Lion One Discovers Broad Zone of Narrow Gold Lodes at Batiri Creek, Located 2km NE Adjacent to the Tuvatu Gold Mine in Fiji
Lion One Discovers Broad Zone of Narrow
Gold Lodes at Batiri Creek, Located 2km NE
Adjacent to the Tuvatu Gold Mine in Fiji
North Vancouver, British Columbia--(Newsfile Corp. - November 15, 2022) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
provides compelling
evidence of multiple mineralized centers within the Navilawa Caldera. A high-grade drill result (15.04 g/t
Au over 0.3m) returned from diamond drill hole TUDDH-614 complements the regional high-grade gold
discovery, first identified by surface sampling (13.27 g/t Au over 4.0m,
Figure 3, Figure 4
), at the Batiri
Creek Lode Complex ("BCLC") located 2.0 km NE adjacent to the Company's 100% owned, fully
permitted Tuvatu Alkaline Gold Project.
The broad, steeply-dipping BCLC was discovered by benching and surface channel sampling in August
of this year as part of a continuing regional exploration program
(August 29
2022 News Release
Announcing Batiri Creek Discovery).
This ongoing program includes multiple surface sampling
techniques including BLEG
(Figure 1)
and has yielded a host of peripheral, high-grade, mineralized
centers adjacent to the Tuvatu mine.
Several such occurrences
(Figure 2)
have been identified in addition to the BCLC which are generally
characterized by multi cm-scale vein swarms making up narrow lodes.
It is believed by Lion One's
geologic team that these narrow lodes represent the uppermost expression of stronger, wider gold lodes
at depth. Narrow lodes at the BCLC can be thought of as the uppermost fractures that converge and
coalesce at depth to form a larger feeder system. The BCLC's elevation is approximately 150m above
the elevation of Tuvatu, thus more of the uppermost part of the mineralized fracture system may be
preserved here.
Interestingly, these lodes are often situated along the lithological contact between
monzonite and andesite, a setting like that of the deep high-grade feeder (500 Zone) below the currently
identified resource at Tuvatu. Given that the BCLC is more than 2.0 km NE of the Tuvatu lode system, it
is believed that these lodes formed from a zone of upwelling fluids that is unique and entirely
independent from those at Tuvatu.
Batiri Creek Lode Complex Surface and Drill Results:
DDH TUDDH-614 Results, Batiri Lode:
TUDDH-614:
Azimuth: 272°, Dip:- 45°, TD: 171.9m, Elevation: 328.1m
-
1.81 g/t Au over 0.3m from 102.3 to 102.6m
-
15.04 g/t Au over 0.3m from 118.3 to 118.6m
Surface Channel Samples: "Batiri" Lode (CH3047-CH3048) (Figure 3)
- 13.27 g/t Au over 4.0m at surface including:
Including: 36.10 g/t Au over 1.0m and
Including:
17.91 g/t Au over 0.80m
Surface Channel Samples, Other Batiri Lodes:
-
2.63 g/t Au over 1.0m from channel CH2765
-
3.32 g/t Au over 0.3m from channel CH2834
-
3.54 g/t Au over 0.3m from channel CH2789
-
3.42 g/t Au over 0.4m from channel CH2946
-
3.32 g/t Au over 1.0m from channel CH3073
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 mineralization each associated with a plume of upwelling hydrothermal
fluids. The discovery at the BCLC represents a prospective zone where increasingly thick Tuvatu type
lodes may be found at moderate levels below the current erosional surface. Although early rains limited
Lion One's ability to drill more extensively at BCLC this season, TUDDH-614 yielded a solid high-grade
intercept that might be telling us there is a bigger prize below.
Lion One will return to expand the drill
program at BCLC as well as other regional targets at the onset of the next dry season.
Figure 1.
Target-rich environment with world-class BLEG results from the Navilawa Caldera.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_001full.jpg
Note: Tuvatu Mine and Batiri Creek prospect (location of Batiri Vein Complex, >2.0 km NE of Tuvatu)
Figure 2.
Map showing surface channel sampling at Batiri Vein relative to the Tuvatu Gold Deposit
To view an enhanced version of this graphic, please visit:
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Figure 3.
Photograph and channel sampling results of "Batiri" Lode (channel CH3047-3048)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_003full.jpg
Figure 4a:
Plan map of Batiri Creek surface benching, channel sampling, and TUDDH-614.bTUDDH-
614 (drill collar in map) is drilled at 272 degrees from E to W beneath the surface location of high-grade
channel samples (all >0.5 g/t Au surface channel samples are indicated on the map).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_004full.jpg
Figure 4b:
Benching at Batiri Creek Lode Prospect. Map to show >0.5g samples along Batiri Creek
bench and the drill trace of TUDDH-614. Note the high-grade Au samples in drill core; 1.81 g/t Au over
0.3m from 102.3 to 102.6m and 15.04 g/t Au over 0.3m from 118.3 to 118.6m are 95m below the
surface hit. This newly drilled lode is on strike within the NE-trending structural corridor that hosts some
of the principal UR lodes at the Tuvatu gold deposit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_005full.jpg
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.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in
conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond
drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel
on site. Samples are delivered to and analyzed 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-analyzed 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. 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 analyzed by the same
methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 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
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250 Email:
Website:
www.liononemetals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility
for the adequacy or accuracy of this release
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within the meaning of applicable Canadian securities legislation. All statements, other than
statements of historical fact, included herein are forward-looking information. Generally, forward-
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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
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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.
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