Lion One Extends the URW3 Lode, a Key Component of The 500 Zone Feeder, with Several Bonanza-Grade Drill Intercepts at Its Tuvatu Gold Mine, Fiji
Lion One Extends the URW3 Lode, a Key
Component of The 500 Zone Feeder, with
Several Bonanza-Grade Drill Intercepts at Its
Tuvatu Gold Mine, Fiji
North Vancouver, British Columbia--(Newsfile Corp. - November 18, 2022) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is pleased to announce
that the Company has produced additional bonanza-grade drilling intercepts and expanded the Deep
Feeder Zone 500 by increasing the vertical extent of the URW3 Lode by at least 180 m at its high-grade
Tuvatu Alkaline Gold Project in Fiji.
The results from these holes confirm a significant increase in the vertical extension and continuity of the
URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone.
The new drill intercepts, in conjunction with results from the previously drilled TUG-138 drill hole,
correspond to a significant increase in grade with depth, as numerous bonanza-grade intercepts return
gold assay values ranging from 100-800 g/t gold.
Additionally, this drilling confirms an increase in the
vertical extent of this distinct portion of the 500 zone feeder by at least 180 m.
The high-grade feeder
zone remains open at depth.
Overall, the drill results reported here are consistent with a persistent, substantial upside being realized
at Tuvatu resulting from the aggressive deep drilling adopted by the company since the initial discovery
of the deep feeder zone by hole TUDDH-500, in July of 2020.
Highlights:
An increase of at least 180 m in the vertical extent of the URW3 lode as defined by bonanza
grade intercepts
Multiple high-grade intercepts including from TUG-149 including 12.89 g/t Au over 12.9 m from
254.4 m, 84.61 g/t Au over 3.9 m from 318.6 m, and 48.65 g/t Au over 5.4 m from 423.3 m
Definition of a new portion of deep, high-grade feeder material that is separate from, and parallel
to, the high-grade zone previously defined by TUG-141/TUDDH-601/TUDDH-608
Select high-grade intercepts
Hole ID
From (m)
To (m)
Intercept
(m)
Au g/t
TUG-149
254.4
267.3
12.9
12.89
including
259.2
259.5
0.3
134.97
318.6
322.5
3.9
84.61
including
321.3
321.6
0.3
536.50
321.6
321.9
0.3
530.60
423.3
428.7
5.4
48.65
including
426.0
426.3
0.3
802.47
TUDDH-613
529.0
529.3
0.3
108.52
TUDDH-616
624.2
631.7
7.5
9.43
including
624.2
626.6
2.4
12.11
and
627.2
628.7
1.5
23.59
which includes
627.5
627.8
0.3
63.86
Technical advisor to the Company, Dr. Quinton Hennigh commented:
"
This drilling is leading us
closer and closer to the main conduits of this remarkable high-grade gold system. Without question,
URW3 is turning into a big branch of the 'tree.' The junction between it and the rest of the 500 Zone
looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we
chase this down with further drilling, I think it could lead us to parts of the system in which considerable
gold was deposited. We must keep drilling.
"
Drill holes TUDDH-613 and 616, and TUG-149 were designed to follow up the previously announced
discovery of the very high-grade zone of Au mineralization discovered by hole TUG-141 (
Read June 6,
2022 News Release
), and subsequently followed up by holes TUDDH-601 (
Read August 15, 2022 News
Release
), and TUDDH-608 (
Read Nov. 7, 2022 News Release
).
Holes TUG-149, TUDDH-613, and
TUDDH-616 all intersected a distinct zone, located approximately 60 m to the west of the TUG-141
structural corridor, that corresponds to the down-dip projection of the URW3 lode (
Figure 1
).
The
substantial bonanza-grade intercepts (
Figure 2)
in these drill holes, along with the high-grade intercepts
in a previously reported hole TUG-138 (
Read June 6, 2022 News Release
) of 23.14 g/t Au over 3.0 m
including 118.6 g/t Au over 0.3 m, collectively define a significant vertical extension to URW3 of at least
180 m.
Sr. Vice-President of Exploration, Sergio Cattalani states:
"
This is yet another major advance in
our continuing efforts to follow and delineate what is increasingly understood to be the principal high-
grade feeder at Tuvatu.
