Category: Lion One Metals

Lion One Drills 198.84 g/t Gold over 1.4 m in Near-Mine Exploration at Tuvatu Gold Mine in Fiji

Post author By admin
Post date February 19, 2025

North Vancouver, British Columbia–(Newsfile Corp. – February 19, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 3,312.5 meters of near mine exploration and infill drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on the West Zone target west of the Tuvatu Gold Mine.

The West Zone is located approximately 300 m to the west of the main Tuvatu deposit, in close proximity to existing mine infrastructure. Drilling was conducted from two surface drill pads and consisted of resource infill and expansion drilling with the purpose of bringing the West Zone into the long term mine plan for Tuvatu. High-grade mineralized structures were intersected in 14 drill holes. Drill results include multiple bonanza grade gold assays such as 896.00 g/t, 306.78 g/t, 264.55 g/t, and 178.55 g/t gold over narrow widths of 0.3 m. All high-grade gold results were intersected between 30 m and 150 m depth from surface. The West Zone is hypothesized to have a separate feeder system from Tuvatu and represents a prime target for near-mine resource expansion at Tuvatu. Bonanza grade gold results are not uncommon at the West Zone, with previous drill results including 105.20 g/t over 2.1 m and 102.38 g/t over 1.2 m (see news release dated October 1, 2024). The West Zone drill program is ongoing.

Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the new results from our West Zone drill program. The West Zone is an excellent near mine expansion target. It is readily accessible from existing infrastructure and it consistently returns high grade results from near surface drilling. We look forward to adding the West Zone to our long-term mine plan at Tuvatu.”

Highlights of New Drill Results:

198.84 g/t Au over 1.4 m (including 896.00 g/t Au over 0.3 m) (TUDDH-764, from 34.17 m depth)
61.24 g/t Au over 2.0 m (including 264.55 g/t Au over 0.3 m) (TUDDH-773, from 200 m depth)
306.78 g/t Au over 0.3 m (TUDDH-773, from 213 m depth)
35.79 g/t Au over 1.7 m (including 178.55 g/t Au over 0.3 m) (TUDDH-773, from 182 m depth)
6.68 g/t Au over 4.4 m (TUDDH-758, from 102.81 m depth)
31.00 g/t Au over 1.0 m (including 67.00 g/t Au over 0.3 m) (TUDDH-758, from 75.5 m depth)
13.76 g/t Au over 1.9 m (including 29.28 g/t Au over 0.3 m) (TUDDH-763, from 86.2 m depth)
15.17 g/t Au over 1.5 m (including 27.99 g/t Au over 0.4 m) (TUDDH-762, from 75.55 m depth)
23.60 g/t Au over 0.9 m (TUDDH-774, from 48 m depth)
61.58 g/t Au over 0.3 m (TUDDH-759, from 62.6 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

Figure 1. Location of the West Zone drilling reported in this news release. Left image: Plan view of the West Zone drilling in relation to the mineralized lodes shown in grey and Tuvatu underground development shown in red. Right image: Section view of the West Zone drilling looking east.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/241399_88e5f21a847f48e8_001full.jpg

West Zone

The West Zone is located approximately 300 m to the west of the main Tuvatu deposit. It is modelled as a series of mainly east-west oriented lodes dipping steeply to the south. High grade gold has been sampled at surface in the West Zone and the area is coincident with a steeply dipping CSAMT gradient. Given the steeply dipping nature of the mineralized lodes both at Tuvatu and at the West Zone, and given the horizontal distance between the two systems, it is unlikely that they are fed by the same feeder zone. It is therefore hypothesized that there is a separate feeder zone located at depth below the West Zone, which would be distinct from the very high-grade Zone 500 feeder zone at Tuvatu.

The drilling reported here is focused on the near-surface portion of the West Zone system and consists predominantly of infill drilling in areas of low drill density. The purpose of the program is to increase understanding of the near-surface structure and mineralization of the West Zone. The objective is to bring the West Zone into the long-term mine plan at Tuvatu, and the current drill program will help inform that process. Given the proximity of the West Zone to existing surface infrastructure, a second portal may be opened to provide direct underground access to the West Zone. Alternatively, an underground access drive could be developed from Tuvatu. The high-grade results reported here not only serve to further define the resource, but also to help determine which development option is preferred.

Figure 2. West Zone drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Section view looking east. High-grade gold mineralization is intersected near surface in the West Zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/241399_88e5f21a847f48e8_002full.jpg

Figure 3. Approximate location of the West Zone in relation to the Tuvatu plant and infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/241399_88e5f21a847f48e8_003full.jpg

Competent Persons Statement

The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and has been reviewed and approved by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using 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). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor 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 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TUDDH-757	1875838	3920802	141	139.5	-28.7	182.0
TUDDH-758	1875837	3920802	141	143.4	-51.5	201.5
TUDDH-759	1875837	3920802	141	150.3	-43.5	153.6
TUDDH-762	1875837	3920801	142	166.8	-8.1	106.5
TUDDH-763	1875837	3920802	141	165.1	-29.9	280.0
TUDDH-764	1875836	3920802	142	185.4	-21.1	200.0
TUDDH-765	1875836	3920802	141	180.4	-42.7	290.0
TUDDH-766	1875836	3920802	140	182.5	-50.1	280.0
TUDDH-769	1875836	3920803	141	184.9	-60.5	218.5
TUDDH-771	1875835	3920801	141	198.2	-30.1	14.4
TUDDH-772	1875835	3920802	141	198.3	-31.3	230.6
TUDDH-773	1875972	3920693	211	310.4	-57.2	350.0
TUDDH-774	1875836	3920802	141	199.7	-48.2	170.4
TUDDH-775	1875835	3920803	141	205.1	-58.8	134.9
TUDDH-776	1875834	3920802	141	218.1	-30.0	230.0
TUDDH-777	1875973	3920695	211	346.5	-56.7	270.1

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TUDDH-757		40.1	40.4	0.3	6.72
		47.4	47.7	0.3	12.55
		59.0	60.1	1.1	12.39
	including	59.0	59.4	0.4	14.83
	and	59.4	59.8	0.4	11.74
	and	59.8	60.1	0.4	10.62
		67.6	68.0	0.5	21.05
		72.3	73.2	0.9	9.47
TUDDH-758		75.5	76.5	1.0	31.00
	including	75.5	75.8	0.3	15.59
	and	75.8	76.2	0.3	13.20
	and	76.2	76.5	0.3	67.00
		80.7	81.0	0.3	24.29
		85.0	85.4	0.4	7.66
		93.5	93.9	0.4	47.45
		101.5	102.1	0.6	4.86
	including	101.5	101.8	0.3	5.43
	and	101.8	102.1	0.3	4.29
		102.8	107.3	4.4	6.68
	including	102.8	103.2	0.3	3.29
	and	103.2	103.5	0.3	2.87
	and	103.5	103.8	0.3	4.85
	and	103.8	104.1	0.3	-0.01
	and	104.1	104.5	0.5	3.60
	and	104.5	105.0	0.5	9.41
	and	105.0	105.3	0.3	9.43
	and	105.3	105.7	0.5	9.36
	and	105.7	106.1	0.4	10.99
	and	106.1	107.3	1.2	7.76
		110.4	110.8	0.4	4.46
		142.3	143.5	1.2	3.27
	including	142.3	143.1	0.8	3.35
	and	143.1	143.5	0.4	3.10
		162.3	162.7	0.5	3.08
TUDDH-759		62.6	62.9	0.3	61.58
		115.3	116.2	0.9	4.15
		124.0	125.0	1.0	4.03
	including	124.0	124.4	0.4	4.28
	and	124.4	124.7	0.3	1.99
	and	124.7	125.0	0.3	5.72
		126.9	127.5	0.6	8.70
		151.7	152.5	0.8	3.20
TUDDH-762		33.5	33.9	0.4	4.30
		59.5	60.4	0.9	10.60
	including	59.5	59.8	0.3	20.89
	and	59.8	60.4	0.6	4.80
		71.5	72.9	1.4	5.26
	including	71.5	71.8	0.3	3.86
	and	71.8	72.2	0.5	6.05
	and	72.2	72.5	0.3	0.08
	and	72.5	72.9	0.4	9.89
		75.6	77.0	1.5	15.17
	including	75.6	75.9	0.3	14.68
	and	75.9	76.3	0.4	27.99
	and	76.3	76.7	0.4	11.62
	and	76.7	77.0	0.3	3.31
		82.6	83.3	0.7	8.92
	including	82.6	82.9	0.4	13.47
	and	82.9	83.3	0.4	4.50
TUDDH-763		62.0	62.5	0.5	7.08
		82.8	83.1	0.3	18.76
		84.2	85.1	0.9	3.62
	including	84.2	84.5	0.3	3.02
	and	84.5	84.8	0.3	3.79
	and	84.8	85.1	0.3	4.04
		86.2	88.1	1.9	13.76
	including	86.2	86.6	0.4	29.28
	and	86.6	87.1	0.6	6.02
	and	87.1	87.5	0.4	27.34
	and	87.5	87.8	0.3	2.05
	and	87.8	88.1	0.3	4.87
		93.7	94.1	0.4	12.20
		146.4	146.7	0.4	3.13
		147.1	147.5	0.4	4.46
		187.5	188.0	0.5	6.64
TUDDH-764		34.2	35.5	1.4	198.84
	including	34.2	34.5	0.3	896.00
	and	34.5	34.8	0.3	0.28
	and	34.8	35.1	0.4	0.04
	and	35.1	35.5	0.4	3.72
		147.5	148.2	0.8	10.29
	including	147.5	147.9	0.4	14.73
	and	147.9	148.2	0.4	5.22
TUDDH-765		45.2	46.2	1.0	7.68
	including	45.2	45.6	0.4	3.53
	and	45.6	45.9	0.4	5.78
	and	45.9	46.2	0.3	14.78
		167.6	168.0	0.4	5.22
TUDDH-766		52.4	52.7	0.4	15.23
		55.8	56.1	0.3	3.35
		246.8	247.5	0.7	3.82
TUDDH-769		79.6	80.0	0.4	15.48
		84.6	84.9	0.4	4.85
		85.8	86.1	0.3	5.33
TUDDH-772		38.2	38.7	0.5	4.76
		39.3	39.7	0.4	3.55
		182.1	182.4	0.3	6.16
TUDDH-773		182.0	183.7	1.7	35.79
	including	182.0	182.3	0.3	6.25
	and	182.3	182.6	0.3	178.55
	and	182.6	182.9	0.3	2.15
	and	182.9	183.4	0.5	0.36
	and	183.4	183.7	0.3	15.24
		190.0	191.3	1.3	9.48
	including	190.0	190.3	0.3	16.32
	and	190.3	190.7	0.4	0.01
	and	190.7	191.0	0.3	11.99
	and	191.0	191.3	0.3	12.76
		192.6	192.9	0.3	3.37
		200.0	202.0	2.0	61.24
	including	200.0	200.3	0.3	7.05
	and	200.3	200.6	0.3	32.79
	and	200.6	200.9	0.3	81.03
	and	200.9	201.2	0.3	18.02
	and	201.2	201.7	0.5	2.89
	and	201.7	202.0	0.3	264.55
		203.3	204.2	0.9	18.48
	including	203.3	203.6	0.3	13.76
	and	203.6	203.9	0.3	3.66
	and	203.9	204.2	0.3	38.02
		213.0	213.3	0.3	306.78
TUDDH-774		48.0	48.9	0.9	23.60
		56.0	56.3	0.3	9.65
TUDDH-775		83.9	84.4	0.5	5.91
TUDDH-776		46.5	46.8	0.4	16.47
		48.3	48.7	0.4	6.80

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241399

Energy Junior Mining Lion One Metals Precious Metals

Lion One Announces Closing of Underwritten Public Offering and Sidecar Private Placement

Post author By admin
Post date February 14, 2025

North Vancouver, British Columbia–(Newsfile Corp. – February 14, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“), is pleased to announce that the Company has closed the underwritten offering (the “Offering“) previously announced on February 5, 2025 by issuing 25,367,647 units of the Company (the “Units“) at a price of $0.34 per Unit (the “Offering Price“) for aggregate gross proceeds of $8,625,000.00, which includes the exercise, in full, by the Underwriters (as defined below) of the over-allotment option granted by the Company to purchase up to an additional 3,308,823 Units at the Offering Price pursuant to the terms of an underwriting agreement (the “Underwriting Agreement“) dated as of February 10, 2025, among the Company, Stifel Nicolaus Canada Inc. (the “Lead Underwriter“) and Canaccord Genuity Corp. (together with the Lead Underwriter, the “Underwriters“).

