Lion One Encounters Numerous High - Grade Intercepts at Its Tuvatu Alkaline Gold Project
Lion One Encounters Numerous High
-
Grade
Intercepts at Its Tuvatu Alkaline Gold Project
North Vancouver, British Columbia
--
(Newsfile Corp.
-
May 26, 2021)
-
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is pleased to announce
numerous shallow and deep high
-
grade drill intercepts from its 100% controlled Tuvatu alkaline gold
project, Fiji. Although the Company now has all six of its drills operational, drilling is temporarily
paused due to a COVID
-
19 related lockdown in Fiji. Restrictions are expected to be lifted soon at
which time drilling will resume.
Highlights:
Drilling continues to extend the Tuvatu orebody with significant high grade r
esults
including:
TUDDH525
1.20m @ 13.74 g/t Au from 13.55m
TUDDH526
6.00m @ 9.11 g/t Au from 444.00m
TUDDH528
1.27m @ 11.58 g/t Au from 27.16m
and
6.47m @ 17.90 g/t Au from 263.33m
incl
0.35m @ 138.50 g/t Au from 268.25m
Six Company owned and operated dia
mond drill rigs now focusing on
depth extensions of mineralization intersected in several holes from 570m to
750m down hole in 2020,
regional Tuvatu look
-
a
-
likes, and
potential high
-
grade zones which could be targeted in the first two years of
productio
n
All six of Lion One's drills are now operational and the dry season commenced approximately one
month ago. The six drills include two deep capacity surface drills, two shallow capacity surface drills
and two deep capacity underground drills. The Company
is employing a three
-
pronged exploration
program with the following goals:
o
Test deep extensions of know lodes below the existing Tuvatu resource using one deep
capacity surface drill and, at times, one underground drill. This program will focus on extendin
g
high
-
grade lode extensions discovered in 2020, particularly hole TUDDH500 which intercepted
12.7m grading 55.43 g/t Au in an area sometimes in excess of 200m below the existing
resource.
o
Commence testing high priority deep structural targets below stron
g gold zones such as
Banana Creek. Data from controlled
-
source audio
-
magnetotellurics, similar to that which
helped defined the deep target under Tuvatu leading to the discovery of high
-
grade feeder
mineralization encountered in hole TUDDH500, is the princ
ipal means of defining targets for
this program. One deep capacity surface drill will be utilized for this work.
o
Intensely infill drill shallow parts of the existing Tuvatu resource. This program will utilize both
shallow capacity surface drills and both u
nderground drills and is designed to provide critical
data as the Company makes plans to develop and mine underground. It is expected that this
type drilling will be ongoing for the foreseeable future as Lion One reaches this critical
milestone.
Recent dri
ll holes have yielded numerous high
-
grade intercepts presented in the table below. Most
notable is a 6.47m intercept of 17.90 g/t Au from the URW3 lode encountered in hole TUDDH528.
Several of the drill holes in this table are in progress having been tempo
rarily halted due to COVID
-
19
lockdown restrictions in Fiji. Drilling will resume as soon as restrictions are lifted.
Drill Hole
From (m)
To (m)
Length (m)
Au (g/t)
Lode
TUDDH523
529.30
529.65
0.35
3.37
UR4
613.65
613.91
0.26
5.51
UR2
632.80
633.20
0.4
1.20
UR1
TUDDH524A
33.20
33.76
0.56
21.39
SKL4
incl
33.50
33.76
0.26
34.53
SKL4
41.81
42.50
0.69
2.03
Undefined
55.00
57.55
2.55
5.80
URW2a
incl
57.00
57.55
0.55
19.06
URW2a
135.35
136.30
0.95
1.91
UR1
140.10
141.35
1.25
8.94
UR2
incl
140.10
140.70
0.6
17.75
UR2
TUDDH525
12.28
33.45
21.17
2.06
SKL4
13.55
15.62
2.07
8.22
Mur2
incl
13.55
14.75
1.2
13.74
Mur2
18.95
22.20
3.25
2.16
Mur2
incl
18.95
19.56
0.61
6.51
Mur2
24.97
25.62
0.65
1.56
URW2
27.35
33.45
6.1
2.71
URW2
incl
27.35
28.75
1.4
4.04
URW2
and
30.72
30.92
0.2
33.21
URW2
204.40
204.60
0.2
5.11
URW2a
217.59
217.80
0.21
6.94
URW2a
229.13
229.35
0.22
2.09
URW3
TUDDH526
366.75
367.95
1.2
8.85
UR5
incl
367.05
367.65
0.6
15.55
UR5
422.45
425.40
2.95
1.49
UR4
incl
422.45
423.00
0.55
6.28
UR4
427.80
428.85
1.05
0.53
UR4
429.90
450.00
20.1
3.38
UR4
incl
444.00
450.00
6
9.11
UR4
incl
448.80
450.00
1.2
33.81
UR4
462.60
465.45
2.85
4.65
UR2
incl
464.10
465.00
0.9
12.57
UR2
468.00
469.80
1.8
3.97
Undefined
incl
469.20
469.80
0.6
10.62
Undefined
481.20
483.60
2.4
1.40
Undefined
TUDDH527
86.20
86.50
0.30
0.93
Mur2
87.40
88.00
0.60
0.69
Mur2
TUDDH528
9.84
12.74
2.9
0.94
Mur2
incl
9.84
10.20
0.36
1.20
Mur2
and
10.80
12.74
1.94
1.16
Mur2
18.44
20.47
2.03
1.49
Mur2
incl
19.34
20.11
0.77
3.22
Mur2
25.33
29.60
4.27
3.72
Mur2
incl
27.16
28.43
1.27
11.58
Mur2
incl
27.16
27.48
0.32
40.94
Mur2
32.07
32.80
0.73
2.22
Mur1
35.40
36.00
0.6
2.22
Mur1
45.69
49.68
3.99
1.50
Undefined
52.95
53.25
0.3
24.62
SKL4
191.83
192.22
0.39
7.44
URW2
263.33
269.80
6.47
17.90
URW3
incl
263.33
265.19
1.86
20.39
