Lion One Discovers Major New Gold Feeder Structure - 20.86 G/t Au over 75.9 Meters at Depth Beneath the Current Resource at Tuvatu, Fiji
Lion One Discovers Major New Gold Feeder
Structure - 20.86 G/t Au over 75.9 Meters at
Depth Beneath the Current Resource at
Tuvatu, Fiji
North Vancouver, British Columbia--(Newsfile Corp. - June 6, 2022) -
Lion One Metals Limited
(TSXV:
LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is delighted to announce the
discovery of a major new feeder structure at its Tuvatu Alkaline Gold Project in Fiji. Hole TUG-141,
targeting a complex network of high-grade structures called the 500 Zone, has encountered the longest
high-grade intercept yet recorded at Tuvatu,
20.86 g/t Au over 75.9m,
including
43.62 g/t Au over
30.0m which
includes
90.35 g/t Au over 7.2m
.
The new discovery is located at depth beneath the
current resource fully within the permit boundaries of the Tuvatu mining lease.
High-grade intercepts from TUG-141 include:
20.86 g/t Au over 75.9m from 443.4-519.3m
including 35.25 g/t Au over 37.5m from 471.3-508.8m
including 43.62 g/t Au over 30.0m from 477.6-507.6m
including 90.35 g/t Au over 7.2m from 494.4-501.6m
and notable individual high-grade assay intervals including:
-
138.15 g/t Au over 0.30m from 450.9-451.2m
-
396.16 g/t Au over 0.30m from 479.1-479.4m
-
103.54 g/t Au over 0.30m from 498.6-498.9m
-
340.07 g/t Au over 0.30m from 498.9-499.2m
-
600.42 g/t Au over 0.30m from 499.5-499.8m
-
244.37 g/t Au over 0.30m from 502.5- 503.1m
-
230.18 g/t Au over 0.30m from 507.3-507.6m
-
105.58 g/t Au over 0.30m from 518.7-519.0m
Lion One CEO, Walter Berukoff, stated: "Like the initial discovery of the high-grade 500 Zone drilled two
years ago, I believe this new robust high-grade gold feeder mineralization encountered by hole TUG-141
represents a substantial discovery for Lion One.
The notable high grades and continuity of mineralization
of this intercept demonstrate Tuvatu's potential to become a large-scale, high-grade underground gold
mine. I have long encouraged our team to find that "gold room" at Tuvatu, and hole TUG-141 leads me to
believe they have found it.
We have only to look at other notable large alkaline Au deposits as direct
analogues to better understand what this latest discovery tells us, and it is clear that the discovery of a
major high-grade feeder such as this should be viewed as very promising. I am confident that Tuvatu will
one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula. I
commend our team on this truly outstanding discovery and I look forward to continued successful
execution of both our exploration strategy to realize growth at Tuvatu and our development strategy
targeting the commencement of gold production in the second half of 2023."
Lion One Senior VP of Exploration, Sergio Cattalani, commented: "The mineralized intercepts reported
by TUG-141 represent a highly significant development. The grades and continuity observed by the
intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the
largely untapped potential of this deposit.
The significance of having identified what may be a new
principal feeder conduit for Tuvatu confirms the model that has driven this deep exploration program
since the discovery of hole TUDDH-500 in July 2020.
Our immediate priority is to follow up of this
significant discovery with additional drilling in what remains a relatively poorly drilled portion of the Tuvatu
system.
Lion One, is now more than ever, convinced of the potential of Tuvatu to become a prominent,
multi-million ounce Au deposit at the top of the Au grade distribution worldwide."