Concurrently with the Offering, the Company completed a non-brokered private placement (the “Sidecar Private Placement“) of 6,431,114 Units on the same terms as the Offering for gross proceeds of $2,186,578.76 pursuant to applicable exemptions under National Instrument 45-106 – Prospectus Exemptions. All securities issuable pursuant to the Sidecar Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities laws, expiring on June 15, 2025.

In aggregate, under the Offering the Company issued 31,798,761 Units for gross proceeds of $10,811,578.74.

Each Unit consists of one common share (a “Common Share“) in the capital of the Company and one common share purchase warrant (a “Warrant“) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price per Warrant Share of C$0.41 for a period of 36 months from the closing date of the Offering. The Company has applied to list the Warrants issued pursuant to the Offering on the TSX Venture Exchange, subject to the satisfaction of listing conditions which are currently in process.

In connection with the Offering, the Company paid to the Underwriters a cash commission of $603,750.00, which was equal to 7.0% of the gross proceeds from the Offering, and issued an aggregate of 1,775,735 broker warrants, equal to 7.0% of the number of Units sold pursuant to the Offering. In connection with the Sidecar Private Placement, the Company paid finder’s fees in an aggregate amount of $76,377.60 in cash and issued 224,640 broker warrants. Each broker warrant is exercisable for one Common Share at a price of C$0.34 for a period of 36 months from the closing date of the Offering.

The net proceeds received by the Company from the sale of the Units will be used for mining and mill equipment and ongoing exploration activities at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes. The Units issued pursuant to the Offering were qualified for distribution by way of a prospectus supplement of the Company dated February 10, 2025 (the “Prospectus Supplement“) to the Company’s existing short form base shelf prospectus dated January 31, 2025 (the “Base Shelf Prospectus“) filed in all of the Provinces and Territories of Canada, and offered and sold in all the Provinces and Territories of Canada other than Quebec and Nunavut and to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The Base Shelf Prospectus, the Prospectus Supplement, the documents incorporated by reference therein and the Underwriting Agreement are available on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Certain subscribers under the Sidecar Private Placement are directors and management of the Company. The issuance of Units to directors and management of the Company constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws, and may not be offered or sold in the “United States” (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lion One Metals Limited

Lion One is an emerging Canadian gold producer headquartered in North Vancouver, B.C., with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

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: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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 results of the Offering and associated marketing efforts and the use of proceeds of the Offering. 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: prevailing capital markets conditions, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240948

Junior Mining Lion One Metals Precious Metals

Lion One Announces $2 Million Sidecar Private Placement

Post author By admin
Post date February 7, 2025

North Vancouver, British Columbia–(Newsfile Corp. – February 6, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to announce that in response to market demand, it has arranged, subject to the approval of the TSX Venture Exchange (“TSX-V”), a non-brokered private placement (the “Sidecar Private Placement”) of up to 5,882,353 units (the “Units”) at a price of $0.34 per Unit for total gross proceeds of up to $2,000,000. Each Unit consists of one common share (the “Common Shares”) and one Common Share purchase warrant (the “Warrants”), each such Warrant exercisable at a price of $0.41 per share and expiring 36 months from the date of issue.

The Sidecar Private Placement reflects the same terms as the previously announced $7.5 million underwritten offering (the “Offering”) led by Stifel Nicolaus Canada Inc. as lead underwriter and sole bookrunner and a syndicate of underwriters (collectively the “Underwriters”). However, the Sidecar Private Placement will be settled directly with the Company and not through the Underwriters. The Company may pay a finder’s fee on the Sidecar Private Placement in accordance with the policies of the TSX-V. The net proceeds of the Sidecar Private Placement will be used for development and exploration expenditures at the Company’s projects in Fiji, working capital and for general corporate purposes. All securities issuable pursuant to the Sidecar Private Placement will be subject to a four month hold period in accordance with applicable Canadian securities laws. The Sidecar Private Placement is expected to complete concurrently with the Offering.

Certain subscribers under the Sidecar Private Placement are expected to be directors and management of the Company. The issuance of Units to directors and management of the Company will constitute a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61- 101”). The transactions will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the “United States” (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lion One Metals Limited

On behalf of the Board of Directors
Walter Berukoff, Chairman and CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free N. America)
Website: www.liononemetals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding the results of the Offering and associated marketing efforts, the use of proceeds of the Offering, and the anticipating closing date of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Prospectus Supplements. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240001

Energy Junior Mining Lion One Metals Precious Metals

/C O R R E C T I O N from Source — Lion One Metals Limited/

Post author By admin
Post date February 5, 2025

In the news release, Lion One Announces Overnight Marketed Offering, issued 05-Feb-2025 by Lion One Metals Limited over PR Newswire, we are advised by the company that instances of the word “Underwriters” have been updated to “Underwriter” in the 2nd, 3rd, and 6th paragraphs. The 4th paragraph has also been updated with additional information regarding the Warrant Shares. The complete, corrected release follows:

Lion One Announces Overnight Marketed Offering

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES/

NORTH VANCOUVER, BC, Feb. 5, 2025 /CNW/ – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to announce that it is commencing an overnight marketed public offering of units (the “Offered Units“) of the Company for anticipated gross proceeds of up to C$7.5 million (the “Offering“).

The Offering is expected to be completed pursuant to an underwriting agreement (the “Underwriting Agreement“) to be entered into between the Company, Stifel Nicolaus Canada Inc. as lead underwriter and sole bookrunner (“Stifel” or “Lead Underwriter“), and a syndicate of underwriters to be determined (collectively with the Lead Underwriter, the “Underwriters“).

In connection with the Offering, up to 22,058,824 units (the “Units“) of Lion One will be issued at a price of C$0.34 per Unit (the “Issue Price“) for total gross proceeds of up to C$7,500,000 (the “Offering“). In addition, the Company will grant the Underwriter an over-allotment option (the “Over-Allotment Option“) exercisable, in whole or in part, in the sole discretion of the Underwriter, to purchase up to an additional 15% of the number of Offered Units sold in the Offering for up to 30 days after the closing, on the same terms and conditions as the Offering.

Each Unit will consist of one (1) common share of the Company (a “Share“) plus one (1) common share purchase warrant (each a whole common share purchase warrant, a “Warrant“). Each Warrant will entitle the holder thereof to purchase one Share (a “Warrant Share“) at an exercise price of C$0.41 for 36 months following the closing of the Offering.

The net proceeds received by the Company from the sale of the Offered Units will be used for development and exploration expenditures at the Company’s projects in Fiji, working capital and for general corporate purposes.

The Offering will be made by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing Canadian short form base shelf prospectus dated January 31, 2025 (the “Base Shelf Prospectus“). Upon completion of pricing of the Offering and the signing of the Underwriting Agreement, the Prospectus Supplement will be filed with the securities commissions in each of the provinces of Canada. and will be available on SEDAR+ at www.sedarplus.ca. Alternatively, the Prospectus Supplement and related Base Shelf Prospectus may be obtained upon request by contacting the Company or Stifel in Canada, attention: ProspectusCanada@stifel.com. The Offered Units will be offered in all provinces and territories of Canada except Québec and Nunavut. The Offered Units will not be offered or sold in the United States except under or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The Offered Units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the Company and the Underwriter provided that no prospectus filing or comparable obligation arises and the Company does not thereafter become subject to continuous disclosure obligations in such jurisdictions.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom. The closing of the Offering is expected to occur on or about February 14, 2025 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.

About Lion One Metals Limited

On behalf of the Board of Directors
Walter Berukoff, Chairman and CEO

Forward-Looking Information

SOURCE Lion One Metals Limited

View original content: http://www.newswire.ca/en/releases/archive/February2025/05/c8825.html

Energy Junior Mining Lion One Metals Precious Metals

Lion One Drills 6.7 m of 25.45 g/t Gold in Zone 2 at Tuvatu Gold Mine in Fiji

Post author By admin
Post date January 30, 2025

North Vancouver, British Columbia–(Newsfile Corp. – January 30, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 3,791.3 metres of underground grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on Zone 2 and targeted the URW and Murau lode systems.

All drilling was completed from existing near surface underground workings. The Company intersected high-grade mineralized structures in 25 holes. Most of the drill holes did not exceed 130 metres in length from underground drill stations. Drill results include multiple bonanza grade gold assays over narrow widths such as 168.3 g/t over 0.4 m, 158.0 g/t over 0.3 m, 145.5 g/t over 0.4 m, 123.5 g/t over 0.6 m, and 119.5 g/t over 0.4 m, all of which are located near existing underground workings. These bonanza grade gold results occur within larger intervals of high-grade mineralization, such as 6.7 m of 25.45 g/t gold, and 4.7 m of 26.89 g/t gold.

The Zone 2 drilling targeted two separate mineralized systems: the URW system and the Murau system. The URW drilling primarily targeted the downdip extension of the URW1 stockwork zone below the 1101 level, while the Murau drilling primarily targeted mineralization below the 1095 level. Both programs intersected high grade mineralization, indicating that both systems extend down vertically below current mining levels. Due to the proximity of these results to active mining levels, these results are anticipated to be incorporated into the mine plan in the next six to twelve months. Notably, the headline intersect of 6.7 m of 25.45 g/t gold is located within the high-grade roscoelite zone, just 10 m below current mining activities in the 1095 level (see press releases dated November 12, 2024 and November 19, 2024 ).

Lion One Chairman and CEO Walter Berukoff commented: “We’re extremely pleased with the new results from our Zone 2 grade control drill program. These drill results are in close proximity to our active mine headings and we’re excited to incorporate them into our near-term mine plan. Together with the high-grade Zone 5 results released last week, we continue to advance Tuvatu on multiple fronts and we look forward to advancing the mine to new levels underground.”

Highlights of New Drill Results:

25.45 g/t Au over 6.7 m (including 145.5 g/t Au over 0.4 m) (TGC-0276, from 45.1 m depth)
26.89 g/t Au over 4.7 m (including 78.0 g/t Au over 0.85 m) (TGC-0264, from 36.8 m depth)
36.94 g/t Au over 2.5 m (including 158.0 g/t Au over 0.3 m) (TGC-0312, from 46.5 m depth)
13.97 g/t Au over 6.6 m (including 54.5 g/t Au over 0.3 m) (TGC-0260, from 31.45 m depth)
45.95 g/t Au over 1.8 m (including 123.5 g/t Au over 0.55 m) (TGC-0308, from 43 m depth)
168.25 g/t Au over 0.4 m (TGC-0276, from 18.5 m depth)
29.23 g/t Au over 2.1 m (including 37.43 g/t Au over 0.9 m) (TGC-0353, from 27.9 m depth)
21.48 g/t Au over 2.7 m (including 119.5 g/t Au over 0.42 m) (TGC-0344, from 70.2 m depth)
12.47 g/t Au over 3.8 m (including 49.86 g/t Au over 0.45 m) (TGC-0264, from 57.2 m depth)
10.82 g/t Au over 3.7 m (including 19.51 g/t Au over 0.6 m) (TGC-0276, from 39.9 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.

