Lion One Completes Data Review of the Banana Creek Target In the Navilawa SPL Adjacent to the Tuvatu Gold Project Up to 46.3 g/t gold in rock-chips and anomalism over 500 metres x 750 metres
Lion One Completes Data Review of the Banana Creek
Target In the Navilawa SPL Adjacent to the Tuvatu Gold
Project
Up to 46.3 g/t gold in rock-chips and anomalism over 500 metres x 750
metres
North Vancouver, British Columbia--(Newsfile Corp. - November 30, 2017) -
Lion One Metals Limited
(TSXV: LIO) (ASX: LLO)
(OTCQX: LOMLF) (FSE: LY1)
(the "Company")
is pleased to announce that following the recently announced award of the
Navilawa Special Prospecting Licence (SPL 1412) it has completed a first-pass compilation of data over the Banana Creek
Target adjoining the Company's fully permitted high grade underground Tuvatu Gold Project located on the island of Viti Levu in
the Republic of Fiji.
The Banana Creek Target
Located only 3 kilometres
northeast of the Tuvatu Gold Project
Accessible
by roads and tracks
114 selective rock chip samples >1g/t gold
46.3 g/t gold peak value
in selective rock sample results
160 g/t silver, 2.1% lead, 0.33% zinc
peak values in selective rock
sample results
1.6 x 0.6 kilometre
hydrothermal alteration system defined by
radiometric data
750 x 500 metre
gold in soil anomaly
6 individual mineralised lodes
identified in previous surface work
19.5 g/t gold over 0.4 metres
in previous reconnaissance drilling
Presents a target
for exploration work and to potentially enhance
the Tuvatu Gold Project
One of eleven exploration targets
in the recently acquired Navilawa
License
Historic Results
The samples in this press-release are compiled from reports and data
provided by the Fiji Government Mineral Resources Department and contain
information
reported by previous explorers in the area. Whilst every
effort has been made to review historic reports and check the data, the
samples were collected by
previous explorers and cannot be fully verified.
Company geologists have visited the project and reported lode style of
mineralisation visually similar to Tuvatu,
however, the original sample
security, laboratory, and assay method cannot be fully verified by the
Qualified Person / Competent Person other than disclosure
taken from
previous company reports. These results are hence considered 'historic'
and are presented as a guideline only. As a result, the assays reported in
this release are not to be considered necessarily representative of the
overall system. The Company intends to collect new data in this area, and
all historic
results will not be used in mineral resource estimation or
economic decisions other than to advance exploration.
Refer to Appendix
1
for further details.
The Banana Creek Target and its relevance to enhancing Tuvatu
The Banana Creek Target is one of eleven exploration targets recently acquired by the Company in an award of tenure from the
Mineral Resources Department, Ministry of Lands and Mineral Resources, Government of Fiji (news release November 20,
2017). The Banana Creek Target has been subject to several generations of superficial surface exploration by previous
explorers (Appendix 1) which has included geological mapping, soil sampling and rock-chip sampling. The Banana Creek
Target is located 3 kilometres northeast of the Company's fully permitted Tuvatu Gold Project, and hence presents an exploration
target within a credible potential trucking distance to the milling operations to be constructed at Tuvatu. As a result, Lion One
considers Banana Creek as a clear focus with several mineralised structures potentially capable of complimenting and
enhancing production scenarios at the Tuvatu Gold Project.
Previous sample collection
The samples in this press-release are compiled from reports and data provided by the Fiji Government by previous explorers in
the area.
Figure 1 Gold in Soil sampling at the Banana Creek Target (background = shaded terrain model).
To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/2178/30866_figure1.jpg
More than 500 soil samples have been collected by previous explorers in the Banana Creek area. This work was principally
conducted by Oribi Resources in 1999 to 2001 and consists of 'C' horizon soils collected using a 50mm augur and is principally
ridge and spur soil sampling. The soil sampling indicates a gold in soil anomaly of >100ppb gold (0.1ppm / 0.1g/t) over an area
greater than 500 metres by 750 metres (Figure 1, Appendix 1).
More than 800 rock samples have been collected in the Banana Creek area and are a combination of channel sampling, float
(loose material at surface) and rock-chips. Of these 114 samples were greater than 1g/t gold with a peak value of 46.3g/t gold
(Figure 2, Appendix 1).
