Category: Lion One Metals

Lion One Reports New High-grade Gold Results at Tuvatu

Post author By admin
Post date September 14, 2023

North Vancouver, British Columbia–(Newsfile Corp. – September 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for grade control drilling completed in the Zone 2 area of Tuvatu, focusing primarily on the URW1, URA1 and Murau lode systems. Mining of the URA1 lode and the URW1 lode system is ongoing and grade control drilling is being conducted in advance of future mining in these areas (see news releases dated April 3, 2023 and May 18, 2023). The results reported here represent material that is scheduled to be mined in Q4 2023 and throughout 2024.

Lion One Chairman and CEO Walter Berukoff commented: “The results from our grade control drill program continue to exceed expectations. The program is continuously returning very high-grade material with excellent mining widths. As we increase our drill density at Tuvatu we continue to identify very high-grade zones upon which to focus and prioritize our mining plan, and which will help us to add additional tonnage to our growing stockpile of high-grade material as we ramp up to our first gold production in Q4 2023”.

Highlights of new Zone 2 grade control drilling (3 g/t Au cutoff):

19.78 g/t Au over 6.0 m (including 31.52 g/t Au over 3.0 m) (TGC-0071, from 114.0 m depth)
14.83 g/t Au over 6.0 m (including 25.16 g/t Au over 2.4 m) (TGC-0055, from 90.9 m depth)
18.08 g/t Au over 3.6 m (including 32.74 g/t Au over 1.5 m) (TGC-0073, from 90.0 m depth)
25.25 g/t Au over 2.4 m (including 149.63 g/t Au over 0.3 m) (TGC-0078, from 95.2 m depth)
45.89 g/t Au over 0.9 m (TGC-0080, from 23.4 m depth)
8.00 g/t Au over 4.8 m (including 21.05 g/t Au over 0.9 m) (TGC-0080, from 47.4 m depth)
8.52 g/t Au over 3.3 m (including 11.16 g/t Au over 1.8 m) (TGC-0053, from 13.8 m depth)
17.73 g/t Au over 1.5 m (including 20.98 g/t Au over 0.9 m) (TGC-0053, from 56.4 m depth)
14.13 g/t Au over 1.8 m (including 18.64 g/t Au over 1.2 m) (TGC-0062, from 67.5 m depth)

Note: Grade control drillhole composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at < 3 g/t Au.

Figure 1. Location of Zone 2 Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 2 grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed circle represents the Zone 2 area of the deposit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_001full.jpg

Table 1. Highlights of composited grade control drill results in the Zone 2 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 2 in the appendix. For full results using a 0.5 g/t cutoff see Table 3 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0053		13.8	17.1	3.3	8.52
	including	16.2	17.1	0.9	15.89
TGC-0053		56.4	57.9	1.5	17.73
	including	56.4	57.3	0.9	20.98
	and	57.3	57.9	0.6	12.86
TGC-0055		87	87.3	0.3	17.86
TGC-0055		90.9	96.9	6	14.83
	including	90.9	92.7	1.8	12.22
	which includes	90.9	91.5	0.6	10.93
	and	91.5	91.8	0.3	23.82
	and	91.8	92.7	0.9	9.22
	and also including	94.5	96.9	2.4	25.16
	which includes	94.5	95.4	0.9	35.76
	and	95.4	96	0.6	10.87
	and	96	96.3	0.3	30.26
	and	96.3	96.9	0.6	20.98
TGC-0057		89.4	91.2	1.8	9.22
	including	89.4	89.7	0.3	19.23
TGC-0057		113.7	115.2	1.5	10.84
	including	114.3	115.2	0.9	15.86
TGC-0060		76.1	76.4	0.3	25.43
TGC-0062		67.5	69.3	1.8	14.13
	including	68.1	68.7	0.6	15.29
	and	68.7	69.3	0.6	21.99
TGC-0064		182.9	183.5	0.6	33.08
	including	182.9	183.2	0.3	58.29
TGC-0066		163.5	163.8	0.3	12.85
TGC-0070		71.2	71.8	0.6	25.89
TGC-0071		114	120	6	19.78
	including	114	114.3	0.3	30.17
	and	114.3	114.9	0.6	8.32
	and	115.5	115.8	0.3	10.68
	and	115.8	116.4	0.6	9.96
	and	117	120	3	31.52
	which includes	117	117.6	0.6	33.78
	and	117.6	118.5	0.9	20.88
	and	118.5	119.4	0.9	42.75
	and	119.4	120	0.6	28.35
TGC-0073		79.8	81.3	1.5	7.91
	including	79.8	80.4	0.6	10.8
	and	80.4	80.7	0.3	10.95
TGC-0073		87.9	88.2	0.3	10.85
TGC-0073		90	93.6	3.6	18.08
	including	90	90.3	0.3	8.41
	and	90.3	90.6	0.3	21.79
	and	90.9	92.4	1.5	32.74
	which includes	90.9	91.2	0.3	65.52
	and	91.2	91.5	0.3	38.81
	and	91.5	91.8	0.3	43.67
	and	91.8	92.4	0.6	7.86
TGC-0074		80.8	81.4	0.6	41.5
	including	80.8	81.1	0.3	35.63
	and	81.1	81.4	0.3	47.38
TGC-0074		118.9	120.1	1.2	11.65
	including	118.9	119.2	0.3	10.48
	and	119.2	119.5	0.3	14.96
	and	119.5	119.8	0.3	10.75
	and	119.8	120.1	0.3	10.41
TGC-0078		14.5	14.8	0.3	18.52
TGC-0078		91.9	92.5	0.6	20.13
TGC-0078		95.2	97.6	2.4	25.25
	including	95.2	95.5	0.3	149.63
	and	96.1	97.6	1.5	9.28
	which includes	96.1	97	0.9	11.85
TGC-0080		21	22.2	1.2	11.67
	and	21.6	21.9	0.3	35.67
TGC-0080		23.4	24.3	0.9	45.89
TGC-0080		47.4	52.2	4.8	8
	including	48.3	48.6	0.3	18.03
	and	48.6	48.9	0.3	17.95
	and	49.8	50.7	0.9	21.05
	which includes	49.8	50.1	0.3	42.72
	and	50.1	50.4	0.3	15.08
TGC-0082		15.5	16.7	1.2	16.96
	including	16.1	16.7	0.6	29.06
	which includes	16.1	16.4	0.3	34.23
	and	16.4	16.7	0.3	23.89
TGC-0083		19.7	20	0.3	10.79
TGC-0083		43.7	45.2	0.6	11.32
	including	43.7	44	0.3	10.41
	and	44.9	45.2	0.3	12.23
TGC-0083		56.9	57.2	0.3	10.7
TGC-0083		65	65.6	0.6	25.12
	including	65	65.3	0.3	18.58
	and	65.3	65.6	0.3	31.67

Zone 2

The Zone 2 area of Tuvatu is located in the northwest part of the system along the western decline. It is the first part of the deposit scheduled for mining and encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems.

The URW1 lode system was the primary target for the current round of drilling. It consists predominantly of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. As reported on July 13, 2023 and July 27, 2023, mineralization in these lodes is both higher grade and more laterally extensive than initially anticipated. Grade control drilling in the URW1 area is targeting the up-dip and down-dip extensions of these lodes, 20 m to 40 m above and below the current mine drives. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.

Similarly, the URA1 lode is a narrow, steeply dipping, high-grade to locally bonanza-grade vein system. It was discovered during the development of the western decline and is intersected by the decline at approximately 75 m from the portal entrance. It trends approximately northeast-southwest and dips steeply to the southeast. It has a current strike length of approximately 100 m, and a vertical extent of approximately 120 m.

Figure 2. URA1 Lode and URW1 Lode System. Plan view (top) and view looking north (bottom) of the URA1 lode and the URW1 lode system in relation to the grade control holes reported here. Mining is ongoing in the URA1 lode (shown in purple) and the URW1a and URW1b lodes (shown in light brown). Additional lodes included in the URW1 lode system are shown in blue. Grade control drilling is targeting the up-dip and down-dip extensions of these lodes, focusing primarily on the URW1a and URW1b lodes, as evident in the bottom image.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_002full.jpg

The Murau lode system consists of a series of stacked relatively flat lying lodes that strike approximately east-west and dip moderately to the south. Mining is scheduled to begin on the upper part of the Murau lode system in Q4 2023. The portion of the Murau lode system that is currently targeted for mining consists of a 110 m strike length in the east-west direction, a vertical extent of 55 m, and a down-dip extension of 100 m.

