Whoa! Joining us for an action packed interview is the legendary Bob Moriarty the founder of http://www.321gold.com/, as we will cover a lot of ground in this interview! Topics ranging from Market Conditions, Bitcoin, the Colorado River, Junior Mining Companies, and Precious Metals. This is an absolute must watch!
I have been waiting for a couple of years to write this story. For years Lion One has been my biggest holding because the story is so simple to understand. I’ve written half a dozen pieces on the company and the last one I wrote was seven months ago. I called it, Buying Lion One is like Stealing. And few listened. The shares were $.97 at the time. Between then and now the stock has barely edged higher in spite of excellent results such as their May 31 press release showing 584 grams of gold per tonne over 0.30 meters.
I love the chat boards. You get to see just how stupid some people can be in their failed attempts to look smart. Here is what someone said on the CEO.CA Lion One board in response on May 31st.
@NabtaPlayaEgypt Tuvatu continues to be restricted to returning very narrow (1/3 meter average) high grade shoots which unless such systems are spaced relatively close en-echelon, may not be economic to mine. At the rate that drilling returns are coming in, that it could take another 2-3 years minimum to create a significant resource update.
Someone wrote me privately and asked what I thought about the comment. Here is how he posted my response.
@WisGuy1 BM response: “Absolute rubbish. There is a similar mine a stone’s throw away that has produced millions of ounces of gold of similar grade and thickness.”
(Click on images to enlarge)
Investing in Lion One at a profit is about as difficult as learning how to fall off a bike. If you can handle that, you can make money on Lion One, because there is an identical age and grade alkaline deposit located about 40 km to the Northeast called the Vatukoula Gold mine. In production from 1932 the Vatukoula mine has produced over seven million ounces of gold and shows a resource of an additional four million ounces.
The deposits are identical in age, grade and type of deposit. So anyone saying you can’t mine a 584-gram intercept of gold over 0.30 meters is blowing smoke.
Lion One is fully permitted to go into production. They built their own assay lab and it is run to industry standards so assays that might take 2-3 months in Canada take 2-3 days in Fiji. Lion One plans on production to begin in Q3/Q4 of 2023.
Lion One has a current 43-101 showing just over 910,000 ounces of gold at an average of 5.61 g/t to 5.8 g/t. I had a short conversation with Wally Berukoff about the production plans. He is shooting for annual numbers of around 100,000 ounces of gold. That is pretty much the magic number. The market will not take any company seriously below that number.
Because of silly Covid restrictions put in by the government of Australia and Fiji, Lion One has been pretty much delayed for two years. The stock hit a high of $2.67 in July of 2020 based on excellent results before drifting lower to a low a month ago of $.88. I’ll stand by every word I said in my piece from November of last year. Buying Lion One is like stealing. They have the goods.
Wally realized the project could not be run remotely from Perth so last year he put in a brilliant on site team in Fiji. If you watch this video, I think you will agree with me in saying that this is one of the most professional teams I have ever seen in twenty years.
Currently the company has about $34 million in cash in the treasury. They have six drills turning with two more on order. The incredible latest hole shows they have tapped into a feeder pipe. They will continue to drill to upgrade and increase the near surface gold resource for near term production but I expect them to pincushion the feeder to determine all its limits.
The worst thing that can happen to any stock is for shareholders to become bored. Once they do, they bail out at the first opportunity to break even. While the stock going up 17.5% on the news with over two million shares trading on the news, I suspect that was a lot of weak hands selling. Look for a couple of quiet days without a lot of price movement and then for the shares to go higher, perhaps much higher. The incredible results of the past two years tell me the high of $2.67 will be revisited soon. Lion One is still cheap.
Until the news of the incredible latest intercept hit the market my personal shares have been underwater for most of the last two years. My average price was $1.18 and it took this news to bring me into profit. But I have believed this story since I first heard it and continued to add to my position as the price dropped. I have never sold a single share and right now I am really glad.
Lion One is an advertiser. I love the company; I love the management and the team that Wally has put together. It will be a mine. It will be profitable and it will be a hell of a lot bigger than anyone imagines today. I expect majors will be sniffing around soon wanting to pick up a piece of it while it’s still cheap. That isn’t going to last long. As with the case of Newfound Gold, intercepts similar to this do not occur in a vacuum. There will be more record-breaking hits in the future.
I own shares and have participated in PPs in the past and will in the future. I am biased so do your own due diligence.
Lion One Metals LIO-V $1.34 (Jun 06, 2022) LOMLF OTCQX 156 million shares Lion One website
North Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is delighted to announce the discovery of a major new feeder structure at its Tuvatu Alkaline Gold Project in Fiji. Hole TUG-141, targeting a complex network of high-grade structures called the 500 Zone, has encountered the longest high-grade intercept yet recorded at Tuvatu, 20.86 g/t Au over 75.9m, including 43.62 g/t Au over 30.0m which includes 90.35 g/t Au over 7.2m. The new discovery is located at depth beneath the current resource fully within the permit boundaries of the Tuvatu mining lease.
High-grade intercepts from TUG-141 include:
20.86 g/t Au over 75.9m from 443.4-519.3m
including 35.25 g/t Au over 37.5m from 471.3-508.8m
including 43.62 g/t Au over 30.0m from 477.6-507.6m
including 90.35 g/t Au over 7.2m from 494.4-501.6m
and notable individual high-grade assay intervals including:
– 138.15 g/t Au over 0.30m from 450.9-451.2m
– 396.16 g/t Au over 0.30m from 479.1-479.4m
– 103.54 g/t Au over 0.30m from 498.6-498.9m
– 340.07 g/t Au over 0.30m from 498.9-499.2m
– 600.42 g/t Au over 0.30m from 499.5-499.8m
– 244.37 g/t Au over 0.30m from 502.5- 503.1m
– 230.18 g/t Au over 0.30m from 507.3-507.6m
– 105.58 g/t Au over 0.30m from 518.7-519.0m
Lion One CEO, Walter Berukoff, stated: “Like the initial discovery of the high-grade 500 Zone drilled two years ago, I believe this new robust high-grade gold feeder mineralization encountered by hole TUG-141 represents a substantial discovery for Lion One. The notable high grades and continuity of mineralization of this intercept demonstrate Tuvatu’s potential to become a large-scale, high-grade underground gold mine. I have long encouraged our team to find that “gold room” at Tuvatu, and hole TUG-141 leads me to believe they have found it. We have only to look at other notable large alkaline Au deposits as direct analogues to better understand what this latest discovery tells us, and it is clear that the discovery of a major high-grade feeder such as this should be viewed as very promising. I am confident that Tuvatu will one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula. I commend our team on this truly outstanding discovery and I look forward to continued successful execution of both our exploration strategy to realize growth at Tuvatu and our development strategy targeting the commencement of gold production in the second half of 2023.”
Lion One Senior VP of Exploration, Sergio Cattalani, commented: “The mineralized intercepts reported by TUG-141 represent a highly significant development. The grades and continuity observed by the intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the largely untapped potential of this deposit. The significance of having identified what may be a new principal feeder conduit for Tuvatu confirms the model that has driven this deep exploration program since the discovery of hole TUDDH-500 in July 2020. Our immediate priority is to follow up of this significant discovery with additional drilling in what remains a relatively poorly drilled portion of the Tuvatu system. Lion One, is now more than ever, convinced of the potential of Tuvatu to become a prominent, multi-million ounce Au deposit at the top of the Au grade distribution worldwide.”
Lion One Technical Advisor, Quinton Hennigh, commented: “Alkaline gold systems tend to be deep-rooted and very structurally complex. Exploring them can be analogous to drilling a tree from the top down. In the shallow part of the system, one finds the upper “branches,” or gold-bearing lodes, but as exploration persists to depth, bigger and bigger “branches,” or lodes, are encountered ultimately leading to the “trunk,” the feeder. The way this remarkable discovery at Tuvatu has unfolded is quite similar to the experience at Porgera, where after approximately ten years of diligent drilling, the high-grade Romane Fault Zone was discovered beneath a myriad of smaller lodes. What is most exciting about this discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is located, we can effectively chase it to depth, and alkaline gold systems are known to persist to great depths, sometimes as deep as 2 km. Considering this intercept is only approximately 500m below surface, this discovery is wide open for growth at depth.”
TUG-141 was drilled in the area between modelled 500 Zone lodes 500A, 500C and 500F (Figure 1) where it intersected continuous high-grade Au mineralization grading 20.86 g/t Au over 75.9m that is predominantly hosted by intensely altered, fractured and brecciated andesite. The highest grade core of this zone is characterized by hydrothermal breccia displaying extreme silicification, potassic alteration and sulfidation with regular occurrences of visible gold (Figure 2). In addition, the presence of abundant roscoelite (a vanadium mica mineral) is very encouraging and is a mineral synonymous with the high-grade zones of world-class alkali gold systems such as Cripple Creek in Colorado and Porgera in Papua New Guinea. Some fragments within portions of this breccia are visibly milled, or rounded, indicating vigorous fluid flow. Observations of fracture patterns and textures ranging from incipient and in-situ to full-on brecciation (Figure 2) point to this zone being a dilational breccia that likely formed along a major structural intersection where stresses were being released at the time of mineralization. Rapid depressurisation accompanying seismic movement along such a dilational zone would allow rapid ascent of hydrothermal fluids resulting in silicification, K-metasomatism, sulfidation and rapid precipitation of Au. Textures of minerals observed in veins and open spaces is consistent with a rapid depositional regime.
Lion One is concurrently undertaking a two-pronged exploration drill campaign: 1) shallow infill drilling to enhance definition of its current resource in preparation for mine planning, and 2) deep drilling focussed on better understanding the geometry and extent of the underlying high-grade feeder network. As part of the latter program, hole TUG-141 targeted the upper portion of the 500 Zone at depths between approximately 450-550m where it is projected to connect with the base of lodes making up the Inferred resource. As discussed above, TUG-141 drilled into a very wide and exceptionally high-grade zone, 20.86 g/t Au over 75.9m, cored by hydrothermal breccia (Figure 2). Such a zone of extreme fracturing and brecciation has never before been observed at Tuvatu. It is significant to note that the bulk of this mineralized interval is hosted within andesite rather than by intrusive monzonite, the typical host rock for many lodes at Tuvatu. The significance of this observation has yet to be determined.
Furthermore, it is also notable that the nearest drill holes to TUG-141 are TUG-135 (70m below), TUG-136 (45m to the E), and TUG-138 (60m to the W), indicating that there is considerable space for a substantial increase in the ultimate size of the feeder conduit. All three of these holes have returned previously reported bonanza grade mineralization, similar in tenor and texture to that in TUG-141, including:
24.92 g/t Au over 3.70m from 415.7-419.4m in hole TUG-135 including 159.3 g/t Au over 0.30m;
87.83 g/t Au over 1.5m from 445.1-446.6m in hole TUG-136 including 108.41 g/t Au over 0.60m;
and 23.14 g/t Au over 3.0m from 571.5-574.5m in hole TUG-138 including 118.6 g/t Au over 0.30m.
The area remains open at depth. This target has now become of utmost importance for follow up drilling.
In addition to the impressive intercept of 20.86 g/t Au over 75.9m discussed above, hole TUG-141 encountered numerous other significant mineralized intercepts both above and below this interval including:
Above the high-grade intercept
3.93 g/t Au over 5.7m from 101.7-107.4m including 12.17 g/t Au over 0.30m
4.48 g/t Au over 10.2m from 109.8-120.0m including 38.27 g/t Au over 0.30m
10.98 g/t Au over 1.5m from 291.3-292.8m including 17.20 g/t Au over 0.60m
5.63 g/t Au over 19.2m from 311.7-330.9m including 20.50 g/t Au over 3.00m from 322.2-325.2m, which includes 71.01 g/t Au over 0.30m and 13.75 g/t Au over 0.60m
3.33 g/t Au over 4.50m from 366.3-370.8m including 7.40 g/t Au over 1.20m
11.38 g/t Au over 2.1m from 380.7-382.8m including 22.30 g/t Au over 0.90m
1.97 g/t Au over 13.5m from 391.8-405.3m including 15.25 g/t Au over 0.30m
2.82 g/t Au over 3.90m from 425.1-429.0m including 8.47 g/t Au over 0.30m
Below the high-grade intercept
3.08 g/t Au over 1.50m from 524.1-525.6m including 7.50 g/t Au over 0.30m
In aggregate, all mineralized intercepts reported from hole TUG-141 total 1,909 g/t Au-meters.
Complete results, received to date, from hole TUG-141 are summarized below in Table 1. This is the first drill hole in this part of the Tuvatu alkaline gold system, and as such, orientation and true thicknesses of mineralized intercepts discussed above are not known at this time. Further drilling is required to better understand this new discovery. At the time of writing, hole TUG-141 is still being drilled, and is currently >600m in depth with other mineralised structures yet to be assayed.
