Lion One Updates Drill Results at Tuvatu High grade composite results increased in Zone 5 drilling
Lion One Updates Drill Results at Tuvatu
High grade composite results increased in Zone 5 drilling
North Vancouver, British Columbia--(Newsfile Corp. - August 15, 2023) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
is issuing an update on
composite drill results reported in the Company's
August 10, 2023
news release.
The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the
Company's Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news
release are here updated.
Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples
that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is
considered more accurate than fire assay for high-grade samples. Lion One has therefore recently
adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au.
In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather
than gravimetric values, whereas high-grade individual assays were quoted using the more accurate
gravimetric results. This led to a discrepancy between the composite values and the underlying assay
values for certain intervals. The difference between fire assay and gravimetric analyses tends to be
greater for higher grade samples. A total of 21 composite values have been updated and are presented
in Table 1 below. The majority of the updated results are greater than was initially reported.
Table 1. Updated composite intervals from Zone 5 infill and grade control drilling.
Bolded text
represents a positive change, italicized text represents a negative change. Intervals are ordered by
decreasing gold content.
Hole ID
From
To
Interval (m)
Updated Au (g/t)
Original Au (g/t)
Change (g/t)
TGC-0067
48.2
50
1.8
314.27
261.93
52.34
TUDDH-643
242.7
249.3
6.6
83.47
80.78
2.69
TGC-0067
53.3
54.2
0.9
104.00
93.05
10.95
TUDDH-643
111.6
114.9
3.3
18.40
17.48
0.92
TUDDH-643
161.7
163.2
1.5
16.13
15.96
0.17
TUDDH-638
254.7
257
2.3
10.25
9.41
0.84
TUDDH-643
101.9
103.1
1.2
13.50
13.13
0.37
TUDDH-643
123.4
124
0.6
25.19
25.95
-0.76
TGC-0061
219.2
220.4
1.2
10.31
8.32
1.99
TUDDH-637
45.3
45.6
0.3
35.98
36.2
-0.22
TUDDH-643
52.2
52.5
0.3
31.87
33.51
-1.64
TUDDH-644
55.8
58.2
2.4
3.43
3.4
0.03
TGC-0065
53.1
55.2
2.1
3.91
3.82
0.09
TUDDH-634
49.2
50.7
1.5
5.44
5.68
-0.24
TUDDH-637
216.4
217
0.6
11.63
10.99
0.64
TGC-0065
128.5
129.4
0.9
7.42
6.8
0.62
TGC-0065
57.4
58.3
0.9
7.01
6.88
0.13
TUDDH-634
154.9
155.2
0.3
14.96
15.17
-0.21
TUDDH-656
173.6
173.9
0.3
11.66
10.14
1.52
TGC-0059
220.3
220.6
0.3
10.87
12.85
-1.98
TGC-0058
133.4
133.7
0.3
10.86
10.37
0.49
Tables 2 and 3 below are reproductions of Tables 1 and 2 from the
August 10, 2023
news release
updated to include composite intervals calculated using assay results from the gravimetric method.
Composite values that have been changed are highlighted with bolded text representing positive
changes and italicized text representing negative changes. Values with no bolding or italicization
represent intervals for which there is no change.