Figure 2 Banana Creek Rock Chip Samples with samples >5g/t labelled (background = shaded terrain model). (samples
rounded to 1 decimal place)
To view an enhanced version of Figure 2, please visit:
http://orders.newsfilecorp.com/files/2178/30866_figure2.jpg
Previous drilling at Banana Creek consists of 5 diamond core holes drilled by Oribi Resources in joint-venture with Mincor
Resources between 1999 to 2001 for a total of 531 metres drilling (average depth = 104 metres). Three of these holes
(BCDH001, 002, 003) were drilled away from or parallel to the main structural trends and did not intersect appreciable
mineralisation. Holes BCDH004 and 005 respectively were drilled in the central portion of the Banana Creek Target and
intersected peak values of 19.5g/t gold and 2.2g/t gold respectively (Figure 3, Appendix 1).
Geology of Banana Creek
The Banana Creek Target consists of altered Navilawa monzonite intrusive flanked by Nadele volcanic breccia and intruded by
micromonzonite dykes. The mineralisation has been mapped at surface on lodes that strike NNW-SSE and cross-structures
oriented NE-SW. Previous Fiji Government reported airborne surveys indicate that the Banana Creek Target has an elevated
potassium signature in radiometrics indicating a zone of hydrothermal alteration approximately 1.6 kilometres by 600 metres
and is comparable to the anomaly at the Tuvatu Gold Project (Figure 4). With both gold and base-metal anomalism, the
mineralisation may be of a style comparable to the HT Corridor mineralisation at Tuvatu previously announced by the Company.
Figure 3 Banana Creek Drill Hole locations (on soil sampling, background = shaded terrain model)
To view an enhanced version of Figure 3, please visit:
http://orders.newsfilecorp.com/files/2178/30866_figure3.jpg
Figure 4 Government airborne potassium radiometric image. Hot colours red->purple->white indicate increasing potassium
and is an indication of increasing hydrothermal alteration.
To view an enhanced version of Figure 4, please visit:
http://orders.newsfilecorp.com/files/2178/30866_figure4.jpg
Figure 5 The Tuvatu Project Area Schematic Project Map
To view an enhanced version of Figure 5, please visit:
http://orders.newsfilecorp.com/files/2178/30866_figure5.jpg
About Tuvatu / Lion One
Lion One is advancing its 100% owned Tuvatu Gold Project as a world class discovery and near-term production opportunity in
the southwest Pacific Ring of Fire. Tuvatu is modelled for exploration after regional giants in the low sulphidation family of high
grade epithermal gold deposits such as Porgera and Lihir in PNG, and Vatukoula in Fiji. These spectacular discoveries have
produced over 35 million ounces of gold in similar alkaline volcanic settings. Tuvatu has been fully permitted by the Government
of Fiji for operations start-up and has a dual-track strategy of production development and resource expansion inside its 385
hectare mining lease.
Tuvatu is located 17 km from the international airport in Nadi, on the west coast of Viti Levu in the Republic of Fiji. Lion One's
CEO Walter Berukoff is leading an experienced team of 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.
Tuvatu was advanced by previous owners through underground exploration and development from 1997 through to the
completion of a feasibility study in 2000. Acquired by Lion One in 2011, the project has over 110,000 meters of drilling
completed to date in addition to 1,430 meters of underground development.
In January 2016 the Hon. Prime Minister of Fiji, Mr. V. Bainimarama, formally presented the previously granted Tuvatu Mining
Lease to Lion One. This concluded the permitting process for the development of an underground gold mine and processing
plant at Tuvatu, demonstrating strong government support for Fiji's 85 year-old gold mining industry.
Stephen Mann, Managing Director, member of The Australasian Institute of Mining and Metallurgy, is the Qualified Person
("QP") responsible for the Tuvatu Mine exploration and delineation programs.
The information in this report that relates to the Banana Creek Target is based on information supplied by the Fiji Government to
Lion One Limited and reviewed by Darren Holden who is an employee of GeoSpy Pty Ltd, an Advisor to Lion One Ltd, and a
member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Holden has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a
Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves' (JORC code) and National Instrument 43-101 in Canada. Mr Holden consents to the inclusion in
this report of the matters based on this information in the form and context in which it appears. Refer to Appendix 1 for sample
detail disclosure.
For more information on Lion One including technical reports please visit the Company's website at
www.liononemetals.com
or
the SEDAR website at
www.sedar.com
.
