Lion One Drills 3.3 m of 97.46 g/t Gold at Tuvatu Gold Mine in Fiji
Lion One Drills 3.3 m of 97.46 g/t Gold at
Tuvatu Gold Mine in Fiji
North Vancouver, British Columbia--(Newsfile Corp. - June 12, 2024) -
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 Zone 5 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 in the Zone 5 area of Tuvatu. Drill
results include multiple bonanza grade gold assays such as 750.05 g/t, 315.46 g/t, 167.55 g/t, 134.10
g/t, 132.29 g/t, 126.84 g/t, and 120.8 g/t (see Table 1 below). These results are all located proximal to
underground development in the near-surface portion of the mine. Drilling was focused on the up-dip,
down-dip, and southern areas of the UR2 and URW3 lodes. These areas are targeted for mining within
the next 12 months. The headline intercept of 97.46 g/t gold over 3.3 m is currently under development
for extraction. Previous drill results from the Zone 5 area are available in the
June 5, 2024
,
December
13, 2023
,
November 2, 2023
, and
August 10, 2023
news releases.
Top New Drill Results:
97.46 g/t Au over 3.3 m
(including 750.05 g/t Au over 0.3 m) (TGC-0208, from 82.8 m depth)
54.70 g/t Au over 1.8 m
(including 134.10 g/t Au over 0.3 m) (TGC-0187, from 100.5 m depth)
79.64 g/t Au over 1.2 m
(including 315.46 g/t Au over 0.3 m) (TGC-0191, from 75 m depth)
42.11 g/t Au over 1.5 m
(including 95.33 g/t Au over 0.3 m) (TGC-0204, from 117.2 m depth)
167.55 g/t Au over 0.3 m
(TGC-0188, from 60.3 m depth)
*All drill intersects are downhole lengths, 3.0 g/t cutoff. See Table 1 for additional data
Figure 1. Location of the Zone 5 drilling reported in this news release.
Left image: Plan view of
Tuvatu showing Zone 5 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Yellow
dashed square represents the area shown in the right image. Right image: Oblique view of Zone 5
drilling looking approximately northeast.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/212644_e2a447fca4a20b5e_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 3 in the appendix.
Hole ID
From (m)
To (m)
Width (m)
Au (g/t)
TGC-0208
82.8
86.1
3.3
97.46
including
84.0
84.9
0.9
336.39
which includes
84.0
84.3
0.3
126.84
and
84.3
84.6
0.3
750.05
and
84.6
84.9
0.3
132.29
TGC-0187
100.5
102.3
1.8
54.70
including
100.5
100.8
0.9
106.92
which includes
100.8
101.1
0.3
65.87
and
101.1
101.4
0.3
134.10
and
101.4
101.7
0.3
120.80
TGC-0191
75.0
76.2
1.2
79.64
including
75.9
76.2
0.3
315.46
TGC-0204
117.2
118.7
1.5
42.11
including
118.1
118.4
0.3
95.33
TGC-0188
60.3
60.6
0.3
167.55
TGC-0207
44.1
47.1
3.0
16.69
including
44.1
44.7
0.6
34.54
and
44.7
45.6
0.9
26.98
TGC-0183
122.6
123.2
0.6
66.95
TGC-0183
109.1
112.4
3.3
11.78
including
112.1
112.4
0.3
42.50
TGC-0188
123.7
127.6
3.9
9.10
including
123.7
124.0
0.3
19.57
and
125.2
125.5
0.3
23.22
and
126.1
126.4
0.3
36.52
and
127.0
127.3
0.3
20.05
TGC-0183
53.3
53.9
0.6
54.67
TGC-0203
40.5
41.7
1.2
21.38
including
40.5
41.1
0.6
38.99
TGC-0189
130.2
131.1
0.9
26.79
including
130.2
130.5
0.3
71.60
*All drill intersects are downhole lengths
Zone 5 Drilling
The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south
oriented lodes (UR1 to UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and
several of the western lodes (URW2, URW2A, URW3). These lodes are steeply dipping structures that
converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit
and is interpreted to be the feeder zone at Tuvatu. The system remains open at depth with the deepest
high-grade intersects occurring below 1000 m depth.