Figure 1. Plan view (upper) and vertical section looking E (lower) of the trace of TUG-141 and selected drill holes relative to the 500 Zone lodes modeled to date. TUG-141 was drilled from underground along the Tuvatu exploration decline. The traces of known lodes UR2 and UR4, and modelled lodes of the 500 Zone feeder are shown in red.
Figure 2. Compilation of photographs from TUG-141. (A) Abundant visible gold grains (0.2-2mm) in highly altered potassium metasomatized groundmass and roscoelite. (B) Visible gold (~2mm grains) associated with coarse pyrite in a silicified breccia. (C & D) Intensely silicified and pyritized andesite with microfractures of visible gold (~0.5mm grains).
Figure 2 (continued). (E) Vuggy breccia with coarse pyrite and silicified-sulfidized ground mass. Breccia clasts are angular to sub-rounded. (F) Coarse pyrite breccia with silicified-sulfidized ground mass. (G) Network fracture stockwork ~1-5mm veins with two generations of pyrite. The clasts are highly altered silicified andesite, with the veins containing quartz-pyrite. (H) Network fracture stockwork veins at multiple angles, with intense silicification, quartz-carbonate infill and pyrite.
Mineralization is observed as two generations of pyrite; an earlier bright euhedral pyrite that forms coarse crystals in the core of the veins and breccia, and a darker brownish, spongy pyrite that typically forms extremely fine-grained encrustations or overgrowths on earlier pyrite and wallrock fragments, as well as lining the edges of most veins (Figure 2). Quartz occurs commonly as bluish grey, amorphous to locally colloform silica. Open space vuggy textures are common, as are visible gold grains. Highest grades (up to 600 g/t Au) appear to be associated with an interval of intense pervasive silicification and sulfidation by up to 30% or more extremely fine-grained pyrite developed throughout the host rock, giving the rock an overall massive chocolate brown appearance (Figure 2). The intensity of replacement suggests this is a zone of very high and sustained fluid flux.
Table 1: Table showing all drilling intervals returning >0.5 g/t Au for hole TUG-141. Intervals > 3.0 g/t Au, which is the cutoff grade used for the current resource, are shown in red, and intervals >9.0 g/t Au, which is the average grade of the resource, are bolded.
Sample ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUG08584
71.7
72
0.3
0.96
TUG08535
101.7
102
0.3
3.96
TUG08536
102
102.3
0.3
12.17
TUG08537
102.3
102.6
0.3
5.35
TUG08538
102.6
102.9
0.3
1.42
TUG08539
102.9
103.2
0.3
3.09
TUG08541
103.5
103.8
0.3
1.19
TUG08542
103.8
104.1
0.3
8.64
TUG08543
104.1
104.4
0.3
7.67
TUG08544
104.4
104.7
0.3
7.56
TUG08545
104.7
105
0.3
7.90
TUG08546
105
105.3
0.3
3.53
TUG08548
105.6
105.9
0.3
0.60
TUG08549
105.9
106.5
0.6
4.83
TUG08452
107.1
107.4
0.3
1.42
TUG08456
109.8
110.1
0.3
15.41
TUG08457
110.1
110.4
0.3
0.74
TUG08458
110.4
110.7
0.3
1.12
TUG08459
110.7
111
0.3
5.28
TUG08460
111
111.3
0.3
0.80
TUG08462
111.6
111.9
0.3
2.66
TUG08463
111.9
112.2
0.3
1.45
TUG08464
112.2
112.5
0.3
1.22
TUG08466
112.5
112.8
0.3
1.50
TUG08467
112.8
113.1
0.3
2.67
TUG08468
113.1
113.4
0.3
3.47
TUG08469
113.4
113.7
0.3
2.92
TUG08470
113.7
114
0.3
2.93
TUG08471
114
114.3
0.3
8.74
TUG08473
114.6
114.9
0.3
7.36
TUG08474
114.9
115.5
0.6
0.90
TUG08475
115.5
115.8
0.3
7.20
TUG08476
115.8
116.1
0.3
3.14
TUG08477
116.1
116.4
0.3
0.92
TUG08479
116.7
117
0.3
3.62
TUG08481
117
117.3
0.3
15.85
TUG08482
117.3
117.6
0.3
2.06
TUG08483
117.6
117.9
0.3
1.95
TUG08484
117.9
118.2
0.3
0.58
TUG08485
118.2
118.5
0.3
5.51
TUG08486
118.5
118.8
0.3
6.35
TUG08487
118.8
119.1
0.3
38.27
TUG08488
119.1
119.4
0.3
3.02
TUG08489
119.4
119.7
0.3
1.41
TUG08490
119.7
120
0.3
2.19
TUG08494
122.4
122.7
0.3
1.35
TUG08946
213.6
213.9
0.3
2.11
TUG08947
213.9
214.2
0.3
0.97
TUG08948
214.2
214.5
0.3
3.03
TUG09446
214.5
214.8
0.3
0.82
TUG08949
214.8
215.1
0.3
1.50
TUG09401
215.1
215.4
0.3
1.61
TUG09402
215.4
215.7
0.3
1.75
TUG09407
216.9
217.2
0.3
3.22
TUG09408
217.2
217.5
0.3
0.18
TUG09409
217.5
217.8
0.3
0.62
TUG09423
222.9
223.2
0.3
0.72
TUG09432
226.5
226.8
0.3
1.41
TUG09444
233.4
233.7
0.3
1.32
TUG09445
233.7
234
0.3
3.13
TUG09447
234
234.3
0.3
6.30
TUG09448
234.3
234.6
0.3
2.08
TUG09529
274.8
275.1
0.3
0.77
TUG09536
276.6
276.9
0.3
0.59
TUG09540
277.8
278.1
0.3
0.64
TUG09566
291.3
291.6
0.3
14.77
TUG09567
291.6
291.9
0.3
4.01
TUG09568
291.9
292.2
0.3
16.55
TUG09569
292.2
292.5
0.3
17.85
TUG09570
292.5
292.8
0.3
1.75
TUG09582
299.1
299.4
0.3
2.12
TUG09583
299.4
299.7
0.3
1.94
TUG09584
299.7
300
0.3
0.63
TUG09585
300
300.3
0.3
1.13
TUG09586
300.3
300.6
0.3
0.99
TUG09587
300.6
300.9
0.3
0.79
TUG09588
300.9
301.2
0.3
4.31
TUG09591
301.8
302.1
0.3
1.58
TUG09594
302.7
303
0.3
0.92
TUG09595
303
303.3
0.3
0.78
TUG09605
308.1
308.4
0.3
1.28
TUG09614
311.7
312
0.3
1.35
TUG09616
312
312.3
0.3
2.61
TUG09617
312.3
312.6
0.3
0.08
TUG09619
313.2
313.5
0.3
4.56
TUG09620
313.5
313.8
0.3
3.54
TUG09621
313.8
314.1
0.3
2.47
TUG09622
314.1
314.4
0.3
1.65
TUG09625
315.3
315.6
0.3
1.25
TUG09626
315.6
315.9
0.3
7.71
TUG09628
316.8
317.1
0.3
0.54
TUG09629
317.1
317.4
0.3
2.57
TUG09631
317.4
317.7
0.3
1.00
TUG09633
318
318.3
0.3
1.42
TUG09634
318.3
318.6
0.3
3.11
TUG09635
318.6
318.9
0.3
5.42
TUG09636
318.9
319.2
0.3
4.25
TUG09637
319.2
319.5
0.3
7.68
TUG09638
319.5
319.8
0.3
5.78
TUG09639
319.8
320.1
0.3
0.85
TUG09641
320.4
320.7
0.3
3.19
TUG09642
320.7
321
0.3
3.49
TUG09643
321
321.3
0.3
7.93
TUG09644
321.3
321.6
0.3
2.40
TUG09645
321.6
321.9
0.3
2.04
TUG09646
321.9
322.2
0.3
7.42
TUG09647
322.2
322.5
0.3
18.75
TUG09648
322.5
322.8
0.3
12.75
TUG09650
322.8
323.1
0.3
12.55
TUG09651
323.1
323.4
0.3
15.64
TUG09652
323.4
323.7
0.3
19.67
TUG09653
323.7
324
0.3
13.55
TUG09654
324
324.3
0.3
15.18
TUG09655
324.3
324.6
0.3
11.27
TUG09656
324.6
324.9
0.3
14.62
TUG09657
324.9
325.2
0.3
71.01
TUG09658
325.2
325.5
0.3
5.61
TUG09659
325.5
326.4
0.9
0.60
TUG09660
326.4
326.7
0.3
3.97
TUG09661
326.7
327
0.3
4.93
TUG09662
327
327.3
0.3
11.64
TUG09663
327.3
327.6
0.3
15.86
TUG09667
328.5
329.4
0.9
0.98
TUG09668
329.4
329.7
0.3
2.77
TUG09669
329.7
330
0.3
2.58
TUG09670
330
330.3
0.3
6.51
TUG09671
330.3
330.6
0.3
4.28
TUG09672
330.6
330.9
0.3
6.21
TUG09694
345.3
345.6
0.3
0.60
TUG09695
345.6
345.9
0.3
4.62
TUG09696
345.9
346.2
0.3
4.07
TUG09697
346.2
346.5
0.3
1.76
TUG09699
346.8
347.1
0.3
2.13
TUG09703
348.3
348.6
0.3
33.25
TUG09704
348.6
348.9
0.3
3.52
TUG09703
348.3
348.6
0.3
33.25
TUG09707
350.1
350.4
0.3
12.62
TUG09710
351.3
351.6
0.3
3.20
TUG09711
351.6
351.9
0.3
0.51
TUG09733
366.3
366.6
0.3
1.26
TUG09734
366.6
366.9
0.3
2.37
TUG09736
367.5
367.8
0.3
0.80
TUG09737
367.8
368.1
0.3
11.02
TUG09738
368.1
368.4
0.3
7.96
TUG09739
368.4
368.7
0.3
3.68
TUG09740
368.7
369
0.3
6.95
TUG09741
369
369.3
0.3
1.82
TUG09742
369.3
369.6
0.3
1.29
TUG09744
369.9
370.2
0.3
4.11
TUG09745
370.2
370.5
0.3
3.89
TUG09746
370.5
370.8
0.3
4.54
TUG09759
380.7
381
0.3
2.63
TUG09760
381
381.6
0.6
23.15
TUG09761
381.6
381.9
0.3
20.60
TUG09762
381.9
382.2
0.3
6.13
TUG09763
382.2
382.5
0.3
3.37
TUG09764
382.5
382.8
0.3
0.64
TUG09777
391.8
392.1
0.3
1.08
TUG09778
392.1
392.4
0.3
1.08
TUG09779
392.4
392.7
0.3
0.89
TUG09781
392.7
393
0.3
0.55
TUG09783
393.6
393.9
0.3
0.65
TUG09784
393.9
394.2
0.3
0.54
TUG09785
394.2
394.5
0.3
2.90
TUG09786
394.5
394.8
0.3
2.34
TUG09787
394.8
395.1
0.3
3.74
TUG09788
395.1
395.4
0.3
2.82
TUG09789
395.4
395.7
0.3
1.98
TUG09790
395.7
396
0.3
1.55
TUG09792
396.3
396.6
0.3
2.25
TUG09794
396.9
397.2
0.3
0.44
TUG09795
397.2
397.5
0.3
1.78
TUG09796
397.5
397.8
0.3
3.20
TUG09797
397.8
398.1
0.3
1.27
TUG09798
398.1
398.4
0.3
15.27
TUG09799
398.4
398.7
0.3
2.96
TUG09801
398.7
399
0.3
5.34
TUG09802
399
399.3
0.3
2.38
TUG09803
399.3
399.6
0.3
2.93
TUG09804
399.6
400.5
0.9
4.00
TUG09805
400.5
400.8
0.3
0.68
TUG09806
400.8
401.1
0.3
2.41
TUG09807
401.1
401.4
0.3
2.06
TUG09808
401.4
401.7
0.3
1.61
TUG09809
401.7
402
0.3
1.67
TUG09811
402.3
402.6
0.3
1.46
TUG09812
402.6
402.9
0.3
0.91
TUG09814
403.2
403.5
0.3
3.71
TUG09817
403.8
404.1
0.3
0.77
TUG09819
405
405.3
0.3
1.56
TUG09811
402.3
402.6
0.3
1.40
TUG09812
402.6
402.9
0.3
0.95
TUG09814
