Lion One Drills 448.98 g/t, 202.34 g/t, and 108.5 g/t Gold at Tuvatu, Provides Operations Update
Lion One Drills 448.98 g/t, 202.34 g/t, and 108.5
g/t Gold at Tuvatu, Provides Operations
Update
North Vancouver, British Columbia--(Newsfile Corp. - April 25, 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 ongoing infill and grade control drilling at its 100% owned
Tuvatu Alkaline Gold Project in Fiji and provides an update to mining operations at Tuvatu.
Assay results are presented here for infill and grade control drilling completed in the Zone 2 area of
Tuvatu and include multiple bonanza grade gold results such as 448.98 g/t, 202.34 g/t, 108.5 g/t, 92.89
g/t, and 82.35 g/t. These drill intercepts are all located in the near surface portion of Tuvatu and are
scheduled for mining in the short term. The results included in this news release are from drill holes that
targeted the URW1 and Murau lode systems proximal to underground development. Previous results
from Zone 2 drilling are available in the news releases dated
October 19, 2023
and
September 14,
2023
.
Mining operations are also advancing in Zone 2 and in Zone 5. A total of 2,630 m of sludge hole drilling
has been completed in advance of longhole mining in Zone 2. In Zone 5, airleg stoping on the UR2 lode
is ongoing, with two leadings stopes underway and sublevels being driven for a gallery stope. Longhole
production drilling is expected to commence in both Zone 2 and Zone 5 in late April, generating
production tonnes in mid-May.
Highlights of Zone 2 drill results (3.0 g/t cutoff):
226.55 g/t Au over 0.6 m
(including 448.98 g/t Au over 0.3 m) (TGC-0113, from 84.6 m depth)
18.35 g/t Au over 4.8 m
(including 40.99 g/t Au over 0.6 m) (TUDDH-686A, from 128.9 m depth)
9.99 g/t Au over 8.1 m
(including 30.34 g/t Au over 0.3 m) (TGC-0121, from 65.0 m depth)
82.35 g/t Au over 0.9 m
(including 82.35 g/t Au over 0.9 m) (TGC-0110, from 65.1 m depth)
7.48 g/t Au over 9 m
(including 20.78 g/t Au over 0.9 m) (TGC-0118, from 86.3 m depth)
105.86 g/t Au over 0.6 m
(including 202.34 g/t Au over 0.3 m) (TGC-0121, from 83.3 m depth)
14.9 g/t Au over 4.2 m
(including 21.44 g/t Au over 2.4 m) (TUDDH-698, from 146.3 m depth)
8.27 g/t Au over 7.2 m
(including 25.58 g/t Au over 0.3 m) (TGC-0127, from 66.0 m depth)
27.94 g/t Au over 2.1 m
(including 54.65 g/t Au over 0.9 m) (TGC-0118, from 66.2 m depth)
15.72 g/t Au over 3.6 m
(including 25.53 g/t Au over 1.2 m) (TUDDH-682, from 74.3 m depth)
16.29 g/t Au over 3.3 m
(including 46.63 g/t Au over 0.6 m) (TGC-0130, from 107.8 m depth)
33.92 g/t Au over 1.5 m
(including 92.89 g/t Au over 0.3 m) (TGC-0134, from 113.8 m depth)
20.86 g/t Au over 2.4 m
(including 23.67 g/t Au over 1.2 m) (TGC-0125, from 14.4 m depth)
11.08 g/t Au over 4.5 m
(including 46.77 g/t Au over 0.6 m) (TGC-0102, from 41.4 m depth)
13.18 g/t Au over 3.3 m
(including 22.4 g/t Au over 0.9 m) (TGC-0125, from 100.2 m depth)
Highlights of operations update:
2,630 m of sludge hole drilling complete in the URW1 and Murau lodes in Zone 2.
Airleg mining of the UR2 leading stopes ongoing in Zone 5.
Two longhole drill rigs successfully commissioned.
Two remote capable loaders to be commissioned by early May.