The drilling reported in this news release targeted the near-surface portions of the UR2 and URW3
lodes. These areas are scheduled to be mined throughout the next 12 months. Drilling was focused on
the up-dip, down-dip, and southern areas of the UR2 and URW3 lodes, and targeted a 280 m strike
length of the UR2 and URW3 lodes. The current total strike length of the UR2 lode is approximately 620
m, while that of the URW3 lode is approximately 330 m. Both lodes remain open along strike and at
depth. The southern drillholes reported here are the southernmost underground infill drillholes completed
by Lion One and represent a new area of infill and grade control drilling at Tuvatu (Figure 3).
The headline drill intercept for this news release, 3.3 m at 97.46 g/t, has been intersected by an airleg
rise. A sub-level is being established in this area to facilitate extraction over the coming months. This
intercept includes a very high-grade sub-interval of 0.9 m at 336.39 g/t. The purpose of the current Zone
5 infill and grade control drill program is to enhance the mine model and inform stope design in advance
of mining in the target areas. Highlights of the Zone 5 drilling reported here are shown in Figure 2 and
Figure 3.
Figure 2. Zone 5 up-dip and down-dip drilling with high-grade intersects highlighted, 3.0 g/t
gold cutoff.
View is to the northeast. The primary target areas shown here are the up-dip and down-dip
areas of the UR2 and URW3 lodes. The headline intercept of 97.46 g/t gold over 3.3 m is intersected by
a mine rise and development is ongoing to establish a sub-level to facilitate extraction in this area.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/212644_e2a447fca4a20b5e_002full.jpg
Figure 3. Zone 5 southern drilling with high-grade intersects highlighted, 3.0 g/t gold
cutoff.
View is to the east. The primary target area shown here is the southern part of the UR2 and
URW3 lodes. These are the southernmost underground infill drillholes drilled by Lion One to date at
Tuvatu and represent a new area of infill drilling.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/212644_e2a447fca4a20b5e_003full.jpg
Competent Persons Statement
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on
information compiled by the Lion One team and reviewed by Alex Nichol, who is the company's Vice
President of Geology and Exploration. Mr Nichol is a Member of the Australian Institute of Geoscientists
and has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the
2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves' (JORC code). Mr Nichol consents to the inclusion in this report of the matters based on the
information in the form and context in which it appears.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in
conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical
assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion
One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85%
passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples
that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered
more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in