On behalf of Lion One Metals Limited
"Walter H. Berukoff"
Chief Executive Officer
For further information please contact
Stephen Mann, Managing Director (Perth, Australia) Tel:
604-973-3007
Hamish Greig, Vice President (North Vancouver, BC) Tel:
604-973-3008
Joe Gray, Investor Relations (North Vancouver, BC) Tel:
604-973-3004
Toll Free IR Line (North America) Tel: 1-855-805-1250
Email:
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or
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 labor 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.
Appendix 1: Banana Creek Data
Table A1.1.
Past ownership, report sources and sample details.
Company
Report Title / Date
Sample Type / Detail
Laboratory / Assay
Details
Pan Continental Mining
Reported as historic results compiled in
database from Fiji Government
1986-1993
Reported by Alcaston in
2003 annual report
and compiled in databases from Golden Rim
mining
(2010).
Rock and soil samples. Techniques not
disclosed.
Not disclosed in reports
CRAE
Reported as historic results compiled in
database from Fiji Government
1994-1998
Reported by Alcaston in
2003 annual report
and compiled in databases from Golden Rim
mining
(2010).
Rock and soil samples. Techniques not
disclosed.
Not disclosed in reports
Oribi Resources NL / Mincor Resources NL
Reported as historic results compiled in
database from Fiji Government
1999-2002
Reported by Alcaston in
2003 annual report
and compiled in databases from Golden Rim
mining
(2010).
5 diamond drill holes, HQ size core. Soil
sampling using 50mm Augur Samples. 'C'
Horizon Soil. Rock channel sampling
ALS Chemex Laboratory in Brisbane. Gold:
Fire
Assay 50g charge (AA26); Multi-
element: Aqua regia digestion / atomic
emission spectroscopy MEICP-41
Alcaston Mining NL / Mincor Resources NL
SABETO PROJECT Special Prospecting
Licence
1412: Annual Reports
2003, 2004,
2005, 2006, 2007
(5
reports) and compiled
in databases from Golden Rim mining
(2010).
Rock chips (2003, 2004) Radiometrics /
magnetics 2007
ALS Chemex Laboratory in Brisbane. Gold:
Fire
Assay 50g charge (AA26); Multi-
element: Aqua regia digestion / atomic
emission spectroscopy MEICP-41
Golden Rim Ltd / Mincor Resources N:
SABETO PROJECT Special Prospecting
Licence
1412: Annual Reports
2008, 2009,
2010 (
3 reports)
Rock chips (2008)
Not disclosed in reports but assumed
equivalent
to above 2003-2007 annual
reports.
Table A1.2
Banana Creek Rock Sampling Data > 1g/t, sorted by gold grade from various reports as compiled by Alcaston
Mining and Golden Rim Mining noted above. Sample Type: Rock = rock sample collected in outcrop; Channel = channel sample
collected in outcrop or trench; Rock unclassified = rock sample with unknown sampling technique. Bd = below detection; "-" = not
assayed. Highest samples per assay result highlighted in bold. Coordinates in Fiji Map Grid (Vitu Levu). All samples are
considered 'selective' in that they were selected by geologist or field technician from specific mineralised lodes reported
between 0.1 and 2 metres wide and may not be representative of the overall system.
Easting
(m)
Northing
(m)
Sample Type
Gold (g/t)
Silver (g/t)
Copper (ppm)
Lead (ppm)
Zinc (ppm)
1878501.95
3923403.66
Rock
46.3
14.4
146
1110
276
1878642.91
3923306.93
Rock
32
20.9
579
8130
1860
1878436.26
3923432.09
Rock unclassified
21.9
-
130
5000
335
1878632.66
3923332.84
Rock
20
11.6
234
2000
1185
1878505.75
3923424.71
Rock
19.45
3.8
199
605
357
