Lion One Drills 85.54 g/t Gold over 3.0 m from Surface at Tuvatu, Announces New CEO
Lion One Drills 85.54 g/t Gold over 3.0 m from
Surface at Tuvatu, Announces New CEO
North Vancouver, British Columbia--(Newsfile Corp. - February 27, 2025) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company")
is pleased to report significant new
high-grade gold results from 1,757.8 meters of near-mine expansion drilling at its 100% owned Tuvatu
Alkaline Gold Project in Fiji. Drilling is focused on the SKL lodes in the Zone 5 area of Tuvatu. The
Company is also pleased to announce accomplished mining engineer Ian Berzins as the Company's
new CEO.
The SKL lodes are located in close proximity to underground workings near surface in the Zone 5 area
of Tuvatu. Drilling was conducted from two surface drill pads and consisted of infill and expansion drilling
with the purpose of bringing the SKL lodes into the long term mine plan for Tuvatu. High-grade
mineralized structures were intersected in 10 drill holes. Drill results include multiple bonanza grade gold
assays such as
502.50 g/t, 118.20 g/t, 85.50 g/t, and 76.50 g/t gold over narrow widths of 0.3 m
. All
high-grade drill results were intersected within 75 m of underground developments and within 110 m of
surface. The SKL lodes were the subject of test mining in the 1990s but have undergone little modern
drilling despite their proximity to underground workings. The SKL lodes represent a prime target for
addition to the Tuvatu mine plan given the high-grade results and proximity to underground infrastructure.
Previous drill results in the SKL area include
4.8 m of 30.48 g/t gold
(see news release dated May 8,
2024).
Highlights of New Drill Results
:
85.54 g/t Au over 3.0 m
(including 502.50 g/t Au over 0.3 m) (TUDDH-745, from 31.73 m depth)
23.59 g/t Au over 2.4 m
(including 53.99 g/t Au over 0.6 m) (TUDDH-740, from 74.50 m depth)
21.10 g/t Au over 2.4 m
(including 46.30 g/t Au over 0.3 m) (TUDDH-748, from 82.79 m depth)
24.51 g/t Au over 1.6 m
(including 76.50 g/t Au over 0.3 m) (TUDDH-748, from 54.82 m depth)
118.20 g/t Au over 0.3 m
(TUDDH-733, from 85.5 m depth)
15.22 g/t Au over 2.1 m
(including 57.64 g/t Au over 0.3 m) (TUDDH-748, from 133.92 m depth)
10.94 g/t Au over 2.7 m
(including 41.05 g/t Au over 0.3 m) (TUDDH-738, from 68.10 m depth)
85.50 g/t Au over 0.3 m
(TUDDH-745, from 88.96 m depth)
36.49 g/t Au over 0.7 m
(including 59.05 g/t Au over 0.4 m) (TUDDH-745, from 74.60 m depth)
19.50 g/t Au over 1.2 m
(including 30.44 g/t Au over 0.3 m) (TUDDH-740, from 110.20 m depth)
*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.
Figure 1. Location of the SKL drilling reported in this news release.
Left image: Plan view of
Tuvatu showing SKL drillholes in relation to the mineralized lodes shown in grey and Tuvatu underground
development shown in red. Right image: Oblique view of the SKL drilling looking northeast.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/242627_74ed9fc8149a2be3_001full.jpg
SKL Lodes
The SKL lodes are located in the near-surface portion of Zone 5, in the northeast part of the deposit
proximal to the historical exploration adit, which is now used primarily for mine ventilation and secondary
egress. The SKL lodes 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,
including the development of the historical exploration adit. Minor confirmatory infill drilling was also
completed in 2019 and in 2024 Lion One announced the results from seven additional drillholes
conducted in the area. The drill holes announced in this release are a continuation of that program.
Preliminary handheld mining has also been conducted in the SKL lodes on a trial basis to further test the
area. Additional infill drilling and underground development is required before more advanced mining
can take place. The SKL lodes are a prime target for near-mine expansion given both the underground
access already in place and the high-grade results returned from the initial infill drilling.
