Lion One Reports High-Grade Gold Results from Zone 2 at Tuvatu
Lion One Reports High-Grade Gold Results
from Zone 2 at Tuvatu
North Vancouver, British Columbia--(Newsfile Corp. - October 19, 2023) -
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 ongoing infill and grade control drilling at its 100% owned
Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for infill and grade control drilling completed in the Zone 2 area of
Tuvatu, focusing primarily on the Murau lode system. Mining of the Murau lode system has commenced
and grade control drilling is being conducted in advance of further mining in this area. Infill drilling is
being conducted to target the up-dip and down-dip extensions of the Murau lodes. The results reported
here represent material that is scheduled to be mined in Q4 2023 and throughout 2024.
Lion One Chairman and CEO Walter Berukoff commented: "After celebrating our first gold pour at
Tuvatu on
October 10
th
, we now turn our focus back to grade control and infill drilling. These drill
programs continue to yield positive results and to strengthen our understanding of the mineralization at
Tuvatu. We are pleased to present yet another batch of high-grade results from the Zone 2 area of
Tuvatu, an area which will serve to feed our brand-new mill in the mid-to-near term future."
Highlights of Zone 2 drilling (3.0 g/t cutoff):
84.96 g/t Au over 1.2 m
(TGC-0092, from 4.5 m depth)
20.69 g/t Au over 4.2 m
(including 40.22 g/t Au over 0.9 m) (TUDDH-677, from 76.5 m depth)
13.60 g/t Au over 5.1 m
(including 98.87 g/t Au over 0.3 m) TUDDH-663, from 89.1 m depth)
13.22 g/t Au over 5.1 m
(including 50.54 g/t Au over 0.3 m) (TGC-0085, from 56.5 m depth)
15.64 g/t Au over 3.9 m
(including 23.48 g/t Au over 1.2 m) (TUDDH-680, from 140.9 m depth)
38.26 g/t Au over 1.5 m
(including 41.99 g/t Au over 0.6 m) (TUDDH-663, from 177.3 m depth)
34.77 g/t Au over 0.9 m
(including 35.67 g/t Au over 0.3 m) (TUDDH-680, from 146.6 m depth)
31.25 g/t Au over 1.2 m
(TUDDH-680, from 148.7 m depth)
15.12 g/t Au over 2.1 m
(including 22.42 g/t Au over 1.2 m) (TUDDH-678, from 135.3 m depth)
13.61 g/t Au over 2.1 m
(including 42.48 g/t Au over 0.6 m) (TUDDH-666, from 184.6 m depth)
11.19 g/t Au over 2.4 m
(including 30.75 g/t Au over 0.6 m) (TGC-0090, from 45.3 m depth)
9.26 g/t Au over 2.7 m
(including 13.11 g/t Au over 0.9 m) (TGC-0089, from 48.8 m depth)
82.33 g/t Au over 0.3 m
(TGC-0092, from 28.2 m depth)
Figure 1. Location of Zone 2 Grade Control and Infill Drillholes.
Plan view of Tuvatu showing the
Zone 2 grade control and infill drillholes included in this news release in relation to the mineralized lodes
at Tuvatu. Drillholes are shown in black, mineralized lodes in grey, and underground developments in
red.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_001full.jpg
Table 1. Highlights of composited grade control and infill drill results in the Zone 2 area
.
Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t
Au. For full results see Table 2 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0092
4.5
5.7
1.2
84.96
TUDDH-677
76.5
80.7
4.2
20.69
including
78.3
80.7
2.4
32.81
which includes
78.3
79.2
0.9
40.22
and
79.2
79.8
0.6
13.08
and
79.8
80.7
0.9
38.56
TUDDH-663
89.1
94.2
5.1
13.6
including
89.1
90.6
1.5
35.51
which includes
89.1
89.4
0.3
13.99
and
89.4
89.7
0.3
40.56
and
89.7
90
0.3
12.09
and
90
90.3
0.3
12.03
and
90.3
90.6
0.3
98.87
and also including
93.6
94.2
0.6
15.25
TGC-0085
56.5
61.6
5.1
13.22
including
57.1
57.7
0.6
35.68
and
58.6
59.5
0.9
20.89
and
60.1
60.4
0.3
50.54
TUDDH-680
140.9
144.8
3.9
15.64
including
140.9
142.1
1.2
21.38
and
143.6
144.8
1.2
23.48
TUDDH-663
177.3
178.8
1.5
38.26
including
177.3
178.2
0.9
35.78
and
178.2
178.8
0.6
41.99
TUDDH-680
146.6
147.5
0.9
34.77
including
146.6
147.2
0.6
34.33
and
147.2
147.5
0.3
35.67
TUDDH-680
148.7
149.9
1.2
31.25
TUDDH-678
135.3
137.4
2.1
15.12
including
136.2
137.4
1.2
24.63
TUDDH-666
184.6
186.7
2.1
13.61
including
186.1
186.7
0.6
42.48
TGC-0090
45.3
47.7
2.4
11.19
including
47.1
47.7
0.6
30.75
which includes
47.1
47.4
0.3
25.52
and
47.4
47.7
0.3
35.89
TGC-0089
48.8
51.5
2.7
9.26
including
48.8
49.7
0.9
13.11
and
50.6
51.5
0.9
10.21
TGC-0092
28.2
28.5
0.3
82.33
TUDDH-663
169.2
171.6
2.4
7.96
including
170.1
171.3
1.2
11.92
which includes
170.7
171.3
0.6
15.55
TGC-0095
60.3
60.6
0.3
62.38
Murau Lodes
The Murau lodes are located within the Zone 2 area of Tuvatu, along the upper portion of the western
decline in the northwest part of the deposit. The Zone 2 area encompasses a number of distinct lode
systems, including the URW1, URA1, and Murau lode systems. The Zone 2 area was the first to
commence mining at Tuvatu and mining is ongoing in all three of these lode systems.