1878643.91
3923305.94
Channel
18.9
20.1
413
671
1340
1878624.05
3923283.25
Rock unclassified
16.6
-
115
1500
110
1878463.08
3923403.5
Rock unclassified
15.3
3
85
365
60
1878602.42
3923228.14
Rock unclassified
15
3
30
60
55
1878777.77
3923124.34
Rock unclassified
13.3
5
85
370
35
1878659.21
3923551.47
Rock unclassified
13.2
-
125
550
55
1878696.47
3923140.36
Rock
10.6
1.5
65
930
17
1878468.64
3923442.12
Rock unclassified
10.05
1
45
30
15
1878688.04
3923499.74
Rock unclassified
10
2
215
1800
390
1878371.68
3923301.29
Rock unclassified
8.55
-
25
135
15
1878596.3
3923287.85
Rock unclassified
8.3
2
165
1980
120
1878661.37
3923478.24
Rock unclassified
8.2
-
115
320
65
1878453.76
3923353.73
Rock unclassified
8.2
-
75
40
60
1878785.37
3923670.21
Rock unclassified
7.75
110
50
120
20
1878626.05
3923370.31
Rock unclassified
7.6
-
80
390
240
1878438.07
3923340.62
Rock unclassified
7.5
-
45
220
75
1878813.94
3923418.56
Channel
6.86
2.5
166
49
49
1878618.66
3923152.15
Rock unclassified
6.7
-
570
205
360
1878503.9
3923332.64
Rock unclassified
6.5
5
145
1650
3350
1878634.25
3923299.73
Rock unclassified
6.5
-
395
3850
340
1878813.94
3923418.56
Rock
6.23
1.3
52
53
21
1878453.56
3923436.63
Rock unclassified
6.2
bd
145
960
50
1878888.23
3923605.73
Rock unclassified
6
2
370
80
210
1878632.14
3923295.78
Rock unclassified
5.97
-
215
400
185
1878508.28
3923355.51
Rock unclassified
5.3
-
40
150
65
1878505.77
3923333.48
Rock unclassified
5.12
bd
240
790
475
1878476.59
3923401.37
Rock unclassified
5.09
bd
135
315
210
1878665.11
3923480.73
Rock unclassified
4.94
-
290
160
100
1878522.69
3923431.07
Rock unclassified
4.93
bd
170
890
695
1878699.66
3923116.19
Rock unclassified
4.81
1
280
275
355
1878301.32
3923438.79
Rock unclassified
4.78
-
280
430
145
1878603.86
3923266.32
Rock unclassified
4.73
bd
505
275
1950
1878507.42
3923334.58
Rock unclassified
4.6
bd
255
55
355
1878743.85
3923672.77
Rock unclassified
4.36
60
65
45
15
1878721.54
3923241.63
Channel
4.31
1.1
203
180
213
1878675.17
3923434.39
Rock unclassified
4.1
-
350
445
310
1878579.53
3923530.93
Rock unclassified
4.09
-
50
230
60
1878780.71
3923446.82
Rock unclassified
3.99
-
120
50
25
1878787.38
3923665.86
Rock unclassified
3.98
160
55
190
30
1878797.64
3923423.65
Rock unclassified
3.95
bd
125
2400
105
1878872.19
3923317.57
Rock unclassified
3.9
-
90
130
50
1878647.69
3923458.12
Rock unclassified
3.9
-
380
370
205
1878464.31
3923442.91
Rock unclassified
3.57
-
40
350
40
1878698.29
3923186.61
Rock unclassified
3.46
-
720
21000
400
1878494.3
3923049.58
Rock unclassified
3.35
-
195
2900
515
1878689.28
3923505.2
Rock unclassified
3.33
bd
250
390
160
1878706.5
3923332.69
Rock unclassified
3.05
bd
190
1450
145
1878860.85
3923626.02
Rock
2.93
bd
60
125
15
1878874.45
3923624.11
Rock unclassified
2.93
bd
60
125
15
1878722.42
3923692.65
Rock unclassified
2.89
-
290
1500
280
1878471.07
3923401.95
Rock unclassified
2.87
bd
345
170
545
1878544.17
3923435.94
Rock unclassified
2.87
bd
315
50
330
1878481.04
3923403.29
Rock unclassified
2.86
bd
235
800
560
1878696.57
3923523.68
Rock unclassified
2.82
-
50
850
70
1878879.85
3923281.12
Rock
2.79
1.9
237
197
83
1878698.86
3923117.8
Rock unclassified
2.7
bd
560
11400
520
1878509.07
3923335.78
Rock unclassified
2.68
3
200
480
375
1878514.95
3923357.08
Rock unclassified
2.66
-
85
1350
570
1878705.63
3923387.25
Rock unclassified
2.64
bd
115
70
120
1878498.77
3923331.41
Rock unclassified
2.6
bd
115
80
275
1878571.55
