Lion One Drills 4.8 m of 30.48 g/t Gold in Near- Mine Expansion at Tuvatu
Lion One Drills 4.8 m of 30.48 g/t Gold in Near-
Mine Expansion at Tuvatu
North Vancouver, British Columbia--(Newsfile Corp. - May 8, 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 near-mine expansion drilling at its 100% owned Tuvatu Alkaline Gold
Project in Fiji.
Assay results are presented here for near-mine expansion drilling in the Murau down-dip extension and
SKL areas of Tuvatu. Both areas are outside the current mine plan yet are close to current underground
workings and are being brought into the mine plan for late 2024 and 2025. The Murau down-dip
extension drilling represents an expansion of the Murau lode system in Zone 2, which will be entering
production in CY Q3 2024. Previous drill results from the Murau system are available in news releases
dated
April 25, 2024
and
October 19, 2023
. The SKL area is in Zone 5 near the entrance to the
historical exploration adit and is one of Lion One's priority resource expansion targets. High-grade
results have been returned from both the Murau down-dip extension and the SKL target areas.
Highlights of near-mine drill results (3.0 g/t cutoff):
64.46 g/t Au over 8.1 m
(including 268.36 g/t Au over 1.2 m) (TGC-0150, from 16.5 m depth)
30.48 g/t Au over 4.8 m
(including 104.55 g/t Au over 0.6 m) (TUDDH-732, from 36.1 m depth)
39.05 g/t Au over 3.3 m
(including 223.05 g/t Au over 0.3 m) (TUDDH-729, from 98.8 m depth)
76.49 g/t Au over 1.2 m
(TUDDH-715, from 174.8 m depth)
71.46 g/t Au over 0.9 m
(TUDDH-704, from 84.9 m depth)
28.44 g/t Au over 2.1 m
(including 45.96 g/t Au over 1.2 m) (TGC-0150, from 43.8 m depth)
26.28 g/t Au over 2.1 m
(including 66.32 g/t Au over 0.3 m) (TUDDH-728, from 51.4 m depth)
20.89 g/t Au over 2.4 m
(including 38.76 g/t Au over 0.6 m) (TUDDH-710, from 75.2 m depth)
26.56 g/t Au over 1.8 m
(including 52.34 g/t Au over 0.6 m) (TUDDH-710, from 101.3 m depth)
8.51 g/t Au over 5.0 m
(including 54.34 g/t Au over 0.3 m) (TUDDH-727, from 184.4 m depth)
*All drill intersects are downhole lengths
Figure 1. Location of Murau extension and SKL near-mine expansion drillholes.
Left image: Plan
view of Tuvatu showing Murau and SKL drillholes in relation to the mineralized lodes at Tuvatu, shown in
grey. Right image: Oblique view of Murau and SKL drilling looking approximately northeast.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/208360_dc1c95c1c4111a98_001full.jpg
Table 1. Highlights of composited drill results in the Murau Extension and SKL areas, 3.0 g/t Au
cutoff
. For full results see Table 4 and Table 5 in the Appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0150
(Murau)
16.5
24.6
8.1
64.46
including
16.5
17.7
1.2
7.57
and
17.7
18.6
0.9
15.89
and
18.6
19.5
0.9
21.50
and
19.5
20.7
1.2
268.36
and
20.7
21.6
0.9
31.47
and
21.6
22.5
0.9
38.79
and
22.5
23.7
1.2
60.66
and
23.7
24.6
0.9
23.78
TUDDH-732
(SKL)
36.1
40.9
4.8
30.48
including
36.1
36.4
0.3
10.88
and
36.4
36.7
0.3
10.63
and
36.7
37.3
0.6
11.47
and
37.3
37.9
0.6
39.34
and
37.9
38.5
0.6
35.92
and
38.5
39.1
0.6
22.23
and
39.1
39.7
0.6
104.55
and
39.7
40.9
1.2
9.79
TUDDH-729
(Murau)
98.8
102.1
3.3
39.05
including
98.8
99.1
0.3
34.52
and
99.1
99.4
0.3
31.78
and
100.0
100.3
0.3
14.28
and
100.3
100.6
0.3
223.05
and
101.2
101.8
0.6
29.88
and
101.8
102.1
0.3
56.34
TUDDH-715
(Murau)
174.8
176.0
1.2
76.49
TUDDH-704
(SKL)
84.9
85.8
0.9
71.46
TGC-0150
(Murau)
43.8
45.9
2.1
28.44
including
44.7
45.9
1.2
45.96
TUDDH-728
(SKL)
51.4
53.5
2.1
26.28
including
51.4
52.0
0.6
18.39
and
52.0
52.6
0.6
15.24
and