Figure 3. Murau Lode System. Plan view (left) and view looking east (right) of the Murau lode system in relation to the grade control drillholes reported here. Mining on the upper part of the Murau lode system is scheduled to start in Q4 2023. The stacked nature of the Murau lodes and their moderate dip to the south is visible in the right-hand image.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_003full.jpg

Grade Control Drilling

Figure 4. Location of High-Grade Intercepts from Zone 2 Grade Control Drilling, 3.0 g/t Au cutoff. Plan view (top) and view looking north (bottom) of the URA1 lode, the URW1 lode system, and the Murau lode system in relation to the grade control drillholes reported here, with high-grade intercepts highlighted. Downhole composite intervals with grades between 3 and 10 g/t Au are shown in orange, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Grades shown are gold grades in g/t. Underground developments are shown in pale transparent grey to increase visibility of the mineralized intervals.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_004full.jpg

Grade control drilling is being conducted from underground as well as from near the mine portal and is targeting near surface mineralization scheduled for mining in the next four to sixteen months. It is targeting 5-10 m centers and is designed to provide a detailed understanding of the geometry and mineralization of lode arrays in advance of underground development. Results from the grade control drill program will be used to help optimize mine development and mineral extraction in these areas. The Zone 2 grade control drill program is ongoing. Examples of mineralization observed in the Zone 2 drillholes reported here are shown in Figure 5.

A total of 83 grade control drillholes have been completed to date in the Zone 2 and Zone 5 areas at Tuvatu, including 24 grade control drillholes included in this news release. Previous grade control drill results are available in the news releases dated April 25, 2023 and June 14, 2023.

Figure 5. Example Mineralization from Zone 2 Grade Control Drilling. Left: Monzonite-hosted chalcedonic silica veins with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TGC-0064, 182.9-183.2 m) Width of core is 4.76 cm. Top center: Banded silica-roscoelite-pyrite vein with visible gold (TGC-0076, 89.7-90.0 m) Width of image is approximately 2 cm. Top right: Fracture face coated with silica, sphalerite, pyrite, and multiple grains of visible gold (TGC-0073, 91.5-91.8 m). Core diameter is 4.76 cm. Bottom right: Monzonite-hosted quartz veinlet with visible gold (TGC-0073, 90.3-90.6 m). Width of image is approximately 3 cm. Bottom center: Monzonite-hosted quartz veinlet with multiple flecks of visible gold (TGC-0083, 56.9-57.2 m). Width of image is approximately 3 cm.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/180547_95d72b17646f4852_005full.jpg

About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.

Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 2. Composited results from grade control drillholes in the Zone 2 area, 3.0 g/t Au cutoff

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0053		13.8	17.1	3.3	8.52
TGC-0053	including	13.8	14.7	0.9	6.47
TGC-0053	and	15.3	16.2	0.9	6.43
TGC-0053	and	16.2	17.1	0.9	15.89
TGC-0053		56.4	57.9	1.5	17.73
TGC-0053	including	56.4	57.3	0.9	20.98
TGC-0053	and	57.3	57.9	0.6	12.86
TGC-0053		61.8	62.4	0.6	3.61
TGC-0053		67.5	71.7	4.2	3.87
TGC-0053	including	69	69.6	0.6	5.35
TGC-0053	and	69.6	70.2	0.6	5.89
TGC-0053	and	70.2	70.8	0.6	5.51
TGC-0053	and	71.4	71.7	0.3	5.07
TGC-0053		72.3	75.6	3.3	5.11
TGC-0053	including	72.3	72.6	0.3	5.39
TGC-0053	and	74.4	74.7	0.3	8.54
TGC-0053	and	74.7	75	0.3	7.24
TGC-0053	and	75	75.6	0.6	8.69
TGC-0054		82.8	83.4	0.6	4.92
TGC-0054		90.3	90.6	0.3	7.71
TGC-0055		13.2	13.8	0.6	8.21
TGC-0055		87	87.3	0.3	17.86
TGC-0055		90.9	96.9	6	14.83
TGC-0055	including	90.9	92.7	1.8	12.22
TGC-0055	which includes	90.9	91.5	0.6	10.93
TGC-0055	and	91.5	91.8	0.3	23.82
TGC-0055	and	91.8	92.7	0.9	9.22
TGC-0055	and also including	93.3	93.9	0.6	8.52
TGC-0055	and also including	94.5	96.9	2.4	25.16
TGC-0055	which includes	94.5	95.4	0.9	35.76
TGC-0055	and	95.4	96	0.6	10.87
TGC-0055	and	96	96.3	0.3	30.26
TGC-0055	and	96.3	96.9	0.6	20.98
TGC-0055		108	108.6	0.6	6.17
TGC-0057		11.4	12.6	1.2	3.4
TGC-0057		85.8	86.1	0.3	7.28
TGC-0057		89.4	91.2	1.8	9.22
TGC-0057	including	89.4	89.7	0.3	19.23
TGC-0057	and	89.7	90	0.3	5.34
TGC-0057	and	90	90.6	0.6	7.4
TGC-0057	and	90.6	91.2	0.6	7.98
TGC-0057		113.7	115.2	1.5	10.84
TGC-0057	including	114.3	115.2	0.9	15.86
TGC-0057		116.7	118.8	2.1	6.23
TGC-0057	including	116.7	117.6	0.9	8.19
TGC-0057	and	117.9	118.8	0.9	5.42
TGC-0060		76.1	76.4	0.3	25.43
TGC-0062		67.5	69.3	1.8	14.13
TGC-0062	including	67.5	68.1	0.6	5.11
TGC-0062	and	68.1	68.7	0.6	15.29
TGC-0062	and	68.7	69.3	0.6	21.99
TGC-0062		70.5	71.1	0.6	3.47
TGC-0064		182.9	183.5	0.6	33.08
TGC-0064	including	182.9	183.2	0.3	58.29
TGC-0064	and	183.2	183.5	0.3	7.88
TGC-0064		185.3	185.6	0.3	8.07
TGC-0066		163.5	164.1	0.6	8.62
TGC-0066	including	163.5	163.8	0.3	12.85
TGC-0070		71.2	71.8	0.6	25.89
TGC-0070		78.4	79	0.6	4.4
TGC-0070		82.9	83.5	0.6	3.94
TGC-0071		95.4	96	0.6	8.24
TGC-0071		114	120	6	19.78
TGC-0071	including	114	114.3	0.3	30.17
TGC-0071	and	114.3	114.9	0.6	8.32
TGC-0071	and	115.5	115.8	0.3	10.68
TGC-0071	and	115.8	116.4	0.6	9.96
TGC-0071	and	117	120	3	31.52
TGC-0071	which includes	117	117.6	0.6	33.78
TGC-0071	and	117.6	118.5	0.9	20.88
TGC-0071	and	118.5	119.4	0.9	42.75
TGC-0071	and	119.4	120	0.6	28.35
TGC-0071		157.2	157.8	0.6	5.57
TGC-0072		74.4	75	0.6	4.46
TGC-0073		79.8	81.3	1.5	7.91
TGC-0073	including	79.8	80.4	0.6	10.8
TGC-0073	and	80.4	80.7	0.3	10.95
TGC-0073		87.9	88.2	0.3	10.85
TGC-0073		90	93.6	3.6	18.08
TGC-0073	including	90	90.3	0.3	8.41
TGC-0073	and	90.3	90.6	0.3	21.79
TGC-0073	and	90.9	92.4	1.5	32.74
TGC-0073	which includes	90.9	91.2	0.3	65.52
TGC-0073	and	91.2	91.5	0.3	38.81
TGC-0073	and	91.5	91.8	0.3	43.67
TGC-0073	and	91.8	92.4	0.6	7.86
TGC-0073	and also including	93	93.6	0.6	6.49
TGC-0073		106.8	107.1	0.3	3.02
TGC-0074		13	13.3	0.3	4.43
TGC-0074		80.8	81.4	0.6	41.5
TGC-0074	including	80.8	81.1	0.3	35.63
TGC-0074	and	81.1	81.4	0.3	47.38
TGC-0074		118.9	120.1	1.2	11.65
TGC-0074	including	118.9	119.2	0.3	10.48
TGC-0074	and	119.2	119.5	0.3	14.96
TGC-0074	and	119.5	119.8	0.3	10.75
TGC-0074	and	119.8	120.1	0.3	10.41
TGC-0076		89.7	90	0.3	7.23
TGC-0076		100.2	101.1	0.9	6.35
TGC-0076	including	100.2	100.5	0.3	6.35
TGC-0076	and	100.5	100.8	0.3	7.25
TGC-0076	and	100.8	101.1	0.3	5.47
TGC-0076		121.8	122.1	0.3	5.04
TGC-0078		14.5	14.8	0.3	18.52
TGC-0078		16.6	17.2	0.6	4.42
TGC-0078		87.7	88.3	0.6	3.93
TGC-0078		91.9	92.5	0.6	20.13
TGC-0078		95.2	97.6	2.4	25.25
TGC-0078	including	95.2	95.5	0.3	149.63
TGC-0078	and	96.1	97.6	1.5	9.28
TGC-0078	which includes	96.1	97	0.9	11.85
TGC-0078	and	97	97.6	0.6	5.43
TGC-0079		102.9	103.5	0.6	5.02
TGC-0080		21	22.2	1.2	11.67
TGC-0080	including	21	21.3	0.3	7.26
TGC-0080	and	21.6	21.9	0.3	35.67
TGC-0080		23.4	24.3	0.9	45.89
TGC-0080		47.4	52.2	4.8	8
TGC-0080	including	47.4	47.7	0.3	5.46
TGC-0080	and	47.7	48	0.3	8.1
TGC-0080	and	48.3	48.6	0.3	18.03
TGC-0080	and	48.6	48.9	0.3	17.95
TGC-0080	and	49.8	50.7	0.9	21.05
TGC-0080	which includes	49.8	50.1	0.3	42.72
TGC-0080	and	50.1	50.4	0.3	15.08
TGC-0080	and	50.4	50.7	0.3	5.35
TGC-0080		53.4	54.3	0.9	9.88
TGC-0082		15.5	16.7	1.2	16.96
TGC-0082	including	16.1	16.7	0.6	29.06
TGC-0082	which includes	16.1	16.4	0.3	34.23
TGC-0082	and	16.4	16.7	0.3	23.89
TGC-0082		46.7	47.6	0.9	3.01
TGC-0082		83	83.3	0.3	3.61
TGC-0083		19.7	20	0.3	10.79
TGC-0083		42.5	45.2	2.7	4.95
TGC-0083	including	42.5	43.1	0.6	5.91
TGC-0083	and	43.7	44	0.3	10.41
TGC-0083	and	44.9	45.2	0.3	12.23
TGC-0083		48.5	49.4	0.9	3.9
TGC-0083		52.4	52.7	0.3	3.42
TGC-0083		55.4	55.7	0.3	4.53
TGC-0083		56.9	57.5	0.6	7.24
TGC-0083	including	56.9	57.2	0.3	10.7
TGC-0083		65	65.6	0.6	25.12
TGC-0083	including	65	65.3	0.3	18.58
TGC-0083	and	65.3	65.6	0.3	31.67
TGC-0083		110.6	110.9	0.3	9.08