While we believe we are rapidly defining major portions of the feeder
structures, we are also confident that we are in no way near its base.
This feeder is developing into a
bonanza-grade zone defined by multiple major channel-ways that appear to coalesce.
With the TUG-
141/TUDDH-601/608 zone, and now the URW3 zone, we have at least two, distinct but likely
interconnected corridors of continuous high-grade mineralization to follow up.
We're just getting
started…
"
Figure 1
below represents a 15 m thick longitudinal section along the dip-extent of the URW3 lode, and
illustrates the effect of TUG-149, TUDDH-613, and TUDDH-616 on what appears to be the downward
extension of this important structure.
The TUDDH-613 and TUDDH-616 traces are relatively short
because the holes are oblique to the section. TUG-149 appears as a longer continuous trace as it
remained at a very low angle to the dip of the URW3 lode.
This is also reflected by the long interval of
12.9m of 12.89 g/t Au from 254.4-267.3m depth. TUG-138 (red diamonds) was a pre-existing hole, but
in light of the most recent drill results, is now interpreted to also form part of the downward extension of
the URW3 lode.
Figure 1.
Longitudinal section, 15 m in thickness in the plane of the URW3 lode (striking N007°, dipping
-79°SE). Red dots represent new intercepts reported here; Red diamonds represent intercepts
previously reported by hole TUG-138. Photos of selected intercepts above in
Figure 2
.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/144799_e229c35874cc28b8_001full.jpg
.
Figure 2:
Plate A
: ladder-style vein at low angle to core axis, TUG-149: 251.4m, 35.36 g/t Au;
Plate
B:
close-up view of mineralization consisting of euhedral pyrite and sphalerite in a matrix consisting of a
very fine mixture of silica and dark brown pyrite, TUG-149: 259.5m, 134.97 g/t Au;
Plate C:
coarse VG
on edge of quartz-pyrite veinlet, TUG-149: 321.6m, 536.5 g/t Au;
Plate D:
very coarse VG in quartz-
pyrite veinlet, TUG-149: 426.1m, 802.5 g/t Au;
Plate E:
ladder-style quartz-pyrite vein, TUDDH-616:
605.5m, 17.10 g/t Au;
Plate F:
edge of dark silica-pyrite hydrothermal breccia vein, TUDDH-616:
615.5m, 24.89 g/t Au;
Plate G:
very coarse crystalline and wire VG in a vug along a quartz-pyrite vein,
TUDDH-616: 627.5m, 63.86 g/t Au;
Plate H:
close-up view of the coarse crystalline and wire gold in
same sample as Plate G, photographed using a field binocular microscope.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/144799_fig2lion.jpg
.
Table 1:
Includes the location and other information for listed DDH holes
HOLE ID
EASTING
NORTHING
ELEVATION
AZIMUTH
DIP
DEPTH (M)
TUG-149
1876438
3920584
115.1
115.0
-77.0
in progress
TUDDH-613
1876280
3920472
286.3
90.0
-68.0
869.90
TUDDH-616
1876280
3920472
286.3
92.0
-71.0
767.70
Table 2:
Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are displayed in red.