403.2
403.5
0.3
3.57
TUG09817
403.8
404.1
0.3
0.83
TUG09819
405
405.3
0.3
1.61
TUG09824
406.8
407.1
0.3
2.78
TUG09827
408
408.3
0.3
1.21
TUG09828
408.3
408.6
0.3
0.72
TUG09829
408.6
409.2
0.6
1.14
TUG09831
409.2
409.5
0.3
3.27
TUG09832
409.5
409.8
0.3
0.90
TUG09836
410.7
411
0.3
1.86
TUG09837
411
411.3
0.3
2.11
TUG09838
411.3
411.6
0.3
3.40
TUG09839
411.6
411.9
0.3
0.70
TUG09842
412.8
413.1
0.3
0.93
TUG09843
413.1
413.4
0.3
0.76
TUG09848
416.1
417
0.9
0.63
TUG10354
418.8
419.1
0.3
0.82
TUG10355
419.1
419.4
0.3
0.65
TUG10360
420.6
420.9
0.3
0.75
TUG10361
420.9
421.2
0.3
1.05
TUG10362
421.2
421.5
0.3
1.59
TUG10363
421.5
421.8
0.3
1.23
TUG10367
422.7
423
0.3
0.68
TUG10368
423
423.3
0.3
0.72
TUG10373
425.1
425.4
0.3
2.48
TUG10374
425.4
425.7
0.3
2.83
TUG10375
425.7
426
0.3
3.52
TUG10376
426
426.3
0.3
3.77
TUG10377
426.3
426.6
0.3
8.47
TUG10378
426.6
426.9
0.3
1.64
TUG10379
426.9
427.2
0.3
1.53
TUG10381
427.2
427.8
0.6
4.11
TUG10382
427.8
428.1
0.3
1.65
TUG10383
428.1
429
0.9
0.86
TUG10387
429.9
430.2
0.3
0.72
TUG10393
433.2
433.5
0.3
2.04
TUG10394
433.5
433.8
0.3
0.85
TUG10395
433.8
434.1
0.3
0.76
TUG10408
440.4
440.7
0.3
2.36
TUG10413
443.1
443.4
0.3
1.02
TUG10414
443.4
443.7
0.3
6.82
TUG10417
444.9
445.2
0.3
17.94
TUG10418
445.2
445.5
0.3
5.83
TUG10423
447
447.3
0.3
1.16
TUG10425
448.2
448.5
0.3
4.54
TUG10426
448.5
448.8
0.3
0.76
TUG10428
450
450.3
0.3
4.94
TUG10429
450.3
450.6
0.3
1.53
TUG10431
450.6
450.9
0.3
0.97
TUG10432
450.9
451.2
0.3
138.15
TUG10434
451.5
451.8
0.3
0.76
TUG10435
451.8
452.1
0.3
1.25
TUG10436
452.1
452.4
0.3
1.35
TUG10438
452.7
453
0.3
1.65
TUG10439
453
453.3
0.3
4.70
TUG10440
453.3
453.6
0.3
2.57
TUG10441
453.6
453.9
0.3
4.99
TUG10444
454.8
455.1
0.3
14.02
TUG10445
455.1
455.4
0.3
2.07
TUG10446
455.4
455.7
0.3
1.09
TUG10447
455.7
456
0.3
1.28
TUG10448
456
456.3
0.3
2.55
TUG10453
459
460.2
1.2
1.14
TUG10454
460.2
460.8
0.6
1.00
TUG10455
460.8
462
1.2
1.74
TUG10456
462
462.3
0.3
1.28
TUG10457
462.3
462.6
0.3
24.98
TUG10458
462.6
462.9
0.3
87.13
TUG10459
462.9
463.8
0.9
11.34
TUG10461
464.4
465
0.6
0.67
TUG10463
465.9
466.2
0.3
0.91
TUG10464
466.2
466.5
0.3
1.36
TUG10466
466.5
466.8
0.3
1.27
TUG10467
466.8
467.1
0.3
1.28
TUG10468
467.1
467.4
0.3
3.79
TUG10469
467.4
467.7
0.3
20.93
TUG10470
467.7
468
0.3
20.64
TUG10471
468
468.3
0.3
19.40
TUG10473
468.6
468.9
0.3
3.46
TUG10474
468.9
469.2
0.3
2.78
TUG10475
469.2
469.5
0.3
2.10
TUG10482
471.3
471.6
0.3
0.81
TUG10483
471.6
471.9
0.3
1.03
TUG10484
471.9
472.2
0.3
6.72
TUG10485
472.2
472.5
0.3
0.88
TUG10486
472.5
472.8
0.3
1.45
TUG10487
472.8
473.1
0.3
9.05
TUG10488
473.1
473.4
0.3
1.35
TUG10490
473.7
474
0.3
0.48
TUG10492
474.3
474.6
0.3
0.78
TUG10493
474.6
474.9
0.3
1.37
TUG10494
474.9
475.2
0.3
1.43
TUG10496
475.5
475.8
0.3
1.67
TUG10497
475.8
477
1.2
1.80
TUG10498
477
477.6
0.6
2.64
TUG10500
477.6
477.9
0.3
93.49
TUG10501
477.9
478.2
0.3
1.01
TUG10502
478.2
478.5
0.3
34.17
TUG10503
478.5
478.8
0.3
94.57
TUG10504
478.8
479.1
0.3
35.04
TUG10505
479.1
479.4
0.3
396.16
TUG10506
479.4
479.7
0.3
25.06
TUG10507
479.7
480
0.3
7.09
TUG10508
480
480.3
0.3
4.06
TUG10509
480.3
480.6
0.3
31.63
TUG10510
480.6
480.9
0.3
5.3
TUG10511
480.9
481.2
0.3
114.95
TUG10512
481.2
481.5
0.3
1.90
TUG10513
481.5
481.8
0.3
0.83
TUG10514
481.8
482.1
0.3
9.99
TUG10516
482.1
482.4
0.3
0.71
TUG10517
482.4
482.7
0.3
6.64
TUG10518
482.7
483
0.3
6.05
TUG10519
483
483.3
0.3
6.64
TUG10520
483.3
483.6
0.3
2.47
TUG10521
483.6
483.9
0.3
0.93
TUG10522
483.9
484.2
0.3
5.15
TUG10523
484.2
484.5
0.3
10.90
TUG10524
484.5
484.8
0.3
14.76
TUG10525
484.8
485.1
0.3
20.24
TUG10526
485.1
485.4
0.3
21.93
TUG10527
485.4
485.7
0.3
20.79
TUG10528
485.7
486
0.3
32.89
TUG10529
486
486.3
0.3
16.13
TUG10531
486.3
486.6
0.3
2.55
TUG10532
486.6
486.9
0.3
13.04
TUG10533
486.9
487.2
0.3
5.42
TUG10534
487.2
487.5
0.3
3.95
TUG10535
487.5
487.8
0.3
4.89
TUG10536
487.8
488.1
0.3
4.24
TUG10537
488.1
488.4
0.3
4.41
TUG10538
488.4
488.7
0.3
5.21
TUG10539
488.7
489
0.3
1.80
TUG10540
489
489.3
0.3
16.42
TUG10541
489.3
489.6
0.3
7.17
TUG10542
489.6
489.9
0.3
6.47
TUG10543
489.9
490.2
0.3
4.07
TUG10544
490.2
490.5
0.3
4.75
TUG10545
490.5
490.8
0.3
4.86
TUG10546
490.8
491.1
0.3
7.13
TUG10547
491.1
491.4
0.3
11.64
TUG10548
491.4
491.7
0.3
35.68
TUG10549
491.7
492
0.3
22.53
TUG10551
492
492.3
0.3
10.72
TUG10552
492.3
492.6
0.3
25.23
TUG10553
492.6
492.9
0.3
16.77
TUG10554
492.9
493.2
0.3
20.86
TUG10555
493.2
493.5
0.3
23.61
TUG10556
493.5
493.8
0.3
5.85
TUG10557
493.8
494.1
0.3
6.41
TUG10558
494.1
494.4
0.3
4.25
TUG10559
494.4
494.7
0.3
36.13
TUG10560
494.7
495
0.3
19.66
TUG10561
495
495.3
0.3
72.65
TUG10562
495.3
495.6
0.3
241.21
TUG10563
495.6
495.9
0.3
31.77
TUG10564
495.9
496.2
0.3
51.52
TUG10566
496.2
496.5
0.3
25.17
TUG10567
496.5
496.8
0.3
100.35
TUG10568
496.8
497.1
0.3
12.86
TUG10569
497.1
497.4
0.3
4.68
TUG10570
497.4
497.7
0.3
33.81
TUG10571
497.7
498
0.3
37.11
TUG10572
498
498.3
0.3
20.74
TUG10573
498.3
498.6
0.3
26.29
TUG10574
498.6
498.9
0.3
103.54
TUG10575
498.9
499.2
0.3
340.07
TUG10576
499.2
499.5
0.3
269.25
TUG10577
499.5
499.8
0.3
600.42
TUG10578
499.8
500.1
0.3
73.02
TUG10579
500.1
500.4
0.3
13.41
TUG10581
500.4
500.7
0.3
1.85
TUG10582
500.7
501.3
0.6
13.32
TUG10583
501.3
501.6
0.3
26.54
TUG10584
501.6
501.9
0.3
9.04
TUG10585
501.9
502.2
0.3
4.79
TUG10586
502.2
502.5
0.3
3.93
TUG10587
502.5
502.8
0.3
126.85
TUG10588
502.8
503.1
0.3
361.90
TUG10589
503.1
503.4
0.3
1.95
TUG10590
503.4
503.7
0.3
3.27
TUG10591
503.7
504
0.3
32.78
TUG10592
504
504.3
0.3
23.63
TUG10596
505.2
505.5
0.3
8.07
TUG10598
505.8
506.1
0.3
18.51
TUG10599
506.1
506.4
0.3
53.78
TUG10602
506.7
507
0.3
7.50
TUG10604
507.3
507.6
0.3
234.39
TUG10605
507.6
507.9
0.3
2.22
TUG10606
507.9
508.8
0.9
0.58
TUG10612
510.3
510.6
0.3
3.37
TUG10613
510.6
510.9
0.3
1.32
TUG10614
510.9
511.2
0.3
5.53
TUG10616
511.2
511.5
0.3
24.91
TUG10617
511.5
511.8
0.3
64.47
TUG10618
511.8
512.1
0.3
72.56
TUG10619
512.1
512.4
0.3
13.35
TUG10620
512.4
512.7
0.3
2.08
TUG10621
512.7
513
0.3
1.59
TUG10622
513
513.3
0.3
0.74
TUG10623
513.3
513.6
0.3
0.94
TUG10624
513.6
513.9
0.3
0.53
TUG10625
513.9
514.2
0.3
1.17
TUG10626
514.2
514.5
0.3
23.17
TUG10627
514.5
514.8
0.3
0.85
TUG10628
514.8
515.1
0.3
2.39
TUG10629
515.1
515.4
0.3
1.03
TUG10631
515.4
515.7
0.3
0.83
TUG10632
515.7
516
0.3
1.74
TUG10633
516
516.3
0.3
3.50
TUG10634
516.3
516.6
0.3
0.59
TUG10636
516.9
517.2
0.3
0.80
TUG10637
517.2
517.5
0.3
2.99
TUG10638
517.5
517.8
0.3
0.76
TUG10639
517.8
518.1
0.3
3.34
TUG10640
518.1
518.4
0.3
8.94
TUG10641
518.4
518.7
0.3
12.80
TUG10642
518.7
519
0.3
105.58
TUG10643
519
519.3
0.3
34.42
TUG10644
519.3
519.6
0.3
0.55
TUG10645
519.6
519.9
0.3
0.80
TUG10656
522.6
522.9
0.3
0.59
TUG10657
522.9
523.2
0.3
0.88
TUG10658
523.2
523.5
0.3
0.76
TUG10659
523.5
523.8
0.3
1.09
TUG10660
523.8
524.1
0.3
0.61
TUG10661
524.1
524.4
0.3
2.11
TUG10664
525
525.3
0.3
5.56
TUG10666
525.3
525.6
0.3
7.50
TUG10667
525.6
525.9
0.3
0.87
TUG10668
525.9
526.2
0.3
0.78
TUG10693
543.9
544.2
0.3
0.63
TUG10695
544.5
544.8
0.3
0.75
TUG10696
544.8
545.1
0.3
0.59
TUG10699
545.7
546
0.3
0.81
TUG10701
546
546.3
0.3
0.63
TUG10702
546.3
546.6
0.3
0.59
TUG10706
547.5
547.8
0.3
0.52
TUG10719
554.1
554.4
0.3
0.84
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUG-135
3920759
1876459
139.2
689.4
-64
149
TUG-136
3920759
1876459
139.2
617.4
-58
151
TUG-138
3920759
1876459
139.2
746.4
-64
163
TUG-141
3920759
1876459
139.2
633.0 *
-55°
162°
* Current depth, hole is still drilling
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – May 31, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from ongoing infill drilling at its Tuvatu Alkaline Gold Project in Fiji.
Results for the first 11 holes of Lion One’s Phase 2 infill program on Zone 5 of their fully permitted Tuvatu alkaline gold deposit are here reported. The results to date indicate significant new intercepts of high- to bonanza-grade Au mineralization that was not known to occur as part of the existing resource model. The Phase 2 infill drill program was designed to confirm the location, size, and continuity of the known mineralized lodes, in a portion of the orebody slated for early production (Figure 1A).