The SKL lodes have historically been modelled as a series of stacked flat-lying mineralized lodes known
as ''flatmakes''
[1]
, similar to those currently being mined in the high-grade near-surface
roscoelite area in
Zone 2
. The lodes are composed of high-grade narrow vein structures that frequently return bonanza-
grade results >30 g/t gold. They are also associated with stockwork veining and roscoelite
mineralization. The SKL lodes are not included in the current mine plan at Tuvatu. The purpose of the
current SKL drill program is to confirm the SKL mineralization in advance of additional infill and grade
control drilling needed to bring the area into the Tuvatu mine plan. The SKL lodes are a strong example
of the opportunity for near-mine expansion at Tuvatu.
Figure 2. SKL drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff.
Section view
looking northeast. High-grade gold mineralization is intersected near surface proximal to underground
developments in the SKL area. SKL lodes are shown in light brown. These drill results are not included in
the Tuvatu mine plan and represent near mine expansion of the mine plan.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/242627_74ed9fc8149a2be3_002full.jpg
Management Transition
Effective immediately, Walter Berukoff - Founder, Chairman, and CEO of Lion One Metals, is
transitioning to the role of Chairman and President of the Company, while Ian Berzins is joining the
Company as it's new CEO. This is part of a planned senior management transition at Lion One aimed
specifically at providing increased operational knowledge and support for the Company as it ramps up
production at the Tuvatu gold mine in Fiji.
As Founder, Chairman and CEO of Lion One Metals, Mr. Berukoff has had an unparalleled impact on the
success of the Company. Mr. Berukoff acquired the Tuvatu property as an exploration project, and
successfully brought the project from exploration through discovery, permitting, financing, construction,
and ultimately to production, all while maintaining 100% control of the project - a rarity in modern mining.
During this time, Mr. Berukoff also consolidated all the mineral rights throughout the highly prospective
Navilawa Caldera, making Lion One the first Company ever to hold rights over the entire caldera, and
thereby providing the Company with top tier exploration and growth potential. The Company has since
made numerous discoveries throughout the caldera, such as the
Lumuni gold
and
Wailoaloa copper-
gold
prospects. The most important discoveries made under Mr. Berukoff's leadership have been at
Tuvatu, including the high-grade
Zone 500 feeder zone
which returned 75.9 m of 20.86 g/t gold, and the
high-grade
near-surface roscoelite zone
which is currently in production. Tuvatu is now an operating gold
mine, having achieved increased gold production in every quarter throughout 2024, culminating in
record
revenue
from gold sales in the quarter ending December 31, 2024. As President and Chairman of Lion
One Metals, Mr. Berukoff will remain involved with the Company and will continue to support the growth of
Tuvatu as it ramps up to the next stage of production as well as looking at other accretive assets for the
Company.
Incoming CEO Ian Berzins is a seasoned mining professional who brings significant underground
operational experience to the Company. Mr. Berzins is knowledgeable in various mining applications
including narrow vein conventional mining and open stoping. He previously held senior management
positions at several deep underground gold mining operations in Canada including the Con Mine in
Yellowknife NT, the Lupin Mine in Nunavut and the Rice Lake Mine in Bissett, MB. During the period from
2008 to 2014 as COO and subsequently CEO, Mr. Berzins led the operational ramp-up at the Rice Lake
Mine from 10,000 ounces of gold per annum to 80,000 ounces of gold per annum averaging 20,000
ounces per month for 11 consecutive quarters.
As Vice President and General Manager at Thompson
Creek's Mount Milligan open pit copper and gold mine, during the period from 2014 to 2016, Mr. Berzins
lead the operational team that achieved nameplate throughput of 60,000 tonnes per day on a consistent
basis. Mr. Berzins is a strong advocate for safe production and local engagement. With over 40 years in
the mining industry, he has worked in mine engineering, supervision, human resources, maintenance
and senior management. Mr. Berzins holds a Bachelor of Applied Science in Mining Engineering from
Queen's University in Kingston, Ontario, Canada, and has completed his ICD.D designation from the
Haskayne School of Management in Calgary, Alberta, Canada.