The current round of infill and grade control drilling in the Zone 2 area is focused on the Murau lode
system, which is modelled as a series of stacked relatively flat lying lodes that strike approximately east-
west and dip moderately to the south. The portion of the Murau lode system that is currently targeted for
mining consists of a vertical extent of 55 m, an east-west strike length of 110 m, and a down-dip
extension of 100 m.
Figure 2. Murau Lode System.
Oblique section of the Murau lode system in relation to the infill and
grade control drillholes reported here. View is to the ESE and slightly down dip along the Murau lodes.
The stacked nature of the Murau lodes is visible in the image. Grade control drilling is focused on near-
term mining whereas infill drilling is focused on the up-dip and down-dip extensions of the lodes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_002full.jpg
A total of 10 infill and 11 grade control drillholes are included in this release. The infill drill program was
conducted from surface and was designed to target the up-dip and down-dip extension of the Murau
lodes on approximately 20 m centers. The goal of the program is to provide an increased understanding
of the system's mineralization and geometry in these areas. The grade control drill program was
conducted from underground on 5-10 m centers and was designed to provide much higher resolution of
the Murau lode system in advance of mine development and extraction. The location of high-grade
intercepts is shown in Figure 3 while examples of Murau lode mineralization are shown in Figure 4. The
Zone 2 infill and grade control drill programs are ongoing. Previous drill results from the Zone 2 area can
be seen in the news releases dated
September 14, 2023
,
June 14, 2023
, and
April 25, 2023
.
Figure 3. Location of High-Grade Intercepts from Zone 2 Infill and Grade Control Drilling, 3.0 g/t
Au cutoff.
Oblique section view of the Murau lode system highlighting the high-grade intercepts from the
Zone 2 infill and grade control drill program in the Murau system. View is to the ESE and slightly down
dip along the Murau lodes. Downhole composite intervals with grades between 3 and 10 g/t Au are
shown in orange, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30
g/t Au are shown in purple. Select high-grade intervals are identified. Grades shown are gold grades in
g/t.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_003full.jpg
Figure 4. Example Mineralization from Zone 2 Infill and Grade Control Drilling.
Top left:
Monzonite-hosted quartz vein with coarse grained pyrite and honey-sphalerite (TUDDH-678, 136.3 m).
Top right: Vuggy chalcedony-pyrite veinlet with well-developed alteration selvage (TUDDH-667, 156.3
m). Bottom left: Vuggy quartz vein with coarse-grained pyrite and honey sphalerite within a 5.1 m zone of
13.22 g/t Au (TGC-0085, 60.2 m). Bottom right: Monzonite-hosted quartz-pyrite-sphalerite vein (TUDDH-
661, 131.7 m). Core diameter is 4.76 cm in each photo.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_004full.jpg
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.sedarplus.ca
.
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
85% 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", "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 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.
Appendix 1: Full Drill Results and Collar Information
Table 2
. Composited results from grade control and infill drillholes in the Zone 2 area (grade >3.0 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0085
45.7
46.6
0.9
3.3
TGC-0085
47.5
48.7
1.2
4.69
TGC-0085
50.5
51.7
1.2
4.7
TGC-0085
54.4
54.7
0.3
15.23
TGC-0085
56.5
61.6
5.1
13.22
including
57.1
57.7
0.6
35.68
and
58.6
59.5
0.9
20.89
and
60.1
60.4
0.3
50.54
TGC-0087
23.4
24
0.6
10.82
including
23.7
24
0.3
14.44
TGC-0087
39.6
40.8
1.2
3.12
TGC-0087
49.8
50.1
0.3
3.72
TGC-0089
38.7
39.6
0.9
3.49
TGC-0089
41.6
41.9
0.3
12.45
TGC-0089
44.6
45.5
0.9
6.26
TGC-0089
48.8
51.5
2.7
9.26
including
48.8
49.7
0.9
13.11
and
50.6
51.5
0.9
10.21
TGC-0090
0
0.9
0.9
3.86
TGC-0090
34.8
35.4
0.6
6.74
TGC-0090
45.3
47.7
2.4
11.19
including
47.1
47.7
0.6
30.75
which includes
47.1
47.4
0.3
25.52
and
47.4
47.7
0.3
35.89
TGC-0091
27
27.3
0.3
7.94
TGC-0091
33.6
34.2
0.6
5.59
TGC-0091
44.1
44.4
0.3
14.89
TGC-0092
4.5
5.7
1.2
84.96
TGC-0092
28.2
28.5
0.3
82.33
TGC-0092
39
39.6
0.6
11.7
including
39.3
39.6
0.3
15.64
TGC-0092
42.6
43.5
0.9
5.18
TGC-0094
12.2
13.1
0.9
5.11
TGC-0094
49.1
50.3
1.2
15.29
TGC-0095
39
40.2
1.2
13.7
including
39.3
39.6
0.3
20.22
and
39.9
40.2
0.3
30.52
TGC-0095
42.6
43.5
0.9
15.49
TGC-0095
54.9
55.2
0.3
6.72
TGC-0095
60.3
60.6
0.3
62.38
TGC-0100
8.4
9.3
0.9
3.64
TGC-0100
48.6
48.9
0.3
35.93
TGC-0100
60.9
61.2
0.3
9.85
TGC-0100
68.4
68.7
0.3
15.02
TGC-0100
72.9
73.5
0.6
5.3
TUDDH-661
118.9
120.1
1.2
3.03
TUDDH-661
131.5
132.1
0.6
7.09