Lion One Intersects 10.67 g/t Au over 11.1m with 3.5m True Width from Zone 500 Drilling at the Tuvatu Alkaline Gold Project in Fiji
Lion One Intersects 10.67 g/t Au over 11.1m
with 3.5m True Width from Zone 500 Drilling at
the Tuvatu Alkaline Gold Project in Fiji
North Vancouver, British Columbia--(Newsfile Corp. - January 25, 2023) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
announces further high-
grade assay results ongoing Zone 500 drilling at the Company's 100%-owned Tuvatu Alkaline Gold
Project in Fiji.
Underground drill holes TUG-147 and TUG-150 were drilled to further test the high-grade zone originally
defined by drill holes TUG-141, TUDDH-601 and TUDDH-608, previously reported on
June 6, 2022
,
August 15, 2022
, and
November 7, 2022
, respectively.
Highlights include:
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUG 147
263.1
274.2
11.1
10.67
UR2
including
263.1
268.8
5.7
13.45
UR2
which includes
265.5
266.7
1.2
51.18
UR2
which includes
265.5
265.8
0.3
144.31
UR2
and includes
268.2
268.5
0.3
16.02
UR2
and including
270.0
274.2
4.2
9.86
UR2
which includes
272.1
272.7
0.6
45.82
UR2
and
273.6
273.9
0.3
11.95
UR2
311.1
313.8
2.7
4.18
UR1
including
311.4
311.7
0.3
15.81
UR1
TUG-150
225.6
227.1
1.5
17.02
UR3
including
226.5
227.1
0.6
39.20
UR3
270.9
273.0
2.1
3.6
UR3
including
272.4
272.7
0.3
11.93
UR3
315.3
323.7
8.4
8.84
UR2
including
315.6
315.9
0.3
108.57
UR2
including
318.6
319.8
1.2
14.71
UR2
which includes
318.6
318.9
0.3
28.51
UR2
327.6
327.9
0.3
59.85
UR2
329.7
330.3
0.6
11.49
UR2
including
330.0
330.3
0.3
18.24
UR2
350.1
351.9
1.8
4.26
UR2
including
351.3
351.6
0.3
12.85
UR2
TUG-147 was drilled to cross the northern extension of the UR2-UR1 NS lodes that appear to define a
wedge-shaped high-grade zone bounded by the UR2 and UR4 lodes, to thus test the mineralization
associated with UR lodes, and to provide structural information on the orientations of mineralized veins
and lode arrays.
The drillhole lifted more than expected and crossed the zone at a somewhat lower
elevation (shallower) than intended (Figure 1). Nevertheless, TUG-147 drilling across the UR2 structure,
intersected
11.1m at 10.67 g/t Au from 263.1 to 274.4m, which includes 5.7m at 13.45 g/t Au,
including 1.2m at 51.18 g/t Au, and 4.2m at 9.86 g/t Au
corresponding to the intersection of the main
NS-trending UR2 lode and NE-trending mineralized veining (Figure 2, Table 1).
The calculated true
horizontal width of this intersection is 3.5m.
Figure 1.
Vertical section looking east showing the positions of TUG-147 and TUG-150 relative to the
drill holes that defined high-grade mineralization TUG-141, TUDDH-601 and TUDDH-608.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_001full.jpg
Figure 2.
Vertical section looking north showing the mineralized interval in TUG-147 of 11.1m at 10.67
g/t Au corresponding to the UR2 lode.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_002full.jpg
TUG-150 was targetted to cross the high-grade zone below TUG-141 and north of TUDDH-608.
The
hole drifted to the right (south) more than expected and only skimmed along
the UR2 lode at a low angle,
without crossing the high-grade zone at the targetted location (Figures 1 & 3).
Nevertheless, very high-
grade mineralization was intersected over a significant downhole length of
8.4m at 8.84 g/t Au,
including 0.3m at 108.57 g/t Au, and 1.2m at 14.71 g/t Au which includes 0.3m at 28.51 g/t Au
along the UR2 lode, further confirming the bonanza grade nature of the UR2 lode at this location (Figure
4, Table 1).