Top Intercepts include:
18.47 g/t Au over 1.20m from 104.7-105.9m, and 584.07 g/t Au over 0.30m from 122.4-122.7m from TUDDH-586 (new)
24.72 g/t Au over 0.60m from 187.4-188.0m, incl. 43.34 g/t Au over 0.30m from 187.7-188.0m from TUDDH-580 (new)
25.23 g/t Au over 1.20m from 70.9-72.1m, incl. 78.02 g/t Au over 0.30m from TUG-139
18.77 g/t Au over 2.10m from 118.8-120.9m, incl. 26.07 g/t Au over 1.50m from TUDDH-577
11.95 g/t Au over 2.70m from 55.9-58.6m, incl. 35.91 g/t Au over 0.60m from TUDDH-578
11.18 g/t Au over 1.20m from 153.5-154.7m, incl. 40.05 g/t Au over 0.30m from TUDDH-580
The mineralization reported here is considered to be a highly significant development, representing a substantive addition of Au mineralization at grades well in excess of the average resource grade, intersected at relatively shallow levels in the orebody. As a result, the new high-grade mineralization defined by the ongoing infill drill program can be expected to substantially enhance the early part the production stream and hence the immediate economic viability of Tuvatu.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Lion%253BExploration_diamond_drilling%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252290214f74-cd87-30c8-9d72-a6dbadcf0260%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Results of the ongoing infill drill program to date are summarized below in Table 1. Highlighted in blue on Table 1 are specific drill intercepts that are outside of the mineralized lodes that make up the existing resource model. Each of these additional intercepts has the potential to add width, grade, and continuity to the resource in this portion of the Tuvatu orebody.
Lion One CEO Walter Berukoff, stated “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model overall with higher localized grades earlier in the production schedule at Tuvatu. Furthermore, when considering the substantially higher grade near-surface infill results reported here, along with the continuing success of the deep drilling program, this underscores the significance of Tuvatu as a potentially multi-million ounce, world-class high-grade Au producer. As we expand our drilling fleet to eight rigs and our laboratory capacity to 12,000 samples per month, we are well positioned to continue securing impressive results from all three tiers of our exploration strategy: from ongoing near-surface infill drilling; from extensions of deep high-grade feeder targets at Tuvatu; and from our pipeline of regional targets in the surrounding Navilawa caldera”.
Since the start of Phase 2 infill drill program in February 2022, Lion One has to date completed approximately 3,700m out of a planned 8,000m of infill drilling. This news release reports the results from approximately 2,375m of drilling, equivalent to approximately 30% of the planned program.
Infill Drilling Program
Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1A) in mid-February 2022, adding over 8,400m of new drill data, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from the initial 11 drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8000m of diamond drilling from surface and underground, and is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody (Figure 1). The program as planned includes 30 holes totalling 5,400m carried out from 4 separate drill stations at surface, and 34 holes totalling 2,600m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022 with drill hole TUDDH-577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.
The results from the initial approximately 2,375m of drilling in Zone 5 (Figure 2), representing approximately 30% of the planned program total, indicate consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource (Table 1). Additionally, the results from the initial 30% of the Phase 2 infill program indicates significant new high-grade mineralization not previously known to occur prior to this program, and therefore not included in the current resource statement.
Overall, results to date suggest higher-than-expected continuity and widths of mineralization, locally at grades above the calculated average grade of the deposit. Indeed, the Phase 2 infill program is confirming, and in certain instances, extending previously modelled lodes in this part of the resource. Intercepts of exceptionally high-grades (e.g. 584.07 g/t Au in TUDDH-586) are in line with bonanza results documented from several intercepts from the previously completed Phase 1 infill drill program, providing further support to the expectation of an overall increase in average grades of the lodes scheduled for earliest phases of mining.
Numerous mineralized intervals, including the 584.07 g/t Au bonanza-grade intercept in hole TUDDH-586 as well as 43.34 g/t Au over 0.30m from 187.7-188.0m in hole TUDDH-580, occur fully outside of existing modelled lodes (Table 1, highlighted), adding to our understanding of the lode geometry, as well as to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
As per the Phase 1 infill program, numerous strategically located historic holes have also been identified for resampling, the results of which will be reported in future news releases.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent gray), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figure 2: Composite vertical section looking N through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (blue labels) and the trace of the infill drilling reported in this release (yellow traces). Solid lines are in the section, dotted lines are projected to this section.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-577
7.2
8.1
0.9
1.25
59.1
60.3
1.2
1.13
100.8
101.4
0.6
0.86
118.8
120.9
2.1
18.77
including
118.8
120.3
1.5
26.07
127.5
127.8
0.3
16.30
135.6
136.2
0.6
1.09
138.6
138.9
0.3
24.66
182.2
182.8
0.6
0.65
TUDDH-578
45.4
45.7
0.3
0.72
55.9
58.6
2.7
11.95
including
55.9
56.5
0.6
35.91
and
58.0
58.3
0.3
22.39
64.3
65.2
0.9
0.58
82.3
82.9
0.6
0.77
100.6
101.5
0.9
1.39
TUDDH-579
22.0
22.3
0.3
0.73
126.1
126.4
0.3
2.43
129.7
131.8
2.1
0.94
135.1
135.4
0.3
13.56
140.5
142.3
1.8
2.88
including
140.5
140.8
0.3
11.62
and
142.0
142.3
0.3
5.2
161.2
163.6
2.4
1.78
TUDDH-580
8.0
9.2
1.2
4.53
46.7
47.3
0.6
1.67
81.8
82.4
0.6
0.78
83.6
85.1
1.5
1.48
153.5
154.7
1.2
11.18
including
153.5
153.8
0.3
40.05
157.7
158.6
0.9
0.66
159.5
159.8
0.3
0.66
165.2
167.0
1.8
1.11
including
166.7
167.0
0.3
5.01
173.6
173.9
0.3
0.76
187.4
188.0
0.6
24.72
including
187.4
187.7
0.3
6.12
including
187.7
188.0
0.3
43.34
192.8
196.4
3.6
1.88
including
193.1
193.4
0.3
11.17
including
194.6
194.9
0.3
4.11
TUDDH-581
20.9
21.2
0.3
4.12
81.8
82.4
0.6
0.76
100.4
101.0
0.6
1.56
106.4
107.0
0.6
0.82
168.5
170.0
1.5
4.41
including
168.5
168.8
0.3
8.27
and
168.8
170.0
1.2
3.25
179.3
182.0
2.7
1.32
186.8
187.1
0.3
0.54
206.6
206.9
0.3
3.07
208.4
209.9
1.5
1.91
212.3
213.2
0.9
0.69
226.1
227.9
1.8
2.39
including
227.0
227.3
0.3
7.48
249.8
250.7
0.9
1.38
251.9
252.2
0.3
2.38
307.4
308.9
1.5
1.55
TUDDH-582
47.6
48.5
0.9
3.21
91.8
93.6
1.8
3.81
including
92.4
93.6
1.2
5.22
99.3
102.0
2.7
3.33
including
99.3
100.2
0.9
5.77
TUDDH-583
7.5
8.1
0.6
2.26
46.5
47.1
0.6
1.02
72.0
72.3
0.3
1.48
87.3
88.5
1.2
0.69
96.3
96.9
0.6
2.68
114.0
114.3
0.3
1.62
121.5
122.7
1.2
1.48
126.9
128.7
1.8
1.93
including
128.4
128.7
0.3
4.39
132.0
132.3
0.3
25.32
137.4
137.7
0.3
0.66
138.9
140.1
1.2
3.11
including
138.9
139.2
0.3
7.12
241.2
241.5
0.3
1.48
TUDDH-586
9.3
11.1
1.8
4.28
including
10.2
11.1
0.9
7.91
63.6
64.2
0.6
0.53
67.8
68.4
0.6
1.8
84.6
84.9
0.3
5.95
98.1
98.4
0.3
2.95
104.7
105.9
1.2
18.47
116.7
117.3
0.6
0.55
122.1
122.7
0.6
292.69
including
122.4
122.7
0.3
584.07
127.5
127.8
0.3
1.68
129.3
129.9
0.6
10.74
133.2
133.8
0.6
3.41
141.6
143.7
2.1
1.75
including
142.5
142.8
0.3
7.33
238.5
241.2
2.7
0.95
TUDDH-587
17.2
17.5
0.3
0.69
62.8
63.4
0.6
1.11
76.6
76.9
0.3
1.57
89.5
89.8
0.3
0.59
103.6
103.9
0.3
2.34
146.2
146.5
0.3
4.43
159.1
160.9
1.8
1.66
232.9
233.5
0.6
6.43
including
232.9
233.2
0.3
11.40
234.7
235.9
1.2
4.27
including
235
235.6
0.6
5.42
237.4
238.6
1.2
8.89
TUG-139
17.8
18.1
0.3
1.42
22.0
22.3
0.3
0.82
26.5
26.8
0.3
1.47
28.9
29.2
0.3
1.42
31.0
31.3
0.3
0.75
48.7
49.6
0.9
1.49
54.4
59.2
4.8
4.20
including
54.7
55.0
0.3
5.91
and
55.0
55.3
0.3
12.60
and
55.6
55.9
0.3
7.27
and
55.9
56.2
0.3
5.70
and
57.1
57.4
0.3
15.09
70.9
72.1
1.2
25.23
including
70.9
71.2
0.3
8.96
and
71.2
71.5
0.3
8.32
and
71.5
71.8
0.3
5.00
and
71.8
72.1
0.3
78.02
82.3
82.6
0.3
2.78
91.6
91.9
0.3
1.66
95.5
95.8
0.3
1.84
TUG-142
20.4
20.7
0.3
1.15
29.4
29.7
0.3
1.49
31.2
36.3
5.1
0.65
41.4
42
0.6
1.88
45.3
45.6
0.3
0.69
61.3
63.7
2.4
3.55
including
62.5
63.1
0.6
8.14
additional results pending
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-577
3920435
1876442
314.0
197.9
-39
268
TUDDH-578
3920520
1876513
348.6
150.3
-59
267
TUDDH-579
3920435
1876513
348.6
239.0
-49
269
TUDDH-580
3920435
1876513
348.6
284.9
-60
265
TUDDH-581
3920435
1876513
348.6
311.6
-70
265
TUDDH-582
3920435
1876442
314.0
120.2
-49
267
TUDDH-583
3920435
1876513
348.6
303.2
-44
289
TUDDH-586
3920435
1876513
348.6
302.3
-55
289
TUDDH-587
3920435
1876513
348.6
256.8
-63
289
TUG-139
3920480
1876411
103.1
123.3
+13
091
TUG-142
3920480
1876411
103.1
85.8
-30
090
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – March 1, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce plans to expand its drilling and sampling capacity through the purchase of two additional drill rigs and expansion of its laboratory serving the Company’s fully permitted high grade Tuvatu Alkaline Gold Project in Fiji.
TWO NEW DEEP CAPACITY RIGS PURCHASED FOR TOTAL OF 8 DRILL RIGS IN TUVATU FLEET CAPACITY OF LION ONE LABORATORY TO EXCEED 12,000 SAMPLES PER MONTH
Lion One’s Senior Vice-President Exploration Sergio Cattalani commented, “Our best performing rigs have been two Canadian-made rigs, readily convertible from electric to diesel powerpacks, delivering an enviable average combined, drilling production rate of approx. ~CAD$43 per meter, exclusive of analytical cost.”
Phase 2 of the infill drilling program now underway will keep 3 rigs busy for the remainder of the 2022 exploration season. Ongoing deep target testing at Tuvatu will continue to rely on at least one surface and one underground rig, and with the dry season around the corner, some rig capacity will be required for testing of regional targets. Access to two additional rigs will provide the project with complete flexibility to deploy these high-performance rigs both underground and on surface, either at Tuvatu or on regional targets, or both, as required by our aggressive exploration and infill drill programs. Delivery is expected to take approximately 12 weeks.
The Company is also pleased to announce that the on-site analytical laboratory will be expanded to better meet its combined exploration drilling and underground development needs moving forward. The lab expansion will consist of new furnaces, including one additional 50 X 7A electrical cupellation furnace, an LPG-fuelled fusion furnace, a new 50-pot pouring system, and a new sample drying oven. Modifications to the lab itself include the addition of an LPG tank, construction of a concrete plinth and installation of underground gas lines, as well as various electrical upgrades, galvanized ducting, range hood and final installation and testing of all new equipment.
Prior to the projected expansion, the lab was operating on two 8-hour shifts, on a 5-days per week basis. An incremental expansion beginning with the sample preparation sector of the laboratory has been ongoing for the last several weeks, adding staff as required to move to 24-hour/day operation. The proposed full expansion will affect both the sample preparation and the analytical phases, aiming to ultimately operate both sectors of the laboratory on a 3-shift, 24/7 basis.
The projected increase in sample throughput of this expansion is 8400 samples/month in sample preparation, which represents a >260% increase from the 3200 samples/month throughput prior to expansion. In the analytical sector, the increase in sample throughput following the deployment of new 60 pot furnaces and a 24/7 operational basis is expected to yield an estimated 12,600 samples/month, representing a 315% increase over the 4000 samples/month throughput prior to expansion. Installation and commissioning of all new equipment and a full expansion of the laboratory to full-time 24/7 operation is expected to be completed by late March 2022.
