Lion One Reports New High-grade Gold Results at Tuvatu
Lion One Reports New High-grade Gold
Results at Tuvatu
North Vancouver, British Columbia--(Newsfile Corp. - April 25, 2023) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
reports significant new
high-grade results from grade control drilling at the Company's 100% owned Tuvatu Alkaline Gold
Project in Fiji.
Following on the initial mining and extraction of the URA1 lode, the Company is here reporting new high-
grade results from grade control drilling on the URW1 lode system, approximately 120m further east.
Mining of URW1 is expected to begin over the next 2-4 weeks. Strike drive development on URW1 has
commenced.
Highlights of new high-grade gold mineralization intersected by grade control drilling:
Multiple bonanza grade zones have been intersected including:
88.07g/t Au over 5.7m
(including 1,396g/t Au over 0.3m) (TGC-0034)
27.52g/t Au over 5.55m
(TUG-056)
20.93g/t Au over 7.2m
(TGC-0003)
16.12g/t Au over 9.3m
(TGC-0014)
16.48g/t Au over 9.6m
(TGC-0002)
14.6g/t Au over 6.6m
(TGC-0032)
14.97g/t Au over 5.4m
(TGC-0018)
10.85g/t Au over 6.9m
(TGC-0013)
Visible was gold observed in several drill holes.
Figure 1.
Plan map showing the locations of the URA1 and URW1 lodes (in red) relative to the main
Tuvatu decline. The gray outlines indicate planned development to reach the URW1 lodes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/163583_9a144002c4db2a3f_001full.jpg
Close spaced grade control drilling has resulted in much higher resolution of the lode arrays as
compared to previous infill drilling, including the identification of bonanza grade (>50g/t Au) zones.
The tightened drill pattern will facilitate optimised development and extraction of high-grade gold
mineralization from the URW1 lodes while minimizing dilution. High-grade gold mineralization extracted
from the URW1 lode system will contribute significantly to the growing high-grade stockpile constituting
the initial feed for the Company's plant and processing facility, on schedule for start-up in Q4 2023.
Mineralization
Mineralization consists of abundant free gold, typically in association with light to dark gray chalcedonic
quartz and roscoelite, locally accompanied by minor amounts of pyrite, sphalerite, galena and lesser
chalcopyrite (Figure 3).
Figure 2.
Long section view west of grade control drilling at URW1. Intersections >5m and 10g/t Au
highlighted in red.
To view an enhanced version of this graphic, please visit:
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Figure 3
. A) Coarse disseminated gold in a quartz-roscoelite veinlet, TGC-0034 67.5m.
Sample
returned 1396.3 g/t Au over 0.3m. B) Coarse gold in gray quartz veinlet, TGC-0034 81.6m.
Sample
returned 166.2 g/t Au over 0.9m. C) Coarse honey sphalerite rimmed by dark pyrite in variable light to
dark gray quartz vein, TGC-0032 71.0m. Sample returned 112.9 g/t Au over 0.3m.
D) Banded
chalcedonic quartz-roscoelite-pyrite-fine native gold, TGC-0002 77.4m.
Sample returned 44.3 g/t Au
over 0.3m.
To view an enhanced version of this graphic, please visit:
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URW1 Lode System
The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein
swarms that strike approximately N-S and dip sub-vertically to steeply east and is located approximately
120m east of the URA1 lode (Figure 1, 2, 4).
As currently modelled based on earlier drilling, the URW1 lode measures approximately 300m in the NS-
direction by approximately 300m of vertical extent, thus forming one of the major N-S trending lodes that
have been recognized in this part of the Tuvatu deposit. The URW1 lode intersects with numerous flat-
lying to moderately south-dipping EW veins referred to as the Murau lode system (Figure 4).
Grade control drilling has been conducted from both the new decline and the historic exploration adit
(Figures 1 & 2). This drilling is targeting a 60m strike section of the URW1 system, within the >300m
strike of the overall URW1 system. Detailed drilling of this nature is the first conducted at the project and
has served to confirm both the location of structures and the extent of some of the higher-grade zones
within the overall mineralized envelope. These bonanza zones (>50g/t Au * true width) have been
intersected that show a considerably higher-grade than the previous wide-spaced resource drilling in the
area. The high-grade zones are interpreted to relate to the intersection of the N-S URW1 lode with E-W
striking structures such as the Murau lodes.
