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. - September 14, 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 grade control drilling at its 100% owned Tuvatu
Alkaline Gold Project in Fiji.
Assay results are presented here for grade control drilling completed in the Zone 2 area of Tuvatu,
focusing primarily on the URW1, URA1 and Murau lode systems. Mining of the URA1 lode and the
URW1 lode system is ongoing and grade control drilling is being conducted in advance of future mining
in these areas (see news releases dated
April 3, 2023
and
May 18, 2023
). 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: "The results from our grade control drill
program continue to exceed expectations. The program is continuously returning very high-grade
material with excellent mining widths. As we increase our drill density at Tuvatu we continue to identify
very high-grade zones upon which to focus and prioritize our mining plan, and which will help us to add
additional tonnage to our growing stockpile of high-grade material as we ramp up to our first gold
production in Q4 2023".
Highlights of new Zone 2 grade control drilling (3 g/t Au cutoff):
19.78 g/t Au over 6.0 m (including 31.52 g/t Au over 3.0 m) (TGC-0071, from 114.0 m depth)
14.83 g/t Au over 6.0 m (including 25.16 g/t Au over 2.4 m) (TGC-0055, from 90.9 m depth)
18.08 g/t Au over 3.6 m (including 32.74 g/t Au over 1.5 m) (TGC-0073, from 90.0 m depth)
25.25 g/t Au over 2.4 m (including 149.63 g/t Au over 0.3 m) (TGC-0078, from 95.2 m depth)
45.89 g/t Au over 0.9 m (TGC-0080, from 23.4 m depth)
8.00 g/t Au over 4.8 m (including 21.05 g/t Au over 0.9 m) (TGC-0080, from 47.4 m depth)
8.52 g/t Au over 3.3 m (including 11.16 g/t Au over 1.8 m) (TGC-0053, from 13.8 m depth)
17.73 g/t Au over 1.5 m (including 20.98 g/t Au over 0.9 m) (TGC-0053, from 56.4 m depth)
14.13 g/t Au over 1.8 m (including 18.64 g/t Au over 1.2 m) (TGC-0062, from 67.5 m depth)
Note: Grade control drillhole composites are calculated using a 3 g/t Au cutoff with maximum internal
dilution intervals of 1 m at < 3 g/t Au.
Figure 1. Location of Zone 2 Grade Control Drillholes.
Left image: Plan view of Tuvatu showing
Zone 2 grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black,
mineralized lodes in pale grey, and underground developments in red. The yellow dashed circle
represents the Zone 2 area of the deposit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_001full.jpg
Table 1. Highlights of composited grade control 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. For full results using a 0.5 g/t cutoff see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
including
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
including
56.4
57.3
0.9
20.98
and
57.3
57.9
0.6
12.86
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
including
90.9
92.7
1.8
12.22
which includes
90.9
91.5
0.6
10.93
and
91.5
91.8
0.3
23.82
and
91.8
92.7
0.9
9.22
and also including
94.5
96.9
2.4
25.16
which includes
94.5
95.4
0.9
35.76
and
95.4
96
0.6
10.87
and
96
96.3
0.3
30.26
and
96.3
96.9
0.6
20.98
TGC-0057
89.4
91.2
1.8
9.22
including
89.4
89.7
0.3
19.23
TGC-0057
113.7
115.2
1.5
10.84
including
114.3
115.2
0.9
15.86
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
including
68.1
68.7
0.6
15.29
and
68.7
69.3
0.6
21.99
TGC-0064
182.9
183.5
0.6
33.08
including
182.9
183.2
0.3
58.29
TGC-0066
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0071
114
120
6
19.78
including
114
114.3
0.3
30.17
and
114.3
114.9
0.6
8.32
and
115.5
115.8
0.3
10.68
and
115.8
116.4
0.6
9.96
and
117
120
3
31.52
which includes
117
117.6
0.6
33.78
and
117.6
118.5
0.9
20.88
and
118.5
119.4
0.9
42.75
and
119.4
120
0.6
28.35
TGC-0073
79.8
81.3
1.5
7.91
including
79.8
80.4
0.6
10.8
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
including
90
90.3
0.3
8.41
and
90.3
90.6
0.3
21.79
and
90.9
92.4
1.5
32.74
which includes
90.9
91.2
0.3
65.52
and
91.2
91.5
0.3
38.81
and
91.5
91.8
0.3
43.67
and
91.8
92.4
0.6
7.86
TGC-0074
80.8
81.4
0.6
41.5
including
80.8
81.1
0.3
35.63
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
including
118.9
119.2
0.3
10.48
and
119.2
119.5
0.3
14.96
and
119.5
119.8
0.3
10.75
and
119.8
120.1
0.3
10.41
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
including
95.2
95.5
0.3
149.63
and
96.1
97.6
1.5
9.28
which includes
96.1
97
0.9
11.85
TGC-0080
21
22.2
1.2
11.67
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
including
48.3
48.6
0.3
18.03
and
48.6
48.9
0.3
17.95
and
49.8
50.7
0.9
21.05
which includes
49.8
50.1
0.3
42.72
and
50.1
50.4
0.3
15.08
TGC-0082
15.5
16.7
1.2
16.96
including
16.1
16.7
0.6
29.06
which includes
16.1
16.4
0.3
34.23
and
16.4
16.7
0.3
23.89
TGC-0083
19.7
20
0.3
10.79
TGC-0083
43.7
45.2
0.6
11.32
including
43.7
44
0.3
10.41
and
44.9
45.2
0.3
12.23
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
including
65
65.3
0.3
18.58
and
65.3
65.6
0.3
31.67
Zone 2
The Zone 2 area of Tuvatu is located in the northwest part of the system along the western decline. It is
the first part of the deposit scheduled for mining and encompasses a number of distinct lode systems,
including the URW1, URA1, and Murau lode systems.
