Lion One to Retest High Grade Feeder with a Wedge Hole; Receives Gravimetric Assays for High Grade Zone
Lion One to Retest High Grade Feeder with a
Wedge Hole; Receives Gravimetric Assays for
High Grade Zone
North Vancouver, British Columbia--(Newsfile Corp. - August 17, 2020) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is pleased to announce
that it has completed diamond drill hole TUDDH500 to a depth of 863.4m and has now commenced
drilling a daughter wedge hole beginning at approximately 400m depth to retest the newly discovered
high-grade feeder (
please refer to a company news release dated July 24, 2020
). The Company has
also received gravimetric fire assay results for the entirety of the high-grade feeder zone.
Highlights:
Gravimetric fire assay results from both high-grade intervals encountered between down hole
depths of 558.0 and 583.4m display significant increases in grade over initial fire assay-atomic
absorption ("AA") results (
please see table below
). Gravimetric results include
2.0m grading
46.70g/t Au
starting at 558.0m followed by
12.7m grading 55.43g/t Au starting at 571.0m
. The
latter interval includes a sub-interval of
4.7m grading 120.16g/t Au
with an exceptionally high-
grade core of
0.9m grading 582.33g/t Au
. Samples from these zones have been shipped to ALS
Chemex in Australia for screen metallic assay, the results of which are expected back in a few
weeks.
TUDDH500
From (m)
To (m)
Drilled
Interval (m)
Original Au
assays* (g/t)
All gravimetric
Au assays**
(g/t)
558.0
560.0
2.0
35.28
46.70
incl
559.0
559.5
0.5
105.00
144.00
571.0
583.7
12.7
46.14
55.43
incl
579.0
583.7
4.7
120.16
144.81
incl
582.8
583.7
0.9
506.40
582.33
incl
582.8
583.1
0.3
1310.00
1400.00
and
583.1
583.4
0.3
130.50
203.00
* Original assays primarily fire assay with an AA finish
** New assays entirely fire assay with a gravimetric finish
(True widths of these intercepts are not determined. No previous drilling has been undertaken in
this area below the known deposit thus making interpretation difficult at this stage of exploration.)
Hole TUDDH500 was completed to a final depth of 863.4m at which point, it had passed through
the entirety of the targeted controlled source audio-magnetotelluric ("CSAMT") gradient that
appears to highlight the location of the feeder zone. Multiple intervals of typical Tuvatu-style lode
mineralization and associated alteration were noted during geologic logging of this hole.
Remaining core has been split and is being assayed.
Lion One believes that the reason the feeder zone was encountered higher than anticipated in hole
TUDDH500 is because the new interpretation puts the top of the hole in the footwall of the structure
that hosts the high-grade feeder. After it passed through the feeder, the hole then encountered
multiple Tuvatu lodes that apparently occupy splay structures residing in the hanging wall of the
feeder structure. Also, initial structural orientation data gathered from the feeder zone suggests it
may have a more northeast orientation making it oblique to the Tuvatu lodes, most of which have a
more north-south orientation.
Lion One made the decision that further information is needed about the orientation of the high-
grade feeder zone so that future drill holes can be better planned. To get immediate data input, a
daughter wedge hole is now being drilled from TUDDH500 beginning at approximately 400m
depth. A wedge hole is drilled by setting a steel wedge inside the mother hole thus deflecting the
drill bit outward into the wall of the hole. In this case, Lion One expects the daughter wedge hole to
pass through the high-grade zone within a few meters of the mother hole providing enough
separation to get valuable information about the true orientation of this important zone.
"It is not uncommon to see gravimetric fire assay results return higher values than fire assay-AA finish,
especially when dealing with very high-grade mineralization such as that encountered in our newly
discovered feeder zone," commented Dr. Quinton Hennigh, technical advisor to Lion One. "We are now
forming an understanding of why we encountered the feeder zone somewhat higher than expected. It
appears we started the hole in the footwall of this structure. Therefore, we encountered it first, and then
proceeded to encounter multiple Tuvatu lodes in the hanging wall as the hole continued on the other side.
Exploration in new parts of big gold systems such as this can lead to paradigm shifts resulting in
fundamental shifts in thinking. To better test this new hypothesis, we have begun a daughter wedge hole
off TUDDH500 that should pass through the high-grade feeder a few meters away and provide
additional information about the orientation of this important zone."
Hole TUDDH500 Specifications
Hole No
coordinates
RL
depth (m)
dip
azimuth
N
E
(m)
target
(TN)
TUDDH500
3920669.81
1876756.25
282.36
1000
-75
247
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
samples with results >0.5g/t Au are sent to ALS Global Laboratories in Australia for check assay
determinations. Intervals reported here have been sent to ALS Global Laboratories for screen metallic
assay. All samples are pulverized to 80% passing through 75 microns. Original gold analysis was
carried out using fire assay with an AA finish. A second round of assaying was completed utilizing fire
assay with a gravimetric method.
The fire assay-gravimetric method generates a physical bead of gold
that is weighed. 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 are analyzed 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. Stephen Mann, P. Geo, Managing Director of Lion One, 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
Leo Karabelas
Focus Communications Inc.
416-543-3120
www.focusir.ca
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