Lion One Technical Advisor, Quinton Hennigh, commented: "Alkaline gold systems tend to be deep-
rooted and very structurally complex. Exploring them can be analogous to drilling a tree from the top
down. In the shallow part of the system, one finds the upper "branches," or gold-bearing lodes, but as
exploration persists to depth, bigger and bigger "branches," or lodes, are encountered ultimately leading
to the "trunk," the feeder. The way this remarkable discovery at Tuvatu has unfolded is quite similar to the
experience at Porgera, where after approximately ten years of diligent drilling, the high-grade Romane
Fault Zone was discovered beneath a myriad of smaller lodes. What is most exciting about this
discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is
located, we can effectively chase it to depth, and alkaline gold systems are known to persist to great
depths, sometimes as deep as 2 km. Considering this intercept is only approximately 500m below
surface, this discovery is wide open for growth at depth."
TUG-141 was drilled in the area between modelled 500 Zone lodes 500A, 500C and 500F (Figure 1)
where it intersected continuous high-grade Au mineralization grading
20.86 g/t Au over 75.9m
that is
predominantly hosted by intensely altered, fractured and brecciated andesite.
The highest grade core of
this zone is characterized by hydrothermal breccia displaying extreme silicification, potassic alteration
and sulfidation with regular occurrences of visible gold (Figure 2). In addition, the presence of abundant
roscoelite (a vanadium mica mineral) is very encouraging and is a mineral synonymous with the high-
grade zones of world-class alkali gold systems such as Cripple Creek in Colorado and Porgera in
Papua New Guinea. Some fragments within portions of this breccia are visibly
milled
, or rounded,
indicating vigorous fluid flow. Observations of fracture patterns and textures ranging from
incipient
and
in-situ
to full-on brecciation (Figure 2) point to this zone being a dilational breccia that likely formed along
a major structural intersection where stresses were being released at the time of mineralization. Rapid
depressurisation accompanying seismic movement along such a dilational zone would allow rapid
ascent of hydrothermal fluids resulting in silicification, K-metasomatism, sulfidation and rapid
precipitation of Au. Textures of minerals observed in veins and open spaces is consistent with a rapid
depositional regime.
Lion One is concurrently undertaking a two-pronged exploration drill campaign: 1) shallow infill drilling to
enhance definition of its current resource in preparation for mine planning, and 2) deep drilling focussed
on better understanding the geometry and extent of the underlying high-grade feeder network. As part of
the latter program, hole TUG-141 targeted the upper portion of the 500 Zone at depths between
approximately 450-550m where it is projected to connect with the base of lodes making up the Inferred
resource. As discussed above, TUG-141 drilled into a very wide and exceptionally high-grade zone,
20.86 g/t Au over 75.9m,
cored by hydrothermal breccia (Figure 2).
Such a zone of extreme fracturing
and brecciation has never before been observed at Tuvatu. It is significant to note that the bulk of this
mineralized interval is hosted within andesite rather than by intrusive monzonite, the typical host rock for
many lodes at Tuvatu. The significance of this observation has yet to be determined.
Furthermore, it is also notable that the nearest drill holes to TUG-141 are TUG-135 (70m below), TUG-
136 (45m to the E), and TUG-138 (60m to the W), indicating that there is considerable space for a
substantial increase in the ultimate size of the feeder conduit.
All three of these holes have returned
previously reported bonanza grade mineralization, similar in tenor and texture to that in TUG-141,
including:
24.92 g/t Au over 3.70m
from 415.7-419.4m in hole TUG-135 including
159.3 g/t Au over 0.30m
;
87.83 g/t Au over 1.5m
from 445.1-446.6m in hole TUG-136 including
108.41 g/t Au over 0.60m
;
and 23.14 g/t Au over 3.0m
from 571.5-574.5m in hole TUG-138 including
118.6 g/t Au over 0.30m.
The area remains open at depth.
This target has now become of utmost importance for follow up drilling.