Figure 1. Location of the Zone 2 drilling reported in this news release. Left image: Plan view of Tuvatu showing Zone 2 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Right image: Section view of Zone 2 drilling looking northeast. Zone 2 drilling primarily targeted the Murau and URW lode systems below current mine levels.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/238920_ba24572d84122a46_001full.jpg

Zone 2 Drilling

The Zone 2 area of Tuvatu is located in the northwest part of the deposit, near the main portal. The URW and Murau lode systems are the primary mineralized systems in Zone 2, and they are both actively being mined. A total of 35 drill holes are reported in this news release, including 23 targeting the URW system and 12 targeting the Murau system.

The URW system consists of multiple closely spaced steeply dipping high grade mineralized lodes trending in a north-south direction. Within this system lies the URW1 stockwork zone, which consist of two steeply dipping lodes enveloped within a stockwork zone of gold-bearing veinlets. Four levels of underground mining have been completed within the URW1 stockwork zone; the 1161, 1141, 1121, and 1101 levels. Long hole open stope mining is taking place between these levels. The URW drilling reported here was conducted from the 1116 drill station underground and consists of a series of drill holes oriented in a fan from east to southeast. The drill program primarily targeted the down dip extension of the URW1 stockwork zone below the 1101 level along a 120 m strike length from north to south. High- and bonanza-grade results were intersected in multiple drill holes, indicating the continuation of the system below current mine workings (see Figure 2).

The Murau system consists of a series of high-grade flat to moderately flat mineralized structures located between the steeply dipping URW1 stockwork zone to the east and the steeply dipping Ura lode system to the west. The Murau structures are known as ”flatmakes”^[1] and have abundant roscoelite mineralization. They Murau flatmakes are a major component of the high-grade roscoelite zone that was identified in 2024. The first such flatmake is being actively mined along the 1095 level in Zone 2 where a 120 m strike length of the system has been exposed. The Murau drilling reported here was conducted from the 1121 drill station underground. Drilling consists of a series of drill holes oriented in a fan from the north to the northwest. The primary target of the drilling was mineralization below the 1095 level, with several drillholes also targeting mineralization above the 1095 level. High grade mineralization was intersected both above and below the 1095 level, with 6.7 m of 25.45 g/t gold intersected within 10 m below the 1095 level indicating the potential for additional flatmakes below the 1095 level (see Figure 3).

The purpose of the current Zone 2 URW and Murau grade control drill programs are to enhance the mine model and inform stope design in advance of mining in these areas. The majority of the high-grade intervals reported in this release are located within 30 m of underground developments and are anticipated to be included in the mine plan in 2025. Both the URW1 and Murau drill programs have successfully intersected high-grade gold mineralization in close proximity below current underground workings. Highlights of the Zone 2 drilling reported here are shown in Figure 2 and Figure 3.

Figure 2. Zone 2 URW grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Oblique view looking down to the north. The URW grade control drilling in Zone 2 was oriented in a fan from the east to the south and primarily targeted the down-dip extension of the URW1 stockwork zone below the 1101 level, as well as the extensions of the system to the north and to the south.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/238920_ba24572d84122a46_002full.jpg

Figure 3. Zone 2 Murau grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Section view looking east-northeast. The Murau grade control drilling in Zone 2 targeted mineralization in the roscoelite zone below the 1095 level, as well as the gap between the Murau and URW1 lode systems. The headline drill intercept of 6.7 m of 25.45 g/t gold is located within 10 m below the 1095 level and is scheduled for mining in the near term.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/238920_ba24572d84122a46_003full.jpg

Competent Persons Statement

Lion One Laboratories / QAQC

About Lion One Metals Limited

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0253	1876320	3920738	123	10.3	-35.7	110.6
TGC-0258	1876320	3920738	122	10.1	-50.1	85.0
TGC-0260	1876320	3920739	122	10.6	-15.9	100.0
TGC-0262	1876320	3920739	123	10.5	0.0	101.0
TGC-0264	1876320	3920740	125	11.2	21.1	105.2
TGC-0266	1876319	3920738	123	353.8	-24.3	106.2
TGC-0270	1876317	3920736	121	295.7	-54.9	75.0
TGC-0272	1876317	3920736	121	295.5	-70.6	55.3
TGC-0274	1876316	3920737	122	300.6	-39.1	100.0
TGC-0276	1876316	3920729	121	320.2	-39.3	75.6
TGC-0280	1876317	3920728	121	322.8	-50.8	75.0
TGC-0283	1876317	3920729	121	339.1	-50.4	75.3
TGC-0285	1876298	3920812	121	103.6	10.9	90.2
TGC-0290	1876298	3920813	121	83.7	13.2	91.7
TGC-0293	1876298	3920813	120	90.0	-5.7	275.4
TGC-0298	1876298	3920812	120	107.0	-13.9	275.0
TGC-0305	1876289	3920808	119	157.3	-30.0	41.4
TGC-0308	1876287	3920806	119	157.9	-28.7	150.0
TGC-0312	1876287	3920806	119	156.4	-24.8	165.3
TGC-0314	1876288	3920807	119	149.6	-26.1	146.4
TGC-0317	1876288	3920808	120	135.1	-11.3	63.2
TGC-0320	1876288	3920807	119	135.5	-24.2	127.0
TGC-0322	1876288	3920807	119	132.1	-28.9	127.0
TGC-0324	1876288	3920808	120	129.3	-22.7	122.7
TGC-0328	1876288	3920807	120	134.2	-6.3	71.5
TGC-0329	1876287	3920806	118	166.1	-35.1	148.3
TGC-0334	1876287	3920806	118	102.0	-9.0	10.6
TGC-0337	1876292	3920809	119	118.1	-23.3	118.7
TGC-0340	1876292	3920809	119	117.4	-28.4	122.5
TGC-0344	1876295	3920810	119	109.2	-27.0	117.3
TGC-0348	1876298	3920811	120	103.3	-8.3	7.8
TGC-0350	1876298	3920811	119	102.7	-19.2	110.0
TGC-0353	1876298	3920811	120	102.3	-8.7	108.0
TGC-0357	1876298	3920811	119	106.9	-34.5	121.0
TGC-0362	1876298	3920812	119	98.3	-31.0	116.1

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0260		30.0	30.4	0.4	26.50
		31.5	38.0	6.6	13.97
	including	31.5	31.8	0.3	17.06
	and	31.8	32.4	0.7	5.68
	and	32.4	33.6	1.2	16.99
	and	33.6	33.9	0.3	54.50
	and	33.9	34.7	0.8	47.20
	and	34.7	35.4	0.7	0.04
	and	35.4	36.0	0.7	4.13
	and	36.0	36.8	0.8	1.93
	and	36.8	38.0	1.2	5.33
		39.3	40.0	0.7	3.75
TGC-0262		24.0	24.3	0.3	3.46
		45.0	45.3	0.3	6.94
		46.5	47.2	0.7	5.04
TGC-0264		36.8	41.5	4.7	26.89
	including	36.8	37.1	0.3	10.85
	and	37.1	38.3	1.2	16.77
	and	38.3	39.5	1.2	13.50
	and	39.5	40.0	0.5	0.08
	and	40.0	40.9	0.9	78.00
	and	40.9	41.5	0.7	31.47
		44.4	47.2	2.8	7.94
	including	44.4	45.0	0.6	9.77
	and	45.0	45.3	0.3	2.23
	and	45.3	45.9	0.6	3.22
	and	45.9	46.2	0.3	18.99
	and	46.2	46.9	0.7	9.37
	and	46.9	47.2	0.3	5.31
		57.2	61.0	3.8	12.47
	including	57.2	57.8	0.6	9.37
	and	57.8	58.4	0.6	0.62
	and	58.4	58.9	0.5	49.86
	and	58.9	59.2	0.3	0.40
	and	59.2	59.5	0.3	8.59
	and	59.5	59.8	0.3	33.44
	and	59.8	60.4	0.7	5.13
	and	60.4	61.0	0.6	4.83
TGC-0270		45.4	46.6	1.2	19.55
TGC-0274		29.0	29.7	0.7	27.68
	including	29.0	29.4	0.4	26.54
	and	29.4	29.7	0.3	29.20
		38.3	39.2	0.9	3.90
		44.7	45.7	1.0	4.12
		53.8	56.2	2.4	5.36
	including	53.8	54.6	0.8	8.78
	and	54.6	54.9	0.3	1.52
	and	54.9	55.4	0.5	1.63
	and	55.4	55.8	0.4	8.29
	and	55.8	56.2	0.4	3.64
		58.1	59.0	0.9	7.02
	including	58.1	58.4	0.3	6.88
	and	58.4	59.0	0.6	7.09
		60.1	64.1	4.0	4.38
	including	60.1	60.4	0.3	7.87
	and	60.4	61.3	0.9	0.36
	and	61.3	61.6	0.3	3.70
	and	61.6	62.2	0.6	9.13
	and	62.2	62.9	0.7	4.65
	and	62.9	63.3	0.4	0.25
	and	63.3	64.1	0.8	6.12
TGC-0276		18.5	18.9	0.4	168.25
		39.9	43.6	3.7	10.82
	including	39.9	40.8	0.9	9.00
	and	40.8	41.1	0.3	12.00
	and	41.1	41.7	0.6	19.51
	and	41.7	42.7	1.0	0.44
	and	42.7	43.6	0.9	17.99
		45.1	51.8	6.7	25.45
	including	45.1	45.4	0.3	66.44
	and	45.4	46.2	0.8	8.25
	and	46.2	46.5	0.3	67.29
	and	46.5	46.9	0.4	13.36
	and	46.9	47.2	0.3	12.58
	and	47.2	47.6	0.4	23.10
	and	47.6	48.0	0.4	145.50
	and	48.0	48.6	0.6	13.66
	and	48.6	49.6	1.0	4.04
	and	49.6	50.1	0.5	47.73
	and	50.1	50.8	0.7	6.76
	and	50.8	51.8	1.0	5.48
TGC-0285		13.8	14.4	0.6	52.57
		63.1	63.4	0.3	12.39
TGC-0290		41.7	43.0	1.3	10.85
	including	41.7	42.0	0.3	20.38
	and	42.0	42.7	0.7	5.93
	and	42.7	43.0	0.3	12.79
		45.4	46.0	0.6	6.18
		58.4	61.0	2.6	10.76
	including	58.4	59.2	0.8	24.33
	and	59.2	60.4	1.2	4.97
	and	60.4	61.0	0.6	4.24
		62.2	62.5	0.3	6.90
TGC-0293		48.0	49.2	1.2	9.43
	including	48.0	48.6	0.6	14.89
	and	48.6	49.2	0.6	3.97
		128.0	130.2	2.2	3.02
	including	128.0	129.0	1.0	3.09
	and	129.0	129.6	0.6	2.10
	and	129.6	130.2	0.6	3.83
		162.8	165.2	2.4	5.22
	including	162.8	163.1	0.3	21.04
	and	163.1	163.6	0.5	0.40
	and	163.6	164.4	0.8	3.46
	and	164.4	165.2	0.8	4.07
		169.1	170.0	0.9	5.18
TGC-0298		23.8	24.2	0.4	19.57
		56.6	57.5	0.9	8.50
		65.4	65.7	0.3	8.48
TGC-0305		5.1	6.7	1.6	11.76
	including	5.1	5.4	0.3	4.24
	and	5.4	6.0	0.6	26.29
	and	6.0	6.3	0.3	1.41
	and	6.3	6.7	0.4	3.38
		8.8	9.7	0.9	11.85
TGC-0308		4.6	4.9	0.3	3.30
		5.6	5.9	0.3	3.15
		10.1	10.5	0.4	5.58
		11.6	12.5	0.9	6.81
	including	11.6	12.0	0.4	9.95
	and	12.0	12.5	0.5	4.30
		43.0	44.8	1.8	45.95
	including	43.0	43.3	0.3	6.21
	and	43.3	43.6	0.3	0.18
	and	43.6	44.2	0.6	123.50
	and	44.2	44.5	0.3	29.20
	and	44.5	44.8	0.3	6.03
		52.6	53.8	1.2	5.70
		57.2	58.4	1.2	4.78
		122.6	122.9	0.3	7.08
TGC-0312		4.5	5.4	0.9	3.58
		9.3	10.5	1.2	4.07
		37.4	37.7	0.3	6.15
		46.5	49.0	2.5	36.94
	including	46.5	47.2	0.7	17.52
	and	47.2	47.5	0.3	48.99
	and	47.5	47.8	0.3	158.00
	and	47.8	48.4	0.6	25.72
	and	48.4	49.0	0.6	4.27
		53.5	54.7	1.2	31.28
		59.6	59.9	0.3	3.36
TGC-0314		3.4	3.7	0.3	8.36
		4.9	6.0	1.1	4.07
		51.6	51.9	0.3	3.20
		57.8	59.7	1.9	11.67
	including	57.8	58.7	0.9	17.99
	and	58.7	59.4	0.7	2.32
	and	59.4	59.7	0.3	15.36
TGC-0317		2.1	2.5	0.4	4.39
		6.1	6.4	0.3	8.93
		41.6	41.9	0.3	6.27
		47.9	48.2	0.3	4.56
		55.9	56.7	0.8	8.12
TGC-0320		3.8	5.8	2.0	4.27
	including	3.8	4.3	0.5	7.36
	and	4.3	4.6	0.3	1.05
	and	4.6	5.3	0.7	<0.01
	and	5.3	5.8	0.5	9.10
		54.2	56.0	1.8	6.22
	including	54.2	55.1	0.9	8.98
	and	55.1	56.0	0.9	3.46
		82.4	83.0	0.6	9.95
		113.9	114.5	0.6	8.48
	including	113.9	114.2	0.3	12.79
	and	114.2	114.5	0.3	4.16
TGC-0322		123.8	125.6	1.8	6.67
	including	123.8	124.1	0.3	3.70
	and	124.1	124.4	0.3	0.01
	and	124.4	124.7	0.3	2.16
	and	124.7	125.0	0.3	9.82
	and	125.0	125.6	0.6	11.98
TGC-0324		95.5	95.8	0.3	72.59
TGC-0328		20.0	21.0	1.1	6.16
	including	20.0	20.4	0.4	3.65
	and	20.4	21.0	0.6	7.77
		42.6	44.5	1.9	4.98
	including	42.6	43.8	1.2	5.20
	and	43.8	44.5	0.7	4.63
		53.7	56.3	2.6	11.14
	including	53.7	54.0	0.3	6.20
	and	54.0	54.3	0.3	1.41
	and	54.3	55.0	0.7	23.57
	and	55.0	55.3	0.3	9.03
	and	55.3	56.0	0.7	6.71
	and	56.0	56.3	0.3	10.26
		67.4	68.3	0.9	4.98
TGC-0329		11.2	11.5	0.3	3.32
		31.7	32.3	0.6	5.00
		57.5	58.6	1.1	8.91
		133.9	134.2	0.3	14.65
TGC-0344		70.2	72.9	2.7	21.48
	including	70.2	71.0	0.8	5.60
	and	71.0	71.5	0.5	0.10
	and	71.5	71.9	0.4	119.50
	and	71.9	72.9	1.0	3.27
TGC-0350		62.3	63.5	1.2	10.43
	including	62.3	62.6	0.3	23.99
	and	62.6	63.5	0.9	5.91
TGC-0353		27.9	30.0	2.1	29.23
	including	27.9	28.8	0.9	37.43
	and	28.8	30.0	1.2	23.08
		33.3	33.6	0.3	3.46
		38.7	39.1	0.4	3.53
		54.3	55.3	1.0	7.38
	including	54.3	54.6	0.3	9.95
	and	54.6	55.0	0.4	0.85
	and	55.0	55.3	0.3	14.38
		64.0	65.0	0.9	9.72
	including	64.0	64.4	0.3	3.16
	and	64.4	65.0	0.6	13.45
TGC-0357		75.1	75.4	0.3	6.30
TGC-0362		68.7	69.3	0.6	30.10
	including	68.7	69.0	0.3	23.75
	and	69.0	69.3	0.3	36.44

