Lion One Discovers Tuvatu Style Lodes at Banana Creek; Accelerates Drilling
Lion One Discovers Tuvatu Style Lodes at
Banana Creek; Accelerates Drilling
North Vancouver, British Columbia--(Newsfile Corp. - July 20, 2020) -
Lion One Metals Limited
(TSXV:
LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is pleased to announce
discovery of Tuvatu style lodes at Banana Creek, approximately 3 km northeast of the Tuvatu resource.
Banana Creek is a new, high-priority greenfields target situated within Lion One's recently granted
Navilawa tenement, part of its 100% controlled Tuvatu alkaline gold project, Fiji. Drill rig #1 recently
completed two diamond drill holes at Tuvatu West and has now resumed deep drilling under the main
Tuvatu lode system. Rig #2 has initiated drilling new targets within the Navilawa license area.
Highlights:
Since commencement of the dry season, approximately one and a half months ago, Lion One has
been aggressively opening roads and trench cuts within the new, large Navilawa tenement situated
north of the Tuvatu mining license. At present, efforts are focused at Banana Creek located
approximately 3 km northeast of the Tuvatu resource, where the Company's team has discovered
multiple outcropping lodes of similar nature to those seen at Tuvatu (Figures 1, 2,and 3). Recent
assay results including multiple high grade results from the current benching and mapping program
are presented in the first table below. Results from outcropping lodes include 39.74 g/t Au over
0.60 m, 17.37 g/t Au over 0.45 m, 10.82 g/t Au over 0.70 m and 12.71 g/t Au over 0.40 m at
Banana Creek and its access and 31.22 g/t Au over 0.80 m at the nearby Vunilolo prospect.
Systematic sampling of newly discovered structures continues, and more discoveries are being
made daily. Lion One will update the market as more assays return.
Diamond drill rig #1 recently completed two holes, TUDDH496 and TUDDH497, both north-
oriented, at the western extremity of the Tuvatu West lode network in an area underlain by a
profound controlled source audio-magnetotelluric ("CSAMT") resistivity gradient thought to be a
major, deep-rooted structural zone that may have allowed mineralizing fluids to ascend near
surface. Hole TUDDH496, inclined at -55 degrees, encountered numerous mineralized intervals
between 72.10 and 312.66 m (see Table 2), the most significant of which include 0.73 m grading
6.86 g/t Au beginning at 267.20 m and 1.8 m grading 6.41 g/t Au. Hole TUDDH497, drilled from
the same pad at a somewhat steeper inclination of -62 degrees, similarly encountered numerous
mineralized intervals between 31.00 and 417.60 m, the most significant of which include 3.00 m
grading 6.19 g/t Au beginning at 304.50 m and 1.27 m grading 4.41 g/t Au beginning at 357.63 m.
Given the broad distribution of numerous mineralized structures in these holes, Lion One believes
these intercepts are a high level expression of a deeper gold system underlying this area. Further
drilling is needed at a deeper level, perhaps 200 meters vertically below these intercepts to
determine how these multiple mineralized structures might come together into a feeder zone.
Rig #1 has recently been moved to the pad on which deep hole TUDDH495 is situated. The
original plan was to re-enter this HQ-sized drill hole with smaller NQ-sized drill pipe and extend the
hole through the target area underneath the Tuvatu lode system. Upon investigating the status of
this hole, it was recognized that the upper portion had collapsed, likely a result of wet season
torrential rains coursing through near-surface fractured zones. Therefore, a new hole has been
collared at a slightly different azimuth and will be drilled through the target zone. The bottom of hole
TUDDH495 displayed promising zones of alteration and veining at its very end, possibly an
indication of proximity to mineralized lodes.
Diamond drill rig #2 recently commenced drilling new targets within the Navilawa tenement. Biliwi,
where high-grade samples were collected early in 2020, is the first target to be tested in this
tenement. Depending on awaited results from newly discovered lodes at Banana Creek discussed
above, this rig may be shifted to that area very soon.
A third diamond rig recently purchased by the Company is currently in transit from South Korea.
Arrival of this rig is expected in a few weeks at which point it will join rig #1 in undertaking the
Tuvatu step-out and feeder test program.
"Crews in Fiji are finding new outcropping lodes daily at Banana Creek and surrounding areas as they
open up roadcuts and trenches," commented Quinton Hennigh, technical advisor to Lion One. "Many of
these are generating high-grade assays and appear similar to gold lodes seen at Tuvatu nearly 3 km to
the southwest. We are now seeing a steady stream of assays come in from these new areas and we
expect many more over coming months. Drill targets are quickly emerging at Navilawa. Two holes at
Tuvatu West appear to have encountered high level splay structures, possibly above a deeper feeder
structure. We plan more drilling at a deeper level in this area later this year. Meanwhile our Tuvatu step-
out and feeder drill program continues. This is shaping up to be a busy, exciting year."