Table 3. Composited results from grade control drillholes in the Zone 2 area, 0.5 g/t Au cutoff

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0053		13.8	17.1	3.3	8.52
TGC-0053	including	13.8	14.7	0.9	6.47
TGC-0053	and	15.3	16.2	0.9	6.43
TGC-0053	and	16.2	17.1	0.9	15.89
TGC-0053		21	22.2	1.2	0.62
TGC-0053		55.2	57.9	2.7	9.96
TGC-0053	including	56.4	57.3	0.9	20.98
TGC-0053	and	57.3	57.9	0.6	12.86
TGC-0053		60.3	63.3	3	1.1
TGC-0053		66.9	76.8	9.9	3.71
TGC-0053	including	69	69.6	0.6	5.35
TGC-0053	and	69.6	70.2	0.6	5.89
TGC-0053	and	70.2	70.8	0.6	5.51
TGC-0053	and	71.4	71.7	0.3	5.07
TGC-0053	and	72.3	72.6	0.3	5.39
TGC-0053	and	74.4	74.7	0.3	8.54
TGC-0053	and	74.7	75	0.3	7.24
TGC-0053	and	75	75.6	0.6	8.69
TGC-0053		93.9	96	2.1	1.07
TGC-0053		99	100.2	1.2	1.36
TGC-0054		82.8	83.4	0.6	4.92
TGC-0054		90	90.6	0.6	4.95
TGC-0054	including	90.3	90.6	0.3	7.71
TGC-0054		93.9	94.5	0.6	1.98
TGC-0054		96.3	97.8	1.5	1.17
TGC-0055		13.2	13.8	0.6	8.21
TGC-0055		87	87.3	0.3	17.86
TGC-0055		90.9	96.9	6	14.83
TGC-0055	including	90.9	92.7	1.8	12.22
TGC-0055	which includes	90.9	91.5	0.6	10.93
TGC-0055	and	91.5	91.8	0.3	23.82
TGC-0055	and	91.8	92.7	0.9	9.22
TGC-0055	and also including	93.3	93.9	0.6	8.52
TGC-0055	and also including	94.5	96.9	2.4	25.16
TGC-0055	which includes	94.5	95.4	0.9	35.76
TGC-0055	and	95.4	96	0.6	10.87
TGC-0055	and	96	96.3	0.3	30.26
TGC-0055	and	96.3	96.9	0.6	20.98
TGC-0055		99	100.2	1.2	0.85
TGC-0055		108	108.6	0.6	6.17
TGC-0055		117.9	118.2	0.3	2.13
TGC-0057		11.4	12.6	1.2	3.4
TGC-0057		80.4	82.8	2.4	0.76
TGC-0057		85.8	86.4	0.6	4.25
TGC-0057		87.9	93	5.1	3.66
TGC-0057	including	89.4	91.2	1.8	9.22
TGC-0057	which includes	89.4	89.7	0.3	19.23
TGC-0057	and	89.7	90	0.3	5.34
TGC-0057	and	90	90.6	0.6	7.4
TGC-0057	and	90.6	91.2	0.6	7.98
TGC-0057		106.5	107.4	0.9	0.64
TGC-0057		113.7	118.8	5.1	6.05
TGC-0057	including	114.3	115.2	0.9	15.86
TGC-0057	and	116.7	117.6	0.9	8.19
TGC-0057	and	117.9	118.8	0.9	5.42
TGC-0060		52.4	53	0.6	0.74
TGC-0060		75.5	76.7	1.2	6.97
TGC-0060	including	76.1	76.4	0.3	25.43
TGC-0060		82.4	82.7	0.3	0.65
TGC-0062		67.5	73.8	6.3	4.98
TGC-0062	including	67.5	69.3	1.8	14.13
TGC-0062	which includes	67.5	68.1	0.6	5.11
TGC-0062	and	68.1	68.7	0.6	15.29
TGC-0062	and	68.7	69.3	0.6	21.99
TGC-0064		69	69.6	0.6	1.59
TGC-0064		145.7	146.6	0.9	0.54
TGC-0064		149.9	150.8	0.9	0.51
TGC-0064		167.9	168.8	0.9	2.77
TGC-0064		174.2	174.8	0.6	0.96
TGC-0064		182.9	183.5	0.6	33.08
TGC-0064	including	182.9	183.2	0.3	58.29
TGC-0064	and	183.2	183.5	0.3	7.88
TGC-0064		185.3	185.6	0.3	8.07
TGC-0066		163.5	164.1	0.6	8.62
TGC-0066	including	163.5	163.8	0.3	12.85
TGC-0068		88.9	89.5	0.6	0.92
TGC-0068		98.6	99.2	0.6	0.73
TGC-0068		120.5	121.4	0.9	1.11
TGC-0068		172.4	175.1	2.7	0.83
TGC-0068		186.7	189.4	2.7	0.76
TGC-0068		191.2	192.7	1.5	0.57
TGC-0069		88.4	89	0.6	1.73
TGC-0070		71.2	71.8	0.6	25.89
TGC-0070		73	75.4	2.4	1.03
TGC-0070		78.4	81.1	2.7	2.23
TGC-0070		82.3	84.4	2.1	1.54
TGC-0071		95.4	96	0.6	8.24
TGC-0071		114	120.9	6.9	17.54
TGC-0071	including	114	114.3	0.3	30.17
TGC-0071	and	114.3	114.9	0.6	8.32
TGC-0071	and	115.5	115.8	0.3	10.68
TGC-0071	and	115.8	116.4	0.6	9.96
TGC-0071	and	117	120	3	31.52
TGC-0071	which includes	117	117.6	0.6	33.78
TGC-0071	and	117.6	118.5	0.9	20.88
TGC-0071	and	118.5	119.4	0.9	42.75
TGC-0071	and	119.4	120	0.6	28.35
TGC-0071		155.4	159.6	4.2	2.12
TGC-0071	including	157.2	157.8	0.6	5.57
TGC-0071		160.8	161.4	0.6	2.72
TGC-0071		201.3	202.5	1.2	1.56
TGC-0072		59.7	60.3	0.6	0.84
TGC-0072		74.4	75	0.6	4.46
TGC-0072		81.9	82.5	0.6	0.79
TGC-0072		94.5	95.1	0.6	0.9
TGC-0073		12	12.6	0.6	0.91
TGC-0073		79.8	81.3	1.5	7.91
TGC-0073	including	79.8	80.4	0.6	10.8
TGC-0073	and	80.4	80.7	0.3	10.95
TGC-0073		87.3	94.2	6.9	10.39
TGC-0073	including	87.9	88.2	0.3	10.85
TGC-0073	and	90	90.3	0.3	8.41
TGC-0073	and	90.3	90.6	0.3	21.79
TGC-0073	and	90.9	92.4	1.5	32.74
TGC-0073	which includes	90.9	91.2	0.3	65.52
TGC-0073	and	91.2	91.5	0.3	38.81
TGC-0073	and	91.5	91.8	0.3	43.67
TGC-0073	and	91.8	92.4	0.6	7.86
TGC-0073	and also including	93	93.6	0.6	6.49
TGC-0073		106.2	107.1	0.9	2.32
TGC-0074		12.7	13.3	0.6	2.71
TGC-0074		80.5	81.4	0.9	28.01
TGC-0074	including	80.8	81.4	0.6	41.51
TGC-0074	which includes	80.8	81.1	0.3	35.63
TGC-0074	and	81.1	81.4	0.3	47.38
TGC-0074		92.5	92.8	0.3	0.9
TGC-0074		118.9	120.1	1.2	11.65
TGC-0074	including	118.9	119.2	0.3	10.48
TGC-0074	and	119.2	119.5	0.3	14.96
TGC-0074	and	119.5	119.8	0.3	10.75
TGC-0074	and	119.8	120.1	0.3	10.41
TGC-0075		13.2	14.4	1.2	0.61
TGC-0075		16.2	16.8	0.6	0.6
TGC-0075		27	27.3	0.3	0.53
TGC-0075		43.5	44.4	0.9	0.93
TGC-0076		77.1	78	0.9	0.98
TGC-0076		81	81.3	0.3	1.57
TGC-0076		89.7	90	0.3	7.23
TGC-0076		93.3	93.6	0.3	0.72
TGC-0076		99.3	101.7	2.4	3.59
TGC-0076	including	100.2	100.5	0.3	6.35
TGC-0076	and	100.5	100.8	0.3	7.25
TGC-0076	and	100.8	101.1	0.3	5.47
TGC-0076		121.8	122.1	0.3	5.04
TGC-0077		15	16.5	1.5	0.92
TGC-0077		19.8	20.1	0.3	0.83
TGC-0077		54	54.6	0.6	1.38
TGC-0077		64.2	65.4	1.2	2.53
TGC-0077		72.9	74.4	1.5	1.11
TGC-0078		14.2	14.8	0.6	10.17
TGC-0078	including	14.5	14.8	0.3	18.52
TGC-0078		16	17.2	1.2	3.61
TGC-0078		52	52.6	0.6	1.55
TGC-0078		87.7	89.5	1.8	2.53
TGC-0078		91.9	92.5	0.6	20.13
TGC-0078		95.2	98.2	3	20.44
TGC-0078	including	95.2	95.5	0.3	149.63
TGC-0078	and	96.1	97.6	1.5	9.28
TGC-0078	which includes	96.1	97	0.9	11.85
TGC-0078	and	97	97.6	0.6	5.43
TGC-0079		98.1	98.7	0.6	0.53
TGC-0079		102.9	103.5	0.6	5.02
TGC-0080		21	22.2	1.2	11.67
TGC-0080	including	21	21.3	0.3	7.26
TGC-0080	and	21.6	21.9	0.3	35.67
TGC-0080		23.4	24.3	0.9	45.89
TGC-0080		45.3	55.2	9.9	5.16
TGC-0080	including	47.4	47.7	0.3	5.46
TGC-0080	and	47.7	48	0.3	8.1
TGC-0080	and	48.3	48.6	0.3	18.03
TGC-0080	and	48.6	48.9	0.3	17.95
TGC-0080	and	49.8	50.7	0.9	21.05
TGC-0080	which includes	49.8	50.1	0.3	42.72
TGC-0080	and	50.1	50.4	0.3	15.08
TGC-0080	and	50.4	50.7	0.3	5.35
TGC-0080	and also including	53.4	54.3	0.9	9.88
TGC-0080		70.2	71.4	1.2	0.9
TGC-0080		77.4	80.1	2.7	0.88
TGC-0082		15.5	16.7	1.2	16.96
TGC-0082	including	16.1	16.7	0.6	29.06
TGC-0082	which includes	16.1	16.4	0.3	34.23
TGC-0082	and	16.4	16.7	0.3	23.89
TGC-0082		43.7	45.5	1.8	0.99
TGC-0082		46.7	48.5	1.8	2.2
TGC-0082		49.7	50.6	0.9	0.58
TGC-0082		57.5	58.7	1.2	0.9
TGC-0082		67.7	68.6	0.9	1
TGC-0082		83	83.3	0.3	3.61
TGC-0083		19.4	20.3	0.9	4.12
TGC-0083	including	19.7	20	0.3	10.79
TGC-0083		41	46.4	5.4	3.13
TGC-0083	including	42.5	43.1	0.6	5.91
TGC-0083	and	43.7	44	0.3	10.41
TGC-0083	and	44.9	45.2	0.3	12.23
TGC-0083		48.2	49.4	1.2	3.35
TGC-0083		52.4	52.7	0.3	3.42
TGC-0083		55.4	57.5	2.1	3.04
TGC-0083		56.9	57.2	0.3	10.7
TGC-0083		63.5	65.6	2.1	8.24
TGC-0083	including	65	65.6	0.6	25.13
TGC-0083	which includes	65	65.3	0.3	18.58
TGC-0083	and	65.3	65.6	0.3	31.67
TGC-0083		67.4	69.5	2.1	0.74
TGC-0083		110.6	110.9	0.3	9.08