¹ Flatmakes are flat-dipping mineralized vein structures. The term is a Fijian mining term commonly used at the Vatukoula gold mine northeast of Tuvatu. At Vatukoula, flatmakes have been reported to have hundreds of meters of strike length.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238920

Energy Junior Mining Lion One Metals Precious Metals

Lion One Drills 2,749.86 g/t Gold over 0.3 m at Tuvatu Gold Mine in Fiji

Post author By admin
Post date January 23, 2025

North Vancouver, British Columbia–(Newsfile Corp. – January 23, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 3,866.8 metres of infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on Zone 5 and includes the Zone’s best assay result to-date of 2,749.86 g/t of gold over 0.3 metres (88.42 oz/t of gold over 1.0 feet).

All drilling was completed from existing near surface underground workings. The Company intersected high-grade mineralized structures in 24 holes drilled up-dip, down-dip, and south along strike of the UR2 and URW3 lodes where current mining activities are in progress. 17 holes intersected multiple high-grade mineralized structures, all of which are near existing underground workings. Most of the drill holes did not exceed 130 metres in length from underground drill stations. Drill results include multiple bonanza grade assays such as 2,749.86 g/t, 269.5 g/t and 235.2 g/t over narrow widths of 0.3 metres. Due to proximity of drill results to existing workings there is a strong probability that some of these structures can be incorporated into the mine plan in the next six to twelve months.

Bonanza grades in Zone 5 at the Tuvatu Alkaline Gold Project are not unexpected. Previously the Company announced high-grade drill results from Zone 5 including 1,986.23 g/t gold over 0.6 metres (see press release dated December 13, 2023), 1,568.55 g/t over 0.3 metres (see press release dated June 5, 2024), and 1,517.79 g/t over 0.3 m (see press release dated December 17, 2024).

Lion One Chairman and CEO Walter Berukoff commented: “We’re extremely pleased with the new results from our Zone 5 infill and grade control drill program. These significant underground drill results continue to confirm the high-grade nature of the Tuvatu Alkaline gold system and provide strong support for our ongoing mining efforts in Zone 5. We’re excited to expand our near-term mine plan in Zone 5 and look forward to mining these areas in 2025. I was particularly interested to see that three of the highest-grade intersections were all identified in hole TGC-265 as separate and distinct structures.”

Highlights of New Drill Results:

2,749.86 g/t Au over 0.3 metres (TGC 265, from 96.2 m depth) Best assay to-date in Zone 5
162.97 g/t Au over 0.6 m (including 269.5 g/t Au over 0.3 m) (TGC-281, from 75.89 m depth)
53.11 g/t Au over 1.5 m (including 235.2 g/t over 0.3 m) (TGC-282, from 92.6 m depth)
96.5 g/t Au over 0.6 m (TGC-288, from 28.8 m depth)
46.94 g/t Au over 1.2 m (including 86.44 g/t Au over 0.3 m) (TGC-265, from 45.7 m depth)
47.22 g/t Au over 0.9 m (including 62.25 g/t over 0.3 m (TGC-265, from 81.1 m depth)
69.38 g/t Au over 0.6 m (including 126.5 g/t over 0.3 m (TGC-267, from 125 m depth)

*Drill intersects are downhole lengths, 3.0 g/t cutoff. See Table 1 in Appendix for additional data.

Figure 1. Location of the Zone 5 drilling reported in this news release. Left image: Plan view of Tuvatu showing Zone 5 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Yellow dashed square represents the area shown in the right image. Right image: Oblique view of Zone 5 drilling looking approximately east-northeast. Zone 5 drilling is targeting the up-dip and down-dip extensions of the mineralized lodes above and below current underground developments, shown in red.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/238144_8979ad13d4e4a9c9_001full.jpg

Zone 5 Drilling

The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes (UR1 to UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several of the western lodes (URW2, URW2A, URW3). These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be a major feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.

The drilling reported in this news release targeted the near-surface portions of the UR2 and URW3 lodes. Drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes, directly above and below current underground developments. The drilling targeted a 200 m strike length of the UR2 and URW3 lodes. The current total strike length of the UR2 lode is approximately 620 m, while that of the URW3 lode is approximately 330 m. Both lodes remain open along strike and at depth.

The Zone 5 grade control drilling reported in this release was conducted from two underground locations: the 1135 drill station and the 1090 drill station. These drillholes are designed to intersect the mineralized lodes in a perpendicular to sub-perpendicular orientation such that the mineralized intervals approximate the true width of the lodes. Grade control drilling is being conducted on a 10 m grid to provide a detailed understanding of the geometry and mineralization of the Zone 5 lodes. The purpose of the current Zone 5 grade control drill program is to enhance the mine model and inform stope design in advance of mining in the target areas. The majority of the high-grade intervals reported in this release are located within 30 m of underground developments and are anticipated to be included in the mine plan in 2025. Highlights of the Zone 5 drilling reported here are shown in Figure 2.

Figure 2. Zone 5 infill and grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Plan view looking down with north to the left. The primary areas targeted by the Zone 5 drilling are the up-dip and down-dip areas of the UR2 and URW3 lodes above and below current underground developments. These areas are scheduled for near-term mining. Drill holes are oriented perpendicular to sub-perpendicular to the mineralized lodes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/238144_8979ad13d4e4a9c9_002full.jpg

Competent Persons Statement

The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Lion One Laboratories / QAQC

About Lion One Metals Limited

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0265	1876384	3920429	94	87.7	-11.1	116.0
TGC-0267	1876380	3920530	129	109.8	-10.5	131.0
TGC-0268	1876384	3920429	94	96.1	-14.0	10.7
TGC-0269	1876384	3920429	94	96.3	-10.3	110.2
TGC-0271	1876381	3920530	130	114.8	10.5	136.6
TGC-0273	1876384	3920429	94	103.2	-10.9	91.8
TGC-0275	1876384	3920428	94	111.2	-9.9	85.8
TGC-0277	1876384	3920428	94	119.3	-10.5	85.7
TGC-0278	1876381	3920530	131	116.9	20.3	135.0
TGC-0279	1876385	3920425	96	140.4	11.7	90.6
TGC-0281	1876384	3920425	96	154.2	11.6	102.5
TGC-0282	1876381	3920530	131	113.2	14.8	139.2
TGC-0284	1876381	3920530	131	108.5	19.8	135.7
TGC-0286	1876383	3920424	96	165.4	12.4	111.5
TGC-0287	1876381	3920532	131	88.2	14.4	118.0
TGC-0288	1876381	3920531	131	96.7	14.1	115.1
TGC-0289	1876383	3920424	96	175.0	10.5	126.3
TGC-0291	1876381	3920532	131	87.4	20.0	120.7
TGC-0292	1876382	3920425	94	174.2	-10.4	13.7
TGC-0294	1876382	3920425	94	174.8	-12.5	127.7
TGC-0295	1876381	3920531	131	95.2	23.0	180.7
TGC-0296	1876382	3920426	94	175.2	-24.6	152.1
TGC-0297	1876381	3920530	131	102.0	23.1	120.0
TGC-0299	1876382	3920426	94	174.8	-35.5	200.7
TGC-0300	1876381	3920530	130	104.1	13.5	122.1
TGC-0301	1876381	3920531	130	96.2	13.3	121.4
TGC-0302	1876383	3920425	94	160.5	-10.5	112.8
TGC-0303	1876380	3920530	129	120.6	-20.6	160.0
TGC-0304	1876383	3920426	94	155.6	-31.4	122.6
TGC-0306	1876380	3920529	129	126.1	-19.6	160.1
TGC-0307	1876383	3920426	93	154.5	-44.9	154.1
TGC-0309	1876384	3920427	93	130.5	-45.1	140.6
TGC-0310	1876380	3920532	128	78.4	-48.0	15.8

Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0265		45.7	46.9	1.2	46.94
	including	45.7	46.0	0.3	86.44
	and	46.0	46.3	0.3	79.05
	and	46.3	46.6	0.3	5.94
	and	46.6	46.9	0.3	16.31
		55.8	56.1	0.3	9.13
		60.3	63.2	3.0	8.08
	including	60.3	60.6	0.3	18.23
	and	60.6	60.9	0.3	3.94
	and	60.9	61.4	0.6	<0.01
	and	61.4	61.7	0.3	30.44
	and	61.7	62.3	0.6	0.04
	and	62.3	62.6	0.3	1.27
	and	62.6	63.2	0.6	12.76
		75.9	76.2	0.3	10.50
		77.1	77.4	0.3	3.05
		81.1	82.0	0.9	47.22
	including	81.1	81.4	0.3	62.25
	and	81.4	81.7	0.3	50.55
	and	81.7	82.0	0.3	28.85
		96.2	97.4	1.2	690.22
	including	96.2	96.5	0.3	2,749.86
	and	96.5	97.4	0.9	3.67
TGC-0267		19.5	20.5	1.0	4.92
	including	19.5	19.8	0.3	8.94
	and	19.8	20.2	0.4	1.60
	and	20.2	20.5	0.3	5.34
		93.9	94.5	0.6	25.28
	including	93.9	94.2	0.3	3.78
	and	94.2	94.5	0.3	46.78
		114.8	115.1	0.3	3.83
		125.0	125.6	0.6	69.38
	including	125.0	125.3	0.3	12.25
	and	125.3	125.6	0.3	126.50
TGC-0269		47.0	47.8	0.8	9.01
	including	47.0	47.5	0.5	11.50
	and	47.5	47.8	0.3	4.95
		56.4	57.6	1.2	4.84
	including	56.4	56.7	0.3	16.00
	and	56.7	57.3	0.6	<0.01
	and	57.3	57.6	0.3	3.34
		59.4	59.7	0.3	13.05
		61.3	61.6	0.3	7.57
		70.7	72.0	1.3	9.49
	including	70.7	71.1	0.4	15.50
	and	71.1	71.4	0.3	0.01
	and	71.4	71.7	0.3	14.78
	and	71.7	72.0	0.3	6.11
		106.5	106.8	0.3	43.50
TGC-0271		17.4	17.7	0.3	5.32
		23.5	23.9	0.4	3.70
		53.0	53.9	0.9	3.51
	including	53.0	53.3	0.3	6.79
	and	53.3	53.6	0.3	0.45
	and	53.6	53.9	0.3	3.30
		55.1	56.5	1.4	3.51
	including	55.1	55.4	0.3	3.28
	and	55.4	55.7	0.3	0.40
	and	55.7	56.0	0.3	0.26
	and	56.0	56.5	0.5	7.46
		72.4	73.6	1.2	3.02
		102.1	102.4	0.3	14.33
		113.9	114.2	0.3	10.22
TGC-0273		47.9	49.1	1.2	7.09
	including	47.9	48.2	0.3	15.50
	and	48.2	48.5	0.3	3.05
	and	48.5	48.8	0.3	4.97
	and	48.8	49.1	0.3	4.84
		66.0	66.6	0.6	51.87
	including	66.0	66.3	0.3	89.24
	and	66.3	66.6	0.3	14.50
TGC-0275		62.1	62.4	0.3	6.40
TGC-0277		54.7	55.0	0.3	7.19
		58.0	58.3	0.3	15.78
TGC-0278		8.6	8.9	0.3	4.11
		21.8	22.1	0.3	24.78
		49.7	50.4	0.7	16.45
		52.0	52.6	0.6	5.82
		54.9	55.2	0.3	7.83
		95.6	95.9	0.3	18.69
		101.9	102.2	0.3	15.55
		103.7	104.2	0.5	5.38
		112.2	112.5	0.3	9.65
TGC-0279		61.8	62.4	0.6	52.78
	including	61.8	62.1	0.3	47.56
	and	62.1	62.4	0.3	57.99
TGC-0281		75.6	76.2	0.6	162.97
	including	75.6	75.9	0.3	269.50
	and	75.9	76.2	0.3	56.44
		91.0	91.3	0.3	3.75
TGC-0282		16.6	16.9	0.3	5.32
		21.1	21.4	0.3	3.20
		90.4	90.8	0.4	7.22
		92.6	94.1	1.5	53.11
	including	92.6	92.9	0.3	14.85
	and	92.9	93.2	0.3	13.64
	and	93.2	93.8	0.6	0.93
	and	93.8	94.1	0.3	235.20
		98.9	99.2	0.3	11.72
		100.6	101.0	0.4	4.51
TGC-0284		19.4	19.7	0.3	4.91
		23.3	23.9	0.6	3.30
		92.3	92.9	0.6	27.89
TGC-0286		32.6	32.9	0.3	5.13
TGC-0287		82.3	82.6	0.3	13.47
TGC-0288		15.4	15.7	0.3	3.68
		28.8	29.4	0.6	96.50
		30.8	31.1	0.3	3.95
		90.1	90.4	0.3	6.05
TGC-0291		38.5	39.7	1.2	11.82
	including	38.5	39.2	0.7	3.93
	and	39.2	39.7	0.5	22.86
		79.0	79.7	0.7	25.48
TGC-0295		19.9	20.2	0.3	4.21
		21.1	21.4	0.3	3.69
		24.0	24.6	0.6	4.67
TGC-0296		36.0	36.6	0.6	4.81
TGC-0297		16.8	17.1	0.3	3.06
		17.9	18.2	0.3	4.07
		26.2	26.8	0.6	20.68
		90.9	91.2	0.3	8.63
TGC-0300		18.6	19.0	0.4	3.66
		26.1	28.1	2.0	5.99
	including	26.1	26.4	0.3	3.65
	and	26.4	26.7	0.3	21.92
	and	26.7	27.0	0.3	1.81
	and	27.0	27.4	0.4	0.17
	and	27.4	27.8	0.4	5.66
	and	27.8	28.1	0.3	4.75
		99.9	100.8	0.9	3.59
TGC-0301		89.0	89.3	0.3	3.72
TGC-0303		22.4	23.0	0.6	12.46
		26.4	26.7	0.4	41.33
		33.7	35.0	1.2	14.03
	including	33.7	34.2	0.5	6.07
	and	34.2	34.6	0.4	24.89
	and	34.6	35.0	0.4	14.50
		72.0	72.7	0.6	30.32
	including	72.0	72.4	0.3	10.55
	and	72.4	72.7	0.3	51.36
		115.0	115.4	0.4	34.29
		138.4	138.9	0.5	4.09
TGC-0306		28.7	29.5	0.8	3.85
		32.2	32.5	0.4	6.74
		41.0	43.2	2.2	6.98
	including	41.0	41.4	0.4	3.90
	and	41.4	42.0	0.6	7.96
	and	42.0	42.6	0.6	5.17
	and	42.6	43.2	0.6	9.85
		47.9	48.5	0.6	5.83
		79.2	79.6	0.4	9.52
		86.9	87.2	0.3	4.28
		127.4	127.7	0.3	89.48
TGC-0309		96.3	96.6	0.3	8.84

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238144

Energy Junior Mining Lion One Metals Precious Metals

Lion One Records 4741 oz in Quarterly Gold Sales, C$18.0M of Revenue

Post author By admin
Post date January 15, 2025

North Vancouver, British Columbia–(Newsfile Corp. – January 15, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report record quarterly gold sales and gold production from the Tuvatu Gold Mine in Fiji for Q4 CY2024.

Summary of Quarterly Results:

4,741 oz of gold sold
4,300 oz of gold recovered
29,525 tonnes milled
Total revenue of C$17,993,020
72% increase in revenue compared to previous quarter

Quarterly Production Results

Lion One Metals sold approximately 4,741 oz of gold and 841 oz of silver during the three-month period ending December 31^st, 2024. The average sale price for the quarter was C$3,787 per ounce of gold sold. Total revenue for the quarter was C$17,993,020, which represents a 72% increase in revenue compared to the previous quarter’s revenue of C$10,470,518. Gold revenue for the quarter was enhanced by higher gold prices, improved gold grades and recoveries, and the addition of unsold gold from the previous quarter. Approximately 4,300 oz of gold was recovered during the quarter, compared to 3,638 oz from the previous quarter. This represents an 18% increase in quarter-over-quarter gold production and is a new record for the company.

Table 1. Quarterly Production and Operations Summary

		Q4 CY2024	Q3 CY2024
Gold sold	oz	4,741	3,129
Silver sold	oz	841	1,093
Total Revenue	C$	17,993,020	10,470,518

Plant throughput	tpd	321	341
Gold grade	g/t	5.49	4.59
Gold recovery	%	82.50	78.20
Gold produced	oz	4,300	3,638

2024 was the first calendar year of production at Tuvatu. The company has achieved consistent quarter-over-quarter increases in gold production, gold recoveries, and gold grades since plant commissioning was complete in Q1 CY2024 (Figure 1). The company is currently in the 300 tpd pilot plant phase of operations, with expansion to the 600 tpd phase of operations anticipated in 2026.

Lion One Chairman and CEO Walter Berukoff stated: “2024 was a pivotal year for Lion One Metals as we brought the Tuvatu mine in Fiji into production at the pilot plant level. We are delighted to have achieved consecutive increases in production every quarter throughout 2024, culminating in a record C$18.0M of quarterly revenue at the end of the year. As we continue to develop the mine and unlock the higher-grade portions of the deposit, we look forward to continuing this trend of increased production at Tuvatu, and ultimately doubling our plant capacity from 300 tpd to 600 tpd in 2026.”

Figure 1. Tuvatu Average Quarterly Gold Grade and Recovery, 2024. Gold grades and recovery have consistently increased quarter-over-quarter at Tuvatu since pilot plant commissioning was complete in Q1 CY2024.

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Qualified Persons Statement
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), William J. Witte, P.Eng., Principal Advisor to the Company, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237264

Junior Mining Lion One Metals Precious Metals

Lion One Drills 1517.79 g/t Gold over 0.3 M at Tuvatu Gold Mine in Fiji

Post author By admin
Post date December 17, 2024

North Vancouver, British Columbia–(Newsfile Corp. – December 17, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from Zone 5 infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for infill and grade control drilling in the Zone 5 area of Tuvatu. Drill results include multiple bonanza grade gold assays such as 1517.79 g/t, 513.50 g/t, 113.76 g/t, 137.50 g/t, and 115.25 g/t (see Table 1 below). These results are all located proximal to underground development in the near-surface portion of the mine. Drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes. Previous drill results from the Zone 5 area are available in the June 12, 2024, June 5, 2024, and December 13, 2023 news releases.

Top New Drill Results:

1517.79 g/t Au over 0.3 m (TGC-0237, from 42.6 m depth)
513.50 g/t Au over 0.3 m (TGC-0263, from 60.47 m depth)
67.45 g/t Au over 0.75 m (TGC-0254, from 90.75 m depth)
17.89 g/t Au over 2.7 m (including 113.76 g/t Au over 0.3 m) (TGC-0225, from 94.6 m depth)
25.73 g/t Au over 1.8 m (including 96.78 g/t Au over 0.4 m) (TGC-0251, from 46.9 m depth)
18.42 g/t Au over 2.5 m (including 62.83 g/t Au over 0.4 m) (TGC-0240, from 44.0 m depth)
30.99 g/t Au over 1.4 m (including 137.50 g/t Au over 0.3 m) (TGC-0239, from 97.8 m depth)
64.25 g/t Au over 0.6 m (TGC-0256, from 98.11 m depth)
72.55 g/t Au over 0.5 m (TGC-0245, from 91.0 m depth)
115.25 g/t Au over 0.3 m (TGC-0250, from 52.7 m depth)

*All drill intersects are downhole lengths, 3.0 g/t cutoff. See Table 1 for additional data.