Intervals
> 9.0 g/t Au or longer than 1.2 m are displayed in
bold
.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
TUG-149
187.5
188.1
0.6
0.86
208.5
208.8
0.3
0.72
236.1
237.0
0.9
1.85
245.4
248.1
2.7
1.49
251.1
252.0
0.9
13.77
including
251.4
251.7
0.3
35.36
254.4
267.3
12.9
12.89
including
255.0
255.3
0.3
5.60
including
255.9
256.2
0.3
44.14
including
256.2
256.5
0.3
59.64
including
256.8
257.1
0.3
17.64
including
257.1
257.4
0.3T
33.17
including
257.4
257.7
0.3
17.41
including
257.7
258.0
0.3
46.76
including
258.0
258.3
0.3
29.45
including
259.2
259.5
0.3
134.97
including
259.5
259.8
0.3
15.90
including
259.8
260.1
0.3
5.86
including
260.1
260.4
0.3
60.19
including
260.4
260.7
0.3
21.32
including
261.3
261.6
0.3
14.55
including
261.6
261.9
0.3
7.95
312.0
313.5
1.5
16.02
including
312.6
312.9
0.3
60.03
including
312.9
313.2
0.3
12.02
including
313.2
313.5
0.3
6.60
315.0
315.6
0.6
1.72
318.6
322.5
3.9
84.61
including
318.9
319.2
0.3
7.48
including
321.3
321.6
0.3
536.50
including
321.6
321.9
0.3
530.60
including
321.9
322.2
0.3
5.32
353.1
353.4
0.3
0.59
359.4
360.0
0.6
5.26
including
359.4
359.7
0.3
8.89
390.3
390.6
0.3
0.53
393.6
393.9
0.3
0.58
394.8
395.7
0.9
0.71
401.7
402.3
0.6
0.87
419.7
420.0
0.3
1.93
423.3
428.7
5.4
48.65
including
424.8
425.1
0.3
5.53
including
425.1
425.4
0.3
5.26
including
425.7
426.0
0.3
17.53
including
426.0
426.3
0.3
802.47
including
426.6
426.9
0.3
6.31
including
426.9
427.2
0.3
7.05
including
427.8
428.1
0.3
18.01
432.3
432.9
0.6
0.58
441.0
441.3
0.3
9.20
486.4
490.6
4.2
8.96
including
487.0
487.3
0.3
7.22
including
487.9
488.2
0.3
5.88
including
488.2
488.5
0.3
10.33
including
489.1
489.4
0.3
7.67
including
489.4
489.7
0.3
49.97
including
489.7
490.0
0.3
35.57
hole still in progress
TUDDH-613
35.5
36.1
0.6
0.59
37.0
37.9
0.9
0.78
160.4
161.0
0.6
1.38
452.2
452.5
0.3
0.68
529.0
529.3
0.3
108.52
531.1
532.0
0.9
0.82
535.6
543.1
7.5
2.76
including
539.8
543.1
3.3
5.45
which includes
540.7
541.3
0.6
25.10
551.2
554.2
3.0
8.39
including
551.2
552.1
0.9
5.02
including
552.1
552.7
0.6
11.67
including
553.3
553.9
0.6
9.36
including
553.9
554.2
0.3
24.54
580.0
580.9
0.9
0.50
594.6
596.1
1.5
0.65
627.4
631.9
4.5
0.96
633.7
634.0
0.3
0.71
755.0
755.3
0.3
0.51
TUDDH-616
36.8
37.7
0.9
0.70
604.6
607.9
3.3
2.99
including
605.2
606.1
0.9
8.65
which includes
605.2
605.5
0.3
17.10
614.8
617.6
2.8
5.73
including
615.1
616.4
1.3
11.55
which includes
615.4
615.7
0.3
24.89
618.8
620.3
1.5
3.91
including
618.8
619.4
0.6
7.61
624.2
631.7
7.5
9.43
including
624.2
626.6
2.4
12.11
including
627.2
628.7
1.5
23.59
which includes
627.2
627.5
0.3
37.09
and also includes
627.5
627.8
0.3
63.86
including
629.9
631.1
1.2
3.43
633.5
634.7
1.2
16.76
including
634.1
634.7
0.6
29.54
636.5
637.1
0.6
0.59
About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral
resource for Tuvatu as disclosed in the technical report "Technical Report and Preliminary Economic
Assessment for the Tuvatu Gold Project, Republic of Fiji", dated September 25, 2020, and prepared by
Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au
(274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0
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
.
Qualified Person
In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-
101"), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the
Company and has reviewed and is responsible for the technical and scientific content of this news
release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in
conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond
drill rigs, using PQ, HQ and NQ sized drill core rods. The drill core is logged and split by Lion One
personnel on site. Samples are delivered to and analyzed at the Company's geochemical and
metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-
assayed at Lion One's lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay
determinations. All samples for all high-grade intercepts are sent to ALS for check assays. 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 10.00 g/t Au are then re-analyzed by
gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried
out and repeated until a result is obtained that is within 10% of the original fire assay run. 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 suite of 9 important pathfinder elements.
All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by 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).
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 envisions 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
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 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",
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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 labour 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/144799