Figure 4.
Plan view of 3D models illustrating the earlier interpretation of the URA1 and URW1 lodes
(blue).
The lighter pink shapes are the flat-lying stacked Murau lodes (left) and SKL lodes (right).
Underground development is shown in red.
To view an enhanced version of this graphic, please visit:
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The URW1 lode system is interpreted as a series of parallel vein arrays.
This interpretation has come by way of a series of closely spaced grade control drill holes, drilled from
two separate locations, east-directed drilling from the main decline, as well as west-directed drilling from
the exploration decline (Figure 1).
To date, a total of 34 diamond drill holes totalling approximately
3538m have been completed resulting in 5m to 10m spacing between adjacent holes covering a limited
extent of the URW1 lode system.
Despite the relatively limited size of the area drilled thus far, the grade
control program has significantly increased the level of confidence in the geometry, widths, and grade
distribution of the URW1 lodes, thereby allowing for detailed development planning.
Composited assay results for mineralized intervals interpreted as URW1 lodes in holes completed to
date are presented in Table 1, with Tables 2 and 3 in the appendix containing full drill hole details. The
URW1 lode system represents the next main area of mining and extraction of high-grade mineralization
at Tuvatu. Development has commenced with first grade control and mapping expected shortly.
Table 1.
Summary of composited drill results intersecting mineralization from the area of URW1 in this
release. (TGC = new grade control drilling ordered by strongest intersections; TUDDH and TUG
indicates previous exploration drilling (surface and underground) targeting this zone). For full results refer
Table 2 in the appendix.
Hole ID
Grade
(g/t Au)
Drill intersection width (m)
True Width (m)
TGC-0034
88.07
5.7
5.1
TUG-056
27.52
5.55
5.5
TGC-0003
20.93
7.2
6.5
TGC-0014
16.12
9.3
8.4
TGC-0002
16.48
9.6
8.2
TUG-058
100.21
0.85
0.85
TGC-0032
14.6
6.6
5.3
TGC-0018
14.97
5.4
4.9
TGC-0013
10.85
6.9
6.2
TGC-0011
11.04
5.4
4.6
TGC-0035
6.6
6.55
6.2
TGC-0019
11.57
3.6
3.4
TGC-0028
11.52
4.8
3.4
TGC-0031
8.86
5.1
4.1
TUDDH-350
21.11
2.7
1.7
TUDDH-349
14.37
9.73
2.4
TGC-0016
4.35
8.1
7.7
TUDDH-409
7.83
6.77
4.1
TGC-0005
10.14
3
2.4
TUDDH-219
8.33
14.15
2.9
TGC-0008
10.29
3
2.3
TUG-057
17.7
1.2
1.1
TURC-167
8.88
3
1.8
TGC-0009
4.58
3.6
3.2
TGC-0017
2.22
6.9
6.2
TGC-0036
5.16
3
2.3
TGC-0025
5.04
3
2.3
TGC-0029
1.6
3.3
2.6
TGC-0030
3.22
1.5
1.2
TGC-0015
2.39
1.8
1.4
TUDDH-225
0.73
0.9
0.9
TUG-123
0.32
0.95
0.8
TUDDH-075
0.84
0.35
0.25
TUG-125
0.2
0.54
0.3
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