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Table 1. Highlights of composited grade control and infill drill results in the Zone 5 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 3 in the appendix.

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0237		42.6	42.9	0.3	1517.79
TGC-0263		60.5	60.8	0.3	513.50
TGC-0254		90.8	91.5	0.8	67.45
TGC-0225		94.6	97.3	2.7	17.89
	including	95.8	97.0	1.2	37.40
	which includes	96.1	96.4	0.3	113.76
TGC-0251		46.9	48.7	1.8	25.73
	including	46.9	47.6	0.7	59.42
	which includes	47.2	47.6	0.4	96.78
TGC-0240		44.0	46.5	2.5	18.42
	including	46.1	46.5	0.4	62.83
TGC-0239		97.8	99.2	1.4	30.99
	including	97.8	98.1	0.3	137.50
TGC-0256		98.1	98.7	0.6	64.25
TGC-0245		91.0	91.5	0.5	72.55
TGC-0250		52.7	53.0	0.3	115.25
TGC-0247		61.1	62.6	1.5	19.11
TGC-0212		69.5	69.8	0.3	90.50
TGC-0224		25.8	28.5	2.7	9.85
	including	25.8	26.4	0.6	27.65
TGC-0259		57.4	57.7	0.3	86.50
TGC-0231		92.8	96.0	3.2	7.59
	including	95.0	95.6	0.6	26.34
TGC-0210		61.2	62.7	1.5	15.70
	including	62.1	62.4	0.3	57.08
TGC-0228		90.8	91.1	0.3	77.50
TGC-0247		89.1	89.4	0.3	75.86
TGC-0261		97.1	100.2	3.2	7.00
	including	97.8	98.1	0.3	26.35
	and	98.1	98.4	0.4	15.55
TGC-0263		63.2	65.6	2.4	8.98
	including	63.5	64.1	0.6	26.30
TGC-0212		90.3	90.9	0.6	33.92
	including	90.3	90.6	0.3	58.64
TGC-0226		28.5	28.8	0.3	63.72

*All drill intersects are downhole lengths

Zone 5 Drilling

The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes (UR1 to UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several of the western lodes (URW2, URW2A, URW3). These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be the feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.

The drilling reported in this news release targeted the near-surface portions of the UR2 and URW3 lodes. Drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes, directly above and below current underground developments. The drilling targeted a 320 m strike length of the UR2 and URW3 lodes. The current total strike length of the UR2 lode is approximately 620 m, while that of the URW3 lode is approximately 330 m. Both lodes remain open along strike and at depth.

Zone 5 grade control drilling is being conducted from three underground locations: the 1130 drill cuddy, the 1135 drill cuddy, and the 1090 drill cuddy. These drillholes are designed to intersect the mineralized lodes in a perpendicular to sub-perpendicular orientation such that the mineralized intervals approximate the true width of the lodes. Grade control drilling is being conducted on 10 m centers to provide a detailed understanding of the geometry and mineralization of the Zone 5 lodes. The purpose of the current Zone 5 grade control drill program is to enhance the mine model and inform stope design in advance of mining in the target areas. Highlights of the Zone 5 drilling reported here are shown in Figure 2.

Figure 2. Zone infill and grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. View is looking down with north to the left. The primary areas targeted by the Zone 5 drilling are the up-dip and down-dip areas of the UR2 and URW3 lodes above and below current underground developments. These areas are scheduled for near-term mining. Drill holes are oriented perpendicular to sub-perpendicular to the mineralized lodes.

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Competent Persons Statement

Lion One Laboratories / QAQC

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using 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). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 2. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0210	1876384	3920430	96	114.6	20.9	85.8
TGC-0211	1876384	3920429	96	140.5	21.6	85.6
TGC-0212	1876381	3920532	131	80.5	14.3	115.3
TGC-0213	1876383	3920628	129	65.0	12.5	125.0
TGC-0214	1876384	3920432	96	106.7	22.1	70.8
TGC-0215	1876380	3920529	130	134.2	6.3	150.0
TGC-0216	1876384	3920431	95	127.7	14.5	81.2
TGC-0217	1876383	3920628	129	60.7	16.4	135.0
TGC-0218	1876384	3920431	95	117.2	14.7	81.0
TGC-0219	1876380	3920529	130	129.2	8.6	140.3
TGC-0220	1876383	3920627	130	80.5	21.8	11.2
TGC-0221	1876384	3920430	96	105.9	22.2	68.1
TGC-0222	1876384	3920429	96	115.8	20.5	11.0
TGC-0223	1876384	3920424	96	154.8	22.9	180.0
TGC-0224	1876380	3920530	130	124.9	4.8	140.0
TGC-0225	1876382	3920627	129	76.4	22.4	115.0
TGC-0226	1876380	3920529	130	125.6	11.1	140.2
TGC-0227	1876384	3920425	94	155.6	-1.8	181.1
TGC-0228	1876380	3920530	130	120.8	8.5	140.0
TGC-0229	1876383	3920627	129	75.9	15.3	11.2
TGC-0230	1876383	3920424	96	170.7	22.4	268.4
TGC-0231	1876383	3920627	129	77.3	15.4	115.1
TGC-0232	1876383	3920627	127	76.2	-49.2	11.2
TGC-0233	1876384	3920627	127	78.0	-48.5	166.4
TGC-0234	1876381	3920531	129	98.3	-19.1	99.8
TGC-0235	1876384	3920627	127	80.0	-36.5	11.1
TGC-0236	1876383	3920627	128	79.8	-36.1	146.0
TGC-0237	1876384	3920428	95	108.1	13.7	82.5
TGC-0238	1876381	3920531	129	90.7	-13.7	10.7
TGC-0239	1876381	3920531	129	90.7	-19.4	130.8
TGC-0240	1876384	3920428	95	99.9	13.0	122.2
TGC-0241	1876383	3920627	129	82.8	19.2	110.0
TGC-0242	1876384	3920428	95	92.0	13.2	95.4
TGC-0243	1876384	3920626	127	95.7	-37.1	140.1
TGC-0244	1876384	3920429	95	84.8	13.7	100.7
TGC-0245	1876381	3920532	129	88.0	-13.6	130.8
TGC-0246	1876384	3920625	127	114.9	-28.7	140.0
TGC-0247	1876384	3920430	94	83.7	-4.0	110.3
TGC-0248	1876378	3920532	129	82.4	-15.3	130.9
TGC-0249	1876384	3920626	127	103.4	-31.1	140.1
TGC-0250	1876384	3920429	94	97.3	-3.8	110.0
TGC-0251	1876384	3920429	94	105.1	-4.4	86.0
TGC-0252	1876381	3920532	129	76.0	-18.3	24.6
TGC-0254	1876380	3920532	129	75.9	-15.1	130.0
TGC-0255	1876384	3920428	94	114.5	-4.1	80.0
TGC-0256	1876381	3920531	128	92.7	-22.1	136.9
TGC-0257	1876384	3920428	94	123.3	-4.4	80.2
TGC-0259	1876384	3920427	94	131.0	-4.7	83.1
TGC-0261	1876380	3920530	129	115.1	-11.2	140.0
TGC-0263	1876384	3920429	94	82.2	-7.8	120.8

Table 3. Composite results from drillholes reported in this news release (composite grade >3.0 g/t Au)