Qualified Person The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).
About Tuvatu The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA,” dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective 7km diameter volcanic edifice of alkaline affinity. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – February 23, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is very pleased to announce additional results from its recently completed Phase 1 infill drill program on the Zone 2 portion of the Tuvatu high-grade alkaline Au deposit located on the island of Viti Levu in Fiji. The infill program began in June, 2021 and was completed last week with the termination of hole TUDDH576, bringing the total drilled to 7475.2m and total drill core resampled to 955.4m, for a program total of 8430.6m.
–7475m of drilling completed in 42 holes and 955m of resampling of 28 historic drillholes as part of Phase 1 infill program
Top Intercepts from Latest Infill Drilling Include
77.11 g/t Au over 3.90m from 30.8-34.7m, inc. 162.22 g/t Au over 1.8m from TUDDH 571 12.56 g/t Au over 7.80m from 87.1-94.9m, inc. 54.43 g/t Auover 1.2m from TUDDH 572 16.08 g/t Au over 7.80m from 30.1-37.9m, inc. 62.22 g/t Au over 1.8m from TUDDH 573 15.10 g/t Au over 3.60m from 121.1-124.7m, inc. 95.06 g/t Au over 0.3m from TUDDH 575
Infill Drilling Program
The consistent bonanza-grade results from many of the drill holes that are part of the Phase 1 infill drill program continue to suggest higher-than-expected continuity of high-grade mineralization as well as higher absolute grades between modelled lodes (Figure 1, Table 1). Analysis of historic drill core material to eliminate sample gaps in areas where the current resource model lacked adequate data density has also yielded positive results, and in several instances, gold grades well above the resource average (Table 2). These factors should result in additional ounces in the portion of the deposit earmarked for earliest production. The re-modelling of Zone 2 lodes will begin as soon as all new data has been received and compiled and all holes have been properly surveyed.
The next (Phase 2) infill program planned for ~5000m of diamond drilling from surface and ~2500m of grade control diamond drilling from underground is aimed at upgrading the resource database in Zone 5 which is scheduled for production within the initial 3 years of operation. This second infill drill program began February 17, 2022 with drill hole TUDDH577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.
Highlights from Latest Phase 1 Infill Drilling Results
TUDDH570
16.13 g/t Au over 0.5m from 132.1-132.6m
39.36 g/t Au over 0.3m from 142.0-142.3m
8.99 g/t Au over 3.6m from 154.0-157.6m, including
11.79 g/t Au over 0.9m from 155.2-156.1m,
30.28 g/t Au over 0.6m from 157.0-157.6m,
TUDDH571
77.11 g/t Au over 3.90m from 30.8-34.7m, including
162.22 g/t Au over 1.8m from 30.8-32.6m, which includes
179.0 g/t Au over 0.3m from 30.8-31.1, and
61.86 g/t Au over 0.3m from 31.1-31.4m, and
210.3 g/t Au over 0.3m from 31.4-31.7m, and
190.0 g/t Au over 0.3m from 31.7-32.0m, and
261.0 g/t Au over 0.3m from 32.0-32.3m, and
71.13 g/t Au over 0.3m from 32.3-32.6m, and including
16.96 g/t Au over 0.3m from 34.4-34.7m
TUDDH572
12.56 g/t Au over 7.80m from 87.1-94.9m, including
54.43 g/t Au over 1.2m from 87.1-88.3m, which includes
19.67 g/t Au over 0.3m from 87.1-87.4m, and also includes
196.0g/t Au over 0.3m from 88.0-88.3m, and also includes
16.04 g/t Au over 1.5m from 89.8-91.3m, which includes
34.92 g/t Au over 0.6m from 89.8-90.4m
26.19 g/t Au over 0.6m from 105.1-105.7m, including
21.39 g/t Au over 0.3m from 105.1-105.4m, and
30.97 g/t au over 0.3m from 105.4-105.7m
TUDDH573
9.98 g/t Au over 1.60m from 27.5-29.1m, including
16.54 g/t Au over 0.9m from 27.5-28.4m, which includes
31.58 g/t Au over 0.3m from 27.8-28.1m
16.08 g/t Au over 7.80m from 30.1-37.9m, including
62.22 g/t Au over 1.8m from 35.5-37.3m, which includes
89.02 g/t Au over 0.3m from 35.5-35.8m, and
52.18 g/t Au over 0.3m from 35.8-36.1m, and
201.0 g/t Au over 0.3m from 36.1-36.4m
10.70 g/t Au over 0.6m from 269.9-270.5m, including
15.41 g/t Au over 0.3m from 269.9-270.2m
TUDDH574
11.19 g/t Au over 0.3m from 81.2-81.5m
29.53 g/t Au over 0.9m from 106.1-107.0m, including
21.11 g/t Au over 0.3m from 106.1-106.4m, and
33.74 g/t Au over 0.6m from 106.4-107.0m
TUDDH575
12.07 g/t Au over 0.3m from 77.3-77.6m
16.11 g/t Au over 0.6m from 109.7-110.3m, including
26.24 g/t Au over 0.3m from 110.0-110.3m
5.99 g/t Au over 10.50m from 114.2-124.7m, including
18.53 g/t Au over 1.80m from 119.6-121.4m, and
15.10 g/t Au over 3.60m from 121.1-124.7m, which include
95.06 g/t Au over 0.3m from 121.1-121.4m, and
55.71 g/t Au over 0.3m from 124.4-124.7m
Figure1: Schematic vertical section showing selected infill drilling, Tuvatu. Some of the drillholes shown are off section (e.g. TUDDH571 is N of section, and TUDDH 568 is S of section) and are projected onto the section for clarity.
Table 1: Drilling Intervals >0.5 g/t Au Reported (intervals > 3.0 g/t Au cutoff and wider than 2.0m are bolded)
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-567
62.9
65.8
2.9
2.13
including
64.1
64.4
0.3
7.85
67.0
67.6
0.6
0.5
69.4
70.0
0.6
1.49
72.1
72.8
0.7
2.25
78.3
78.6
0.3
0.76
79.9
84.8
4.9
1.59
including
83.5
83.8
0.3
5.03
88.1
92.2
4.1
0.89
93.4
97.3
3.9
0.62
103.1
103.7
0.6
1.13
106.1
107.3
1.2
2.32
110.0
112.5
2.5
6.09
including
111.9
112.5
0.6
21.28
115.3
116.2
0.9
5.43
136.1
137.3
1.2
2.87
TUDDH-568
no significant results
TUDDH-569
58.3
59.2
0.9
6.12
including
58.8
59.2
0.4
8.9
78.4
78.7
0.3
1.78
82.0
82.6
0.6
0.93
93.1
93.7
0.6
6.79
101.8
103.0
1.2
0.96
105.4
106.9
1.5
0.82
132.4
134.4
2.0
3.64
including
133.6
134
0.4
15.78
155.9
156.3
0.4
1.32
TUDDH-570
33.5
35.2
1.7
1.71
39.7
40.4
0.7
12.78
41.6
42.2
0.6
2.53
46.0
49.9
3.9
1.41
53.5
56.4
2.9
0.89
60.3
60.9
0.6
0.95
65.4
66.0
0.6
1
72.7
73.3
0.6
3.51
84.4
84.7
0.3
3.29
88.1
90.5
2.4
0.72
91.7
95.8
4.1
1.35
99.3
99.6
0.3
0.68
102.6
104.4
1.8
1.21
107.0
114.7
7.7
4.09
including
110.1
110.8
0.7
15.96
including
111.1
111.7
0.6
6.87
also including
113.8
114.7
0.9
6.26
115.9
117
1.1
3.41
118.8
121.3
2.5
4.8
including
118.8
119.1
0.8
13.17
which also includes
119.1
119.6
0.5
15.87
130.0
132.6
2.6
6.4
including
130.0
130.9
0.9
9.3
including
132.1
132.6
0.5
16.13
135.6
136.5
0.9
0.86
137.7
143.5
5.8
3.13
including
142.0
142.3
0.3
39.36
147.5
149.3
1.8
0.77
151.4
152.3
0.9
2.62
including
151.4
151.7
0.3
5.54
154.0
157.6
3.6
8.99
including
154.0
154.3
0.3
7.3
and including
155.2
156.1
0.9
11.79
which also includes
157.0
157.6
0.6
30.28
161.5
163.6
2.1
4.38
including
161.5
162.1
0.6
7.49
including
162.7
163.0
0.3
9.59
165.1
166.3
1.2
1.44
TUDDH-571
30.8
34.7
3.9
77.11
including
30.8
32.6
1.8
162.22
including
30.8
31.1
0.3
179.0
including
31.1
31.4
0.3
61.86
including
31.4
31.7
0.3
210.3
including
31.7
32.0
0.3
190.0
including
32.0
32.3
0.3
261.0
including
32.3
32.6
0.3
71.13
including
34.4
34.7
0.3
16.96
75.5
76.1
0.6
0.64
TUDDH-572
29.8
30.4
0.6
0.85
35.5
36.1
0.6
5.1
37.3
42.4
5.1
0.58
44.2
47.2
3
4.94
including
44.2
45.4
1.2
8.04
which includes
44.2
44.5
0.3
20.4
48.4
49.6
1.2
0.61
63.4
63.7
0.3
2.75
66.1
67.3
1.2
0.55
73.6
75.4
1.8
1.13
82.6
83.2
0.6
5.66
including
82.6
82.9
0.3
7.85
85.0
85.3
0.3
6.78
87.1
94.9
7.8
12.56
including
87.1
88.3
1.2
54.43
which includes
87.1
87.4
0.3
19.67
and
88.0
88.3
0.3
196.0
and also includes
89.8
91.3
1.5
16.04
which includes
89.8
90.4
0.6
34.92
103.3
106.6
3.3
5.86
including
105.1
105.7
0.6
26.18
which includes
105.1
105.4
0.3
21.39
and includes
105.4
105.7
0.3
30.97
121.9
122.2
0.3
0.51
128.2
128.5
0.3
0.5
TUDDH-573
7.4
8.3
0.9
0.7
10.2
10.5
0.3
2.44
12.6
16.55
3.95
0.62
23.0
23.3
0.3
0.52
27.5
29.1
1.6
9.98
including
27.5
28.4
0.9
16.54
which also includes
27.8
28.1
0.3
31.58
30.1
37.9
7.8
16.08
including
35.5
37.3
1.8
62.22
including
35.5
35.8
0.3
89.02
including
35.8
36.1
0.3
52.18
which also includes
36.1
36.4
0.3
201.0
41.5
43.0
1.5
5.05
including
41.5
41.8
0.3
8.86
51.7
52
0.3
2.14
58.7
59.9
1.2
1.62
185.3
185.6
0.3
6.68
205.4
206.9
1.5
4.06
including
206.6
206.9
0.3
9.2
216.5
217.4
0.9
0.8
225.5
225.8
0.3
6.34
249.0
249.3
0.3
2.06
269.9
271.7
1.8
4.23
including
269.9
270.5
0.6
10.7
which includes
269.9
270.2
0.3
15.41
TUDDH-574
23.3
24.2
0.9
0.58
41.0
43.7
2.7
1.66
49.1
50.6
1.5
2.62
59.3
59.6
0.3
1.33
70.1
71.3
1.2
2.78
81.2
81.5
0.3
11.19
92.9
93.2
0.3
3.69
106.1
107.0
0.9
29.53
including
106.1
106.4
0.3
21.11
and
106.4
107.0
0.6
33.74
TUDDH-575
32.3
32.6
0.3
0.66
33.8
34.1
0.3
0.76
41.9
44.3
2.4
1.29
including
41.9
42.2
0.3
4.74
and
42.5
43.1
0.6
0.56
and
43.4
43.7
0.3
0.62
and
44.0
44.3
0.3
0.75
46.4
47.0
0.6
0.68
48.2
48.5
0.3
0.55
66.5
67.1
0.6
0.53
77.0
79.1
2.1
2.18
including
77.0
77.3
0.3
0.57
and
77.3
77.6
0.3
12.07
78.5
78.8
0.3
1.00
78.8
79.1
0.3
0.83
83.6
83.9
0.3
3.30
85.1
86.3
1.2
1.63
90.2
90.5
0.3
1.19
99.2
99.8
0.6
0.79
106.1
107.0
0.9
3.42
including
106.1
106.4
0.3
4.08
and
106.4
106.7
0.3
1.93
and
106.7
107.0
0.3
4.24
109.1
110.3
1.2
8.39
including
109.1
109.4
0.3
0.54
and
109.4
109.7
0.3
0.79
and
109.7
110.0
0.3
5.97
and
110.0
110.3
0.3
26.24
114.2
124.7
10.5
5.98
including
114.2
114.5
0.3
1.32
and
115.4
115.7
0.3
4.35
and
116.0
116.3
0.3
0.50
and
117.2
117.5
0.3
1.08
and
117.5
117.8
0.3
3.30
and
118.7
119.0
0.3
0.52
and
119.6
121.4
1.8
18.53
which includes
119.6
119.9
0.3
6.94
and includes
119.9
120.2
0.3
4.59
and includes
120.2
120.5
0.3
4.45
and includes
121.1
121.4
0.3
95.06
or
121.1
124.7
3.6
15.1
which includes
121.1
121.4
0.3
95.06
and includes
121.7
122.0
0.3
0.57
and includes
122.0
123.2
1.2
2.77
and includes
123.2
123.5
0.3
3.05
and includes
123.5
123.8
0.3
0.73
and includes
123.8
124.4
0.6
7.47
and includes
124.4
124.7
0.3
55.71
129.5
131.3
1.8
1.21
including
129.5
130.1
0.6
2.81
and
131.0
131.3
0.3
0.67
132.5
132.8
0.3
4.97
135.5
135.8
0.3
0.93
137.6
137.9
0.3
1.41
143.3
144.5
1.2
1.59
including
143.3
143.6
0.3
1.05
and
143.6
144.2
0.6
1.97
and
144.2
144.5
0.3
1.35
162.2
162.5
0.3
1.45
TUDDH-576
22.9
23.5
0.6
1.49
25.0
25.6
0.6
0.63
29.2
29.5
0.3
1.1
36.7
38.5
1.8
8.25
including
36.7
37.0
0.3
2.60
and
37.0
37.6
0.6
0.56
and
37.6
38.5
0.9
15.26
39.7
40.0
0.3
0.57
43.0
44.2
1.2
0.77
including
43.0
43.6
0.6
0.55
and
43.6
44.2
0.6
0.98
Table 2: Summary of results from selected sample gap intervals from historic drill core
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-212
448.1
448.4
0.30
1.25
TUDDH-225
52.70
53.35
0.35
14.10
54.25
54.85
0.60
1.06
89.0
89.6
0.60
0.71
91.1
92.0
0.90
10.98
94.3
94.6
0.30
3.22
102.0
103.4
1.40
0.68
TUDDH-356
60.05
60.35
0.30
0.61
72.2
72.5
0.30
4.21
77.6
77.9
0.30
0.53
81.5
82.26
0.76
1.81
TUDDH-362
84.81
85.11
0.30
0.56
85.41
85.71
0.30
0.69
85.71
86.01
0.30
1.47
86.31
86.61
0.30
74.58
86.91
87.4
0.49
0.53
TUDDH-408
43.23
43.74
0.51
0.54
44.65
45.25
0.60
1.28
79.27
79.87
0.60
2.21
79.87
80.47
0.60
1.80
TUDDH-410
73.2
73.8
0.60
3.38
118.2
118.8
0.60
1.81
TUDDH-525
466.6
466.9
0.30
0.95
TUDDH-539
131.1
131.7
0.60
6.88
TUDDH-540
62.93
63.23
0.30
4.22
64.6
64.9
0.30
0.61
64.9
65.2
0.30
3.87
69.8
70.4
0.60
2.20
77.3
77.6
0.30
0.97
90.7
91.0
0.30
4.11
Table 3: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH567
3920779
1876395
219.9
183.8
-40
255
TUDDH568
3920686
1876364
255.1
112.9
-75
258
TUDDH569
3920779
1876396
219.9
191.7
-69
252
TUDDH570