Lion One Chairman and CEO Walter Berukoff commented: "We are extremely pleased to have Ian join
us at this pivotal moment in our development. He brings significant operational experience and
leadership to Lion One, which will be highly advantageous to the Company as we ramp up gold
production at Tuvatu and as we continue to discover additional gold mineralization, including the
emergence of roscoelite as a key indicator in our alkaline gold system. Tuvatu is one of only a few
alkaline gold deposits in the world not controlled by a major mining Company. The board and I have full
confidence in Ian's ability to help us develop Tuvatu into a world class gold deposit, and we are excited
to have him on the team."
Mr. Berzins stated: "I am honoured and excited to join the Lion One team at this key juncture in time. I
look forward to leveraging my knowledge and experience to help grow the Company from the base
established by Mr. Berukoff and the Lion One team in Tuvatu. Mr. Berukoff and I previously worked
together at the Con Mine between 1993 and 1996, and I look forward to working together again".
Warrant Listing
The Company confirms that the share purchase warrants (the "Warrants") issued as part of the public
offering that was completed on February 14, 2028 are now listed on the TSX Venture Exchange under
the symbol "LIO.WT.A".
The Warrants are exercisable for one common share of the Company at a price
of $0.41 until February 14, 2028.
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 has been reviewed and approved by Melvyn Levrel, who
is the Company's Senior Geologist. Mr. Levrel 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 Qualified Person as defined by
National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101"). Mr. Levrel
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 by Lion One personnel on site. Exploration diamond drill core is
split by Lion One personnel on site, with half core samples sent for analysis and the other half core
remaining on site. Grade control diamond drill core is whole core assayed. Core samples are 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 26 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 & President
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 1.
Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TUDDH-733
1876479
3920838
238
288.1
-56.9
133.0
TUDDH-735
1876479
3920839
238
302.2
-53.8
122.5
TUDDH-736
1876479
3920839
238
274.8
-55.0
147.6
TUDDH-737
1876479
3920838
238
241.9
-66.0
150.6
TUDDH-738
1876479
3920838
240
285.2
-63.2
135.0
TUDDH-740
1876482
3920839
239
338.0
-69.2
160.0
TUDDH-742
1876482
3920839
239
355.0
-85.0
10.2
TUDDH-743
1876481
3920839
239
355.0
-85.0
10.1
TUDDH-744
1876481
3920843
239
354.6
-84.7
160.0
TUDDH-745
1876483
3920840
240
190.8
-85.6
165.6
TUDDH-748
1876488
3920785
239
344.9
-59.7
161.4
TUDDH-750
1876489
3920785
240
18.9
-56.9
10.0
TUDDH-751
1876489
3920786
239
19.1
-53.2
200.3
TUDDH-752
1876490
3920785
240
50.9
-80.6
191.5
Table 2
. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au,
with <1 m internal dilution at <3.0 g/t Au).
Hole ID
From (m)
To (m)
Width (m)
Au (g/t)
TUDDH-733
82.2
