Lion One Drills 2.4 m of 90.76 g/t Gold in Zone 5 at Tuvatu
Lion One Drills 2.4 m of 90.76 g/t Gold in Zone
5 at Tuvatu
North Vancouver, British Columbia--(Newsfile Corp. - November 2, 2023) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is pleased to report
significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned
Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of
Tuvatu, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and
URW3. Grade control drilling is focused on the sections of lodes UR1, UR2, and URW3 that are
scheduled for mining in early 2024, whereas infill drilling is focused on the parts of Zone 5 that are
scheduled for mining in 2024 and 2025. Previous results from Zone 5 are available in the news releases
dated
June 14, 2023
and
August 10, 2023
.
Highlights of results (3.0 g/t cutoff):
90.76 g/t Au over 2.4 m
(including 261.47 g/t Au over 0.6 m) (TUDDH-659, from 221.3 m depth)
18.56 g/t Au over 3.0 m
(including 101.89 g/t Au over 0.3 m) (TGC-0081, from 92.1 m depth)
86.47 g/t Au over 0.6 m
(TUDDH-672, from 141.1 m depth)
11.31 g/t Au over 3.9 m
(including 65.29 g/t Au over 0.3 m) (TGC-0084, from 99.3 m depth)
46.78 g/t Au over 0.6 m
(TUDDH-671, from 127.7 m depth)
38.75 g/t Au over 0.6 m
(including 64.10 g/t Au over 0.3 m) (TGC-0107, from 136.2 m depth)
16.60 g/t Au over 1.2 m
(including 24.37 g/t Au over 0.6 m) (TGC-0101, from 125.7 m depth)
31.56 g/t Au over 0.6 m
(TUDDH-676, from 158.9 m depth)
51.76 g/t Au over 0.3 m
(TUDDH-665, from 260.3 m depth)
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes.
Left image: Plan view of Tuvatu
showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes at Tuvatu. Drillholes
are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow
dashed square represents the area illustrated in the image on the right. Right image: Oblique view of
Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from
surface whereas grade control drilling was conducted from underground.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_001full.jpg
Table 1. Highlights of composited grade control and infill drill results in the Zone 5 area
.
Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t
Au. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TUDDH-659
221.3
223.7
2.4
90.76
including
221.3
222.5
1.2
176.28
which includes
221.3
221.6
0.3
83.62
and
221.6
222.2
0.6
261.47
and
222.2
222.5
0.3
98.55
TGC-0081
92.1
95.1
3
18.56
including
92.1
92.4
0.3
101.89
and
92.4
92.7
0.3
35.02
TUDDH-672
141.1
141.7
0.6
86.47
TGC-0084
99.3
103.2
3.9
11.31
including
99.6
99.9
0.3
28.93
and
100.8
101.1
0.3
65.29
TUDDH-671
127.7
128.3
0.6
46.78
TGC-0107
136.2
136.8
0.6
38.75
including
136.2
136.5
0.3
64.10
and
136.5
136.8
0.3
13.40
TGC-0101
125.7
126.9
1.2
16.60
including
125.7
126.3
0.6
24.37
TUDDH-676
158.9
159.5
0.6
31.56
TUDDH-676
252.2
253.1
0.9
18.59
TUDDH-676
243.2
245
1.8
9.05
including
243.2
243.8
0.6
19.87
TUDDH-665
260.3
260.6
0.3
51.76
TUDDH-657
109.6
111.1
1.5
9.32
including
109.6
109.9
0.3
35.89
and
110.8
111.1
0.3
10.25
TUDDH-674
130.7
131.9
1.2
11.65
including
130.7
131.3
0.6
20.18
Zone 5
The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south
oriented lodes at Tuvatu (UR1, UR2, UR3), the principal northeast-southwest oriented lodes (UR4 to
UR8), and several smaller lodes to the west of the main decline (URW2, URW2A, URW3). The lodes in
Zone 5 are all steeply dipping structures. Zone 5 represents the upward extension of the Zone 500
feeder zone, where several lodes coalesce into a wide zone of very high-grade mineralization, such as
20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over
23.7 m (TUDDH-608). The Zone 5 lodes targeted in the current round of drilling are shown in Figure 2.
The location of Zone 5 relative to Zone 500 is also shown in Figure 2.
Figure 2. Main Zone at Tuvatu.