Table 2. Highlights of composited infill drill results in the Zone 5 area
. Reproduction of Table 1
from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in
the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-637
161.7
163.2
1.5
16.13
0.17
including
161.7
162.3
0.6
38.62
-
which includes
161.7
162
0.3
72.46
-
TUDDH-637
198.2
202.1
3.9
5.38
-
including
198.2
198.5
0.3
10.02
-
and
199.7
200.6
0.9
3.42
-
and
201.2
202.1
0.9
16.13
-
which includes
201.8
202.1
0.3
40.21
-
TUDDH-643
111.6
114.9
3.3
18.4
0.92
including
111.6
113.7
2.1
28.44
-
which includes
113.1
113.7
0.6
95.63
-
TUDDH-643
242.7
249.3
6.6
83.47
2.69
including
242.7
246.3
3.6
17.39
-
which includes
243.9
245.7
1.8
55.49
-
which includes
243.9
244.5
0.6
79.84
-
and
245.1
245.7
0.6
14.89
-
and also including
247.5
249.3
1.8
271.14
-
which includes
247.5
247.8
0.3
40.03
-
and
248.7
249.6
0.6
793.24
-
TUDDH-643
254.7
257
2.3
10.25
0.84
including
254.7
255.3
0.6
35.54
-
TUDDH-650
192.6
194.1
1.5
14.93
-
including
192.6
193.5
0.9
23.89
-
TUDDH-650
203.5
207.4
3.9
11.84
-
including
203.5
204.7
1.2
35.18
-
which includes
203.5
204.1
0.6
48.27
-
and
204.1
204.7
0.6
22.09
-
TUDDH-651
184.6
185.2
0.6
32.65
-
TUDDH-651
194.5
197.2
2.7
17.2
-
including
194.5
196
1.5
25.92
-
which includes
195.4
195.7
0.3
124.52
-
and also including
196.9
197.2
0.3
25.22
-
TUDDH-653
53
56.9
3.9
9.53
-
including
55.1
56.9
1.8
19.47
-
which includes
56
56.3
0.3
46.92
-
and
56.6
56.9
0.3
55.08
-
TUDDH-653
89.5
96.3
6.8
9.96
-
including
91.3
92.2
0.9
66.62
-
which includes
91.6
91.9
0.3
165.95
-
and
91.9
92.2
0.3
30.46
-
TUDDH-655
96.4
97.9
1.5
8.24
-
including
96.7
97
0.3
18.48
-
and
97.6
97.9
0.3
20.77
-
TUDDH-656
101.9
103.1
1.2
13.5
0.37
including
101.9
102.5
0.6
19.73
-
and
102.5
103.1
0.6
6.54
-
Table 3. Highlights of composited grade control drill results in the Zone 5 area
. Reproduction of
Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see
Table 5 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0059
57.4
58.3
0.9
7.01
0.13
including
57.4
57.7
0.3
12.89
-
and
58
58.3
0.3
8.14
-
TGC-0061
55.8
58.2
2.4
3.43
0.03
including
57.3
37.6
0.3
12.84
-
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
including
49.2
49.5
0.3
9.59
-
and
50.4
50.7
0.3
15.76
-
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
48.2
50
1.8
314.27
52.34
including
48.8
49.4
0.6
934.91
-
which includes
48.8
49.1
0.3
1839.55
-
and
49.1
49.4
0.3
30.26
-
TGC-0067
53.3
54.2
0.9
104
10.95
including
53.3
53.9
0.6
155.68
-
which includes
53.3
53.6
0.3
10.89
-
and
53.6
53.9
0.3
300.47
-
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes.
Reproduced from August 10, 2023
news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and 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 square represents the area illustrated in
the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking
approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was
conducted from underground.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/177254_5cfe2f3d644c0822_001full.jpg
Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling.
Updated figure from the August
10, 2023 news release, with updated composite gold intervals. Composite intervals with grades
between 3 and 10 g/t Au are shown in yellow, 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. Image
is looking approximately north-northeast, grades are gold grades in g/t.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/177254_5cfe2f3d644c0822_002full.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.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 Collar Information
Table 4
. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded
text indicates a positive change from the originally reported value, italicized text represents a negative
change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
-
TUDDH-634
93.7
94.3
0.6
0.5
-
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-634
125.2
125.5
0.3
1
-
TUDDH-634
128.5
129.4
0.9
7.42
0.62
TUDDH-634
including
129.1
129.4
0.3
10.89
-
TUDDH-634
148.5
149.1
0.6
1.46
-
TUDDH-637
48.2
48.8
0.6
0.6
-
TUDDH-637
68.8
69.4
0.6
0.81
-
TUDDH-637
161.7
163.2
1.5
16.13
0.17
TUDDH-637
including
161.7
162.3
0.6
38.62
-
TUDDH-637
which includes
161.7
162
0.3
72.46
-
TUDDH-637
173.1
177.6
4.5
2.69
-
TUDDH-637
including
173.1
174
0.9
8.59
-
TUDDH-637
180
182.1
2.1
2.7
-
TUDDH-637
183.9
187.5
3.6
2.76
-
TUDDH-637
including
185.7
187.5
1.8
5.03
-
TUDDH-637
198.2
202.1
3.9
5.38
-
TUDDH-637
including
198.2
198.5
0.3
10.02
-
TUDDH-637
and
199.7
200.6
0.9
3.42
-
TUDDH-637
and
201.2
202.1
0.9
16.13
-
TUDDH-637
which includes
201.8
202.1
0.3
40.21
-
TUDDH-637
219.2
220.4
1.2
10.31
1.99
TUDDH-637
including
219.5
220.4
0.9
12.79
-
TUDDH-637
222.2
222.5
0.3
2.29
-
TUDDH-637
224
226.4
2.4
1.87
-
TUDDH-637
243.5
245
1.5
1.13
-
TUDDH-637
251.3
253.7
2.4
2.46
-
TUDDH-637
258.5
259.1
0.6
0.94
-
TUDDH-637
281.9
282.5
0.6
5.96
-
TUDDH-637
290.9
292.1
1.2
1.97
-
TUDDH-637
298.7
299.6
0.9
6.68
-
TUDDH-638
14.2
14.8
0.6
1.31
-
TUDDH-638
29.8
30.4
0.6
1.29
-
TUDDH-638
106.9
107.2
0.3
0.99
-
TUDDH-638
123.1
123.7
0.6
1.44
-
TUDDH-638
154.9
155.2
0.3
14.96
-0.21
TUDDH-638
162.4
163.3
0.9
3.19
-
TUDDH-638
166.3
167.5
1.2
6.23
-
TUDDH-638
including
166.3
166.9
0.6
8.43
-
TUDDH-638
169.9
171.7
1.8
3.6
-
TUDDH-638
including
170.8
171.7
0.9
6.07
-
TUDDH-638
179.8
181.3
1.5
1.62
-
TUDDH-638
235.9
236.5
0.6
0.87
-
TUDDH-638
241.3
242.5
1.2
4.8
-
TUDDH-638
including
241.9
242.5
0.6
9.06
-
TUDDH-639
50.3
50.6
0.3
5.17
-
TUDDH-641
153
153.7
0.7
2.78
-
TUDDH-641
including
153
153.3
0.3
5.1
-
TUDDH-641
174.5
174.8
0.3
0.57
-
TUDDH-641
176.9
178.7
1.8
2.32
-
TUDDH-641
including
176.9
177.5
0.6
5.1
-
TUDDH-643
111.6
114.9
3.3
18.4
0.92
TUDDH-643
including
111.6
113.7
2.1
28.44
-
TUDDH-643
which includes
113.1
113.7
0.6
95.63
-
TUDDH-643
133.4
133.7
0.3
10.86
0.49
TUDDH-643
158.8
159.1
0.3
0.83
-
TUDDH-643
163.3
163.9
0.6
5.3
-
TUDDH-643
173.6
173.9
0.3
11.66
1.52
TUDDH-643
213.7
214.6
0.9
