Lion One Reports New High-Grade Intercepts to Expand Deep Feeder Zone 500 at Tuvatu, Fiji
Lion One Reports New High-Grade Intercepts
to Expand Deep Feeder Zone 500 at Tuvatu,
Fiji
North Vancouver, British Columbia--(Newsfile Corp. - November 2, 2021) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is pleased to announce
further high-grade intercepts from two recently completed drillholes as part of ongoing deep extensional
step-out drilling from the Company's 100% owned Tuvatu gold project in Fiji.
-
DEEP FEEDER ZONE 500 NOW EXTENDS OVER 300M VERTICALLY AND 150M
LATERALLY
-
WEIGHTED AVERAGE GRADE OF 23 G/T Au FROM ZONE 500 MINERALIZED
INTERCEPTS
2.6 X HIGHER THAN AVERAGE GRADE OF RESOURCE
-
ZONE 500 CONNECTS WITH BASE OF EXISTING RESOURCE AT APPROX. 470M
DEPTH
-
DRILLED EXTENT OF TUVATU SYSTEM INCREASED BY 53% TO APPROX. DEPTH OF
720M
Drill highlights include:
33.40 g/t Au over 3.90m
from downhole depth of 629.30m from
TUDDH544-W2
- including
105.0 g/t Au over 0.30m
from 629.6m,
65.0 g/t Au over 0.30m
from 630.2m, and
112.0 g/tAu
over 0.30m
from 631.1m
48.74 g/t Au over 0.6m
from downhole depth of
651.50m, and
33.06 g/t Au over 0.6m
from downhole depth of 658.2m, from hole
TUDDH544-W1
Sergio Cattalani, Lion One's Senior Vice President Exploration, commented, "High grade mineralization
in Deep Feeder Zone 500 has now been demonstrated to extend over an area approximately 150m
along strike and 300m vertically with an overall
calculated weighted average grade of >23 g/t Au
;
Zone 500 mineralisation will add significantly to the overall Au inventory of the Tuvatu orebody.
Furthermore, an improved understanding of the orientation of the 500 Zone now allows us to connect this
high-grade feeder to the base of the existing resource.
We continue to plan additional drilling to test the
lateral and vertical extents of this zone which remains open in all directions."
Deep Feeder Zone 500
These most recent intercepts reported above are believed to be the continuation of the interpreted deep
feeder structure that encountered
55.43 g/t Au over 12.70m
in TUDDH500
(see July 24, 2020 News
Release),
55.44 g/t Au over 2.30m
in TUDDH533 (
see July 26, 2021 News Release
), and
24.92 g/t
Au over 3.70m in
TUG-135 (see
September 7, 2021 News Release
), among many others.
Deeper Feeder Zone 500, cont.
This important gold-bearing structure has now been intersected by multiple holes, including TUDDH500,
500W1, 500W2, TUDDH533, 533W1, TUDDH528, TUDDH517, 517W1, TUDDH514, 514W1,
TUDDH544W1, TUDDH544W2, TUG135, and TUG136 (results pending; see
Figures 1, 2
).
At
33.40
g/t Au over 3.90m
, the intercept reported here from TUDDH544W2 represents one of the best overall
downhole intercepts to date, for holes drilled at a high angle to the 500 Zone structure.
Figure 3
shows a
photo of visible gold from a portion of this intercept.
The growing number of intercepts has allowed for a remodeling of the 500 Zone structure such that the
current best-fit orientation of the 500 Zone is now modelled with an azimuth of N060° and a dip of -88°,
with all of the high-grade intercepts from the boreholes listed above captured by an approximately 25m
wide envelope.
This revised model for the 500 Zone structure connects the 500 Zone to the Tuvatu
orebody at a depth of approximately -150m RSL by way of two historic drillholes (TUDDH212, previously
interpreted as the base of UR2 lode; and TUG110, previously interpreted as part of the URW3 lode)
which occur in the lowermost portion of the existing resource model.
This portion of the orebody remains
significantly under-drilled.
