0f43ecec44429b03_001full.jpg
Channel ID
Sample ID
North
East
Azimuth
Dip
Interval
(m)
Gold (g/t)
CH2765
TUS018561
3922198
1877370
90
0
1.00
2.63
CH2789
TUS018718
3922222
1877504
275
0
0.30
3.54
CH2834
TUS019089
3921956
1877605
160
30
0.30
3.32
CH3073
TUS020638
3922347
1878124
150
0
1.00
3.32
CH2946
TUS019741
3921886
1877731
130
0
0.40
3.42
CH3047/3048
3922281
1878078
120
0
4.00
13.67
including
TUS020444
3922281
1878078
120
0
1.00
36.10
TUS020446
115
0
0.80
1.14
TUS020447
115
0
0.80
17.91
TUS020448
115
0
0.80
2.05
Table 1:
Batiri Bench Channel Samples (Grid = Fiji Map Grid WGS72) Survey handheld GPS with
accuracy +-8m. Pending survey pick up with differential GPS.
Figure 2.
Map showing surface channel sampling at Batiri Vein relative to the Tuvatu Gold Deposit
To view an enhanced version of Table 2, please visit:
https://images.newsfilecorp.com/files/2178/135128_0f43ecec44429b03_002full.jpg
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.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in
conducting its channel sampling, drilling, testing, and analyses. For Channel Sampling, Company
geologists first map the bench, and then measure and mark-up sample intervals based on geological
structure. Samples are delivered to and analysed at the Company's geochemical and metallurgical
laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion
One's lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations.
All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to
80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish.
Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric
method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and
repeated until a result is obtained that is within 10% of the original fire assay run.
For samples with
multiple fire assay runs, the average of duplicate runs is presented. Lion One's laboratory can also assay
for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry
(ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous
samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and
Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid
digestion, HCl leach and ICP-AES (method ME-ICP61).
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
For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email:
Website:
www.liononemetals.com
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