3920780
1876396
220.0
233.3
-44
270
TUDDH571
3920932
1876510
236.1
847.6
-62
147
TUDDH572
3920779
1876396
219.9
203.5
-60
270
TUDDH573
3920796
1876351
209.7
779.2
-66
131
TUDDH574
3920779
1876396
219.9
182.6
-70
270
TUDDH575
3920779
1876396
219.9
164.3
-47
285
TUDDH576
3920779
1876396
219.9
200.5
-60
285
TUDDH577
3920435
1876513
348.0
in progress
-40
270
TUDDH-212
3920664
1876757
281.3
600.5
-58
245
TUDDH-225
3920737
1876336
222.8
300.3
-60
330
TUDDH-356
3920760
1876260
205.5
112.9
-61
010
TUDDH-362
3920775
1876303
219.6
132.0
-65
360
TUDDH-408
3920767
1876337
225.0
140.6
-70
330
TUDDH-410
3920731
1876309
228.9
143.6
-65
340
TUDDH-525
3920796
1876351
209.4
350.6
-57
123
TUDDH-539
3920733
1876297
225.1
186.2
-72
004
TUDDH-540
3920733
1876297
225.1
168.2
-60
001
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).
About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective 7km diameter volcanic edifice of alkaline affinity. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – February 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide the following progress report for the engineering and development of the Company’s fully permitted high grade Tuvatu Alkaline Gold Project located on the island of Viti Levu in Fiji.
Highlights
Production permits are in place for underground gold mining operations
Engineering and procurement of gold recovery plant is underway
Development of second underground access portal is underway
Mobile crushing unit has been ordered, built, and is now being shipped to mine site
Majority of required mining equipment has been shipped and delivered to mine site
Contracts for water, power, tailings, explosives, and communications secured or in progress
ERP implementation underway for accounting, supply chain, cost control, and inventory
Mill Design & Construction
Lion One has designed a scalable milling facility with installation anticipated by Q3 2023, for initial gold production by the end of Q4 2023. The mill has been designed with a scalable capacity to be expandable from the initial planned production rate of 300 tonnes per day (tpd) for approximately 24,000 ounces of gold per year, ramping up to potentially 1,200 tpd.
For more information read the Metallurgical Overview and Process Description below.
Underground Development & Mining
Lion One has commenced development of the portal for underground access #2 and expects to commence underground development at a projected rate of 2m per day during the current quarterly period.
Several recent news releases have highlighted a number of high-grade intercepts (See Recent InfillDrilling Results below) that occur in very close proximity to planned underground infrastructure, indicating that a number of high-grade lodes are immediately accessible and can be included in the initial mine plan. Lion One anticipates to be driving through these lodes as early as Q2 2022.
Dual-Track Advancement Strategy
Concomitant with the mine development plan being undertaken, Lion One continues to pursue aggressive exploration drilling of newly defined feeder targets in proximity to the Tuvatu resource, including the prolific 500 Zone, as well as regional targets within the ~6 km Navilawa caldera.
Lion One has an exceptional team to lead this effort led by Wally Berukoff, CEO, Patrick Hickey, COO and Sergio Cattalani, SVP Exploration.
Lion One’s Chief Operating Officer Patrick Hickey commented, “Lion One is committed to building a mine at Tuvatu and we are progressing with design of the processing facilities and development of Tuvatu decline #2, with the objective of initiating production by late 2023. At its current resource grade of over 8 g/t Au, Tuvatu has the potential to become one of highest grade gold mines in the world, while ongoing exploration demonstrates significant potential for identifying a large alkaline gold system within the Navilawa Caldera”.
Metallurgical Overview
Lion One has conducted and reviewed extensive metallurgical test work at numerous accredited laboratories between 1997 and 2020, including mineralogy studies, comminution tests, gold recovery tests and cyanide detoxification tests. The results of this work have defined the optimum recovery process to achieve an average gold recovery of 87.5% as reported in the September 25, 2020, Preliminary Economic Assessment Update. Recent metallurgical test work conducted by Met-Solve Laboratories has indicated potential recoveries in excess of 90% are possible using the proposed process. The metallurgical test results indicate that the Tuvatu mineralization is amenable to a combined process of gravity concentration with intensive cyanidation and carbon in pulp (“CIP”) cyanidation. Further refinements to the plant will be made once the detail engineering and procurement commences.
Figure 1: conceptual process plant design and site layout
Run-of-Mine (“ROM”) material will be trucked from underground and onto the mill feed surge stockpiles or directly into the crushing plant feed pocket. The crushing plant will consist of two stages of crushing including an open circuit primary jaw crusher and a closed-circuit secondary cone crusher. The feed pocket will have a 350mm-by-350mm stationary grizzly to protect the jaw crusher from oversized feed. The cone crusher will be fed by one of two double deck screens. One screen will be dedicated to sizing ore and the second screen will be used to produce aggregate. The double-deck screen undersize, with a particle size of 80% passing approximately 8 to 10mm, will be conveyed to the mill feed surge bin, which will provide a live capacity of 300t of the mill feed, or the equivalent of 24 hours of mill operation. Two vibrating feeders, together with the primary ball mill feed conveyor, will be installed underneath the surge bin. Each of the feeders can provide the full feed rate if one of the feeders requires unplanned maintenance. All the feeders will be equipped with variable frequency drive (“VFD”) control to adjust the reclaim rate. Normally only one feeding system will be in operation.
The integrated comminution circuits, including the two-stage grinding circuit, will grind the 8 to 10mm feed to a grind size of 80% passing (P80) 60 to 65μm. Both mills will discharge the ground ore into a common pump box and sent to a vibrating screen. The 2 mm plus oversized particles will report back to the secondary ball mill for further grinding. Undersized particles from the vibrating screen will be treated by a primary gravity concentrator. The gold concentrate from the primary gravity concentrator will be treated by an intensive cyanide leaching reactor. The pregnant gold solution from reactor will be pumped to the on-site absorption-desorption-recovery (“ADR”) plant with a dedicated electrowinning (“EW”) cell to produce a gold rich sludge to be fed into an electric furnace to produce gold doré.
The tailings from the primary gravity concentrator will be further separated by a hydrocyclone. The oversize from the hydrocyclone will report back to the secondary grinding mill. The overflow containing fines will be treated by a continuous gravity concentrator. The approximately 1.0 to 1.8t/h gravity concentrate from the continuous gravity concentrator will pumped to the CIP cyanide leach tanks while the tailings will be thickened from 35% w/w solids to 45% w/w solids. The thickener underflow will be pumped to an aerated pre-treatment tank prior to entering the CIP circuit. This process utilizes gravity separation for 100% of the ore instead of the conventional 33%. Since the Tuvatu mineralization contains variable quantities of large and very small free gold, this process optimizes overall gold recovery.
The standard CIP cyanide circuit will operate at 45% w/w solids with the carbon being loaded countercurrent to the flow of the pulp. The gold loaded carbon will be transferred to the ADR plant for desorption and recovery. The leaching tanks, buffer tank and associated pumps will be located in a concrete tank farm. The reagent storage and mixing facilities will be located adjacent to the CIP circuit.
The Project will employ an alkaline, non-cyanide stripping and EW process. The pressurized elution vessel for the CIP circuit will operate at approximately 0.5MPa at 150˚C and have dedicated EW cell located adjacent to the dedicated intensive leach EW cell. After the ADR system is shut down and the system pressure is reduced to atmospheric pressure, the gold rich sludge will be washed from the steel cathodes and collected. The gold sludge will be dried and mixed with gold flux prior to melting in an electric furnace at approximately 1,200 to 1,300°C to produce gold doré. The gold doré will be stored in a secure vault within a secure and supervised area.
The leach residue from the carbon safety screen in the CIP circuit will flow by gravity to a residual cyanide detoxification system where Weak Acid Dissociable (“WAD”) cyanide will be destroyed using the SO2/air process. The circuit will consist of two mechanically agitated tanks, each with a capacity to handle the full slurry flow for a retention time of approximately 75 minutes. The arrangement will provide sufficient detoxification capacity if one of the two tanks require unplanned maintenance. The reagents used will include hydrated lime, sodium metabisulphite, and copper sulphate. After detoxification, the tailings slurry will be pumped to high-rate thickener. The residue will be thickened to approximately 50 to 55% w/w solids. Diluted flocculant solution will be added to the thickener to assist the thickening process. The thickener underflow will be pumped to two filter presses for dewatering to approximately 10 to 12% w/w solids. The filtered tailings cake will be loaded into lined dump trucks for transporting to the Tailings Storage Facilities (“TSF”) approximately 3.5km from the plant site. Engineering of the TSF has been completed for the first year of operation with subsequent TSF construction planned the following year after start-up.
It is necessary for Lion One to provide all electrical power to the mine site. The proposed new main power plant is five 800kW diesel powered generators with 4 in operation and 1 on standby. The 2 existing 900kVA diesel generators for underground development will be relocated to the main power plant. The combined power output will be 4,660kW (with one 800kW standby) to run both the underground mining operation and the process plant. The Company is also investigating the installation of a hybrid power plant consisting of a combination of solar and diesel generation to maintain a constant and stable supply of 4,660kW at any time within 24 hours a day.
Photo 1: design for portal of underground access no. 2
Reported Jan. 25, 2022: 359.8 g/t Au over 1.8m, including 1,616 g/t Au over 0.4m Reported Nov. 30, 2021: 33.52 g/t Au over 2.4m from 173.4m inc. 185.6 g/t Au over 0.4m 20.61 g/t Au over 7.5m from 126.6m inc. 89.03 g/t Au over 1.5m, and 227.3 g/t Au over 0.3m 21.34 g/t Au over 2.5m from 120.85m inc. 38.25 g/t Au over 1.3m, and 52.27 g/t Au over 0.3m Reported Sept. 7, 2021: 10.24 g/t Au over 8.48m inc. 33.26 g/t Au over 2.44m from 111.2m, and 13.49 g/t Au over 3.3m from 115.4m
The current mineral resource estimate for the Tuvatu project comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au.
