Lion One Discovers New Near-Surface Lode at Tuvatu and Intersects Ore-Grade Mineralization Associated with Near-Mine CSAMT Anomaly
Lion One Discovers New Near-Surface Lode at
Tuvatu and Intersects Ore-Grade
Mineralization Associated with Near-Mine
CSAMT Anomaly
North Vancouver, British Columbia--(Newsfile Corp. - December 8, 2022) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
provides results from
near-mine exploration, identifying two new zones of significant mineralization within the footprint of the
deposit.
A new lode, named URA1 has been discovered during construction of the development decline;
its location corresponds to Tuvatu's near-surface and earliest scheduled production area: Zone 2.
The
lode has been further defined through underground channel sampling and subsequent diamond drilling.
The URA1 lode will be included in the updated Mineral Resource Estimate (MRE) that the Company
aims to release in early 2023. Additionally, several hundred meters to the east of Tuvatu, drillhole
TUDDH-612 has intersected mineralization corresponding to a distinct CSAMT gradient anomaly. This
release presents significant new results from two separate areas within the general Tuvatu deposit
footprint (Figure 1).
Highlights URA1
Discovery of near-surface, high-grade URA1 lode from intersection with the development
decline, defined through channel sampling (up to 29 g/t Au over 1m in MD-CH-002) and
diamond drilling of holes TUDDH-617, 619, and 621 (up to 167.42g/t Au over 0.3m in
TUDDH-617, and 27.99 g/t Au over 1.2m in TUDDH-621).
Provides increase in volume of mineralized material within the portion of the deposit
scheduled for earliest production.
A general N-S orientation of the lode corresponds to other major lodes (e.g., URW1) and
may indicate the presence of an additional series of undiscovered lodes further to the
West of Tuvatu.
Underscores the substantial near-mine exploration upside.
Highlights TUDDH-612
New ore-grade mineralization of 18.53 g/t Au over 0.6m from 492m corresponding to a
sharp CSAMT geophysical gradient anomaly.
May represent the possible strike extension of the UR4 lode at Tuvatu, that may also
include the deep high-grade intercept in TUDDH-494 at >1100m depth.
Tuvatu itself is coincident with a CSAMT gradient of similar magnitude; the recurring
correspondence of mineralization with such gradients provides strong validation for the
viability of this method for discovery of additional mineralized centers in the caldera.
Once
completed, this data will provide robust drill targets and substantial projected upside for
new discovery.
URA1 lode, Zone 2
During advancement of the 2022 development decline, approximately 75m from the portal entrance, a
sharp, clearly defined quartz-sulfide lode was intersected striking NNE-SSW and dipping 84°SE (Figure
2a). This newly identified structure is defined through underground mapping and has control points in
space from chip-channel sampling, (results: Table 1) and a three-hole DDH program (TUDDH-617, 619
and 621; Figure 2b) to test the extent of this new lode (results: Table 2).
The lode is named URA1, and
represents a completely new, previously unmapped structure occurring within the northwestern, near-
surface portion of the Tuvatu deposit (Zone 2). The new occurrence discovered near-surface, in a portion
of the Tuvatu orebody that is within the current resource estimation extents, illustrates the extraordinary
upside potential of the Tuvatu orebody in general. Table 2 lists the interpreted lode for each of the
mineralized intercepts in boreholes TUDDH-617, 619, and 621.
It is notable that the high-grade
intercepts near the bottom of hole TUDDH-617 between 140.1 and 144.6m remain undefined, potentially
representing yet another new lode.
Moreover, this illustrates the discovery potential of additional
mineralization, especially toward the West Zone where relatively sparse drilling has been completed.
Notably, this area is defined by historic drilling carried out at a N-S orientation, which would have limited
the exposure of the drilling to mineralized lodes trending in the same orientation.
As the discovery and definition of new features continues to add upside, intersection with known lodes,
like the Murau 8 lode, intersected with TUDDH-621 at 105.3m returning 4.8m at 30.75 g/t gold continues
to provide confidence in the grade continuity of known lodes.
TUDDH-612 and CSAMT profile 6
As part of the Company's ongoing near-mine exploration program, drillhole TUDDH-612 was completed
to test the sharply defined CSAMT
1
gradient anomaly on profile 6 (Figure 3).
Drill hole TUDDH-612
intersected 18.53 g/t Au over 0.6m at 491.8m depth along the borehole.
As shown in Figure 1, this area is located several hundred meters from the current Tuvatu mineral
resource outline.
As such, the mineralization intersected at this location represents a new target zone of
potential high-grade mineralization that warrants follow-up.
Furthermore, the mineralized intercept in hole
TUDDH-612 corresponds closely to the strike projection of the UR4 lode, along with the previously
reported, deep intercept in TUDDH-494 of 12.2 g/t Au at a depth along the hole of 1106.3m (
see April 8,
2022 news release
).
As such, these intercepts may indicate the extension of the UR4 lode toward the
northeast and at depth, increasing LIO's confidence that the mineralized structure has continuity over
space for several hundred meters both to the east and at depth.
This structure remains open along strike
and up and down dip.
The mineralization observed (Figure 3) corresponds directly with a sharply defined CSAMT gradient
anomaly, thus lending significant credence to the application of CSAMT for targeting new zones of
potential mineralization.
The infill CSAMT survey lines completed in 2022 to complement the previous
2019 survey, are currently in final phase of interpretation.