Table 4. Collar coordinates for grade control holes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0053	1876269	3920756	154	92.1	8.1	116.6
TGC-0054	1876437	3920744	139	296.3	-3.2	104.0
TGC-0055	1876269	3920756	152	96.2	-32.3	134.7
TGC-0057	1876269	3920755	152	116.2	-34.1	134.7
TGC-0060	1876182	3920858	167	130.5	-30.3	92.3
TGC-0062	1876182	3920858	167	114.3	-32.6	101.6
TGC-0063	1876182	3920858	167	114.1	-17.2	70.9
TGC-0064	1876183	3920858	168	103.5	-8.5	230.9
TGC-0066	1876184	3920858	168	103.5	0.1	210.0
TGC-0068	1876182	3920858	167	109.6	-22.1	231.4
TGC-0069	1876182	3920857	168	125.2	0.0	91.4
TGC-0070	1876182	3920858	167	116.6	-41.2	101.9
TGC-0071	1876180	3920857	166	39.4	-51.3	221.3
TGC-0072	1876183	3920859	167	104.3	-31.1	100.5
TGC-0073	1876268	3920756	152	114.4	-33.4	131.4
TGC-0074	1876268	3920757	152	96.5	-39.0	131.5
TGC-0075	1876269	3920756	153	102.2	8.1	106.7
TGC-0076	1876373	3920627	127	340.4	-24.6	137.0
TGC-0077	1876269	3920757	154	93.3	15.3	118.7
TGC-0078	1876268	3920757	154	90.5	-33.2	116.8
TGC-0079	1876373	3920627	128	333.6	-14.5	131.2
TGC-0080	1876269	3920758	152	76.2	-27.4	116.5
TGC-0082	1876269	3920758	152	80.3	-33.2	121.1
TGC-0083	1876268	3920758	152	67.1	-33.0	137.6

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180547

Junior Mining Lion One Metals Precious Metals

Lion One Discovers New Bonanza Grade Gold Lode 1 KM North of Tuvatu

Post author By admin
Post date August 24, 2023

Surface sampling returns multiple high-grade results up to 92.55 g/t gold

North Vancouver, British Columbia–(Newsfile Corp. – August 24, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the discovery of a new mineralized structure carrying bonanza grade gold 1 km to the north of the company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.

The new mineralized structure was discovered on surface by Lion One’s regional exploration team and has been named the Lumuni occurrence. The structure is located 1 km north of Tuvatu, approximately along strike from lodes UR1, UR2, and UR3. The Lumuni structure exhibits a width at surface of approximately 0.5 m to over 1 m and is manifested as two mapped zones of what may be a single continuous feature. This includes a north-south striking zone that dips steeply to the west, and a northwest-southeast striking interval that dips steeply to the southwest. High-grade gold results were returned from close-spaced channels and outcropping zones separated by up to 30 m strike length. The overall feature was traced on surface for a length of over 150 m and remains open to the south-east where it is obscured under vegetation. The high-grade mineralized structure also appears to be coincident with a large steeply-dipping CSAMT resistivity low, which may be indicative of a deeply-rooted structure.