52.6
52.9
0.3
66.32
and
52.9
53.5
0.6
25.20
TUDDH-710
(SKL)
75.2
77.6
2.4
20.89
including
75.2
75.8
0.6
32.78
and
76.4
77.0
0.6
38.76
TUDDH-710
(SKL)
101.3
103.1
1.8
26.56
including
101.3
101.9
0.6
52.34
and
101.9
102.6
0.7
18.89
TUDDH-727
(Murau)
184.4
189.4
5.0
8.51
including
184.4
184.7
0.3
54.34
and
184.7
185.0
0.3
29.99
and
188.8
189.1
0.3
14.93
TGC-0174
(Murau)
83.7
86.1
2.4
15.60
including
83.7
84.0
0.3
38.46
and
84.3
84.6
0.3
30.99
and
84.6
84.9
0.3
10.27
and
84.9
85.5
0.6
11.32
and
85.5
86.1
0.6
10.68
*All drill intersects are downhole lengths
Murau Extension Drilling
The Murau lode system is located in the Zone 2 area of Tuvatu, in the northwest part of the deposit. It has
historically been modelled as a series of relatively flat-lying lodes that strike approximately east-west and
dip moderately to the south. The system is now understood to consist of a stockwork zone of
mineralization dipping moderately to the SSW. Underground development has reached the upper
portion of the Murau system and additional development is underway ahead of the start of production
from the Murau system in Q3 2024.
The Murau drilling included in this release targeted the down-dip extension of the Murau system. A total
of 34 Murau drillholes are included in this release, including 18 holes drilled from underground and 16
drilled from surface. The drilling targeted a down-dip area of the Murau system over a strike length of 50
m and a dip length of 115 m, with a drill density of 20 m. This area is outside the current mine plan and is
being brought into the mine plan for late 2024 and 2025. The Murau system remains open at depth and
along strike.
Figure 2. Murau down-dip extension drilling with high-grade intersects highlighted, 3.0 g/t gold
cutoff.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/208360_dc1c95c1c4111a98_002full.jpg
SKL Drilling
The SKL lodes are located in the Zone 5 area of Tuvatu, in the northeast part of the deposit proximal to
the historical exploration adit. They are north of the steeply dipping UR lodes, which are the primary
lodes in Zone 5. Minor underground development and trial mining was conducted on the SKL lodes in
the late 1990s, and some confirmatory infill drilling was completed in 2019. No significant drilling has
been completed on the SKL lodes since 2019 and the SKL drilling reported here represents the start of
the first modern systematic drill program targeting the area.
The SKL lodes have historically been modelled as a series of stacked flat-lying mineralized lodes,
known as flatmakes. They typically have limited lateral extent, approximately 50 m to 100 m, but with very
high bonanza grades (>30 g/t gold). These lodes are associated with stockwork veining, similar to the
URW1 and Murau lodes in Zone 2. A total of 27 SKL lodes have been modelled at Tuvatu, including 11
SKLW lodes which are located west of the historical exploration adit, and 16 SKL lodes which are
located proximal to and east of the exploration adit. The drilling reported in this news release targeted 11
of those lodes; SKL1 to SKL7, as well as SKL1A, SKL1B, SKL2A, and SKL7A. The SKL lodes are not
included in the current mine plan at Tuvatu. The purpose of this drilling was to confirm the orientation of
the mineralization so that a follow-up infill drill program can be designed. The goal of the infill drill
program will be to bring the SKL mineralization into the mine plan for 2025. The current SKL drill
program is ongoing.
Figure 3. SKL exploration drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff.