Based on only the few, currently reported number of intercepts, the 500 Zone as defined above has a
calculated weighted average thickness of approximately 2.75m and a
calculated weighted average
grade of 23.31 g/t Au
, or approximately 2.6X the average grade of the current Tuvatu resource it
underlays.
At present, it represents an
approximate increase in contained Au ounces of >25%
(uncategorized)
over the existing resource.
It is increasingly clear that the current Tuvatu resource
represents only a fraction of a much larger and considerably more extensive, high-grade Au deposit for
which additional drilling is warranted to further define its full extent.
Resignation of Company Director
The Company also announces the resignation of Stephen Mann from the Board of Directors. The
Company thanks Mr. Mann for his service to the Company as board member since 2012 and wishes him
well in his future endeavors.
Figure 1:
Longitudinal section oriented at N060°, -88°E of the 500 Zone high-grade feeder structure
showing block model and selected drill Intercepts. The grid is 300m, the darker yellow is current
indicated resource and the lighter yellow is current inferred resource.
Dots indicate modelled pierce
points for existing drill intercepts defining the 500 Zone (green=recently completed; orange=previously
reported; open=within current resource).
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/101660_d0a22f99342c886b_001full.jpg
Figure 2:
Detail of Figure 1.
The grid is 100m; intercepts are expressed as g/t Au over downhole width
in meters
.
Dots indicate modelled pierce points for existing drill intercepts defining the 500 Zone
(green=recently completed; orange=previously reported; white=within current resource).
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/101660_d0a22f99342c886b_002full.jpg
Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH544W1
(incomplete)
643.7
644.6
0.9
2.17
incl.
643.7
644.0
0.3
4.05
651.5
652.1
0.6
46.79
incl.
651.5
651.8
0.3
56.74
and
651.8
652.1
0.3
36.83
658.2
658.8
0.6
33.06
incl.
658.2
658.5
0.3
5.11
and
658.5
658.8
0.3
61.0
TUDDH544W2
573.2
575.3
2.1
6.69
incl.
574.1
575.0
0.9
14.67
and
574.4
574.7
0.3
32.83
577.1
578.3
1.2
7.45
incl.
577.1
577.4
0.3
12.69
and
577.4
577.7
0.3
5.99
and
577.7
578.0
0.3
8.57
and
578.0
578.3
0.3
2.23
579.5
579.8
0.3
25.56
629.3
633.2
3.90
33.40
incl.
629.3
629.6
0.3
25.0
and
629.6
629.9
0.3
105.0
and
630.2
630.5
0.3
65.0
and
630.5
630.8
0.3
19.0
and
630.8
631.1
0.3
5.67
and
631.1
631.4
0.3
112.0
and
631.4
631.7
0.3
45.0
and
632.3
632.9
0.6
3.47
and
632.9
633.2
0.3
50.0
Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)
Hole No
coordinates
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH544W1
3920795.6
1876350.7
209.7
758.50
-65.04°
132.06°
TUDDH544W2
3920795.6
1876350.7
209.7
926.8
-65.04°
132.06°
Figure 3:
Photo of a portion of uncut drill core from TUDDH544W2, showing coarse visible gold and
pyrite.
This 30cm sample returned 112 g/t Au from 631.1-631.4m.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/101660_lionbayfigure3.jpg
Drilling and Assay Processes and Procedures
The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods.
Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.
Samples are analyzed at the Company's own geochemical laboratory in Fiji, whilst pulp duplicates of all
samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia
for check assay determinations. All samples for all high-grade intercepts reported here will be sent to
ALS Global Laboratories for check assays shortly. 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 10g/t Au are then re-analyzed by gravimetric method.
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 sent to ALS Townsville, Queensland, Australia are analyzed by the same
methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder
elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by
Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 -
Standards of disclosure for Mineral Projects ("NI-43-101).
About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The
mineral resource for Tuvatu as disclosed in the technical report "Tuvatu Gold Project PEA", dated June
1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes
indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au)
at a cut-off grade of 3 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
.
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
For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email:
Website:
www.liononemetals.com
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