0.61
-
TUDDH-643
216.4
217
0.6
11.63
0.64
TUDDH-643
233.8
234.4
0.6
5.48
-
TUDDH-643
242.7
249.3
6.6
83.47
2.69
TUDDH-643
including
242.7
246.3
3.6
17.39
-
TUDDH-643
which includes
243.9
245.7
1.8
55.49
-
TUDDH-643
which includes
243.9
244.5
0.6
79.84
-
TUDDH-643
and
245.1
245.7
0.6
14.89
-
TUDDH-643
and also including
247.5
249.3
1.8
271.14
-
TUDDH-643
which includes
247.5
247.8
0.3
40.03
-
TUDDH-643
and
248.7
249.6
0.6
793.24
-
TUDDH-643
251.7
252.9
1.2
0.97
-
TUDDH-643
254.7
257
2.3
10.25
0.84
TUDDH-643
including
254.7
255.3
0.6
35.54
-
TUDDH-643
260.4
261.3
0.9
0.69
-
TUDDH-643
262.8
266.1
3.3
1.63
-
TUDDH-643
268.3
268.8
0.5
1.3
-
TUDDH-644
172.3
175
2.7
2.33
-
TUDDH-644
including
173.8
174.4
0.6
5.83
-
TUDDH-644
208.6
208.9
0.3
4.37
-
TUDDH-644
220.3
220.6
0.3
10.87
-1.98
TUDDH-644
237.1
237.7
0.6
1.19
-
TUDDH-646
116.7
117.3
0.6
1.65
-
TUDDH-646
154.8
155.1
0.3
0.67
-
TUDDH-646
181.5
183.3
1.8
2.41
-
TUDDH-646
including
183
183.3
0.3
13.29
-
TUDDH-646
223.9
224.5
0.6
8.98
-
TUDDH-646
including
224.2
224.5
0.3
15.09
-
TUDDH-646
231.1
233.2
2.1
4.23
-
TUDDH-646
including
232
232.6
0.6
10.27
-
TUDDH-646
252.3
252.7
0.4
2.81
-
TUDDH-646
253.9
254.2
0.3
2.16
-
TUDDH-649
24.9
25.2
0.3
1.93
-
TUDDH-649
153.6
154.2
0.6
0.74
-
TUDDH-649
161.7
162.3
0.6
0.52
-
TUDDH-649
188.1
190.8
2.7
1.21
-
TUDDH-649
248.7
249.3
0.6
1.17
-
TUDDH-649
251.4
252.3
0.9
0.86
-
TUDDH-649
257.1
257.4
0.3
3.31
-
TUDDH-650
53.6
53.9
0.3
0.61
-
TUDDH-650
76.7
77
0.3
0.62
-
TUDDH-650
104.1
104.4
0.3
0.67
-
TUDDH-650
148.5
149.1
0.6
0.51
-
TUDDH-650
179.1
179.4
0.3
1.62
-
TUDDH-650
180.6
181.2
0.6
0.51
-
TUDDH-650
192.6
194.1
1.5
14.93
-
TUDDH-650
including
192.6
193.5
0.9
23.89
-
TUDDH-650
199
199.3
0.3
1.66
-
TUDDH-650
203.5
207.4
3.9
11.84
-
TUDDH-650
including
203.5
204.7
1.2
35.18
-
TUDDH-650
which includes
203.5
204.1
0.6
48.27
-
TUDDH-650
and
204.1
204.7
0.6
22.09
-
TUDDH-650
210.4
210.7
0.3
2.05
-
TUDDH-651
18.25
18.85
0.6
0.93
-
TUDDH-651
80.55
81.15
0.6
2.09
-
TUDDH-651
100.65
100.95
0.3
1.46
-
TUDDH-651
118.65
119.25
0.6
1.46
-
TUDDH-651
139.95
140.55
0.6
4.39
-
TUDDH-651
184.6
185.2
0.6
32.65
-
TUDDH-651
194.5
197.2
2.7
17.2
-
TUDDH-651
including
194.5
196
1.5
25.92
-
TUDDH-651
which includes
195.4
195.7
0.3
124.52
-
TUDDH-651
and also including
196.9
197.2
0.3
25.22
-
TUDDH-651
222.4
224.8
2.4
2.22
-
TUDDH-653
0
0.6
0.6
3.37
-
TUDDH-653
21.9
22.2
0.3
1.26
-
TUDDH-653
53
56.9
3.9
9.53
-
TUDDH-653
including
55.1
56.9
1.8
19.47
-
TUDDH-653
which includes
56
56.3
0.3
46.92
-
TUDDH-653
and
56.6
56.9
0.3
55.08
-
TUDDH-653
64.4
65
0.6
0.56
-
TUDDH-653
89.5
96.3
6.8
9.96
-
TUDDH-653
including
91.3
92.2
0.9
66.62
-
TUDDH-653
which includes
91.6
91.9
0.3
165.95
-
TUDDH-653
and
91.9
92.2
0.3
30.46
-
TUDDH-653
111.6
111.9
0.3
6.53
-
TUDDH-653
116.7
118.8
2.1
1.59
-
TUDDH-653
120
120.6
0.6
0.59
-
TUDDH-655
59.7
61.5
1.8
2.74
-
TUDDH-655
96.4
97.9
1.5
8.24
-
TUDDH-655
including
96.7
97
0.3
18.48
-
TUDDH-655
and
97.6
97.9
0.3
20.77
-
TUDDH-655
99.1
99.7
0.6
0.9
-