In addition to the impressive intercept of
20.86 g/t Au over 75.9m
discussed above, hole TUG-141
encountered numerous other significant mineralized intercepts both above and below this interval
including:
Above the high-grade intercept
3.93 g/t Au over 5.7m
from 101.7-107.4m including
12.17 g/t Au over 0.30m
4.48 g/t Au over 10.2m
from 109.8-120.0m including
38.27 g/t Au over 0.30m
10.98 g/t Au over 1.5m
from 291.3-292.8m including
17.20 g/t Au over 0.60m
5.63 g/t Au over 19.2m
from 311.7-330.9m including
20.50 g/t Au over 3.00m
from 322.2-
325.2m, which includes
71.01 g/t Au over 0.30m
and
13.75 g/t Au over 0.60m
3.33 g/t Au over 4.50m
from 366.3-370.8m including
7.40 g/t Au over 1.20m
11.38 g/t Au over 2.1m
from 380.7-382.8m including
22.30 g/t Au over 0.90m
1.97 g/t Au over 13.5m
from 391.8-405.3m including
15.25 g/t Au over 0.30m
2.82 g/t Au over 3.90m
from 425.1-429.0m including
8.47 g/t Au over 0.30m
Below the high-grade intercept
3.08 g/t Au over 1.50m
from 524.1-525.6m including
7.50 g/t Au over 0.30m
In aggregate, all mineralized intercepts reported from hole TUG-141 total 1,909 g/t Au-meters.
Complete results, received to date, from hole TUG-141 are summarized below in Table 1. This is the first
drill hole in this part of the Tuvatu alkaline gold system, and as such, orientation and true thicknesses of
mineralized intercepts discussed above are not known at this time. Further drilling is required to better
understand this new discovery.
At the time of writing, hole TUG-141 is still being drilled, and is currently
>600m in depth with other mineralised structures yet to be assayed.
Figure 1
. Plan view (upper) and vertical section looking E (lower) of the trace of TUG-141 and selected
drill holes relative to the 500 Zone lodes modeled to date. TUG-141 was drilled from underground along
the Tuvatu exploration decline. The traces of known lodes UR2 and UR4, and modelled lodes of the 500
Zone feeder are shown in red.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/126617_fig%201ed%20lm.jpg
.
Figure 2.
Compilation of photographs from TUG-141. (A) Abundant visible gold grains (0.2-2mm) in
highly altered potassium metasomatized groundmass and roscoelite. (B) Visible gold (~2mm grains)
associated with coarse pyrite in a silicified breccia. (C & D) Intensely silicified and pyritized andesite
with microfractures of visible gold (~0.5mm grains).
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/126617_81354d06c4e0dad0_003full.jpg
.
Figure 2 (continued).
(E) Vuggy breccia with coarse pyrite and silicified-sulfidized ground mass.
Breccia clasts are angular to sub-rounded. (F) Coarse pyrite breccia with silicified-sulfidized ground
mass. (G) Network fracture stockwork ~1-5mm veins with two generations of pyrite. The clasts are highly
altered silicified andesite, with the veins containing quartz-pyrite. (H) Network fracture stockwork veins at
multiple angles, with intense silicification, quartz-carbonate infill and pyrite.
To view an enhanced version of Figure 2 continued, please visit:
https://orders.newsfilecorp.com/files/2178/126617_81354d06c4e0dad0_004full.jpg
.
Mineralization is observed as two generations of pyrite; an earlier bright euhedral pyrite that forms
coarse crystals in the core of the veins and breccia, and a darker brownish, spongy pyrite that typically
forms extremely fine-grained encrustations or overgrowths on earlier pyrite and wallrock fragments, as
well as lining the edges of most veins (Figure 2). Quartz occurs commonly as bluish grey, amorphous to
locally colloform silica.
Open space vuggy textures are common, as are visible gold grains.
Highest
grades (up to 600 g/t Au) appear to be associated with an interval of intense pervasive silicification and
sulfidation by up to 30% or more extremely fine-grained pyrite developed throughout the host rock, giving
the rock an overall massive chocolate brown appearance (Figure 2).
The intensity of replacement
suggests this is a zone of very high and sustained fluid flux.
Table 1:
Table showing all drilling intervals returning >0.5 g/t Au for hole TUG-141. Intervals > 3.0 g/t Au,
which is the cutoff grade used for the current resource, are shown in red, and intervals >9.0 g/t Au, which
is the average grade of the resource, are bolded.