Highlights of Lumuni channel sampling:

66.83 g/t Au over 0.7 m (CH3850)
48.45 g/t Au over 0.7 m (including 92.55 g/t Au over 0.3 m) (CH3851)
15.18 g/t Au over 1.1 m (including 31.25 g/t Au over 0.3 m) (CH3849)
14.66 g/t Au over 1.1 m (including 16.78 g/t Au over 0.7 m) (CH3855)
17.04 g/t Au over 0.6 m (including 30.59 g/t Au over 0.3 m) (CH3853)
10.30 g/t Au over 0.9 m (including 13.89 g/t Au over 0.6 m) (CH3852)
Strike length of over 150 m observed on surface

Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the discovery of the Lumuni occurrence. This discovery was made as part of our ongoing regional mapping and sampling program throughout the Navilawa Caldera. What makes this discovery so outstanding is the continuity of the high-grade material. It is not a single bonanza-grade sample, but rather a traceable lode of high to very-high grade material that can be followed along at surface. The fact that these high-grade samples coincide with a steeply dipping resistivity low is even more compelling as it provides us with immediate drill targets to pursue. We can now add Lumuni to our growing list of high-priority regional exploration targets.”

Table 1. Highlights of channel sampling in the Lumuni area. For full results see Table 2 in the appendix.

Channel ID		From	To	Interval (m)	Au (g/t)
CH3848		0.9	1.3	0.4	4.24
CH3849		1	2.1	1.1	15.18
	including	1	1.45	0.45	4.54
	and	1.45	1.75	0.3	31.25
	and	1.75	2.1	0.35	15.09
CH3850		0.6	1.3	0.7	66.83
	including	0.6	1	0.4	64.62
	and	1	1.3	0.3	69.77
CH3851		0.9	1.6	0.7	48.45
	including	0.9	1.3	0.4	15.38
	and	1.3	1.6	0.3	92.55
CH3852		0	0.9	0.9	10.3
	including	0	0.6	0.6	13.89
	and	0.6	0.9	0.3	3.13
CH3853		0.6	1.2	0.6	17.04
	including	0.6	0.9	0.3	30.59
	and	0.9	1.2	0.3	3.48
CH3855		0.9	2	1.1	14.66
	including	0.9	1.3	0.4	10.95
	and	1.3	2	0.7	16.78
CH3903		1	1.7	0.7	2.32

Figure 1. Location of Lumuni surface samples in relation to Tuvatu. The Lumuni discovery is approximately 1 km NNE of Tuvatu. Underground developments at Tuvatu are shown in red and the Lumuni surface samples are identified by the black dots. Background colours represent surface geology, with Navilawa Monzonite in pink, Nadele Breccia in green, and Sabeto volcanics in dark purple.

To view an enhanced version of this graphic, please visit:
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Figure 2. Location of Lumuni channel samples. Composite results of channel sampling in the Lumuni area in g/t gold. The dashed line represents the trace of the mineralized lode on surface.

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Lumuni Channel Sampling

A total of 16 channel samples were collected in the Lumuni area. The channel samples were collected by taking rock chip samples along a line oriented perpendicular to the observed structure, with overlap into the wall rock (see Figure 3).

The Lumuni structure is composed of two intervals; a northern portion trending approximately north-south and dipping sub-vertically to steeply to the west, and an eastern portion trending approximately northwest-southeast and dipping steeply to the southwest. The area between the two sections is covered in thick vegetation. It is hypothesized that the two portions are part of the same curvi-linear structure, though the eastern portion may be a splay off the northern section. The northern section is located on the margins of the Sabeto River while the eastern portion climbs up a dry creek bed to the top of a ridge, where it becomes obscured by overburden. While the northern portion appears to pinch out to the north where a series of channel samples failed to return any grade, the eastern portion may remain open to the east with mineralization observed along its entire length. The mineralized strike length of the entire Lumuni structure is currently >150 m, including both portions.

The Lumuni structure has an average estimated true width of 0.6 m, though it pinches and swells locally with observed widths reaching approximately 1 m. It is hosted in monzonite and is composed of variably white to gray chalcedonic banded and locally recrystallized quartz, with abundant heavily oxidized sulphides, giving the lode a bright red, gossanous appearance. Pyrite is the most dominant sulphide, with trace sphalerite (zinc sulphide) and galena (lead sulphide) visible locally. Alteration is intense and consists predominantly of white clays and micas. Coarse roscoelite (a vanadium mica observed in high-grade parts of Tuvatu) is also observed locally. The north-south portion of the lode is structurally controlled forming sinistral, sigmoidal shapes suggesting a north-south strike-slip foliaton as well as northwest-southeast foliations.

Figure 3. Example Lumuni channel samples. Left: Channel samples CH3848 to CH3849. Red arrows represent the approximate location of channel samples (sample lines CH3850 and CH3851 are obscured by boulders). The approximate location of Lumuni structure is represented by the yellow lines. North is up. Right: Channel sample CH3850. The Lumuni lode is visible as the reddish-brown oxidized structure in the middle of the photo. Sample bags indicate the location of samples along the channel, which is marked with yellow spray paint. North is to the right.

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Figure 4. Example of Mineralization from the Lumuni Outcrop. Chalcedonic, locally banded and recrystallized comb quartz forming on the walls of open vugs, and abundant strongly oxidized sulphides in intensely altered medium-grained monzonite. Pen for scale.

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CSAMT

The newly discovered Lumuni structure overlies a prominent resistivity gradient identified in the 2019 CSAMT survey as a potential drill target (Figure 5). CSAMT is a ground geophysical method that measures the electrical resistivity of rocks down to depths of several kilometers. It is highly efficient in identifying subsurface structures, such as lithological contact zones, faults, fracture systems, and potential upflow zones especially if these are deep-rooted structures. In alkaline gold deposits such as Tuvatu, such deep-rooted structures provide the principal conduits for hydrothermal fluid flow from which gold and other metals are deposited.

The fact that the Lumuni structure not only appears to be sub-vertically dipping but that it also corresponds to a steeply-dipping resistivity gradient provides credence to the suggestion that the mineralization observed at surface may be associated with a deep-rooted structure, in similar fashion to the mineralized lodes at Tuvatu. The CSAMT survey data thereby provides viable drill targets to follow up the bonanza-grade surface sampling described in this news release. Note that the CSAMT data shown here is based on the 2019 CSAMT survey. As reported on June 20, 2023, additional CSAMT lines were completed in 2023, the results of which once interpreted, will provide higher resolution imaging of the resistivity characteristics of the survey area. Due to some delay in processing, the 2023 CSAMT data is not yet available. Once it is available, the higher resolution data will be beneficial in further refining drill targets to follow up the Lumuni occurrence.

Figure 5. CSAMT gradient underlying bonanza grade Lumuni surface samples. Line 08 from the 2019 CSAMT survey. The Lumuni channel samples overly a steeply dipping resistivity gradient that was identified in the 2019 CSAMT survey as a potential drill target. Once available, results from the 2023 CSAMT survey will provide enhanced resistivity data in this area and further refine drill targeting in the Lumuni area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/178325_861890c8943d596e_005full.jpg

Qualified Person (NI43-101)
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.