The
SKL lode system has historically been modelled as a series of stacked flat-lying mineralized lodes (light
brown). The drillholes reported here are the first modern drillholes designed to target the SKL lodes and
represent near-mine expansion of the Tuvatu resource. View is to the northeast.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/208360_dc1c95c1c4111a98_003full.jpg
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 5 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
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 Murau Extension drillholes reported in this release. Coordinates are in
Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0135
1876280
3920765
118
263.0
-43.8
131.5
TGC-0138
1876280
3920764
118
246.2
-40.9
151.0
TGC-0140
1876280
3920764
118
236.3
-38.8
10.0
TGC-0142
1876280
3920764
118
234.6
-37.5
152.8
TGC-0144
1876280
3920765
119
253.4
-30.6
110.8
TGC-0146
1876280
3920764
119
239.4
-27.7
122.6
TGC-0148
1876279
3920765
119
259.9
-15.9
110.4
TGC-0150
1876280
3920764
119
244.4
-17.0
110.0
TGC-0152
1876280
3920765
120
253.0
0.1
100.0
TGC-0156
1876279
3920765
119
269.2
-2.8
95.0
TGC-0158
1876280
3920766
118
281.3
-45.7
200.1
TGC-0162
1876280
3920766
118
276.1
-53.1
140.1
TGC-0165
1876279
3920766
118
290.8
-32.0
180.0
TGC-0168
1876280
3920767
118
308.1
-31.0
10.9
TGC-0170
1876280
3920767
118
306.9
-31.6
8.1
TGC-0172
1876279
3920767
119
301.1
-15.4
110.0
TGC-0174
1876280
3920767
118
307.2
-30.8
120.0
TGC-0176
1876280
3920768
119
315.0
-16.7
130.0
TUDDH-703
1876177
3920728
199
82.4
-59.7
182.9
TUDDH-706
1876177
3920728
199
82.0
-53.2
182.8
TUDDH-708
1876177
3920728
199
76.2
-63.8
180.0
TUDDH-711
1876177
3920729
199
75.7
-50.7
175.0
TUDDH-712
1876177
3920728
199
79.2
-54.8
170.8
TUDDH-713
1876177
3920728
199
81.0
-65.6
191.9
TUDDH-715
1876176
3920727
199
92.6
-65.2
191.7
TUDDH-716
1876175
3920728
199
95.5
-71.2
200.6
TUDDH-719
1876175
3920728
199
95.1
-74.8
10.2
TUDDH-720
1876174
3920728
199
94.9
-75.3
215.7
TUDDH-721
1876174
3920728
199
110.5
-70.3
212.8
TUDDH-724
1876171
3920726
199
61.5
-80.5
210.0
TUDDH-725
1876172
3920726
199
60.6
-59.6
186.7
TUDDH-726
1876170
3920726
199
39.7
-77.2
20.0
TUDDH-727
1876170
3920726
199
40.2
-83.7
230.0
TUDDH-729
1876171
3920726
199
54.5
-65.1
185.0
Table 3.