Australia for check assay determinations using 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). The Lion One lab can test a range of up to 71 elements through
Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite
of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with
new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The
Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the
Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the
entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration
targets.
On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO
Contact Information
Email:
Phone: 1-855-805-1250 (toll free North America)
Website:
www.liononemetals.com
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor 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.
Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0183
1876386
3920529
111
137.4
8.1
167.5
TGC-0184
1876384
3920626
128
110.0
-13.7
37.2
TGC-0185
1876384
3920626
128
102.6
-13.6
11.3
TGC-0186
1876380
3920532
130
71.9
8.0
121.1
TGC-0187
1876384
3920627
128
82.0
-14.7
115.0
TGC-0188
1876386
3920529
111
142.1
7.6
170.0
TGC-0189
1876386
3920529
111
141.9
19.2
170.8
TGC-0190
1876384
3920626
128
110.3
-15.0
120.0
TGC-0191
1876382
3920532
130
79.1
6.4
111.0
TGC-0192
1876384
3920626
128
103.7
-13.8
5.2
TGC-0193
1876386
3920530
111
135.0
20.1
170.6
TGC-0194
1876383
3920627
128
69.3
-15.7
120.0
TGC-0195
1876381
3920532
130
86.0
6.9
110.2
TGC-0196
1876384
3920626
128
103.2
-14.6
120.0
TGC-0197
1876384
3920432
95
98.4
22.4
92.1
TGC-0198
1876384
3920626
128
70.0
17.0
5.6
TGC-0199
1876381
3920531
130
92.9
6.8
111.6
TGC-0200
1876383
3920627
130
70.6
22.4
115.3
TGC-0201
1876384
3920432
95
106.1
21.8
70.6
TGC-0202
1876384
3920431
96
122.5
21.0
85.8
TGC-0203
1876380
3920531
130
101.3
7.1
115.0
TGC-0204
1876384
3920627
127
68.7
-34.4
150.0
TGC-0205
1876381
3920533
131
68.5
14.0
115.0
TGC-0206
1876384
3920431
96
131.2
21.9
80.0
TGC-0207
1876384
3920431
95
106.4
21.7
67.7
TGC-0208
1876381
3920533
131
61.8
14.2
115.0
TGC-0209
1876383
3920627
129
67.3
17.4
125.0
Table 3
. Composite results from drillholes reported in this news release (composite grade >3.0 g/t Au)
Hole ID
From (m)
To (m)
Width (m)
Au (g/t)
TGC-0183
23.1
23.7
0.6
5.81
TGC-0183
30.3
30.9
0.6
4.11
TGC-0183
33.2
33.8
0.6
8.30
TGC-0183
53.3
53.9
0.6
54.67
TGC-0183
57.8
58.4
0.6
18.99
TGC-0183
93.2
93.5
0.3
3.64
TGC-0183
103.7
105.8
2.1
7.64
consisting of
103.7
104.0
0.3
26.39
and
104.0
104.6
0.6
1.48
and
104.6
105.2
0.6
8.85
and
105.2
105.8
0.6
3.22
TGC-0183
109.1
112.4
3.3
11.78
consisting of
109.1
109.7
0.6
9.36
and
109.7
110.3
0.6
0.30
and
110.3
110.9
0.6
13.78
and
110.9
111.5
0.6
4.13
and
111.5
112.1
0.6
15.99
and
112.1
112.4
0.3
42.50
TGC-0183
122.6
123.2
0.6
66.95
TGC-0186
74.7
75.6
0.9
16.15
consisting of
74.7
75.0
0.3
41.23
and
75.0
75.3
0.3
4.00
and
75.3
75.6
0.3
3.21
TGC-0186
86.7
87.3
0.6
4.02
TGC-0186
93.0
94.2
1.2
3.81
consisting of
93.0
93.3
0.3
4.73
and
93.3
94.2
0.9
3.50
TGC-0187
100.5
102.3
1.8
54.70
consisting of
100.5
100.8
0.3
3.23
and
100.8
101.1
0.3
65.87
and
101.1
101.4
0.3
134.10
and
101.4
101.7
0.3
120.80
and
101.7
102.0
0.3
0.54
and
102.0