3923193.23
Rock unclassified
2.35
3
630
15500
535
1878512.94
3923071.1
Rock unclassified
2.26
2
1180
5400
1200
1878704.26
3923460.9
Rock unclassified
2.17
bd
210
135
170
1878694.68
3923202.44
Rock unclassified
2.13
-
615
790
860
1878340.61
3923401.23
Rock unclassified
2.08
-
35
50
80
1878479.37
3923402.63
Rock unclassified
2.02
bd
215
200
420
1878489.76
3923331.25
Rock unclassified
1.9
3
270
920
515
1878530.54
3923433.47
Rock unclassified
1.89
bd
235
710
250
1878778.88
3923447.97
Rock unclassified
1.88
-
215
55
100
1878517.95
3923403.81
Rock
1.87
0.9
115
361
225
1878541.07
3923505
Rock unclassified
1.85
bd
310
20
160
1878879.85
3923281.12
Rock
1.85
1.3
155
89
53
1879008.91
3923608.39
Rock unclassified
1.85
4
85
50
125
1878570.39
3923195.49
Rock unclassified
1.81
bd
485
2500
750
1878453.2
3923391.47
Rock unclassified
1.75
-
255
660
525
1878538.1
3923494.44
Rock unclassified
1.73
-
40
50
50
1878687.92
3923496.99
Rock unclassified
1.71
bd
160
130
40
1878445.39
3923166.18
Rock unclassified
1.69
-
30
1500
190
1878499.91
3923267.09
Rock unclassified
1.65
1
215
35
200
1878325.29
3923405.65
Rock unclassified
1.63
-
50
450
235
1878766.84
3923320.08
Rock
1.62
1.4
178
36
115
1878916.97
3923601.92
Rock unclassified
1.6
-
125
1450
115
1878348.93
3923373.51
Rock unclassified
1.6
-
35
140
60
1878757.63
3923350.21
Rock unclassified
1.54
bd
245
460
280
1878800.01
3923350.11
Rock unclassified
1.54
-
-
-
-
1878538.26
3923081.13
Rock unclassified
1.54
485
4500
440
1878731.67
3923480.39
Rock unclassified
1.53
bd
270
260
290
1878816.27
3923133.93
Rock unclassified
1.53
2
250
65
65
1878511.76
3923356.5
Rock unclassified
1.53
-
120
890
595
1878609.12
3923548.51
Rock unclassified
1.52
-
140
340
90
1878775.38
3923428.16
Rock unclassified
1.5
-
285
1550
275
1878623.05
3923382.72
Rock unclassified
1.49
1
265
45
650
1878515.57
3923068.33
Rock unclassified
1.468
5
640
7200
665
1878538.74
3923501.57
Rock unclassified
1.45
1
220
-5
130
1878497.35
3923331.39
Rock unclassified
1.43
bd
185
90
290
1878640.53
3923312.71
Rock unclassified
1.4
-
165
330
165
1878433.76
3923340.82
Rock unclassified
1.4
-
165
65
445
1878854.61
3923343.56
Rock unclassified
1.32
-
65
135
45
1878691.77
3923526.87
Rock unclassified
1.3
5
270
150
420
1878863.27
3923595.13
Rock unclassified
1.24
bd
300
180
495
1878495.29
3923331.19
Rock unclassified
1.24
1
195
175
450
1878689.84
3923208.32
Channel
1.18
0.5
213
88
193
1878752.06
3923336.53
Rock unclassified
1.119
bd
330
10
170
1878440.4
3923396.71
Rock unclassified
1.04
bd
340
350
630
1878781.55
3923660.96
Rock unclassified
1.03
6
185
295
50
1878442
3923169.5
Rock unclassified
1.029
-
170
1250
375
1878706.5
3923451.55
Rock unclassified
1.012
-
360
35
215
1878522.17
3923064.1
Rock unclassified
1.004
-
150
1750
405
1878510.49
3923336.91
Rock unclassified
1.002
bd
215
90
630
Table A.2
Banana Creek Drill Data Details. Coordinates in Fiji Map Grid (Vitu Levu)
Hole ID
EAST
NORTH
AZIMUTH
DIP
Hole Depth
From
To
Peak
Assay
(Au
g/t)
BCDH1
1878435.31
3923382.39
315
-60
101.1
10
11
0.61
BCDH2
1878439.45
3923379.97
135
-60
100.4
58
59
0.4
BCDH3
1878637.91
3923316.77
135
-60
100.6
1
2
0.5
BCDH4
1878559.04
3923329.88
337
-60
102.6
32
32.4
19.5
1
BCDH5
1878558.18
3923334.4
323
-75
116.5
115
116
2.16
____________________
1
Alcaston Annual report for the Sabeto Project
(2003) records this result as 23.4g/t gold in the body of the report. However,
the
subsequent database supplied reports the result as 19.5g/t gold