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 drill details
Table 2
. Composited results from grade control drillholes targeting the URW1 lodes
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
TGC-0001
33.0
33.9
0.9
0.64
TGC-0002
77.1
77.4
0.3
44.25
TGC-0002
80.1
84.9
4.8
8.03
TGC-0002
including
80.1
82.2
2.1
11.60
TGC-0002
which includes
81.6
81.9
0.3
72.20
TGC-0002
and including
83.1
84.9
1.8
7.86
TGC-0002
89.4
97.5
8.1
13.07
TGC-0002
including
89.4
91.2
1.8
4.68
TGC-0002
including
92.1
97.5
5.4
17.97
TGC-0002
which includes
93.6
93.9
0.3
41.54
TGC-0002
and
93.9
94.2
0.3
45.40
TGC-0002
and
94.2
94.5
0.3
74.38
TGC-0002
and
94.5
94.8
0.3
38.43
TGC-0002
and
94.8
95.1
0.3
56.89
TGC-0002
100.2
103.8
3.6
7.93
TGC-0002
108.3
111.9
3.6
10.09
TGC-0002
including
108.3
109.2
0.9
4.05
TGC-0002
including
110.1
111.9
1.8
18.15
TGC-0002
which includes
111.0
111.3
0.3
77.72
TGC-0002
113.7
114.6
0.9
17.11
TGC-0003
52.5
53.4
0.9
2.79
TGC-0003
77.4
80.4
3.0
3.84
TGC-0003
including
77.4
77.7
0.3
5.34
TGC-0003
and
78.6
78.9
0.3
4.40
TGC-0003
and
79.2
79.5
0.3
27.18
TGC-0003
89.7
95.7
6.0
9.57
TGC-0003
including
89.7
93.3
3.6
14.63
TGC-0003
which includes
90.6
91.2
0.6
81.18
TGC-0003
98.0
99.2
1.2
0.95
TGC-0003
102.2
110.6
8.4
5.73
TGC-0003
including
102.2
107.0
4.8
7.97
TGC-0003
which includes
105.8
106.1
0.3
35.58
TGC-0003
and includes
107.3
108.5
1.2
6.84
TGC-0003
112.4
112.7
0.3
1.15
TGC-0003
115.1
116.0
0.9
59.85
TGC-0004
3.4
4.3
0.9
2.93
TGC-0005
75.3
75.9
0.6
2.11
TGC-0005
91.5
99.0
7.5
2.77
TGC-0005
including
93.3
94.2
0.9
10.67
TGC-0005
102.6
102.9
0.3
2.10
TGC-0005
104.1
104.7
0.6
21.01
TGC-0005
107.1
108.0
0.9
1.65
TGC-0005
109.8
110.4
0.6
0.78
TGC-0005
120.0
122.1
2.1
2.51
TGC-0005
including
121.8
122.1
0.3
14.83
TGC-0007
28.2
28.5
0.3
1.31
TGC-0008
74.8
76.9
2.1
10.51
TGC-0008
82.3
82.9
0.6
25.57
TGC-0008
94.0
94.3
0.3
4.20
TGC-0008
96.4
101.2
4.8
3.77
TGC-0008
including
96.4
98.5
2.1
3.73
TGC-0008
and
99.1
101.2
2.1
4.78
TGC-0008
105.1
105.7
0.6
2.78
TGC-0008
108.7
109.3
0.6
1.05
TGC-0008
110.8
111.4
0.6
2.16
TGC-0008
122.5
123.1
0.6
61.39
TGC-0009
18.6
21.3
2.7
0.91
TGC-0009
28.5
29.1
0.6
1.61
TGC-0009
30.9
31.5
0.6
8.33
TGC-0009
32.7
34.2
1.5
33.38
TGC-0009
49.5
49.8
0.3
10.54
TGC-0009
53.4
56.4
3.0
1.07
TGC-0009
61.2
61.5
0.3
1.97
TGC-0009
65.4
65.7
0.3
3.06
TGC-0009
66.9
67.8
0.9
6.10
TGC-0009
69.0
75.0
6.0
5.01
TGC-0009
including
69.6
70.2
0.6
4.66
TGC-0009
and
70.5
72.3
1.8
6.62
TGC-0009
and
72.9
73.5
0.6
6.80
TGC-0009
and
73.8
75.0
1.2
8.78
TGC-0009
76.5
78.0
1.5
0.97
TGC-0010
17.1
18.9
1.8
6.52
TGC-0010
including
17.1
17.4
0.3
37.04
TGC-0010
20.1
21.0
0.9
2.54
TGC-0010
23.4
30.3
6.9
2.67
TGC-0010
including
24.9
27.6
2.7
4.71
TGC-0010
36.0
36.9
0.9
8.92
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)