Upgrades to CIL circuit advancing, two new blowers to be installed in late April and early
May.
Figure 1. Location of Zone 2 infill and grade control drillholes.
Left image: Plan view of Tuvatu
showing Zone 2 infill and grade control drillholes in relation to the mineralized lodes at Tuvatu, shown in
grey. Right image: Oblique view of Zone 2 infill and grade control drilling looking approximately
northeast.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_001full.jpg
Table 1. Highlights of composited infill and grade control drill results in the Zone 2 area, 3.0 g/t
Au cutoff
. For full results see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0113
84.6
85.2
0.6
226.55
including
84.6
84.9
0.3
448.98
TUDDH-686A
128.9
133.7
4.8
18.35
including
128.9
129.5
0.6
20.80
and
129.5
130.1
0.6
40.99
and
130.7
131.3
0.6
9.97
and
131.9
132.8
0.9
30.02
and
132.8
133.4
0.6
18.88
and
133.4
133.7
0.3
13.23
TGC-0121
65.0
73.1
8.1
9.99
including
65.0
65.3
0.3
30.34
and
68.3
69.2
0.9
11.96
and
70.1
71.3
1.2
22.51
and
71.3
72.2
0.9
12.22
and
72.2
73.1
0.9
15.63
TGC-0110
65.1
66.0
0.9
82.35
TGC-0118
86.3
95.3
9.0
7.48
including
87.2
88.1
0.9
20.27
and
91.1
92.3
1.2
8.33
and
93.2
94.1
0.9
20.78
TGC-0121
83.3
83.9
0.6
105.86
including
83.3
83.6
0.3
9.38
and
83.6
83.9
0.3
202.34
TUDDH-698
146.3
150.5
4.2
14.90
including
146.3
146.9
0.6
20.45
and
146.9
147.5
0.6
28.43
and
147.5
148.1
0.6
20.89
and
148.1
148.7
0.6
15.99
and
149.3
150.5
1.2
8.96
TGC-0127
66.0
73.2
7.2
8.27
including
66.0
66.6
0.6
25.25
and
67.2
67.8
0.6
8.10
and
69.9
70.2
0.3
15.57
and
70.2
70.5
0.3
13.03
and
70.5
71.1
0.6
7.91
and
71.1
71.4
0.3
6.29
and
71.4
71.7
0.3
19.87
and
71.7
72.0
0.3
25.58
TGC-0118
66.2
68.3
2.1
27.94
including
66.2
67.1
0.9
54.65
and
67.1
68.3
1.2
7.91
TUDDH-682
74.3
77.9
3.6
15.72
including
74.3
75.5
1.2
25.53
and
76.4
77.3
0.9
11.87
and
77.3
77.9
0.6
25.25
TGC-0130
107.8
111.1
3.3
16.29
including
107.8
108.4
0.6
8.66
and
108.4
109.0
0.6
46.63
and
109.0
109.6
0.6
17.82
and
110.2
111.1
0.9
8.16
TGC-0134
113.8
115.3
1.5
33.92
including
113.8
114.1
0.3
58.96
and
114.1
114.4
0.3
92.89
and
114.4
114.7
0.3
9.39
TGC-0125
14.4
16.8
2.4
20.86
including
14.4
14.7
0.3
8.60
and
14.7
15.9
1.2
23.67
and
15.9
16.8
0.9
21.22
TGC-0102
41.4
45.9
4.5
11.08
including
41.4
42
0.6
15.02
and
42.9
43.5
0.6
46.77
and
43.5
43.8
0.3
11.96
and
44.7
45.3
0.6
7.21
TGC-0125
100.2
103.5
3.3
13.18
including
100.2
100.8
0.6
25.65
and
100.8
101.1
0.3
15.69
and
101.1
101.4
0.3
10.76
and
102.3
102.6
0.3
15.92
and
102.9
103.2
0.3
21.22
and
103.2
103.5
0.3
30.11
Zone 2 Drilling
The Zone 2 area of Tuvatu is located in the northwest part of the deposit, near the main portal. The
URW1 and Murau lode systems are the primary mineralized systems in Zone 2, with production mining
starting first in URW1 and then in Murau. A total of 38 drill holes are reported in this news release,
including 18 targeting the URW1 lodes and 20 targeting the Murau system.