Table 1: Gold results from recent rock chip Bench sampling in Navilawa Tenement area
Bench
number
Coordinates
From
To
Interval
Au
(g/t)
Prospect
Bench
1716
3922769.04
1876793.42
0.85
1.75
0.90
6.26
Kingston
incl
1.50
1.75
0.25
11.69
Bench
1737
3922706.03
1877071.73
2.80
3.80
1.00
1.36
Central Ridge
4.30
4.90
0.60
7.53
4.90
5.90
1.00
1.14
6.90
7.40
0.50
2.55
Bench
1741
3922707.56
1877030.37
0.61
0.82
0.21
5.17
Kingston
1.20
1.32
0.12
6.30
1.55
1.75
0.20
8.92
Bench
1866
3923325.00
1878650.00
0.70
1.30
0.60
39.74
Banana Creek
Bench
1867
3923328.00
1878645.00
0.70
1.40
0.70
1.69
Banana Creek
2.60
3.50
0.90
5.37
Bench
1886
3923424.00
1877539.00
1.50
2.40
0.90
5.45
ObaRidge/BananaCk
access
2.60
3.10
0.50
1.55
Bench
1887
3923424.00
1877555.00
2.30
2.76
0.46
15.37
ObaRidge/BananaCk
access
Bench
1888
3923414.13
1878509.29
1.60
5.30
3.70
3.96
ObaRidge/BananaCk
access
incl
2.80
3.50
0.70
10.82
and
4.80
5.30
0.50
8.69
Bench
1897
3923433.47
1878602.21
6.50
7.00
0.50
1.42
ObaRidge/BananaCk
access
7.00
7.30
0.30
4.83
Bench
1908
3923332.13
1878663.02
0.00
3.97
3.97
8.66
ObaRidge/BananaCk
access
incl
1.30
1.70
0.40
12.71
Bench
1909
3923327.76
1878660.28
0.00
1.40
1.40
6.75
Republic Ridge
incl
3923327.76
1878660.28
0.70
1.40
0.70
11.58
Bench
1934
3923364.94
1878793.60
0.55
1.35
0.80
31.22
Vunilolo
Although some samples from hole TUDDH497 have yet to be returned,
results from holes TUDDH496 and TUDDH497 received to date include:
Table 2: Drilling Results: TUDDH 496 & 497
(true widths still to be determined because of limited drilling in the area and depth below
existing drilling makes interpretation difficult at this stage of exploration)
Drill
Hole
From
(m)
To
(m)
Drilled Interval
(m)
Au
(g/t)
TUDDH496
72.10
72.60
0.5
1.12
123.00
123.20
0.2
4.78
194.50
195.90
1.4
2.31
196.90
197.70
0.8
1.87
233.00
233.90
0.9
1.59
267.20
267.93
0.73
6.86
Inc.
267.20
267.65
0.45
10.04
272.60
273.40
0.8
1.08
276.52
277.60
1.08
2.50
288.25
288.45
0.2
1.88
291.00
291.40
0.4
8.08
293.85
295.65
1.8
6.41
Inc.
293.85
294.15
0.3
22.76
and
295.37
295.65
0.28
16.13
305.90
306.50
0.6
7.75
312.45
313.32
0.87
1.61
Inc.
312.45
312.66
0.21
3.92
TUDDH497
31.00
31.50
0.50
2.61
135.80
136.50
0.70
1.33
279.70
280.00
0.30
2.07
284.50
285.00
0.50
1.34
304.50
307.50
3.00
6.19
Inc.
306.50
307.00
0.50
13.53
308.50
309.50
1.00
1.80
336.13
337.94
1.81
2.04
357.63
358.90
1.27
4.41
374.55
374.86
0.31
12.82
391.77
392.22
0.45
1.80
408.75
409.05
0.30
1.45
416.60
417.60
1.00
1.24
429.90
430.20
0.30
4.54
452.80
453.10
0.30
8.94
473.80
474.10
0.30
1.34
Table 3: Drill hole logistics of the holes in the current diamond drilling program. Note,
TUDDH494 and 495 were
terminated prior to target depths but will be followed up with TUDDH500
Hole No
coordinates
RL
depth
(m)
dip
azimuth
TN
N
E
TUDDH493
3920704.98
1876221.00
225.50
536.90
-55.0
97.00
TUDDH494
3920704.98
1876220.40
225.50
748.60
-67.0
97.00
TUDDH495
3920667.00
1876756.00
306.00
768.70
-75.0
240.00
TUDDH496
3920506.34
1875857.41
274.42
696.00
-57.0
61.00
TUDDH497
3920506.00
1875857.00
274.42
869.4
-63.0
61.00
Maps showing drill hole locations are available at
www.liononemetals.com
Figure 1: Current benching from Banana Creek prospect, SPL 1512, exposing intensely altered
mineralised structures with sulphides rich veins and visible specks of bornite with magnesium
oxide. Note that 5g/t Au was sampled from this area prior to benching.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/60078_77a7b1e554910ac3_001full.jpg
Figure 2: Highly silicified veins in the vicinity of Banana Creek. This exposed Iliesa Vein
contains gold and visible galena and sphalerite plus vuggy texture with other sulphides.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/60078_77a7b1e554910ac3_002full.jpg
Figure 3: Exposed structure from recent benching at Banana Creek prospect. Lodes
intersected are the same orientation as the Tuvatu UR lodes but dipping steeply to the west.
Structure consist of intense alteration including quartz with sulphides rich veins and visible
bornite.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/60078_77a7b1e554910ac3_003full.jpg
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by
Mr. Stephen Mann, P. Geo, Managing Director of Lion One, who is a qualified person pursuant to
National Instrument 43-101 - Standards of disclosure for Mineral Projects ("NI-43-101).
Samples are analysed at the Company's own geochemical laboratory in Fiji, whilst duplicates of all
results greater than 0.5g/t Au are sent to ALS laboratories in Australia. All samples are pulverised to
80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish (ALS
code Au-AA26). Multielement results are determined by ICP-OES in the Lion One laboratory. Samples
which have returned grades greater than 10g/t Au by Au-AA26 have been reanalysed by gravimetric
method (ALS code Au-GRA22).
Check results are analysed by ALS Townsville, Queensland, Australia
and include Au-AA26, and also Au-GRA22 where applicable.
About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The
mineral resource for Tuvatu as disclosed in the technical report "Tuvatu Gold Project PEA", dated June
1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes
indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au)
at a cut-off grade of 3 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
.
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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