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0210		40.5	40.8	0.3	6.12
TGC-0210		45.0	46.2	1.2	6.36
TGC-0210		47.4	47.7	0.3	5.45
TGC-0210		61.2	62.7	1.5	15.70
	including	61.2	62.1	0.9	4.08
	and	62.1	62.4	0.3	57.08
	and	62.4	62.7	0.3	9.20
TGC-0210		65.4	65.7	0.3	26.66
TGC-0210		78.6	79.8	1.2	7.59
	including	78.6	78.9	0.3	4.46
	and	78.9	79.2	0.3	0.82
	and	79.2	79.8	0.6	12.54
TGC-0211		63.6	63.9	0.3	9.60
TGC-0211		66.3	66.9	0.6	21.85
	including	66.3	66.6	0.3	39.97
	and	66.6	66.9	0.3	3.72
TGC-0212		37.1	39.8	2.7	4.56
	including	37.1	37.4	0.3	15.20
	and	37.4	37.7	0.3	2.58
	and	37.7	38.0	0.3	1.89
	and	38.0	38.3	0.3	5.06
	and	38.3	38.9	0.6	0.13
	and	38.9	39.2	0.3	0.24
	and	39.2	39.5	0.3	5.90
	and	39.5	39.8	0.3	9.87
TGC-0212		41.0	41.6	0.6	3.63
TGC-0212		43.1	44.6	1.5	9.17
	including	43.1	44.0	0.9	13.38
	and	44.0	44.3	0.3	<0.01
	and	44.3	44.6	0.3	5.71
TGC-0212		69.5	69.8	0.3	90.50
TGC-0212		74.7	75.6	0.9	4.69
	including	74.7	75.0	0.3	3.65
	and	75.0	75.3	0.3	6.36
	and	75.3	75.6	0.3	4.06
TGC-0212		86.1	86.7	0.6	11.45
	including	86.1	86.4	0.3	7.81
	and	86.4	86.7	0.3	15.09
TGC-0212		90.3	90.9	0.6	33.92
	including	90.3	90.6	0.3	58.64
	and	90.6	90.9	0.3	9.19
TGC-0213		98.0	98.3	0.3	38.50
TGC-0214		45.3	48.0	2.7	4.22
	including	45.3	45.6	0.3	3.75
	and	45.6	45.9	0.3	5.00
	and	45.9	46.2	0.3	0.96
	and	46.2	46.5	0.3	1.95
	and	46.5	46.8	0.3	15.32
	and	46.8	47.1	0.3	2.40
	and	47.1	47.4	0.3	1.66
	and	47.4	47.7	0.3	3.33
	and	47.7	48.0	0.3	3.62
TGC-0215		15.6	15.9	0.3	10.00
TGC-0215		37.8	38.4	0.6	6.20
TGC-0215		97.5	97.8	0.3	10.02
TGC-0215		103.8	104.1	0.3	3.62
TGC-0215		106.5	107.4	0.9	5.97
	including	106.5	106.8	0.3	5.02
	and	106.8	107.1	0.3	1.55
	and	107.1	107.4	0.3	11.35
TGC-0215		109.8	111.0	1.2	13.19
	including	109.8	110.1	0.3	15.89
	and	110.1	110.4	0.3	22.48
	and	110.4	110.7	0.3	6.27
	and	110.7	111.0	0.3	8.11
TGC-0215		126.9	127.5	0.6	19.12
	including	126.9	127.2	0.3	14.40
	and	127.2	127.5	0.3	23.83
TGC-0217		112.7	114.5	1.8	6.14
	including	112.7	113.0	0.3	3.02
	and	113.0	113.3	0.3	10.87
	and	113.3	113.9	0.6	7.23
	and	113.9	114.5	0.6	4.24
TGC-0218		43.8	44.4	0.6	9.60
TGC-0218		61.5	62.7	1.2	9.29
	including	61.5	61.8	0.3	4.44
	and	61.8	62.1	0.3	0.19
	and	62.1	62.4	0.3	26.78
	and	62.4	62.7	0.3	5.76
TGC-0218		66.3	66.9	0.6	3.50
TGC-0219		31.5	31.8	0.3	4.30
TGC-0219		47.4	47.7	0.3	5.45
TGC-0219		54.3	55.5	1.2	3.55
TGC-0219		58.5	58.8	0.3	5.22
TGC-0219		97.8	98.1	0.3	9.99
TGC-0219		111.9	112.2	0.3	6.35
TGC-0219		126.0	126.3	0.3	11.82
TGC-0221		44.7	47.4	2.7	4.03
	including	44.7	45.0	0.3	10.99
	and	45.0	45.3	0.3	2.47
	and	45.3	45.6	0.3	3.47
	and	45.6	45.9	0.3	0.24
	and	45.9	46.2	0.3	<0.01
	and	46.2	46.5	0.3	5.82
	and	46.5	46.8	0.3	6.03
	and	46.8	47.1	0.3	0.50
	and	47.1	47.4	0.3	6.71
TGC-0223		75.6	76.2	0.6	7.46
TGC-0223		78.6	79.2	0.6	4.90
TGC-0223		91.4	92.0	0.6	7.78
TGC-0224		25.8	28.5	2.7	9.85
	including	25.8	26.4	0.6	27.65
	and	26.4	27.3	0.9	5.49
	and	27.3	27.6	0.3	2.18
	and	27.6	27.9	0.3	3.23
	and	27.9	28.5	0.6	5.75
TGC-0224		57.2	57.5	0.3	48.09
TGC-0224		91.7	92.9	1.2	8.81
	including	91.7	92.3	0.6	7.73
	and	92.3	92.9	0.6	9.89
TGC-0224		116.0	116.6	0.6	5.83
TGC-0224		136.1	137.0	0.9	3.33
TGC-0225		93.7	94.0	0.3	4.56
TGC-0225		94.6	97.3	2.7	17.89
	including	94.6	94.9	0.3	4.50
	and	94.9	95.1	0.2	3.66
	and	95.1	95.5	0.4	<0.01
	and	95.5	95.8	0.3	1.31
	and	95.8	96.1	0.3	19.08
	and	96.1	96.4	0.3	113.76
	and	96.4	96.7	0.3	9.14
	and	96.7	97.0	0.3	7.62
	and	97.0	97.3	0.3	3.16
TGC-0226		19.8	20.4	0.6	10.58
	including	19.8	20.1	0.3	17.32
	and	20.1	20.4	0.3	3.84
TGC-0226		28.5	28.8	0.3	63.72
TGC-0226		41.0	41.3	0.3	9.70
TGC-0226		55.4	56.0	0.6	3.10
TGC-0226		56.3	56.6	0.3	4.68
TGC-0226		58.1	58.4	0.3	18.52
TGC-0226		88.4	88.7	0.3	3.97
TGC-0226		91.7	92.9	1.2	5.75
	including	91.7	92.0	0.3	19.58
	and	92.0	92.3	0.3	0.07
	and	92.3	92.6	0.3	0.12
	and	92.6	92.9	0.3	3.22
TGC-0226		104.3	104.6	0.3	5.89
TGC-0226		110.6	110.9	0.3	7.13
TGC-0226		111.8	112.1	0.3	4.46
TGC-0227		100.7	101.0	0.3	36.04
TGC-0227		169.6	169.9	0.3	3.12
TGC-0228		14.9	15.6	0.8	3.39
TGC-0228		21.5	23.0	1.5	6.25
	including	21.5	21.8	0.3	4.60
	and	21.8	22.2	0.4	6.43
	and	22.2	22.6	0.4	8.77
	and	22.6	23.0	0.4	4.65
TGC-0228		32.8	33.4	0.6	29.89
TGC-0228		54.7	55.3	0.6	16.78
TGC-0228		57.8	58.5	0.7	12.64
TGC-0228		87.3	89.3	2.0	9.20
	including	87.3	87.6	0.3	21.49
	and	87.6	88.4	0.8	<0.01
	and	88.4	89.3	0.9	12.98
TGC-0228		90.8	91.1	0.3	77.50
TGC-0228		101.4	101.7	0.3	4.80
TGC-0228		108.5	108.8	0.3	41.99
TGC-0231		92.8	96.0	3.2	7.59
	including	92.8	93.3	0.5	7.66
	and	93.3	93.8	0.5	1.06
	and	93.8	94.3	0.5	4.04
	and	94.3	94.6	0.3	0.18
	and	94.6	95.0	0.5	3.60
	and	95.0	95.6	0.6	26.34
	and	95.6	96.0	0.5	4.31
TGC-0234		24.5	24.8	0.3	18.69
TGC-0234		44.8	47.1	2.3	6.03
	including	44.8	45.1	0.3	3.15
	and	45.1	45.4	0.3	0.30
	and	45.4	45.9	0.5	<0.01
	and	45.9	46.5	0.6	16.87
	and	46.5	46.8	0.3	4.07
	and	46.8	47.1	0.3	4.96
TGC-0234		50.7	51.0	0.3	5.70
TGC-0234		52.2	52.8	0.6	7.07
TGC-0234		54.9	55.8	0.9	3.90
TGC-0234		88.3	88.9	0.6	7.39
TGC-0234		90.6	92.0	1.4	3.62
	including	90.6	90.9	0.3	6.06
	and	90.9	91.7	0.8	0.35
	and	91.7	92.0	0.3	9.92
TGC-0236		116.5	117.1	0.6	4.41
TGC-0237		42.6	42.9	0.3	1517.79
TGC-0237		45.0	46.5	1.5	11.79
	including	45.0	45.3	0.3	41.53
	and	45.3	45.9	0.6	4.84
	and	45.9	46.5	0.6	3.86
TGC-0237		62.3	62.6	0.3	4.70
TGC-0239		97.8	99.2	1.4	30.99
	including	97.8	98.1	0.3	137.50
	and	98.1	98.9	0.8	0.51
	and	98.9	99.2	0.3	5.75
TGC-0240		44.0	46.5	2.5	18.42
	including	44.0	44.3	0.3	5.90
	and	44.3	44.6	0.3	<0.01
	and	44.6	44.9	0.3	8.88
	and	44.9	45.8	0.9	16.99
	and	45.8	46.1	0.3	3.98
	and	46.1	46.5	0.4	62.83
TGC-0240		66.7	67.0	0.3	6.15
TGC-0240		102.6	102.9	0.3	4.33
TGC-0240		117.8	118.4	0.6	14.67
TGC-0241		92.2	94.2	2.0	4.91
	including	92.2	93.1	0.9	6.40
	and	93.1	93.7	0.6	1.15
	and	93.7	94.2	0.5	6.71
TGC-0242		61.6	61.9	0.3	11.58
TGC-0242		71.6	71.9	0.3	3.70
TGC-0242		72.8	73.8	1.0	4.48
	including	72.8	73.5	0.7	3.34
	and	73.5	73.8	0.3	6.95
TGC-0244		55.4	56.3	0.9	4.97
	including	55.4	55.7	0.3	5.24
	and	55.7	56.3	0.6	4.83
TGC-0244		76.2	78.5	2.3	8.37
	including	76.2	76.8	0.6	13.71
	and	76.8	77.4	0.6	9.23
	and	77.4	78.2	0.8	0.56
	and	78.2	78.5	0.3	15.73
TGC-0244		84.1	85.0	0.9	4.37
TGC-0245		82.6	82.9	0.3	3.76
TGC-0245		91.0	91.5	0.5	72.55
TGC-0245		103.9	104.2	0.3	8.42
TGC-0246		131.7	132.0	0.3	4.01
TGC-0246		134.0	134.9	0.9	15.07
	including	134.0	134.3	0.3	31.99
	and	134.3	134.6	0.3	9.12
	and	134.6	134.9	0.3	4.10
TGC-0246		136.4	137.3	0.9	5.62
	including	136.4	137.0	0.6	5.08
	and	137.0	137.3	0.3	6.69
TGC-0247		43.5	43.8	0.3	20.55
TGC-0247		51.0	51.6	0.6	7.11
TGC-0247		61.1	62.6	1.5	19.11
	including	61.1	61.4	0.3	9.08
	and	61.4	61.8	0.4	9.67
	and	61.8	62.6	0.8	27.59
TGC-0247		81.9	82.2	0.3	16.11
TGC-0247		84.9	85.2	0.3	12.24
TGC-0247		86.4	87.3	0.9	10.89
	including	86.4	87.0	0.6	9.59
	and	87.0	87.3	0.3	13.50
TGC-0247		89.1	89.4	0.3	75.86
TGC-0248		53.3	53.6	0.3	4.22
TGC-0248		55.1	55.6	0.4	4.48
TGC-0248		59.1	59.5	0.4	3.54
TGC-0248		61.2	61.6	0.4	3.96
TGC-0248		67.5	67.8	0.3	4.96
TGC-0248		88.0	88.5	0.5	24.99
TGC-0248		92.0	92.6	0.6	11.13
	including	92.0	92.3	0.3	9.59
	and	92.3	92.6	0.3	12.67
TGC-0248		99.3	99.6	0.3	6.21
TGC-0248		103.2	103.5	0.3	4.44
TGC-0250		45.6	46.3	0.7	6.21
	including	45.6	45.9	0.3	9.10
	and	45.9	46.3	0.4	4.05
TGC-0250		52.7	53.0	0.3	115.25
TGC-0250		57.3	58.9	1.6	7.13
	including	57.3	57.6	0.3	6.64
	and	57.6	57.9	0.3	3.52
	and	57.9	58.2	0.3	1.71
	and	58.2	58.5	0.3	1.42
	and	58.5	58.9	0.4	18.55
TGC-0250		68.1	68.5	0.4	5.28
TGC-0250		69.5	69.9	0.4	3.13
TGC-0251		46.9	48.7	1.8	25.73
	including	46.9	47.2	0.3	9.60
	and	47.2	47.6	0.4	96.78
	and	47.6	48.4	0.8	0.10
	and	48.4	48.7	0.3	15.50
TGC-0251		63.8	64.5	0.8	5.56
	including	63.8	64.2	0.5	5.93
	and	64.2	64.5	0.3	4.99
TGC-0254		54.2	54.5	0.3	9.48
TGC-0254		58.3	58.9	0.6	12.55
TGC-0254		90.8	91.5	0.8	67.45
TGC-0254		101.9	102.2	0.3	17.89
TGC-0254		106.1	106.4	0.3	4.02
TGC-0255		49.9	50.2	0.3	9.89
TGC-0255		61.5	61.8	0.3	6.67
TGC-0256		92.8	93.7	0.9	14.66
	including	92.8	93.1	0.3	6.31
	and	93.1	93.4	0.3	0.07
	and	93.4	93.7	0.3	37.59
TGC-0256		98.1	98.7	0.6	64.25
TGC-0256		108.3	108.9	0.6	3.46
TGC-0257		51.2	54.5	3.3	5.26
	including	51.2	51.5	0.3	3.66
	and	51.5	52.1	0.6	0.09
	and	52.1	52.5	0.4	15.98
	and	52.5	53.0	0.6	0.95
	and	53.0	53.3	0.3	9.58
	and	53.3	53.6	0.3	<0.01
	and	53.6	53.9	0.3	4.80
	and	53.9	54.2	0.3	0.12
	and	54.2	54.5	0.3	16.79
TGC-0257		56.9	57.5	0.7	10.19
	including	56.9	57.2	0.4	14.58
	and	57.2	57.5	0.3	4.92
TGC-0259		57.4	57.7	0.3	86.50
TGC-0259		60.0	61.9	1.9	6.98
	including	60.0	60.3	0.3	4.31
	and	60.3	60.6	0.3	0.78
	and	60.6	60.9	0.3	<0.01
	and	60.9	61.9	1.0	11.99
TGC-0261		20.1	20.5	0.4	3.19
TGC-0261		25.3	26.7	1.3	3.54
	including	25.3	25.6	0.3	9.99
	and	25.6	25.9	0.3	<0.01
	and	25.9	26.4	0.4	0.06
	and	26.4	26.7	0.3	5.74
TGC-0261		33.3	34.4	1.1	5.62
	including	33.3	33.6	0.3	3.60
	and	33.6	33.9	0.3	7.12
	and	33.9	34.4	0.5	5.89
TGC-0261		61.6	61.9	0.4	5.34
TGC-0261		63.5	64.3	0.8	4.93
TGC-0261		95.9	96.2	0.3	6.58
TGC-0261		97.1	100.2	3.2	7.00
	including	97.1	97.4	0.3	3.76
	and	97.4	97.8	0.4	0.18
	and	97.8	98.1	0.3	26.35
	and	98.1	98.4	0.4	15.55
	and	98.4	98.7	0.3	4.96
	and	98.7	99.1	0.3	9.95
	and	99.1	99.4	0.4	0.27
	and	99.4	99.9	0.5	0.04
	and	99.9	100.2	0.3	8.31
TGC-0261		115.1	115.5	0.4	3.85
TGC-0261		121.9	123.2	1.3	11.74
	including	121.9	122.2	0.3	34.63
	and	122.2	122.6	0.4	0.08
	and	122.6	122.9	0.3	3.62
	and	122.9	123.2	0.3	11.33
TGC-0261		130.6	130.9	0.3	6.02
TGC-0263		60.5	60.8	0.3	513.50
TGC-0263		63.2	65.6	2.4	8.98
	including	63.2	63.5	0.3	5.61
	and	63.5	64.1	0.6	26.30
	and	64.1	64.4	0.3	5.39
	and	64.4	64.7	0.3	0.33
	and	64.7	65.0	0.3	0.96
	and	65.0	65.6	0.6	3.48
TGC-0263		78.6	79.5	0.9	5.99
	including	78.6	78.9	0.3	3.82
	and	78.9	79.5	0.6	7.08
TGC-0263		83.6	84.2	0.6	5.08
TGC-0263		85.4	85.7	0.3	3.66
TGC-0263		91.8	92.1	0.3	22.76
TGC-0263		97.8	98.1	0.3	9.45

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234067

Energy Junior Mining Lion One Metals Precious Metals

Lion One Announces Results of Annual and Special General Meeting

Post author By admin
Post date December 12, 2024

North Vancouver, British Columbia–(Newsfile Corp. – December 12, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to announce the results of the Company’s annual and special general meeting of shareholders (the “Meeting”) held on December 12, 2024.