102.3
0.3
3.66
TGC-0188
22.4
24.3
1.9
8.22
consisting of
22.4
22.7
0.3
6.66
and
22.7
23.0
0.3
4.90
and
23.0
23.3
0.3
14.87
and
23.3
23.6
0.3
8.20
and
23.6
23.9
0.3
12.33
and
23.9
24.3
0.4
3.84
TGC-0188
32.4
33.3
0.9
3.57
TGC-0188
43.8
44.4
0.6
4.40
TGC-0188
58.5
58.8
0.3
5.36
TGC-0188
60.3
60.6
0.3
167.55
TGC-0188
92.8
93.7
0.9
4.76
consisting of
92.8
93.1
0.3
9.36
and
93.1
93.4
0.3
1.05
and
93.4
93.7
0.3
3.88
TGC-0188
95.5
96.4
0.9
23.45
consisting of
95.5
95.8
0.3
3.02
and
95.8
96.1
0.3
0.36
and
96.1
96.4
0.3
66.97
TGC-0188
123.7
127.6
3.9
9.10
consisting of
123.7
124.0
0.3
19.57
and
124.0
124.3
0.3
2.40
and
124.3
124.6
0.3
0.09
and
124.6
124.9
0.3
<0.01
and
124.9
125.2
0.3
8.61
and
125.2
125.5
0.3
23.22
and
125.5
126.1
0.6
2.06
and
126.1
126.4
0.3
36.52
and
126.4
126.7
0.3
0.56
and
126.7
127.0
0.3
0.09
and
127.0
127.3
0.3
20.05
and
127.3
127.6
0.3
3.05
TGC-0189
19.8
21.3
1.5
11.55
consisting of
19.8
20.4
0.6
18.99
and
20.4
20.7
0.3
13.63
and
20.7
21.3
0.6
3.06
TGC-0189
33.0
33.9
0.9
3.28
consisting of
33.0
33.3
0.3
3.75
and
33.3
33.9
0.6
3.04
TGC-0189
40.2
41.1
0.9
4.99
TGC-0189
96.9
97.2
0.3
19.15
TGC-0189
103.2
103.8
0.6
5.76
TGC-0189
105.9
106.5
0.6
30.37
TGC-0189
123.6
124.2
0.6
4.74
TGC-0189
130.2
131.1
0.9
26.79
consisting of
130.2
130.5
0.3
71.60
and
130.5
131.1
0.6
4.38
TGC-0189
160.2
160.5
0.3
4.76
TGC-0190
91.8
92.1
0.3
5.63
TGC-0190
93.6
95.1
1.5
3.40
consisting of
93.6
93.9
0.3
3.88
and
93.9
94.2
0.3
0.98
and
94.2
94.5
0.3
5.15
and
94.5
94.8
0.3
1.70
and
94.8
95.1
0.3
5.30
TGC-0191
46.8
47.1
0.3
13.86
TGC-0191
54.3
55.2
0.9
9.30
consisting of
54.3
54.6
0.3
14.42
and
54.6
55.2
0.6
6.74
TGC-0191
70.5
70.8
0.3
3.56
TGC-0191
75.0
76.2
1.2
79.64
consisting of
75.0
75.3
0.3
3.10
and
75.3
75.9
0.6
<0.01
and
75.9
76.2
0.3
315.46
TGC-0191
88.8
90.0
1.2
9.37
consisting of
88.8
89.1
0.3
8.38
and
89.1
89.4
0.3
15.22
and
89.4
89.7
0.3
<0.01
and
89.7
90.0
0.3
13.87
TGC-0191
91.8
93.9
2.1
6.19
consisting of
91.8
92.1
0.3
13.04
and
92.1
92.4
0.3
16.39
and
92.4
92.7
0.3
2.90
and
92.7
93.0
0.3
<0.01
and
93.0
93.3
0.3
0.07
and
93.3
93.6
0.3
6.39
and
93.6
93.9
0.3
4.56
TGC-0193
23.7
24.0
0.3
3.14
TGC-0193
28.8
29.4
0.6
3.86
TGC-0193
30.9
31.2
0.3
3.31
TGC-0193
96.0
96.6
0.6
3.75
TGC-0193
99.6
100.2
0.6
6.83
TGC-0193
109.2
109.5
0.3
4.08
TGC-0193
110.4
110.7
0.3
5.07
TGC-0193
112.8
113.1
0.3
14.58
TGC-0194
105.1
107.8
2.7
8.78
consisting of
105.1
105.7
0.6
3.65
and
105.7
106.0
0.3
2.30
and
106.0
106.3
0.3
23.85
and
106.3
106.9
0.6
9.66
and
106.9
107.8
0.9
8.75
TGC-0195
24.3
24.6
0.3
4.55
TGC-0195
74.3
75.2
0.9
6.55
consisting of
74.3
74.6
0.3
13.26
and
74.6
75.2
0.6
3.20
TGC-0195
88.4
89.0
0.6
19.07
TGC-0196
99.1
99.7
0.6
4.68
TGC-0196
104.2
106.9
2.7
4.83
consisting of
104.2
104.5
0.3
3.98
and
104.5
104.8
0.3
4.38
and
104.8
105.1
0.3
9.34
and
105.1
105.4
0.3
0.82
and
105.4
105.7
0.3
8.32
and
105.7
106.3
0.6
0.80
and
106.3
106.9
0.6
7.51
TGC-0197
47.1
48.9
1.8
10.91
consisting of
47.1
47.7
0.6
5.69
and
47.7
48.3
0.6
0.22
and
48.3
48.6
0.3
36.18
and
48.6
48.9
0.3
17.44
TGC-0197
72.9
76.2
3.3
6.76
consisting of
72.9
73.5
0.6
3.18
and
73.5
74.1
0.6
2.29
and
74.1
74.7
0.6
6.87
and
74.7
75.0
0.3
4.27