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

Appendix 1: Full Sample Results and Collar Information

Table 2. Channel and rock sample results from the Lumuni area

Channel ID	Sample ID	From	To	Interval (m)	Au (g/t)
CH3848	TUS025730	0	0.9	0.9	0.51
CH3848	TUS025732	0.9	1.3	0.4	4.24
CH3848	TUS025733	1.3	1.7	0.4	0.32
CH3848	TUS025734	1.7	2.2	0.5	<0.01
CH3849	TUS025735	0	1	1	0.04
CH3849	TUS025736	1	1.45	0.45	4.54
CH3849	TUS025737	1.45	1.75	0.3	31.25
CH3849	TUS025738	1.75	2.1	0.35	15.09
CH3849	TUS025739	2.1	2.8	0.7	0.02
CH3850	TUS025740	0	0.6	0.6	0.04
CH3850	TUS025741	0.6	1	0.4	64.62
CH3850	TUS025742	1	1.3	0.3	69.77
CH3851	TUS025743	0	0.9	0.9	0.72
CH3851	TUS025744	0.9	1.3	0.4	15.38
CH3851	TUS025745	1.3	1.6	0.3	92.55
CH3851	TUS025746	1.6	2	0.4	0.69
CH3852	TUS025747	0	0.6	0.6	13.89
CH3852	TUS025748	0.6	0.9	0.3	3.13
CH3853	TUS025749	0	0.6	0.6	0.24
CH3853	TUS025851	0.6	0.9	0.3	30.59
CH3853	TUS025852	0.9	1.2	0.3	3.48
CH3854	TUS025853	0	0.6	0.6	0.23
CH3854	TUS025854	0.6	0.9	0.3	0.56
CH3855	TUS025855	0	0.9	0.9	0.15
CH3855	TUS025856	0.9	1.3	0.4	10.95
CH3855	TUS025858	1.3	2	0.7	16.78
CH3856	TUS025859	0	1	1	0.1
CH3856	TUS025860	1	1.6	0.6	0.09
CH3892	TUS025887	0	0.4	0.4	<0.01
CH3892	TUS025888	0.4	0.7	0.3	<0.01
CH3892	TUS025889	0.7	1.2	0.5	<0.01
CH3893	TUS025890	0	0.7	0.4	<0.01
CH3893	TUS025891	0.7	1	0.3	<0.01
CH3893	TUS025892	1	1.7	0.7	<0.01
CH3894	TUS025893	0	0.7	0.7	<0.01
CH3894	TUS025894	0.7	1	0.3	<0.01
CH3894	TUS025895	1	1.3	0.3	<0.01
CH3894	TUS025896	1.3	1.6	0.3	<0.01
CH3903	TUS023003	0	0.6	0.6	0.24
CH3903	TUS023004	0.6	1	0.4	<0.01
CH3903	TUS023005	1	1.7	0.7	2.32
CH3903	TUS023006	1.7	2.3	0.6	<0.01
CH3904	TUS023008	0	0.9	0.9	<0.01
CH3904	TUS023009	0.9	1.1	0.2	<0.01
CH3904	TUS023010	1.1	1.4	0.3	<0.01
CH3904	TUS023011	1.4	1.7	0.3	<0.01
CH3905	TUS023012	0	0.8	0.8	<0.01
CH3905	TUS023013	0.8	1.5	0.7	<0.01
CH3905	TUS023014	1.5	2.4	0.9	<0.01
CH3905	TUS023015	2.4	2.7	0.3	1.28
CH3906	TUS023019	0	1	1	<0.01
CH3906	TUS023020	1	1.6	0.6	0.62

Table 3. Collar coordinates (channel start) for channel samples reported in this release. Coordinates are in Fiji Map Grid.

Channel ID	Easting	Northing	Elevation	Length (m)
CH3848	1876644	3922070	167.2	2.2
CH3849	1876643	3922072	167.3	2.8
CH3850	1876642	3922075	166.3	1.3
CH3851	1876640	3922079	165.4	2.0
CH3852	1876694	3922043	205.5	0.9
CH3853	1876689	3922045	199.5	1.2
CH3854	1876682	3922048	196.0	0.9
CH3855	1876677	3922048	193.5	2.0
CH3856	1876674	3922050	190.5	1.6
CH3892	1876640	3922082	166.5	1.2
CH3893	1876639	3922087	166.5	1.7
CH3894	1876638	3922089	166.8	1.6
CH3903	1876664	3922049	183.5	2.3
CH3904	1876704	3922033	218.0	1.7
CH3905	1876726	3922024	231.0	2.7
CH3906	1876756	3922009	256.0	1.6

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178325

Junior Mining Lion One Metals

Lion One Now Mining. Gold Production in Six Weeks

Post author By admin
Post date August 23, 2023

Bob Moriarty
Archives
Aug 23, 2023

I’ve written about Lion One (LIO-V) probably a dozen times over the last couple of years. They are the only junior in the world with 100% ownership of a major alkaline gold system. Their Tuvatu gold project is located in Fiji on the Pacific Ring of Fire with multiple 20 million ounces high-grade gold mines on the same structure.

With a market cap of only about $171 million CAD the market seems to value the company for only their 2018 43-101 resource estimate of just over 720,000 ounces. But the company is about to be revalued in three different ways.

First of all, the resource does not reflect an accurate count of how much gold they have. The Tuvatu Gold project is similar in size to the Vatukoula Gold Mine in production since 1938 having shipped over seven million ounces of gold. Vatukoula is about 35 km from Tuvatu on the same structure. Vatukoula still reports about 3.8 million ounces in a resource.

These alkaline gold systems have an unusual form of gold. There will be hundreds of tiny fractures in the rock where flash gold has appeared. The veins may only be a couple of centimeters but are ultra-high grade. Since they vary widely in orientation it is not possible to get a representative assay of the real grade because there is no angle that you can drill that catches all of the tiny veins. Actually in one of the latest press releases the company changed how they sample assays of greater than 10 g/t gold to more accurately reflect the real grade.

What I’m trying to say is that in spite of having spent tens of millions of dollars in drilling, the company still does not know what an accurate grade is for the gold. But the good side of that issue is that no matter how you drill and sample it, you are always showing a lower grade than actually exists. Which means regardless of what they say they have for grade, production will in almost all cases show higher values for gold. It’s a good problem to have.

Lion One reported actually starting to mine in a May press release. The company has been predicting actual milling and gold production in the 4th quarter. Chief Operating Officer Patrick Hickey has been struggling to make the 4th quarter goal. He is so far ahead of schedule that there may be some “TRIAL” gold processing in the 3rd quarter, i.e. in a month.

In that May 18th press release there was a vital visual drawing of why grade control is always inaccurate. No matter how you drill, you miss veins. Here is an image from the press release.

The official first gold pour is scheduled for Fiji Day on October 10th in conjunction with a bunch of officials from the government who are thrilled to see a 2nd gold mine getting into production in Fiji. I know of no other jurisdiction where a junior company was able to go from exploration to production with greater support from the host country.

Lion One is on the sweet spot of valuation on the Lassonde Curve as the project begins production. That will give the stock a revaluation based on the risk has been removed from the stock.

The third part of the revaluation will be when gold and gold stocks start their next bull run. I see a general market crash between now and October. It could well take the metals and resource stocks with it. But when the dust settles, gold and gold stocks are going to be the only safe haven in town. The brilliant Bob Hoye is calling for October-November to be a good time to buy shares.

At startup the company is planning on production of 300 tonnes per day. The crushing circuit can do 1,000 TPD but for now the grinding circuit is limited to about 300 TPD. The company has already stockpiled over a two-month supply of material to mill. Plans are in progress to expand production to 500 TPD by September of 2024.

Guess estimates for grade are 6-7 g/t gold for the startup phase but COO Patrick Hickey has his fingers crossed and is hoping for 10 g/t gold. I think I have an understanding of the vein swarms and how they are always undercounted in assays. I’ll climb out on a limb and suggest that they will be doing 13-15 g/t gold a lot sooner than current investors understand.

I’ll make an important comment for investors to know here. I’ve been a small part of this story since Wally brought Quinton Hennigh on board in early 2019. Wally was making progress but it wasn’t visible. Quinton offered a lot of suggestions as to how and where to drill and what changes they needed to make in terms of personnel.

Quinton realized the company needed a professional team on site. He contacted two of the leading guys in mining, Patrick Hickey and Sergio Cattalani and convinced them to come on board. Prior to their entry management was being run out of Perth in Western Australia and frankly that just didn’t work. Investors should read the press release. I am triple impressed with both of them. I shared an hour-long update with Patrick last week. He has things totally under control. He’s the most impressive mine builder I have ever talked to.

Lion One is cashed up to production as a result of the last couple of private placements. Between standard warrants and broker warrants issued with prior placements, there are about 41 million outstanding warrants at prices between $0.77 and $1.49 dated for just over two years. As the warrants are exercised, it will bring in about $53 million. I don’t see cash being a problem for the company. There are about 15 million tradable warrants at $1.25 and I suspect they will add to the liquidity of the company since it allows investors to speculate on the price of the company with a degree of leverage. They expire in November of 2025.

I was in on a call with management of Lion One a week ago after I enquired as to the status of going into production. I was very impressed with the quality of the team and the direction the company is moving. I think the price will soon reflect the quality of management and high-grade of the ore. This should be one of the lowest cost producers in the industry. The government of Fiji is solidly supportive of the company and I see no problems on the horizon at any level.

Lion One has been my largest position for a couple of years now. The company is an advertiser and I couldn’t be more biased. Do your own due diligence.

Lion One Metals
LIO-V $.84 (Aug 22, 2023)
LOMLF OTCQX 206 million shares
Lion One website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Tags #BobMoriarty, #LIO, #LionOneMetals, #ProvenAndProbable, #WalterBerukoff, 321gold, Lion One Metals, Quinton Hennigh

Energy Junior Mining Lion One Metals Precious Metals

Lion One Updates Drill Results at Tuvatu

Post author By admin
Post date August 15, 2023

High grade composite results increased in Zone 5 drilling

North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is issuing an update on composite drill results reported in the Company’s August 10, 2023 news release.

The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the Company’s Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated.

Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.

Table 1. Updated composite intervals from Zone 5 infill and grade control drilling. Bolded text represents a positive change, italicized text represents a negative change. Intervals are ordered by decreasing gold content.