Collar coordinates for SKL drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TUDDH-701
1876430
3920902
222
91.4
-66.9
58.0
TUDDH-704
1876479
3920838
238
269.0
-59.8
127.7
TUDDH-710
1876480
3920838
238
308.8
-57.7
125.0
TUDDH-722
1876481
3920799
238
349.6
-65.1
76.5
TUDDH-728
1876482
3920799
238
20.5
-55.1
125.0
TUDDH-730
1876479
3920839
238
259.6
-63.7
125.8
TUDDH-732
1876479
3920840
239
69.9
-57.7
100.0
Table 4
. Composited results from Murau Extension drillholes reported in this release (grade >3.0 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0135
3.3
4.2
0.9
9.26
TGC-0135
73.5
76.2
2.7
3.45
including
73.5
74.4
0.9
3.53
and
75.3
76.2
0.9
6.82
TGC-0135
120.3
121.2
0.9
4.71
TGC-0138
11.4
13.5
2.1
15.59
including
11.4
12.6
1.2
19.99
and
12.6
12.9
0.3
10.46
and
12.9
13.2
0.3
3.54
and
13.2
13.5
0.3
15.21
TGC-0138
86.4
87.3
0.9
25.84
including
86.4
86.7
0.3
20.63
and
86.7
87.0
0.3
48.99
and
87.0
87.3
0.3
7.90
TGC-0138
143.5
144.5
1.0
6.44
TGC-0144
17.1
18.0
0.9
15.89
TGC-0146
48.9
50.1
1.2
8.72
including
48.9
49.5
0.6
7.66
and
49.5
50.1
0.6
9.78
TGC-0146
54.6
55.8
1.2
20.14
including
54.6
54.9
0.3
3.48
and
54.9
55.8
0.9
25.70
TGC-0148
53.7
54.3
0.6
21.13
including
53.7
54.0
0.3
16.77
and
54.0
54.3
0.3
25.50
TGC-0148
81.3
82.2
0.9
3.98
TGC-0150
16.5
24.6
8.1
64.46
including
16.5
17.7
1.2
7.57
and
17.7
18.6
0.9
15.89
and
18.6
19.5
0.9
21.50
and
19.5
20.7
1.2
268.36
and
20.7
21.6
0.9
31.47
and
21.6
22.5
0.9
38.79
and
22.5
23.7
1.2
60.66
and
23.7
24.6
0.9
23.78
TGC-0150
26.7
27.6
0.9
21.45
TGC-0150
43.8
45.9
2.1
28.44
including
43.8
44.7
0.9
5.09
and
44.7
45.9
1.2
45.96
TGC-0150
53.7
54.6
0.9
13.93
TGC-0152
75.0
75.6
0.6
45.79
TGC-0152
78.3
80.1
1.8
7.06
including
78.3
78.9
0.6
14.36
and
78.9
79.5
0.6
3.24
and
79.5
80.1
0.6
3.58
TGC-0156
0.0
0.6
0.6
4.07
TGC-0156
3.3
4.2
0.9
18.14
TGC-0156
34.2
34.8
0.6
23.35
TGC-0156
43.8
44.7
0.9
4.58
TGC-0156
66.9
69.0
2.1
6.04
including
66.9
67.8
0.9
3.23
and
68.4
69.0
0.6
15.46
TGC-0158
0.6
1.5
0.9
8.66
TGC-0158
73.5
74.1
0.6
4.79
TGC-0162
1.2
1.8
0.6
15.87
TGC-0162
19.8
20.4
0.6
24.78
TGC-0162
25.2
25.8
0.6
25.78
TGC-0162
56.1
56.7
0.6
4.62
TGC-0162
94.5
97.8
3.3
3.02
including
94.5
95.1
0.6
5.11
and
96.0
96.9
0.9
3.81
and
96.9
97.8
0.9
3.64
TGC-0162
110.4
111.3
0.9
6.94
TGC-0162
113.1
114.0
0.9
5.86
TGC-0165
0.0
0.9
0.9
8.47
TGC-0165
16.2
17.4
1.2
13.46
TGC-0165
23.4
24.3
0.9
24.90
including
23.4
23.7
0.3
21.78
and
23.7
24.3
0.6
26.46
TGC-0172
32.1
36.0
3.9
8.67
including
32.1
33.0
0.9
10.56
and
33.0
34.2
1.2
4.13
and
34.2
35.1
0.9
12.29
and
35.1
36.0
0.9
9.22
TGC-0172
46.8
47.7
0.9
10.89
including
46.8
47.1
0.3
12.87
and
47.1
47.4
0.3
4.74
and
47.4
47.7
0.3
15.06
TGC-0172
63.0
63.3
0.3
75.63
TGC-0174
13.2
14.1
0.9
7.46
TGC-0174
17.1
18.0
0.9
3.35
TGC-0174
24.0
28.2
4.2
4.04
including
24.0
25.2
1.2
3.75
and
25.2
26.1
0.9
4.80
and
27.0
28.2
1.2
5.74
TGC-0174
83.7
86.1
2.4
15.60
including
83.7
84.0
0.3
38.46
and
84.3
84.6
0.3
30.99
and
84.6
84.9
0.3
10.27
and
84.9
85.5
0.6
11.32
and
85.5
86.1
0.6
10.68