The 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 of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Bill Witte, P. Eng, who is a Qualified Person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101).
About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective 7km diameter volcanic edifice of alkaline affinity. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – January 25, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce additional results from the infill drill program undertaken in the near-surface portion of the Tuvatu deposit. This program was designed to further strengthen the database in the portion of the deposit earmarked for earliest production, from the Company’s 100% owned Tuvatu alkaline gold project in Fiji.
– ~6735m of drilling completed in 38 holes since the start of infill program (~85% of the proposed program completed)
Highlights from near-surface infill drilling include:
TUDDH555
126.62 g/t Au over 0.70m from 133.00-133.70m, including
294.50 g/t Au over 0.30m from 133.40-133.70;
8.25 g/t Au over 2.90m from 137.60-140.50m, including
28.67 g/t Au over 0.60m from 139.10-139.70m, 15.72 g/t Au over 0.30m from 139.40-139.70m,
9.31 g/t Au over 1.70m from 145.00-146.70m, including
31.63 g/t Au over 0.40m from 145.90-146.30m
TUDDH557
17.60 g/t Au over 5.0m from 113.80-118.80m, including
125.50 g/t Au over 0.60m from 115.3-115.9m
35.63 g/t Au over 0.30m from 150.40-150.70m
TUDDH559
14.21 g/t Au over 1.20m from 119.8-121.0m;
6.23 g/t Au over 3.7m from 142.50-146.20, including
22.44 g/t Au over 0.60m from 143.1-143.7m, and 14.48 g/t Au over 0.30m from 145.6-145.9m
TUDDH562
111.40 g/t Au over 0.40 from 164.7-165.1m (Figure 3B, 3C in previous press release)
TUDDH563
20.41 g/t Au over 0.30 from 13.66-13.96m (Figure 3A in previous press release)
63.26 g/t Au over 0.30 from 52.49-52.79m
68.50 g/t Au over 0.30 from 164.55-164.85m
TUDDH565
35.64 g/t Au over 0.40m from 63.8-64.2m
359.76 g/t Au over 1.80m from 70.8-72.6m, including
1616.0 g/t Au over 0.40m from 71.1-71.5m (Figures 3-4, this release)
13.34 g/t Au over 1.70m from 92.9-94.6m, including
42.09 g/t Au over 0.40m from 93.3-93.7m
4.28 g/t Au over 5.10m from 117.3-122.4m
10.03 g/t Au over 0.60m from 141.9-142.5m, including
17.75 g/t Au over 0.30m from 142.2-142.5m
18.61 g/t Au over 0.70m from 154.8-155.5m
TUG136
16.19 g/t Au over 0.60m from 75.7-76.3m, including
30.97 g/t Au over 0.30m from 76.0-76.3m
4.71 g/t Au over 4.20m from 77.9-82.1m, including
10.76 g/t Au over 0.30m from 77.9-78.2, and 12.62 g/t Au over 0.6 from 78.5-79.1m
TUG137
16.44 g/t Au over 4.20m from 106.4-110.6m, including
26.11 g/t Au over 0.60m from 107.6-108.2m, and
22.80 g/t Au over 2.10m from 108.5-110.6m, which includes
45.35 g/t Au over 0.30m from 109.4-109.7m, and 37.40 g/t Au over 0.30m from 110.0-110.3m
Infill Drilling Program Multiple bonanza-grade intercepts have been returned from the ongoing near-surface infill/definition drill program which is aimed at a thorough re-appraisal of the database in portions of the resource earmarked for earliest production. The current ~8000m infill drill program was initiated in June of 2021 with the aim of infilling areas of low data density within parts of the resource currently categorized as Inferred. To date, a total of ~6735m of diamond drilling over 38 holes have been completed, with ~15% of the proposed program remaining. Final results are here reported from a total of 10 holes, 7 of which were drilled specifically as part of the infill program (TUDDH555-562, 565) and three of which were drilled as part of the deep program testing the 500 Zone, but which intersected high grade mineralization in the near-surface (TUDDH563, TUG136, 137). Figures 1-3 illustrate schematically the location of drill holes reported here, and mineralized intervals relative to modelled lodes.
The exceptional grades returned from hole TUDDH565 at a downhole depth of ~71.2m, of 1616.0 g/t Au corresponds to a complex vein of centimetric width at low to moderate angle to core axis, consisting of coarse, subhedral honey sphalerite, fine skeletal marcasite and coarse visible gold in a groundmass of amorphous gray quartz. The vein also contained coarse vugs lined by clear crustiform euhedral quartz crystals and abundant delicate wire native gold. Figures 4 and 5 show some of the coarse visible gold intersected at this interval as well as other mineralogical characteristics. A complete set of results for all near-surface drill intersections reported here is included as Table 1; drill hole parameters are included as Table 2. Results from deeper drill intersections will be reported in a subsequent news release.
The Company is currently undertaking two tiers of drilling: 1) the completion of shallow resource infill drilling from surface and underground, 2) deep exploration drilling from surface and underground targeting lode extensions and additional feeders under the Tuvatu resource. Regional drill programs requiring access to remote parts of the Navilawa caldera has been interrupted during the wet season, but will resume in early 2022.
Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “Exceptionally high grade mineralization has been defined in the near-surface portion of the deposit. High grade mineralization is showing to be more consistent and appears to form wider zones with good continuity than what had been previously modelled. I am increasingly confident that once underground mining is underway, the average head grade of the ore earmarked for early production will be higher than previously modelled. The additional data generated by the infill drilling and resampling programs currently underway are indicating that portions of the orebody return higher grades over multiples of minimum mining widths that are not defined by the current resource model.
Our objective remains clear: to work toward a near-term modest production start, concomitant with an aggressive exploration program aimed at the continued expansion of bonanza-grade resources both near-surface and along defined feeder conduits at greater depths, for the eventual scaled-up development of a larger and more valuable resource.“
Figure 1:Left) schematic cross-section across the northern part of Tuvatu showing the location of some infill drill holes, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes. Note that many of the mineralized intervals do not correspond with the previously modelled lodes, suggesting the possibility of previously unrecognized mineralization.
Figures 2, 3:Left) schematic cross-sections across the northern part of Tuvatu showing the location and selected results from some of the drill holes reported here. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.
Figures 2, 3:Left) schematic cross-sections across the northern part of Tuvatu showing the location and selected results from some of the drill holes reported here. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.
Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff and wider than 2.0m are bolded)
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH-225 (resampled)
52.7
53.7
1.0
9.62
including
52.7
53.4
0.7
14.1
TUDDH-408 (resampled)
83.7
85.7
2
6.12
including
83.7
84.3
0.6
14.2
TUDDH-555
24
24.9
0.9
0.67
118
118.9
0.9
1.41
133
133.7
0.7
126.62
including
133.4
133.7
0.3
294.5
137.6
140.5
2.9
8.25
including
137.6
138
0.4
12.93
and
139.1
139.7
0.6
28.67
which includes
139.1
139.4
0.3
41.61
and
139.4
139.7
0.3
15.72
141.8
143.1
1.3
8.56
including
141.8
142.2
0.4
12.34
and
142.5
143.1
0.6
8.81
145
146.7
1.7
9.31
including
145.9
146.3
0.4
31.63
150.8
151.3
0.5
0.63
TUDDH-556
124
125.2
1.2
3.23
127.3
127.9
0.6
0.9
147
147.4
0.4
0.59
173.4
174
0.6
1.54
176.7
177
0.3
2.46
TUDDH-557
102.7
104.2
1.5
1.02
105.7
112.6
6.9
3.89
including
108
108.6
0.6
26.56
113.8
118.8
5.0
17.6
including
115.3
115.9
0.6
125.5
including
118.2
118.8
0.6
9.69
133.6
134.9
1.3
0.57
144.4
144.8
0.4
2.6
150.4
150.7
0.3
35.63
TUDDH-559
22.6
22.9
0.3
4.39
101
101.9
0.9
1.09
115.7
116.6
0.9
1.18
119.8
121.0
1.2
14.21
131.3
131.6
0.3
5.78
135.9
138.3
1.2
4.09
including
137.7
138.3
0.6
7.42
142.5
146.2
3.7
6.23
including
143.1
143.7
0.6
22.44
and
144.7
145.00
0.3
9.34
and
145.6
145.9
0.3
14.48
155.4
155.7
0.3
2.99
181.1
181.7
0.6
5.38
TUDDH-560
24.4
24.8
0.4
0.62
144.3
144.7
0.4
1.44
TUDDH-562
42.1
42.5
0.4
5.58
129.9
130.3
0.4
3.88
132
132.3
0.3
2.89
158.4
158.8
0.4
3.7
164.7
165.1
0.4
111.4
166.7
167.1
0.4
1.17
218.3
218.6
0.3
1.37
TUDDH-563
13.66
13.96
0.3
20.41
14.86
15.1
0.24
0.83
18.8
19.1
0.3
0.57
21.8
22.4
0.6
5.13
25.2
26.4
1.2
1.58
52.49
52.79
0.3
63.26
58.1
58.5
0.4
6.48
125.25
125.55
0.3
0.58
164.55
164.85
0.3
68.5
300.15
300.65
0.6
1.04
TUDDH-565
45.5
46.1
0.6
0.86
52.8
54.3
1.5
0.52
56.4
57.6
1.2
2.84
59.1
61.5
2.4
1.73
63.8
64.2
0.4
35.64
66.6
67.8
1.2
0.59
70.8
72.6
1.8
359.76
including
71.1
71.5
0.4
1616.0
73.8
74.3
0.5
1.36
75.8
79.4
3.6
2.73
88.7
90.3
1.6
8.52
92.9
94.6
1.7
13.34
including
93.3
93.7
0.4
42.09
99.5
100.1
0.6
1.79
117.3
122.4
5.1
4.28
including
119.4
120.0
0.6
7.22
139.5
140.7
1.2
0.68
141.9
142.5
0.6
10.03
including
142.2
142.5
0.3
17.75
152.4
153.6
1.2
1.37
154.8
155.5
0.7
18.61
TUG-136
3.4
4.0
0.6
0.5
65.5
65.8
0.3
0.59
69.4
69.7
0.3
6.34
75.7
76.3
0.6
16.19
including
76
76.3
0.3
30.97
77.9
82.1
4.2
4.71
including
77.9
78.2
0.3
10.76
and
78.5
79.1
0.6
12.62
and
80.6
80.9
0.3
6.57
and
81.2
81.5
0.3
7.63
102
102.3
0.3
1.89
103.6
103.9
0.3
0.53
TUG-137
5.0
5.7
0.70
0.5
29.3
30.0
0.70
2.32
106.4
110.6
4.20
16.44
including
107.6
108.2
0.60
26.11
which includes
107.6
107.9
0.30
40.65
and including
108.5
110.6
2.10
22.8
which includes
109.4
109.7
0.30
45.35
and also includes
110
110.3
0.30
37.4
161.4
161.7
0.30
1.43
169.3
169.6
0.30
1.97
Table 2: Survey details of diamond drill holes referenced in this release not previously reported
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH555
3920724.8
1876385.7
237.0
239.50
-74
274
TUDDH556
3920725.3
1876384.4
237.0
182.30
-48
285
TUDDH557
3920725.2
1876385.0
237.1
241.00
-64
284
TUDDH559
3920724.8
1876385.7
237.0
188.70
-75
270
TUDDH560
3920723.1
1876385.2
237.0
220.90
-60
240
TUDDH562
3920723.3
1876385.5
237.0
244.20
-70
248
TUDDH563
3920796.3
1876351.1
209.7
875.00
-63
121
TUDDH565
3920779.0
1876396.0
219.8
200.50
-59
253
TUG136
3920759.6
1876459.2
139.1
617.40
-58
151
TUG137
3920759.0
1876459.0
139.1
686.70
-68
163
TUDDH225
3920737.3
1876336.3
222.8
300.25
-60
330
TUDDH408
3920767.2
1876336.5
225
140.6
-65
320
Figure 4:A) Photo of a portion of uncut drill core from TUDDH565, with a vuggy quartz vein of centimetric width at 71.20m depth. This 0.40m sample returned 1616 g/t Au. B) Close-up of a portion of the vein showing subhedral sphalerite, dendritic marcasite and coarse visible gold. C) Closer view of dendritic marcasite clusters suggesting rapid growth and conditions of supersaturation, in a groundmass of amorphous gray silica.
Drilling and Assay Processes and Procedures The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.
Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of all samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia for check assay determinations. All samples for all high-grade intercepts reported here are will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. For certain high-grade samples for which results for duplicate assay are within 10% of the initial results, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).
Qualified Person The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).
About Tuvatu The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective 7km diameter volcanic edifice of alkaline affinity. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – December 23, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results of its Annual General Meeting (“AGM“), held on December 16, 2021. According to the meeting Scrutineers report, 128 shareholders were represented at the meeting, in person or by proxy, representing 39,544,470 common shares or 25.29% of the 156,371,893 common shares outstanding on the October 27, 2021 record date for the Meeting.