URW3
incl
264.22
264.57
0.35
78.51
URW3
and incl
266.85
269.80
2.95
26.43
URW3
incl
268.25
268.60
0.35
138.50
URW3
319.25
320.30
1.05
11.90
UR2
323.87
324.17
0.3
3.56
Undefined
TUDDH529
35.00
35.80
0.80
1.24
Mur2a
59.20
59.88
0.68
1.20
Mur2
TUG130
4.55
5.15
0.6
6.05
GRF
32.60
33.20
0.6
1.31
Undefined
129.80
129.95
0.15
10.77
URW1
Note: true width of intersections have not been accurately determined at this
stage due to the distance below the known resource, the
numerous lodes intersected to date, and variability of data coming from the oriented core data at depth.
Once COVID
-
19 restrictions are lifted, the Company plans to commence aggressive surface
explora
tion activities including trenching and sampling to follow up on multiple surface geochemical
anomalies defined by historic soil sampling and recent stream sediment sampling.
"Lion One has a busy drill season planned this year," commented Dr. Quinton Henn
igh, technical
advisor to Lion One. "With the goal of soon establishing an underground mine, there are now three
prongs to the exploration program, testing deep high
-
grade feeders under Tuvatu, testing for similar
feeder structures elsewhere along the 7km
highly prospective gold corridor across the Navilawa
caldera and intense infill drilling in shallow parts of the resource in advance of mine development.
With six operating rigs on site, we should be able to aggressively tackle all of these objectives. We
eagerly await lifting of COVID
-
19 restrictions so work can resume."
Survey details of diamond drill holes discussed in this release
Hole No
coordinates
RL
Dip
Azimuth
Depth
Status
N
E
(m)
(TN)
(m)
of hole
TUDDH523
3920460.32
1876585.14
318.55
-
85
201.2
1055.80
completed
TUDDH524A
3920566.97
1876343.35
287.26
-
19
130.4
185.30
completed
TUDDH525
3920796.01
1876351.25
209.40
-
57
123.1
350.6
completed
TUDDH526
3920460.21
1876583.73
318.89
-
81
252.1
498.00
in progress
TUDDH527
3920710.27
1876229.32
217.65
-
80
353.4
135.80
in progress
TUDDH528
3920795.19
1876351.23
209.41
-
54
128.5
380.60
in progress
TUDDH529
3920735.27
1876265.56
225.80
-
59
348.3
101.50
in progress
TUG130
3920761.00
1876456.00
139.00
-
60
270.0
182.40
completed
Drilling and Assay Processes and Procedures
The Company is utilizing its own diamond drill rigs, using PQ, HQ and ultimately NQ sized drill core
rods. Drill core is logged by Company
geologists and then is sawn in half and sampled by Lion One
staff.
Samples are analyzed at the Company's own geochemical laboratory in Fiji, whilst pulp duplicates of
samples with results >0.5g/t Au are sent to ALS Global laboratories in Australia for chec
k assay
determinations. Assays reported here will be sent to ALS Global Laboratories for check assays
shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out
using fire assay with an AA finish. Samples that have
returned grades greater than 10g/t Au are then
re
-
analyzed by gravimetric method. 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 s
uite of 9 important pathfinder elements. All duplicate anomalous samples sent
to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au
-
AA26, and also Au
-
GRA22 where applicable). ALS also analyze for 33 pathfinder elements are analyzed
by HF
-
HNO3
-
HClO4 acid digestion, HCl leach and ICP
-
AES. (method ME
-
ICP61).
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved
by Mr. Stephen Mann, P. Geo, Managing Director of Lion One, who
is a qualified person pursuant to
National Instrument 43
-
101
-
Standards of disclosure for Mineral Projects ("NI
-
43
-
101).
About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji.
The mineral re
source for Tuvatu as disclosed in the technical report "Tuvatu Gold Project PEA",
dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises
1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes infer
red at 10.60 g/t
Au (445,000 oz. Au) at a cut
-
off grade of 3 g/t Au. The technical report is available on the Lion One
website at
www.liononemetals.com
and on the SEDAR website at
www.sedar.com
.
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 envisi
ons 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
For further information
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 a
dequacy 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", "estimat
es",
"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 achie
ved. 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
includ
e, 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 s
ubject 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
b
y 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 curre
nt 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
legis
lation, 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 lab
our 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
res
ults 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 appli
cable securities laws.