Left image: Plan view of Tuvatu identifying the lodes referenced in this
report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and
Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_002full.jpg
A total of 10 grade control and 10 infill drillholes are included in this release. The grade control drill
program was conducted from underground and targeted the UR1, UR2, and URW3 lodes. The program
was designed to provide a detailed understanding of the mineralization and geometry of these lodes
both above and below the current underground developments. The grade control drillholes reported in
this news release were drilled on 20 m centers. This will be followed up by additional grade control
drilling to increase drill density to 10 m centers in advance of mining. The area targeted by these grade
control drillholes is outside the current PEA mine plan but is being brought into the mine plan for 2024
based on drilling results. This part of Zone 5 is currently scheduled for mining in early 2024.
The infill drill program was conducted from surface and was designed to target the portions of lodes UR1
to UR7 located between the surface and the current underground developments. The purpose of the infill
drill program is to increase knowledge and grade continuity in this area, and to further de-risk this portion
of the deposit, which is scheduled for mining in 2024 and 2025. High-grade intercepts from the current
round of Zone 5 grade control drilling are shown in Figure 3, while high-grade intercepts from the current
round of Zone 5 infill drilling are shown in Figure 4. Examples of Zone 5 mineralization are shown in
Figure 5.
Figure 3. Location of High-Grade Gold Intercepts from Zone 5 Grade Control Drilling, 3.0 g/t
cutoff.
High-grade gold intervals from Zone 5 grade control drillholes reported in this news release. The
grade control drilling targeted sections of the UR1, UR2, and URW3 lodes above and below current
underground developments, shown in grey. Composite intervals with grades between 3 and 10 g/t gold
are shown in orange, grades between 10 and 30 g/t gold are shown in red, and grades over 30 g/t gold
are shown in purple. Select high-grade intervals are identified. View is looking north.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_003full.jpg
Figure 4. Location of High-Grade Gold Intercepts from Zone 5 Infill Drilling, 3.0 g/t cutoff.
High-
grade gold intervals from Zone 5 infill drillholes reported in this news release. Composite intervals with
grades between 3 and 10 g/t gold are shown in orange, intervals with grades between 10 and 30 g/t gold
are shown in red, and intervals over 30 g/t gold are shown in purple. Select high-grade intervals are
identified. View is looking approximately NNE.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_004full.jpg
Figure 5. Example Mineralization from Zone 5 Infill and Grade Control Drilling.
Top left:
Monzonite-hosted silica-pyrite-sphalerite-galena veins (TGC-0096, 87.5 m). Top middle: Chalcedonic
quartz veins with coarse pyrite cross-cutting potassically altered monzonite (TUDDH-658, 69.5 m). Top
right: Breccia zone with coarse-grained honey sphalerite and pyrite (TUDDH-657, 109.7 m). Bottom left:
Stockwork-style veining with diffuse alteration halos and pyrite, sphalerite, and galena. (TGC-0081, 92.3
m). Bottom middle: Stockwork-style silica-pyrite-sphalerite-galena veins within altered monzonite
(TUDDH-668, 127.2 m). Bottom right: Close-up view of coarse-grained pyrite within a zone of
stockwork-style silica-pyrite veining. Specks of visible gold are highlighted in the yellow circles, width of
image is approximately 3.5 cm (TUDDH-672, 141.3 m). Core diameter is 4.76 cm in each photo.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_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.sedarplus.ca
.
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
85% 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
This press release may contain statements that may be deemed to be "forward-looking statements"
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 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.
Appendix 1: Full Drill Results and Collar Information
Table 2
. Composited results from grade control and infill drillholes in the Zone 5 area (grade >3.0 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0081
92.1
95.1
3
18.56
including
92.1
92.4
0.3
101.89
and
92.4
92.7
0.3
35.02
TGC-0084
99.3
103.2
3.9
11.31
including
99.6
99.9
0.3
28.93
and
100.8
101.1
0.3
65.29
TGC-0086
82.3
84.1
1.8
3.98
TGC-0088
75.7
76.9
1.2
5.87
TGC-0093
99
99.9
0.9
4.65
TGC-0096
87.4
88
0.6
13.31
TGC-0098
104.8
105.1
0.3
5.19
TGC-0098
107.8
108.4
0.6
6.29
TGC-0098
111.4
111.7
0.3
6.18
TGC-0101
125.7
126.9
1.2
16.6
including
125.7
126.3
0.6
24.37
TGC-0107
136.2
136.8
0.6
38.75
including
136.2
136.5
0.3
64.1
and
136.5
136.8
0.3
13.4
TGC-0107
138
139.2
3211.2
5.21
TUDDH-657
109.6
111.1
1.5
9.32
including
109.6
109.9
0.3
35.89
and
110.8
111.1
0.3
10.25