At the Meeting, the number of directors of the Company was set at three (3) with the following directors re-elected at the Meeting: Walter Berukoff, Richard Meli, and Kevin Puil. In addition, shareholders of the Company approved the Company’s Omnibus Equity Incentive Compensation Plan as described in the management information circular dated October 29, 2024 (the “Circular”) as well as the re-appointment of Davidson & Company LLP, Chartered Professional Accountants as the auditor of the Company for the ensuing fiscal year.

About Lion One Metals Limited

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233639

Energy Junior Mining Lion One Metals Precious Metals

Lion One Releases Financial Results for Quarter Ended September 30, Announces USD $4 Million Tranche 3 Draw down on Nebari Financing Facility

Post author By admin
Post date December 2, 2024

North Vancouver, British Columbia–(Newsfile Corp. – December 2, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to release the Company’s financial results for Q1 FY 2025, and announces that the Company has entered into an agreement to amend certain terms and draw down a further USD $4,000,000 (“Tranche 3”) of its Senior Secured Financing Facility (the “Financing Facility”) provided by Nebari.

Financial Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following:

Mine operating income of CAD$1,529,978
Record revenue of CAD$10,468,452
3,129 ounces (oz) of gold sold, and 1,093 oz of silver sold
Average realized gold selling price of CAD$3,332 per oz
Cost of sales per gold oz of CAD$2,843 (net of silver revenue)

Mine Operations Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following mining physicals:

Total 54,829 tonnes mined
21,852 tonnes of waste mined
32,977 tonnes of mineralized material mined at average grade of approximately 4.83 Au g/t
Total capital development of 283 meters
Total operating development of 666 meters
Decline advancement of 163 meters and vertical development of 155 meters

Mine production during the quarter was impacted by mine equipment availability in July and August as two underground loaders and a single boom jumbo were out of service for repairs. A new underground loader arrived on site in September resulting in improved equipment availability. Despite the mine equipment utilization issues, the mine was still able to deliver 32,977 tonnes of mineralized materials at 4.83 g/t Au, including 28,922 tonnes of mineralized materials at 5.16 Au g/t and 4,055 tonnes of lower grade mineralized materials at 2.46 Au g/t. The Company will stockpile the lower grade materials (mineralized materials below 3 Au g/t) with the intention of feeding the lower grade mineralized materials once the mill expansion has been completed and excess milling capacity is available.

In the near term, the Company will continue to add mining equipment to improve equipment availability and invest in critical mine infrastructure projects such as the raise bore and mine ventilation project which started in October 2024 and scheduled for completion in January 2025.

Pilot Plant Operations Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following mill physicals:

31,391 tonnes of mineralized material processed at an average head grade of 4.6 Au g/t
Record 3,639 oz of gold recovered
2,889 oz gold doré poured
3,129 oz gold refined and sold
Overall 78.2% recovery achieved for the quarter
Record 81.3% recovery achieved in September
81 days of mill operations in the quarter
11 days of mill downtime, including 9 days for scheduled mill maintenance
Approximately 1,889 oz of mineralized material (primarily gold) was retained within the mill circuit as in process store of metal as of September 30, 2024, with an additional 112 oz of gold doré stored in inventory.

Mill production during the quarter was impacted by a scheduled nine-day mill maintenance shutdown in July 2024, which was conducted to maintain and upgrade the Tuvatu processing plant facilities. These upgrades will have a significant impact on processing efficiency and cost savings moving forward. Major upgrades completed during the shutdown include re-lining the primary ball mill with rubber liners, replacing the bowl/mantle for the cone crusher, replacing the #1 conveyor belt, replacing the grinding and gravity circuit piping with flexible slurry hoses, and installing new detox feed pumps and feed splitter box for the detox circuit. Despite the down time from July, the Company nevertheless achieved a record quarterly gold production of 3,639 oz recovered for the three-month period ending September 30, 2024. This marks three consecutive quarters of record production during the pilot plant phase of operations at Tuvatu.

The Company advises that it has not based its current mine development plan on a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there may be an increased uncertainty of achieving any particular level either of the recovery of minerals or of the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.

Drilling Highlights Q1-FY25

Lion One has a total of five drills currently operating at Tuvatu. Three drills are located underground and are engaged in grade control and infill drilling, while two drills are located on surface, engaged in near mine exploration, extension, and infill drilling.

During the three-month period ended September 30, 2024, the Company completed 9,809.9 meters of diamond drilling in 65 completed holes, with a further 5 drill holes still in progress.

September 2024 Quarter Exploration Summary
Activity	Number
# of drill holes completed	65
# of drill holes in progress at end of Quarter	5
# of meters drilled	9,809.9
# of drill core samples submitted for analysis	13,984
# of channels excavated and sampled	164
# of samples from channel sampling	1,701
# of surface rock chip samples collected	96
# of samples analyzed in Lion One Laboratory	20,748

On October 1, 2024, the Company reported significant new high-grade gold results from near-mine exploration and infill drilling at the West Zone target, located 300 m to the west of to the Tuvatu Gold Mine in Fiji.

Highlights of West Zone exploration and infill drilling:

105.20 g/t Au over 2.1 m (including 248.35 g/t Au over 0.3 m) (TUDDH-636, from 67.8 m depth)
70.07 g/t Au over 2.1 m (including 73.43 g/t Au over 1.2 m) (TUDDH-647, from 144.5 m depth)
102.38 g/t Au over 1.2 m (TUDDH-645, from 97.7 m depth)
19.82 g/t Au over 5.1 m (including 68.88 g/t Au over 0.9 m) (TUDDH-636, from 34.5 m depth)
146.61 g/t Au over 0.6 m (including 289.85 g/t Au over 0.3 m) (TUDDH-645, from 164.3 m depth)
24.16 g/t Au over 3.3 m (including 96.78 g/t Au over 0.3 m) (TUDDH-652, from 173.5 m depth)
49.72 g/t Au over 0.8 m (including 78.61 g/t Au over 0.4 m) (TUDDH-755, from 52.94 m depth)
42.44 g/t Au over 1.8 m (including 61.66 g/t Au over 0.6 m) (TUDDH-636, from 60.6 m depth)
7.68 g/t Au over 4.2 m (including 28.63 g/t Au over 0.3 m) (TUDDH-645, from 142.4 m depth)
14.86 g/t Au over 2.0 m (TUDDH-636, from 228.8 m depth)

*All drill intersects are downhole lengths, 3.0 g/t cutoff.

Subsequent to the quarter end, on November 12, 2024, the Company reported that development of a new near-surface roscoelite-bearing high-grade gold zone had commenced at Tuvatu. Roscoelite is a rare green to black vanadium bearing mica mineral, the presence of which is a defining characteristic of alkaline gold systems such as Tuvatu. It is directly associated with higher-grade gold occurrences and as such it is an important indicator mineral in these systems.

An initial bulk sample of the near-surface roscoelite zone at Tuvatu returned 11.6 g/t gold from 861 tonnes of mineralized materials mined at full mining widths. The Company is enhancing its mine plan with this gold-rich roscoelite material, which is already being processed through the pilot plant.

Roscoelite veining is directly related to high-grade gold mineralization at the nearby Vatukoula gold mine in Fiji where over 7 million ounces of gold have been produced over the last 95 years. Roscoelite is also observed in association with gold mineralization at the Porgera gold mine in PNG, which has been a top ten ranked gold mine globally and which has produced over 25 million ounces of gold. Vatukoula and Porgera are both alkaline gold systems similar to Tuvatu. At Porgera, the most economically significant veins are the Stage II quartz-roscoelite-pyrite veins with native gold, found in the Roamane fault zone. Similar Stage II quartz-roscoelite-pyrite veins are also observed in the new near-surface roscoelite zone at Tuvatu.

Nebari Tranche 3 Draw Down

In addition to releasing the quarterly financial results, the Company also announces that it has entered into an agreement to amend certain terms and drawn down a further USD $4,000,000 (“Tranche 3“) of its Senior Secured Financing Facility (the “Financing Facility“) provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP, and Nebari Natural Resources Credit Fund II, LP (collectively, “Nebari“), previously announced on January 13, 2023 and January 2, 2024. Including the gross up for the original issue discount, Tranche 3 represents a further US$4,347,826 of principal under the Financing Facility. Proceeds from the Financing Facility have to date facilitated construction and commissioning of the Company’s 100% owned Tuvatu Gold Mine in Fiji, and Tranche 3 will facilitate investments as part of a Mine Enhancement Plan to stabilise and increase current production and prepare the mine to support future expansion of the process plant.

The Company has now fully drawn down the Financing Facility. In addition to amending the terms of the Financing Facility to facilitate drawing down Tranche 3, the Company amended certain reporting covenants.

Interest on the first USD $23 million drawn in Tranche 1 of the Facility remains at 8% (plus three-month SOFR), and amortization is on the Maturity Date 42 months from the original closing date, and no closing fees were payable. The USD $8 million drawn under Tranche 2 was subject to an 8% original issue discount and interest remains at 10% plus SOFR, with progressive amortization over 42 months from the Tranche 2 funding date, and closing fees equal to 2% of the amount funded. The USD $4 million drawn under Tranche 3 is subject to an 8% original issue discount and interest is 10% plus SOFR, with progressive amortization over 6 months from 30 June 2025, with closing fees equal to 2% of the amounts funded.

In connection with the drawdown of Tranche 3, the Company has agreed to issue Nebari an aggregate of 4,142,759 common shares in the capital of the Company as a loan bonus in accordance with the policies of the TSX Venture Exchange. The Company has also agreed to amend the exercise price of the 15,333,087 share purchase warrants issued to Nebari as part of the Financing Facility to an exercise price of $0.38 per warrant. All other terms of the warrants remain the same, including the acceleration provision that requires Nebari to exercise the warrants that can be triggered upon the volume weighted average price of the Company’s common shares on the TSX Venture Exchange being in excess of 200% of the exercise price of the warrants on each of 20 consecutive trading days. The issuance of the share loan bonus and amendment of share purchase warrants is subject to the approval of the TSX Venture Exchange.

Competent Persons Statement
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Mr. Patrick Hickey, P. Eng., MBA, who is an officer of the Company, is a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the development and engineering content of this report.

Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using 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). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232125

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