Hole ID	From	To	Interval (m)	Updated Au (g/t)	Original Au (g/t)	Change (g/t)
TGC-0067	48.2	50	1.8	314.27	261.93	52.34
TUDDH-643	242.7	249.3	6.6	83.47	80.78	2.69
TGC-0067	53.3	54.2	0.9	104.00	93.05	10.95
TUDDH-643	111.6	114.9	3.3	18.40	17.48	0.92
TUDDH-643	161.7	163.2	1.5	16.13	15.96	0.17
TUDDH-638	254.7	257	2.3	10.25	9.41	0.84
TUDDH-643	101.9	103.1	1.2	13.50	13.13	0.37
TUDDH-643	123.4	124	0.6	25.19	25.95	-0.76
TGC-0061	219.2	220.4	1.2	10.31	8.32	1.99
TUDDH-637	45.3	45.6	0.3	35.98	36.2	-0.22
TUDDH-643	52.2	52.5	0.3	31.87	33.51	-1.64
TUDDH-644	55.8	58.2	2.4	3.43	3.4	0.03
TGC-0065	53.1	55.2	2.1	3.91	3.82	0.09
TUDDH-634	49.2	50.7	1.5	5.44	5.68	-0.24
TUDDH-637	216.4	217	0.6	11.63	10.99	0.64
TGC-0065	128.5	129.4	0.9	7.42	6.8	0.62
TGC-0065	57.4	58.3	0.9	7.01	6.88	0.13
TUDDH-634	154.9	155.2	0.3	14.96	15.17	-0.21
TUDDH-656	173.6	173.9	0.3	11.66	10.14	1.52
TGC-0059	220.3	220.6	0.3	10.87	12.85	-1.98
TGC-0058	133.4	133.7	0.3	10.86	10.37	0.49

Tables 2 and 3 below are reproductions of Tables 1 and 2 from the August 10, 2023 news release updated to include composite intervals calculated using assay results from the gravimetric method. Composite values that have been changed are highlighted with bolded text representing positive changes and italicized text representing negative changes. Values with no bolding or italicization represent intervals for which there is no change.

Table 2. Highlights of composited infill drill results in the Zone 5 area. Reproduction of Table 1 from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)	Change (g/t)
TUDDH-634		123.4	124	0.6	25.19	-0.76
TUDDH-637		161.7	163.2	1.5	16.13	0.17
	including	161.7	162.3	0.6	38.62	–
	which includes	161.7	162	0.3	72.46	–
TUDDH-637		198.2	202.1	3.9	5.38	–
	including	198.2	198.5	0.3	10.02	–
	and	199.7	200.6	0.9	3.42	–
	and	201.2	202.1	0.9	16.13	–
	which includes	201.8	202.1	0.3	40.21	–
TUDDH-643		111.6	114.9	3.3	18.4	0.92
	including	111.6	113.7	2.1	28.44	–
	which includes	113.1	113.7	0.6	95.63	–
TUDDH-643		242.7	249.3	6.6	83.47	2.69
	including	242.7	246.3	3.6	17.39	–
	which includes	243.9	245.7	1.8	55.49	–
	which includes	243.9	244.5	0.6	79.84	–
	and	245.1	245.7	0.6	14.89	–
	and also including	247.5	249.3	1.8	271.14	–
	which includes	247.5	247.8	0.3	40.03	–
	and	248.7	249.6	0.6	793.24	–
TUDDH-643		254.7	257	2.3	10.25	0.84
	including	254.7	255.3	0.6	35.54	–
TUDDH-650		192.6	194.1	1.5	14.93	–
	including	192.6	193.5	0.9	23.89	–
TUDDH-650		203.5	207.4	3.9	11.84	–
	including	203.5	204.7	1.2	35.18	–
	which includes	203.5	204.1	0.6	48.27	–
	and	204.1	204.7	0.6	22.09	–
TUDDH-651		184.6	185.2	0.6	32.65	–
TUDDH-651		194.5	197.2	2.7	17.2	–
	including	194.5	196	1.5	25.92	–
	which includes	195.4	195.7	0.3	124.52	–
	and also including	196.9	197.2	0.3	25.22	–
TUDDH-653		53	56.9	3.9	9.53	–
	including	55.1	56.9	1.8	19.47	–
	which includes	56	56.3	0.3	46.92	–
	and	56.6	56.9	0.3	55.08	–
TUDDH-653		89.5	96.3	6.8	9.96	–
	including	91.3	92.2	0.9	66.62	–
	which includes	91.6	91.9	0.3	165.95	–
	and	91.9	92.2	0.3	30.46	–
TUDDH-655		96.4	97.9	1.5	8.24	–
	including	96.7	97	0.3	18.48	–
	and	97.6	97.9	0.3	20.77	–
TUDDH-656		101.9	103.1	1.2	13.5	0.37
	including	101.9	102.5	0.6	19.73	–
	and	102.5	103.1	0.6	6.54	–

Table 3. Highlights of composited grade control drill results in the Zone 5 area. Reproduction of Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see Table 5 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)	Change (g/t)
TGC-0059		57.4	58.3	0.9	7.01	0.13
	including	57.4	57.7	0.3	12.89	–
	and	58	58.3	0.3	8.14	–
TGC-0061		55.8	58.2	2.4	3.43	0.03
	including	57.3	37.6	0.3	12.84	–
TGC-0065		45.3	45.6	0.3	35.98	-0.22
TGC-0065		49.2	50.7	1.5	5.44	-0.24
	including	49.2	49.5	0.3	9.59	–
	and	50.4	50.7	0.3	15.76	–
TGC-0065		52.2	52.5	0.3	31.87	-1.64
TGC-0067		48.2	50	1.8	314.27	52.34
	including	48.8	49.4	0.6	934.91	–
	which includes	48.8	49.1	0.3	1839.55	–
	and	49.1	49.4	0.3	30.26	–
TGC-0067		53.3	54.2	0.9	104	10.95
	including	53.3	53.9	0.6	155.68	–
	which includes	53.3	53.6	0.3	10.89	–
	and	53.6	53.9	0.3	300.47	–

Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Reproduced from August 10, 2023 news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/177254_5cfe2f3d644c0822_001full.jpg

Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling. Updated figure from the August 10, 2023 news release, with updated composite gold intervals. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/177254_5cfe2f3d644c0822_002full.jpg

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.

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 4. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.