The URW1 drilling reported here was designed to provide grade control results between the 1161 and
1101 levels in Zone 2, and to provide infill and down-dip extension results in the URW1 system below the
1101 level. Leading edge airleg stoping has been completed on the 1141 level, and a 5 m wide access
drive on the 1161 level has also been completed. The 1161 access drive will provide longhole drill and
underground loader access to the upper part of the URW1 lode system for mechanized production.
Figure 2. Zone 2 URW1 drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff.
Drilling
below the 1101 level is targeting URW1 down-dip extension, drilling above the 1101 level is grade
control drilling.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_002full.jpg
The Murau drilling reported here was designed to provide infill and grade control results in the upper
portion of the Murau lode system, which will be the first part of the system to be mined and is scheduled
for production in Q3 2024. The Murau lode system dips moderately to the SSW and is open down dip
and at depth. The upper portion of the system that is targeted for near-term mining has a strike length of
80m and extends down dip for a length of 100 m.
Figure 3. Zone 2 Murau drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff.
The
Murau lode system will be the second area to enter production in Zone 2 after the URW1 lode system.
The drilling shown here is infill and grade control drilling in the upper portion of the system. View is to the
southeast, looking approximately down the decline from the entrance portal. The intersections on the
bottom left of the image represent newly discovered mineralized lodes to be followed up with near-mine
exploration drilling.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_003full.jpg
Operations Update
The URW1 lodes will be the first at Tuvatu to undergo mechanized production mining. Development has
been ongoing across the 1101, 1121, 1141, and 1161 levels in advance of production. A leading airleg
stope has been completed on the 1141 level, and the 1141 A and B vein drives are undergoing stripping
to facilitate larger equipment, in preparation for bulk stoping. An access drive has been completed on
the 1161 level and will provide access for the longhole drills and larger loaders.
The URW1 lodes consist of primary subvertical veins with a halo of stockwork mineralization. Sludge
drilling is being conducted in advance of mining to confirm the extent of stockwork mineralization beyond
the primary vein as well as to inform the final stope design. A total of 1,930 m of sludge hole drilling has
been completed in the URW1 lode system. Sludge hole drilling on the 1101 level is complete (1,200 m)
and is ongoing on the 1121 and 1141 levels (730 m complete to date). Longhole drilling will commence
in the URW1 lode system in late April with production mining of the 1101 level starting in May. Sludge
drilling has also commenced on the Murau lode system with 700 m complete to date.
Figure 4. Zone 2 mine development and sludge drilling.
Sludge drilling on the 1101 level is
complete and is ongoing on the 1121 and 1141 levels. Longhole drilling is scheduled to begin on the
1101 level in late April.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_004full.jpg
In Zone 5, airleg stoping on the UR2 lode is underway on the 1130 North level and on the 1120 South
level. Airleg development is ongoing on the URW3 lode with airleg rises planned above the 1126
Sublevel. Mineralization in the UR2 and URW3 lodes is predominantly subvertical high-grade narrow-
vein gold with minimal stockwork veining. Longhole mining is scheduled to take place in Zone 5 on the
1120 North UR2 drive, beginning in May.
Figure 5. Oblique view of Zone 5 development.
Airleg stoping of the UR2 lode is ongoing on the
1130 North and 1120 South levels. Airleg development on the URW3 lode is ongoing on the 1126
Sublevel. The first area scheduled for longhole mining in Zone 5 will be the 1120 North drive on the UR2
lode.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_005full.jpg
Two remote-capable loaders required to facilitate the extraction of material from longhole stopes have
been acquired. A CAT 1700 loader fitted with remote technology will be commissioned in May for
bogging of the 1101 bulk stope at the URW1 lodes, and a CAT 1300 remote loader from Australia is
now on site and will also be commissioned in early May. These loaders will enable increased production
from the mine.