Sample ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUG08584
71.7
72
0.3
0.96
TUG08535
101.7
102
0.3
3.96
TUG08536
102
102.3
0.3
12.17
TUG08537
102.3
102.6
0.3
5.35
TUG08538
102.6
102.9
0.3
1.42
TUG08539
102.9
103.2
0.3
3.09
TUG08541
103.5
103.8
0.3
1.19
TUG08542
103.8
104.1
0.3
8.64
TUG08543
104.1
104.4
0.3
7.67
TUG08544
104.4
104.7
0.3
7.56
TUG08545
104.7
105
0.3
7.90
TUG08546
105
105.3
0.3
3.53
TUG08548
105.6
105.9
0.3
0.60
TUG08549
105.9
106.5
0.6
4.83
TUG08452
107.1
107.4
0.3
1.42
TUG08456
109.8
110.1
0.3
15.41
TUG08457
110.1
110.4
0.3
0.74
TUG08458
110.4
110.7
0.3
1.12
TUG08459
110.7
111
0.3
5.28
TUG08460
111
111.3
0.3
0.80
TUG08462
111.6
111.9
0.3
2.66
TUG08463
111.9
112.2
0.3
1.45
TUG08464
112.2
112.5
0.3
1.22
TUG08466
112.5
112.8
0.3
1.50
TUG08467
112.8
113.1
0.3
2.67
TUG08468
113.1
113.4
0.3
3.47
TUG08469
113.4
113.7
0.3
2.92
TUG08470
113.7
114
0.3
2.93
TUG08471
114
114.3
0.3
8.74
TUG08473
114.6
114.9
0.3
7.36
TUG08474
114.9
115.5
0.6
0.90
TUG08475
115.5
115.8
0.3
7.20
TUG08476
115.8
116.1
0.3
3.14
TUG08477
116.1
116.4
0.3
0.92
TUG08479
116.7
117
0.3
3.62
TUG08481
117
117.3
0.3
15.85
TUG08482
117.3
117.6
0.3
2.06
TUG08483
117.6
117.9
0.3
1.95
TUG08484
117.9
118.2
0.3
0.58
TUG08485
118.2
118.5
0.3
5.51
TUG08486
118.5
118.8
0.3
6.35
TUG08487
118.8
119.1
0.3
38.27
TUG08488
119.1
119.4
0.3
3.02
TUG08489
119.4
119.7
0.3
1.41
TUG08490
119.7
120
0.3
2.19
TUG08494
122.4
122.7
0.3
1.35
TUG08946
213.6
213.9
0.3
2.11
TUG08947
213.9
214.2
0.3
0.97
TUG08948
214.2
214.5
0.3
3.03
TUG09446
214.5
214.8
0.3
0.82
TUG08949
214.8
215.1
0.3
1.50
TUG09401
215.1
215.4
0.3
1.61
TUG09402
215.4
215.7
0.3
1.75
TUG09407
216.9
217.2
0.3
3.22
TUG09408
217.2
217.5
0.3
0.18
TUG09409
217.5
217.8
0.3
0.62
TUG09423
222.9
223.2
0.3
0.72
TUG09432
226.5
226.8
0.3
1.41
TUG09444
233.4
233.7
0.3
1.32
TUG09445
233.7
234
0.3
3.13
TUG09447
234
234.3
0.3
6.30
TUG09448
234.3
234.6
0.3
2.08
TUG09529
274.8
275.1
0.3
0.77
TUG09536
276.6
276.9
0.3
0.59
TUG09540
277.8
278.1
0.3
0.64
TUG09566
291.3
291.6
0.3
14.77
TUG09567
291.6
291.9
0.3
4.01
TUG09568
291.9
292.2
0.3
16.55
TUG09569
292.2
292.5
0.3
17.85
TUG09570
292.5
292.8
0.3
1.75
TUG09582
299.1
299.4
0.3
2.12
TUG09583
299.4
299.7
0.3
1.94
TUG09584
299.7
300
0.3
0.63