The interpreted survey results will be the
subject of a future release. It is expected that once finalized, the combined CSAMT geophysical data
from previous and recent surveys will play a significant role in outlining new zones of mineralization near
Tuvatu, as well as regionally throughout the Navilawa caldera.
A third program of CSAMT geophysics will
commence in 2023 and is expected to contribute to coverage of the Navilawa caldera within LIO's most
prospective areas of interest.
Table 1.
Chip-channel results from sampling of the URA1 lode, development decline.
Channel ID
From m
To m
Width m
Composited Grade g/t Au
Cumulative g*m
MD-CH-001
0.0
2.5
2.5
9.94
24.86
MD-CH-002
0.0
1.0
1.0
29.02
29.02
MD-CH-003
1.0
3.0
2.0
8.91
17.83
MD-CH-004
1.5
3.0
1.5
11.93
17.89
MD-CH-005
1.0
2.5
1.5
15.17
22.75
MD-CH-006
0.0
3.0
3.0
5.62
16.87
MD-CH-011
0.0
2.5
2.5
10.46
26.15
Figure 1.
Plan view of the Tuvatu deposit lodes (gray) showing the locations of the exploration and
development declines (red), the new URA1 lode (blue) to the west, and TUDDH-612 borehole to the
east.
The dotted arrow indicates the possible strike extension of the UR4 lode.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/147248_0a2ed6f15443ca97_002full.jpg
Figure 2a.
Photo of URA1 lode located along the northeast wall of the new development decline.
The
vein at this location is approximately 20 cm wide.
To view an enhanced version of Figure 2a, please visit:
https://images.newsfilecorp.com/files/2178/147248_lionfigure2.jpg
Figure 2b.
Oblique view (looking NE) of the URA1 lode (blue) showing the locations of the exploration
and development declines (red), and the follow-up boreholes TUDDH-617, 619, and 621.
To view an enhanced version of Figure 2b, please visit:
https://images.newsfilecorp.com/files/2178/147248_0a2ed6f15443ca97_004full.jpg
Figure 3.
Oblique view showing the locations of borehole TUDDH-612 relative to the CSAMT profile 6,
and the exploration and development declines. The location of the high-grade intercept in TUDDH-612 at
18.53 g/t Au is indicated by the red dot.
Green dots represent values between 0.5 and 3.0 g/t Au.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2178/147248_0a2ed6f15443ca97_005full.jpg
Table 2.
Results from URA1 drilling.
The interpreted lode for each intercept is indicated.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUDDH-617
51.9
53.1
1.2
0.99
Murau 4
56.1
58.2
2.1
1.76
URA 1
including
57.9
58.2
0.3
6.30
URA 1
59.7
63.3
3.6
2.93
URA 1
including
59.7
60.0
0.3
17.01
URA 1
81.9
82.8
0.9
1.20
undefined
140.1
141.0
0.9
56.22
undefined
including
140.7
141.0
0.3
167.42
undefined
143.4
144.6
1.2
19.27
undefined
TUDDH-619
29.3
32.6
3.3
1.82
Murau 4
41.3
42.5
1.2
0.52
undefined
47.6
48.8
1.2
2.79
Murau 5
50.6
51.2
0.6
5.03
Murau 5
including
50.9
51.2
0.3
8.26
Murau 5
52.4
52.7
0.3
0.66
Murau 5
65.0
65.3
0.3
3.48
URA 1
72.2
73.7
1.5
2.78
Murau 7
including
73.4
73.7
0.3
9.66
Murau 7
148.1
148.7
0.6
0.59
Murau 12
TUDDH-621
77.7
80.1
2.4
6.03
Murau 6
including
78.3
78.6
0.3
43.13
Murau 6
81.3
83.4
2.1
2.68
Murau 7
including
82.8
83.4
0.6
5.26
Murau 7
84.6
87.6
3.0
2.24
Murau 7
including
86.7
87.3
0.6
7.37
Murau 7
105.3
110.1
4.8
30.75
Murau 8
including
105.3
105.9
0.6
54.31
Murau 8
and
105.9
106.5
0.6
8.10
Murau 8
and
106.5
107.4
0.9
56.17
Murau 8
and
107.4
108.3
0.9
46.55
Murau 8
and
108.3
108.6
0.3
11.39
Murau 8
and
108.6
108.9
0.3
13.49
Murau 8
and
108.9
110.1
1.2
8.56
Murau 8
123.6
124.2
0.6
2.62
Murau 10
156.0
157.2
1.2
0.81
Murau 11
159.3
160.5
1.2
27.99
URA 1
168.0
170.4
2.4
17.06
Murau 12
including
168.0
169.2
1.2
8.62
Murau 12
and
169.2
170.4
1.2
25.51
Murau 12
Table 3.
Survey details of diamond drill holes referenced in this release.
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
m
Deg.
(TN)
TUDDH-612
3920929.1
1876512.6
236.3
905.8
-60
097
TUDDH-617
3920800.6
1876257.3
203.1
149.9
-60
266
TUDDH-619
3920801.2
1876257.7
203.2
161.1
-60
297
TUDDH-621
3920799.9
1876257.7
203.0
200.7
-69
225
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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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
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the 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 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.
1
CSAMT = Controlled Source Audio Magneto-Tellurics - a ground based geophysical technique that
maps 3D electrical resistivity contrasts, inferred to be structural, lithological or hydrothermal-alteration
related.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/147248