The first of two blowers ordered to upgrade the CIL circuit and improve aeration within the tanks has
arrived on site and will be installed by April 30, 2024. The second blower is scheduled to arrive by the
end of April and will be installed in early May. Air sparger installation in the CIL tanks was completed in
April resulting in improved aeration and gold recovery in the CIL circuit, with gold recoveries of over 80%
achieved. Installation of the new blowers is anticipated to further improve aeration and recoveries in the
CIL circuit.
Qualified Person (NI43-101)
In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-
101"), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and
has reviewed, validated, and approved the technical and scientific content of this news release.
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 7 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.
Contact Information
Investor inquiries:
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-0102
1876266
3920768
152
24.7
-60.3
65.6
TGC-0103
1876266
3920768
152
26.6
-45.6
71.8
TGC-0104
1876267
3920763
152
52.9
-45.6
62.6
TGC-0105
1876268
3920762
152
56.5
-38.6
200.7
TGC-0108
1876267
3920762
151
56.4
-72.4
66.7
TGC-0110
1876268
3920763
153
50.6
-17.6
80.2
TGC-0111
1876268
3920763
153
54.3
-10.8
80.4
TGC-0113
1876269
3920758
153
85.0
-2.0
115.9
TGC-0115
1876269
3920758
153
76.8
3.9
107.0
TGC-0117
1876375
3920628
128
355.2
-19.0
135.0
TGC-0118
1876269
3920758
152
76.3
-14.2
107.3
TGC-0119
1876375
3920628
127
348.7
-29.2
120.7
TGC-0120
1876374
3920628
128
327.3
-18.6
150.0
TGC-0121
1876269
3920758
152
82.9
-12.8
107.3
TGC-0122
1876269
3920757
152
88.0
-16.6
113.3
TGC-0123
1876375
3920628
128
347.3
-18.8
11.5
TGC-0124
1876375
3920628
128
341.3
-19.4
125.2
TGC-0125
1876268
3920757
152
92.7
-36.5
125.7
TGC-0126
1876375
3920628
127
341.0
-26.1
120.8
TGC-0127
1876268
3920757
151
98.6
-70.0
83.5
TGC-0128
1876375
3920628
128
330.3
-19.7
120.4
TGC-0129
1876267
3920756
151
135.1
-79.6
26.2
TGC-0130
1876375
3920628
128
338.6
-8.3
130.3
TGC-0131
1876267
3920757
151
127.4
-78.7
95.8
TGC-0132
1876375
3920628
128
350.0
-19.5
11.5
TGC-0133
1876375
3920628
128
348.8
-19.8
135.3
TGC-0134
1876375
3920628
128
337.7
-18.5
125.0
TGC-0136
1876375
3920628
127
337.4
-26.6
120.7
TUDDH-682
1876259
3920803
203
63.8
-71.1
101.4
TUDDH-683
1876225
3920709
218
27.2
-65.2
170.5
TUDDH-684
1876260
3920802
203
75.0
-61.1
100.0
TUDDH-686
1876225
3920709
218
36.9
-58.2
25.0
TUDDH-686A
1876225
3920709
218
36.5
-58.1
160.1
TUDDH-689
1876260
3920801
203
79.2
-67.3
105.1
TUDDH-694
1876259
3920803
203
44.4
-81.1
99.8
TUDDH-697
1876259
3920804
203
36.6
-69.2
96.2
TUDDH-698
1876224
3920708
218
37.6
-66.3
180.0
TUDDH-700
1876254
3920802
203
18.6
-72.3
95.4
Table 3
. Composited results from infill and grade control drillholes in the Zone 2 area (grade >3.0 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0102
7.5
8.1
0.6
7.23
TGC-0102
18.3
18.6
0.3
5.56
TGC-0102
41.4
45.9
4.5
11.08
including
41.4
42
0.6
15.02
and
42.9
43.5
0.6
46.77
and
43.5
43.8
0.3
11.96
and
44.7
45.3
0.6
7.21