82.8
0.6
3.42
85.5
85.8
0.3
118.20
TUDDH-735
89.3
92.3
3.0
6.92
including
89.3
89.9
0.6
7.93
and
89.9
90.5
0.6
6.30
and
90.5
91.1
0.6
0.39
and
91.1
91.7
0.6
15.93
and
91.7
92.3
0.6
4.07
TUDDH-735
94.4
94.7
0.3
11.66
TUDDH-736
102.0
102.6
0.6
4.27
TUDDH-737
75.9
76.2
0.3
5.42
77.4
78.9
1.5
3.65
including
77.4
77.7
0.3
3.47
and
77.7
78.0
0.3
7.84
and
78.0
78.3
0.3
3.40
and
78.3
78.6
0.3
0.21
and
78.6
78.9
0.3
3.34
86.0
86.3
0.3
6.70
88.7
89.3
0.6
33.43
including
88.7
89.0
0.3
23.63
and
89.0
89.3
0.3
43.22
TUDDH-738
68.1
70.8
2.7
10.94
including
68.1
68.4
0.3
5.41
and
68.4
69.0
0.6
-0.01
and
69.0
69.3
0.3
8.30
and
69.3
69.6
0.3
2.87
and
69.6
69.9
0.3
1.08
and
69.9
70.2
0.3
24.46
and
70.2
70.5
0.3
41.05
and
70.5
70.8
0.3
15.33
85.2
85.8
0.6
3.99
88.5
89.7
1.2
8.68
including
88.5
88.8
0.3
25.81
and
88.8
89.1
0.3
1.46
and
89.1
89.4
0.3
4.42
and
89.4
89.7
0.3
3.03
TUDDH-740
65.2
65.8
0.6
4.58
67.3
67.6
0.3
63.35
70.3
70.6
0.3
6.84
74.5
76.9
2.4
23.59
including
74.5
75.1
0.6
53.99
and
75.1
75.7
0.6
25.40
and
75.7
76.3
0.6
7.30
and
76.3
76.9
0.6
7.65
91.6
91.9
0.3
3.05
96.1
96.4
0.3
5.82
110.2
111.4
1.2
19.50
including
110.2
110.5
0.3
5.99
and
110.5
110.8
0.3
18.71
and
110.8
111.1
0.3
30.44
and
111.1
111.4
0.3
22.85
114.9
116.1
1.2
4.20
TUDDH-744
69.1
69.4
0.3
6.20
72.6
72.9
0.3
4.17
77.1
77.7
0.6
5.18
including
77.1
77.4
0.3
6.48
and
77.4
77.7
0.3
3.84
84.8
85.5
0.8
12.84
including
84.8
85.1
0.4
4.83
and
85.1
85.5
0.4
19.85
TUDDH-745
31.7
34.7
3.0
85.54
including
31.7
32.5
0.7
45.89
and
32.5
32.9
0.5
55.25
and
32.9
33.2
0.3
12.68
and
33.2
33.5
0.3
27.01
and
33.5
33.8
0.3
53.77
and
33.8
34.1
0.3
29.36
and
34.1
34.4
0.3
28.50
and
34.4
34.7
0.3
502.50
72.6
73.0
0.4
15.60
74.6
75.3
0.7
36.49
including
74.6
74.9
0.3
7.16
and
74.9
75.3
0.4
59.05
78.5
78.9
0.4
22.15
84.3
85.6
1.3
8.85
including
84.3
84.6
0.3
4.44
and
84.6
85.0
0.4
0.18
and
85.0
85.3
0.3
1.22
and
85.3
85.6
0.3
31.88
89.0
89.3
0.3
85.50
101.5
101.8
0.3
3.66
TUDDH-748
54.8
56.4
1.6
24.51
including
54.8
55.1
0.3
16.99
and
55.1
55.4
0.3
0.08
and
55.4
55.7
0.3
8.29
and
55.7
56.1
0.3
76.50
and
56.1
56.4
0.3
17.28
82.8
85.2
2.4
21.10
including
82.8
83.1
0.3
8.70
and
83.1
83.4
0.4
0.04
and
83.4
83.7
0.3
46.27
and
83.7
84.0
0.3
5.47
and
84.0
84.3
0.3
7.94
and
84.3
84.9
0.5
41.30
and
84.9
85.2
0.3
25.99
86.4
86.7
0.3
28.37
88.5
90.4
1.9
8.25
including
88.5
88.9
0.4
4.42
and
88.9
89.2
0.3
19.04
and
89.2
89.7
0.5
0.11
and
89.7
90.1
0.5
-0.01
and
90.1
90.4
0.3
26.88
97.2
97.5
0.3
5.39
117.0
117.4
0.4
6.15
122.9
123.2
0.3
9.85
133.9
136.0
2.1
15.22
including
133.9
134.2
0.3
36.09
and
134.2
134.5
0.3
57.64
and
134.5
135.1
0.6
0.11
and
135.1
135.4
0.3
0.92
and
135.4
135.7
0.3
6.55
and
135.7
136.0
0.3
5.12
TUDDH-751
54.7
55.0
0.3
7.33
57.2
58.5
1.3
15.14
including
57.2
57.5
0.3
4.97
and
57.5
57.8
0.3
6.34
and
57.8
58.1
0.3
27.19
and
58.1
58.5
0.4
19.86
91.6
92.0
0.4
12.88
1
Flatmakes are flat-dipping mineralized vein structures. The term is a Fijian mining term commonly used at the Vatukoula gold mine northeast of
Tuvatu. At Vatukoula, flatmakes have been reported to have hundreds of meters of strike length.
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