The URW1 lode system was the primary target for the current round of drilling. It consists predominantly
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. Current modelling suggests that there are multiple separate
lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently
being mined. As reported on
July 13, 2023
and
July 27, 2023
, mineralization in these lodes is both
higher grade and more laterally extensive than initially anticipated. Grade control drilling in the URW1
area is targeting the up-dip and down-dip extensions of these lodes, 20 m to 40 m above and below the
current mine drives. The URW1 lode system has a current strike length of approximately 300 m in the N-
S direction, and a vertical extent of approximately 300 m.
Similarly, the URA1 lode is a narrow, steeply dipping, high-grade to locally bonanza-grade vein system. It
was discovered during the development of the western decline and is intersected by the decline at
approximately 75 m from the portal entrance. It trends approximately northeast-southwest and dips
steeply to the southeast. It has a current strike length of approximately 100 m, and a vertical extent of
approximately 120 m.
Figure 2. URA1 Lode and URW1 Lode System.
Plan view (top) and view looking north (bottom) of the
URA1 lode and the URW1 lode system in relation to the grade control holes reported here. Mining is
ongoing in the URA1 lode (shown in purple) and the URW1a and URW1b lodes (shown in light brown).
Additional lodes included in the URW1 lode system are shown in blue. Grade control drilling is targeting
the up-dip and down-dip extensions of these lodes, focusing primarily on the URW1a and URW1b lodes,
as evident in the bottom image.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_002full.jpg
The Murau lode system consists of a series of stacked relatively flat lying lodes that strike approximately
east-west and dip moderately to the south. Mining is scheduled to begin on the upper part of the Murau
lode system in Q4 2023. The portion of the Murau lode system that is currently targeted for mining
consists of a 110 m strike length in the east-west direction, a vertical extent of 55 m, and a down-dip
extension of 100 m.
Figure 3. Murau Lode System.
Plan view (left) and view looking east (right) of the Murau lode system
in relation to the grade control drillholes reported here. Mining on the upper part of the Murau lode
system is scheduled to start in Q4 2023. The stacked nature of the Murau lodes and their moderate dip
to the south is visible in the right-hand image.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_003full.jpg
Grade Control Drilling
Figure 4. Location of High-Grade Intercepts from Zone 2 Grade Control Drilling, 3.0 g/t Au
cutoff.
Plan view (top) and view looking north (bottom) of the URA1 lode, the URW1 lode system, and
the Murau lode system in relation to the grade control drillholes reported here, with high-grade intercepts
highlighted. 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. Underground
developments are shown in pale transparent grey to increase visibility of the mineralized intervals.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_004full.jpg
Grade control drilling is being conducted from underground as well as from near the mine portal and is
targeting near surface mineralization scheduled for mining in the next four to sixteen months. It is
targeting 5-10 m centers and is designed to provide a detailed understanding of the geometry and
mineralization of lode arrays in advance of underground development. Results from the grade control drill
program will be used to help optimize mine development and mineral extraction in these areas. The
Zone 2 grade control drill program is ongoing. Examples of mineralization observed in the Zone 2
drillholes reported here are shown in Figure 5.
A total of 83 grade control drillholes have been completed to date in the Zone 2 and Zone 5 areas at
Tuvatu, including 24 grade control drillholes included in this news release. Previous grade control drill
results are available in the news releases dated
April 25, 2023
and
June 14, 2023
.
Figure 5. Example Mineralization from Zone 2 Grade Control Drilling.
Left: Monzonite-hosted
chalcedonic silica veins with abundant coarse grained honey sphalerite rimmed by fine-grained sooty
pyrite (TGC-0064, 182.9-183.2 m) Width of core is 4.76 cm. Top center: Banded silica-roscoelite-pyrite
vein with visible gold (TGC-0076, 89.7-90.0 m) Width of image is approximately 2 cm. Top right:
Fracture face coated with silica, sphalerite, pyrite, and multiple grains of visible gold (TGC-0073, 91.5-
91.8 m). Core diameter is 4.76 cm. Bottom right: Monzonite-hosted quartz veinlet with visible gold (TGC-
0073, 90.3-90.6 m). Width of image is approximately 3 cm. Bottom center: Monzonite-hosted quartz
veinlet with multiple flecks of visible gold (TGC-0083, 56.9-57.2 m). Width of image is approximately 3
cm.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_005full.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