All resolutions presented to the shareholders were approved with over 95% of votes cast being in favor of each resolution (see the SEDAR filing of the Company’s Information Circular, dated November 2, 2021). As a result,
Davidson & Company LLP was re-appointed as the auditor of the Company
The number of Directors was set at four with the following nominees elected as directors: Walter Berukoff, Richard Meli, Kevin Puil, and David Tretbar
The Company’s Stock Option Plan was re-approved
Following the AGM, management gave a brief overview of the Company’s plans for the development of the Tuvatu gold processing plant in Fiji, including the award of the design and procurement work. The Company plans to provide additional information about its development plans in early 2022 along with further drilling results from its ongoing exploration programs.
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from the infill drill and re-sampling program undertaken in the near-surface portion of the Tuvatu deposit. This program was designed to further strengthen the database in the portion of the deposit earmarked for earliest production, from the Company’s 100% owned Tuvatu gold project in Fiji.
5,615m of infill drilling completed in 30 holes (~70% of the proposed program)
600 additional data points generated from infill resampling of 12 historic holes
Highlights from near-surface infill drilling and re-sampling include:
20.61 g/t Au over 7.50m inc. 89.03 g/t Au over 1.50m, and 227.3 g/t Au over 0.30m from TUDDH545 21.34 g/t Au over 2.50m inc. 38.25 g/t Au over 1.30m, and 52.27 g/t Au over 0.30m from TUDDH548 33.52 g/t Au over 2.40m inc. 185.60 g/t Au over 0.40m from TUDDH553 9.13 g/t Au over 2.59m inc. 74.58 g/t Auover 0.30m from resampling of historic hole TUDDH362
TUDDH541
4.61 g/t Au over 4.23m from 112.6-116.83m, including
14.35 g/t Au over 1.20m from 115.63-116.83, which includes
33.85 g/t Au over 0.30m from 116.23-116.53m
7.09 g/t Au over 0.60m from 124.63-125.23m, including
12.82 g/t Au over 0.30m from 124.93-125.23m
TUDDH544
8.27 g/t Au over 0.30m from 24.65-24.95m
5.46 g/t Au over 2.90m from 34.6-37.5m, including
16.75 g/t Au over 0.50m from 34.9-35.4m, and
7.83 g/t Au over 0.60m from 36.6-37.2m
9.21 g/t Au over 0.30m from 50.85-51.15m
18.62 g/t Au over 0.30m from 65.93-66.23m
9.44 g/t Au over 0.60m from 68.32-68.92m, including
13.45 g/t Au over 0.30m from 68.32-68.62
11.21 g/t Au over 0.30m from 147.23-147.53
TUDDH545
20.61 g/t Au over 7.50m from 123.6-131.1m, including
7.97 g/t Au over 1.00m from 123.6-124.6m, and
8.97 g/t Au over 0.90m from 125.6-126.5m, and
89.03 g/t Au over 1.50m from 128.3-129.8m, which includes
227.30 g/t Au over 0.30m from 128.3-128.6m, and
10.48 g/t Au over 0.30m from 128.6-128.9, and
39.01 g/t Au over 0.30m from 128.9-129.2m, and
99.42 g/t Au over 0.30m from 129.2-129.5m, and
68.95 g/t Au over 0.30m from 129.5-129.8m
9.88 g/t Au over 0.30m from 130.8-131.1m
9.38 g/t Au over 1.00m from 137.6-138.6m
TUDDH546
10.16 g/t Au over 1.20 from 104.2-105.4m, including
39.33 g/t Au over 0.30m from 104.2-104.5m
TUDDH547
13.47 g/t Au over 0.30 from 104.5-104.8m
TUDDH548
9.82 g/t Au over 0.30 from 82.6-82.9m
18.74 g/t Au over 0.30m from 101.6-101.9m
6.41 g/t Au over 1.50m from 106.2-107.7m, including
26.34 g/t Au over 0.30m from 106.2-106.5m
15.37 g/t Au over 0.30m from 110.4-110.7m
21.34 g/t Au over 2.50m from 120.85-123.35m, including
38.25 g/t Au over 1.30m from 121.75-123.05m, which includes
52.27 g/t Au over 0.30m from 121.75-122.05m, and
21.13 g/t Au over 0.30m from 122.05-122.35m, and
53.82 g/t Au over 0.30m from 122.35-122.75m, and
20.58 g/t Au over 0.30m from 122.75-123.05m
TUDDH553
7.84 g/t Au over 0.90m from 26.0-26.9m
33.52 g/t Au over 2.40m from 173.4-175.8m, including
185.60 g/t Au over 0.40m from 174.5-174.9m
Highlights from infill resampling of historic drilling include:
6.78 g/t Au over 3.50m from 91.1-94.6m, including
8.43 g/t Au over 2.70m from 91.1-93.8m, including
10.98 g/t Au over 0.90m from 91.1-92.0m in TUDDH225
9.13 g/t Au over 2.59m from 84.81-87.4m, including
74.58 g/t Au over 0.30m from 86.31-86.61m in TUDDH362
1.81 g/t Au over 0.60m from 118.2-118.8m in TUDDH410
6.88 g/t Au over 0.60m from 131.1-131.7m in TUDDH539
Infill Drilling and Resampling Program In addition to the recently reported expansion of the high-grade 500 Zone underlying the Tuvatu resource, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program. The ~8000m infill drill program was initiated in June of 2021 with the aim of infilling areas of low data density within parts of the resource currently categorized as Inferred. To date, a total of 5,615m of diamond drilling over 30 holes have been completed, with ~30% of the proposed program remaining. Concurrently, a program of resampling of unsampled intervals from historic drill holes in has been initiated with the resampling of 12 holes completed to date (23 holes planned), representing ~50% of the planned resampling program, and thus far generating ~600 additional samples in areas where data was considered sparse. The additional data generated was generated in Lion One’s own assay laboratory in Nadi and will add significant new high-grade intercepts to the resource earmarked for early production.
Final results received to date from holes drilled as part of the infill program are for 7 holes only (TUDDH541-553). All results for holes TUDDH554-562 remain pending. Figure 3 shows some of the coarse visible gold intersected as part of the infill drilling program. Photographs shown are from drill holes for which analytical results are still pending. A complete set of results for all previously unreported drill holes which form part of the infill drill program is included as Table 1.
The Company is currently undertaking two tiers of drilling: 1) the completion of shallow resource infill drilling from surface and underground, 2) deep exploration drilling from surface and underground targeting lode extensions and additional feeders under the Tuvatu resource. With the wet season starting in Fiji, the regional drill program requiring access to remote parts of the Navilawa caldera has seen a planned interruption, and is scheduled to resume in early 2022.
Deep Feeder Zone 500 – additional update An update of results obtained from the ongoing deep drilling of the high-grade 500 Zone feeder zone is also provided at this time. Additional results, as yet unreported, from ongoing drilling of the 500 Zone include: 17.43 g/t Au over 1.5m from downhole depth of 643.1-644.6m from hole TUDDH544-W1.
There are currently 3 drill holes targeting the 500 Zone. Results of these will be reported as they become available.
Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization continues to be defined both in the near-surface portion of the deposit, as well as in the expanding deep feeder Zone 500. The additional data generated by the infill drilling and resampling programs will greatly enhance our understanding of the geometry of the veins, and raise the level of confidence needed, ahead of Lion One’s near-term underground development at Tuvatu. Our objective remains to work toward a near-term modest production start, concomitant with an aggressive exploration program aimed at the continued expansion of deep bonanza-grade resources for the eventual scaled-up development of a larger and richer resource base.”
Figure 1: Left) schematic cross-section across the northern part of Tuvatu showing the location of some infill drill holes, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.
Figure 2: Left) schematic cross-section across the northern part of Tuvatu showing the location of some of the drill holes that have been resampled, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.
Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH541
52.54
54.55
2.01
1.12
59.00
59.40
0.40
2.24
63.40
63.70
0.30
1.32
69.00
70.78
1.78
1.06
109.95
110.25
0.30
2.50
112.60
116.83
4.23
4.61
including
115.63
116.83
1.20
14.35
including
116.23
116.53
0.30
33.85
118.30
118.60
0.30
1.02
120.00
123.50
3.80
3.27
including
122.30
123.50
1.20
5.71
124.63
125.23
0.60
7.09
including
124.93
125.23
0.30
12.82
127.20
130.20
3.00
0.87
including
129.90
130.20
0.30
6.69
TUDDH-542
73.00
73.60
0.60
0.75
78.10
78.40
0.30
0.73
79.80
81.50
1.70
1.65
83.60
83.90
0.30
0.87
91.90
94.70
2.80
1.36
TUDDH-545
74.60
75.60
1.00
3.38
79.60
80.20
0.60
3.23
81.60
83.60
2.00
1.4
108.10
108.40
0.30
5.36
123.60
131.10
7.50
20.61
including
123.60
124.60
1.00
7.97
and
125.60
126.50
0.90
8.97
and
128.30
129.80
1.50
89.03
including
128.30
128.60
0.30
227.3
and
128.60
128.90
0.30
10.48
and
128.90
129.20
0.30
39.01
and
129.20
129.50
0.30
99.42
and
129.50
129.80
0.30
68.95
and
130.80
131.11
0.30
9.88
137.60
138.60
1.00
9.38
TUDDH-546
80.50
81.70
1.20
2.53
97.80
99.60
1.80
1.64
104.20
105.40
1.20
10.16
including
104.20
104.50
0.30
39.33
109.20
109.50
0.30
3.76
113.20
113.50
0.30
0.92
115.90
117.40
1.50
1.04
120.50
123.30
2.80
0.85
including
123.00
123.30
0.30
3.93
60.20
60.50
0.30
1.61
66.60
67.20
0.60
1.3
68.40
69.00
0.60
1.35
TUDDH-547
70.40
71.00
0.60
2.67
76.30
77.20
0.90
1
87.10
88.90
1.80
1.13
91.60
92.50
0.90
1.59
94.30
99.70
5.40
1.96
including
94.30
95.20
0.90
5.19
97.00
99.70
2.70
1.08
104.50
104.80
0.30
13.47
107.00
107.90
0.90
3.96
110.30
111.20
0.90
0.52
115.70
118.10
2.40
0.72
TUDDH-548
82.60
82.90
0.30
9.82
99.20
100.40
1.20
1.15
101.60
101.90
0.30
18.74
106.20
107.70
1.50
6.41
including
106.20
106.50
0.30
26.34
110.40
110.70
0.30
15.37
113.90
115.30
1.40
1.16
118.45
118.75
0.30
4.31
120.85
123.35
2.50
21.34
including
121.75
123.05
1.30
38.25
including
121.75
122.05
0.30
52.27
and
122.05
122.35
0.30
21.13
and
122.35
122.75
0.40
53.82
and
122.75
123.05
0.30
20.58
74.10
74.40
0.30
4.69
TUDDH-553
26.00
26.90
0.90
7.84
108.50
109.50
1.00
0.79
115.80
120.10
4.30
1.42
173.40
175.80
2.40
33.5
including
174.50
174.90
0.40
185.6
179.90
180.50
0.60
1.91
TUDDH544W1 (500 Zone)
643.10
644.60
1.50
17.43
including
643.10
643.40
0.30
5.10
and
643.40
643.70
0.30
75.55
and
643.70
644.00
0.30
4.05
Table 2: Survey details of diamond drill holes referenced in this release not previously reported
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH544, 544W1
3920795.6
1876350.7
209.7
758.5
-65.0°
132°
TUDDH541
3920733.6
1876296.8
225.1
165.6
-49.0°
002°
TUDDH542
3920845.3
1876170.4
166.6
150.5
-7.0°
139°
TUDDH545
3920732.5
1876296.8
225.1
191.6
-80°
10°
TUDDH546
3920734.1
1876298.1
225.1
170.5
-49°
13°
TUDDH547
3920733.8
1876298.0
225.1
173.5
-61°
17°
TUDDH548
3920733.4
1876297.9
225.2
200.7
-73°
15°
TUDDH553
3920724.8
1876385.5
237.0
206.4
-74°
274°
TUDDH562
3920723.3
1876385.5
237.0
244.2
-70°
248°
TUDDH563
3920796.3
1876351.1
209.7
in progress
-63°
121°
Figure 3: A) Photo of a portion of uncut drill core from TUDDH563, one of the infill drill holes, showing coarse visible goldat 13.60m depth. Analytical results pending. B) Photo of a portion of uncut drill core from TUDDH562, one of the infill drill holes, showing coarse visible goldat 165.0m depth. C) Same interval as B after cutting. Analytical results pending.
Drilling and Assay Processes and Procedures The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.
Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of all samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia for check assay determinations. All samples for all high-grade intercepts reported here are will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. For certain high-grade samples for which results for duplicate assay are within 10% of the initial results, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).
Qualified Person The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).
About Tuvatu The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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