A follow-up drill hole (TUG-152) still currently drilling, was collared from the same setup but
with modified azimuth and dip, and represents an additional attempt to drill across the UR2 structure
near this location, and to test the possible NE down-plunge extent to the mineralization recorded by
TUDDH-608
see Nov. 7, 2022 news release
. The results of TUG-152 will be reported pending
completion.
The structural information gained from the oriented core measurements collected from holes TUG-147 &
TUG-150 are presented and discussed in the
AME Roundup slide deck
located on the website at this
location:
https://liononemetals.com/investors/presentations/
.
Figure 3.
Horizontal plan looking straight down showing the location of TUG-147 and TUG-150 drill hole
traces relative to the high-grade mineralization defined by TUG-141.
The TUG-150 hole did not cross the
UR2-UR1 mineralized corridor, remaining along the UR2 structure.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_003full.jpg
Figure 4.
Photos of mineralization from TUG-150: A, B) 315.9m, 0.3m at 108.57 g/t Au, red circle
indicates coarse VG; C) 318.9m, 0.3m at 28.51 g/t Au; D) 327.9m, 0.3m at 59.85 g/t Au.
Red circle on
the right indicates VG observed.
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/2178/152427_Figure4.jpg
Table 1.
Composited results from TUG-147 and TUG-150 drilling.
The interpreted lode for each
composited intercept is indicated.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUG-147
179.1
189.9
10.8
2.26
UR3
200.1
206.4
6.3
1.21
UR3
245.4
246.0
0.6
2.51
263.1
274.2
11.1
10.67
UR2
including
263.1
268.8
5.7
13.45
UR2
which includes
265.5
266.7
1.2
51.18
UR2
which includes
265.5
265.8
0.3
144.31
UR2
and includes
268.2
268.5
0.3
16.02
UR2
and including
270.0
274.2
4.2
9.86
UR2
which includes
272.1
272.7
0.6
45.82
UR2
and
273.6
273.9
0.3
11.95
UR2
273.9
274.2
0.3
1.92
UR2
289.8
291.0
1.2
0.97
311.1
313.8
2.7
4.18
UR1
including
311.4
311.7
0.3
15.81
UR1
326.7
327.0
0.3
0.69
327.6
327.9
0.3
0.58
334.5
334.8
0.3
0.54
335.1
335.4
0.3
0.53
337.5
337.8
0.3
1.72
341.7
342.0
0.3
0.8
537.0
539.1
2.1
1.84
540.9
543.9
3.0
0.79
555.6
556.2
0.6
0.73
TUG-150
225.6
227.1
1.5
17.02
UR3
including
226.5
227.1
0.6
39.2
UR3
232.8
233.4
0.6
0.95
UR3
234.6
240.0
5.4
2.25
UR3
242.1
245.7
3.6
2.32
UR3
248.4
249.6
1.2
2.59
UR3
251.1
252.0
0.9
0.94
UR3
270.9
273.0
2.1
3.6
UR3
including
272.4
272.7
0.3
11.93
UR3
276.0
276.6
0.6
0.66
UR3
278.4
279.0
0.6
0.69
UR3
280.2
281.1
0.9
1.91
UR3
296.4
297.9
1.5
2.01
UR3
300.6
300.9
0.3
4.7
UR3
312.3
313.5
1.2
0.62
UR3
315.3
323.7
8.4
8.84
UR2
including
315.6
315.9
0.3
108.57
UR2
including
318.6
319.8
1.2
14.71
UR2
which includes
318.6
318.9
0.3
28.51
UR2
327.6
327.9
0.3
59.85
UR2
329.7
330.3
0.6
11.49
UR2
including
330.0
330.3
0.3
18.24
UR2
350.1
351.9
1.8
4.26
UR2
including
351.3
351.6
0.3
12.85
UR2
363.6
364.8
1.2
2.44
UR2
Table 2.
Survey details of diamond drill holes referenced in this release.
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
m
Deg.
(TN)
TUG-147
3920584.2
1876438.2
115.1
582.0
-75
095
TUG-150
3920584.8
1876436.5
115.9
467.3
-71
130
TUG-152
3920584
1876436
115
in progress
-72
123
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. 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
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