Hole ID		From	To	Interval (m)	Au (g/t)	Change (g/t)
TUDDH-634		92.2	92.8	0.6	0.52	–
TUDDH-634		93.7	94.3	0.6	0.5	–
TUDDH-634		123.4	124	0.6	25.19	-0.76
TUDDH-634		125.2	125.5	0.3	1	–
TUDDH-634		128.5	129.4	0.9	7.42	0.62
TUDDH-634	including	129.1	129.4	0.3	10.89	–
TUDDH-634		148.5	149.1	0.6	1.46	–
TUDDH-637		48.2	48.8	0.6	0.6	–
TUDDH-637		68.8	69.4	0.6	0.81	–
TUDDH-637		161.7	163.2	1.5	16.13	0.17
TUDDH-637	including	161.7	162.3	0.6	38.62	–
TUDDH-637	which includes	161.7	162	0.3	72.46	–
TUDDH-637		173.1	177.6	4.5	2.69	–
TUDDH-637	including	173.1	174	0.9	8.59	–
TUDDH-637		180	182.1	2.1	2.7	–
TUDDH-637		183.9	187.5	3.6	2.76	–
TUDDH-637	including	185.7	187.5	1.8	5.03	–
TUDDH-637		198.2	202.1	3.9	5.38	–
TUDDH-637	including	198.2	198.5	0.3	10.02	–
TUDDH-637	and	199.7	200.6	0.9	3.42	–
TUDDH-637	and	201.2	202.1	0.9	16.13	–
TUDDH-637	which includes	201.8	202.1	0.3	40.21	–
TUDDH-637		219.2	220.4	1.2	10.31	1.99
TUDDH-637	including	219.5	220.4	0.9	12.79	–
TUDDH-637		222.2	222.5	0.3	2.29	–
TUDDH-637		224	226.4	2.4	1.87	–
TUDDH-637		243.5	245	1.5	1.13	–
TUDDH-637		251.3	253.7	2.4	2.46	–
TUDDH-637		258.5	259.1	0.6	0.94	–
TUDDH-637		281.9	282.5	0.6	5.96	–
TUDDH-637		290.9	292.1	1.2	1.97	–
TUDDH-637		298.7	299.6	0.9	6.68	–
TUDDH-638		14.2	14.8	0.6	1.31	–
TUDDH-638		29.8	30.4	0.6	1.29	–
TUDDH-638		106.9	107.2	0.3	0.99	–
TUDDH-638		123.1	123.7	0.6	1.44	–
TUDDH-638		154.9	155.2	0.3	14.96	-0.21
TUDDH-638		162.4	163.3	0.9	3.19	–
TUDDH-638		166.3	167.5	1.2	6.23	–
TUDDH-638	including	166.3	166.9	0.6	8.43	–
TUDDH-638		169.9	171.7	1.8	3.6	–
TUDDH-638	including	170.8	171.7	0.9	6.07	–
TUDDH-638		179.8	181.3	1.5	1.62	–
TUDDH-638		235.9	236.5	0.6	0.87	–
TUDDH-638		241.3	242.5	1.2	4.8	–
TUDDH-638	including	241.9	242.5	0.6	9.06	–
TUDDH-639		50.3	50.6	0.3	5.17	–
TUDDH-641		153	153.7	0.7	2.78	–
TUDDH-641	including	153	153.3	0.3	5.1	–
TUDDH-641		174.5	174.8	0.3	0.57	–
TUDDH-641		176.9	178.7	1.8	2.32	–
TUDDH-641	including	176.9	177.5	0.6	5.1	–
TUDDH-643		111.6	114.9	3.3	18.4	0.92
TUDDH-643	including	111.6	113.7	2.1	28.44	–
TUDDH-643	which includes	113.1	113.7	0.6	95.63	–
TUDDH-643		133.4	133.7	0.3	10.86	0.49
TUDDH-643		158.8	159.1	0.3	0.83	–
TUDDH-643		163.3	163.9	0.6	5.3	–
TUDDH-643		173.6	173.9	0.3	11.66	1.52
TUDDH-643		213.7	214.6	0.9	0.61	–
TUDDH-643		216.4	217	0.6	11.63	0.64
TUDDH-643		233.8	234.4	0.6	5.48	–
TUDDH-643		242.7	249.3	6.6	83.47	2.69
TUDDH-643	including	242.7	246.3	3.6	17.39	–
TUDDH-643	which includes	243.9	245.7	1.8	55.49	–
TUDDH-643	which includes	243.9	244.5	0.6	79.84	–
TUDDH-643	and	245.1	245.7	0.6	14.89	–
TUDDH-643	and also including	247.5	249.3	1.8	271.14	–
TUDDH-643	which includes	247.5	247.8	0.3	40.03	–
TUDDH-643	and	248.7	249.6	0.6	793.24	–
TUDDH-643		251.7	252.9	1.2	0.97	–
TUDDH-643		254.7	257	2.3	10.25	0.84
TUDDH-643	including	254.7	255.3	0.6	35.54	–
TUDDH-643		260.4	261.3	0.9	0.69	–
TUDDH-643		262.8	266.1	3.3	1.63	–
TUDDH-643		268.3	268.8	0.5	1.3	–
TUDDH-644		172.3	175	2.7	2.33	–
TUDDH-644	including	173.8	174.4	0.6	5.83	–
TUDDH-644		208.6	208.9	0.3	4.37	–
TUDDH-644		220.3	220.6	0.3	10.87	-1.98
TUDDH-644		237.1	237.7	0.6	1.19	–
TUDDH-646		116.7	117.3	0.6	1.65	–
TUDDH-646		154.8	155.1	0.3	0.67	–
TUDDH-646		181.5	183.3	1.8	2.41	–
TUDDH-646	including	183	183.3	0.3	13.29	–
TUDDH-646		223.9	224.5	0.6	8.98	–
TUDDH-646	including	224.2	224.5	0.3	15.09	–
TUDDH-646		231.1	233.2	2.1	4.23	–
TUDDH-646	including	232	232.6	0.6	10.27	–
TUDDH-646		252.3	252.7	0.4	2.81	–
TUDDH-646		253.9	254.2	0.3	2.16	–
TUDDH-649		24.9	25.2	0.3	1.93	–
TUDDH-649		153.6	154.2	0.6	0.74	–
TUDDH-649		161.7	162.3	0.6	0.52	–
TUDDH-649		188.1	190.8	2.7	1.21	–
TUDDH-649		248.7	249.3	0.6	1.17	–
TUDDH-649		251.4	252.3	0.9	0.86	–
TUDDH-649		257.1	257.4	0.3	3.31	–
TUDDH-650		53.6	53.9	0.3	0.61	–
TUDDH-650		76.7	77	0.3	0.62	–
TUDDH-650		104.1	104.4	0.3	0.67	–
TUDDH-650		148.5	149.1	0.6	0.51	–
TUDDH-650		179.1	179.4	0.3	1.62	–
TUDDH-650		180.6	181.2	0.6	0.51	–
TUDDH-650		192.6	194.1	1.5	14.93	–
TUDDH-650	including	192.6	193.5	0.9	23.89	–
TUDDH-650		199	199.3	0.3	1.66	–
TUDDH-650		203.5	207.4	3.9	11.84	–
TUDDH-650	including	203.5	204.7	1.2	35.18	–
TUDDH-650	which includes	203.5	204.1	0.6	48.27	–
TUDDH-650	and	204.1	204.7	0.6	22.09	–
TUDDH-650		210.4	210.7	0.3	2.05	–
TUDDH-651		18.25	18.85	0.6	0.93	–
TUDDH-651		80.55	81.15	0.6	2.09	–
TUDDH-651		100.65	100.95	0.3	1.46	–
TUDDH-651		118.65	119.25	0.6	1.46	–
TUDDH-651		139.95	140.55	0.6	4.39	–
TUDDH-651		184.6	185.2	0.6	32.65	–
TUDDH-651		194.5	197.2	2.7	17.2	–
TUDDH-651	including	194.5	196	1.5	25.92	–
TUDDH-651	which includes	195.4	195.7	0.3	124.52	–
TUDDH-651	and also including	196.9	197.2	0.3	25.22	–
TUDDH-651		222.4	224.8	2.4	2.22	–
TUDDH-653		0	0.6	0.6	3.37	–
TUDDH-653		21.9	22.2	0.3	1.26	–
TUDDH-653		53	56.9	3.9	9.53	–
TUDDH-653	including	55.1	56.9	1.8	19.47	–
TUDDH-653	which includes	56	56.3	0.3	46.92	–
TUDDH-653	and	56.6	56.9	0.3	55.08	–
TUDDH-653		64.4	65	0.6	0.56	–
TUDDH-653		89.5	96.3	6.8	9.96	–
TUDDH-653	including	91.3	92.2	0.9	66.62	–
TUDDH-653	which includes	91.6	91.9	0.3	165.95	–
TUDDH-653	and	91.9	92.2	0.3	30.46	–
TUDDH-653		111.6	111.9	0.3	6.53	–
TUDDH-653		116.7	118.8	2.1	1.59	–
TUDDH-653		120	120.6	0.6	0.59	–
TUDDH-655		59.7	61.5	1.8	2.74	–
TUDDH-655		96.4	97.9	1.5	8.24	–
TUDDH-655	including	96.7	97	0.3	18.48	–
TUDDH-655	and	97.6	97.9	0.3	20.77	–
TUDDH-655		99.1	99.7	0.6	0.9	–
TUDDH-655		101.5	102.1	0.6	1.23	–
TUDDH-655		118.3	118.6	0.3	3.16	–
TUDDH-655		126.1	126.7	0.6	1.04	–
TUDDH-656		27.2	28.4	1.2	0.89	–
TUDDH-656		77	77.6	0.6	1.05	–
TUDDH-656		80.6	81.2	0.6	0.7	–
TUDDH-656		101.9	103.1	1.2	13.5	0.37
TUDDH-656	including	101.9	102.5	0.6	19.73	–
TUDDH-656	and	102.5	103.1	0.6	6.54	–
TUDDH-656		106.7	107	0.3	0.58	–
TUDDH-656		119.6	119.9	0.3	1.71	–
TUDDH-656		130.1	132.5	2.4	4.83	–
TUDDH-656	including	131.9	132.5	0.6	7.99	–
TUDDH-656		162.5	162.8	0.3	8.55	–

Table 5. Updated composite results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.

Hole ID		From	To	Interval (m)	Au (g/t)	Change (g/t)
TGC-0056		26.7	29.4	2.7	1.52	–
TGC-0056		38.1	38.4	0.3	2.31	–
TGC-0056		39.6	39.9	0.3	0.73	–
TGC-0058		34.2	34.8	0.6	0.66	–
TGC-0058		35.4	35.7	0.3	0.51	–
TGC-0058		48.3	48.6	0.3	4.83	–
TGC-0058		53.1	55.2	2.1	3.91	0.09
TGC-0058	including	53.1	54	0.9	8.74	–
TGC-0058		56.4	57	0.6	1.1	–
TGC-0059		39.4	40.3	0.9	0.53	–
TGC-0059		50.5	50.8	0.3	3.1	–
TGC-0059		53.2	54.4	1.2	0.88	–
TGC-0059		57.4	58.3	0.9	7.01	0.13
TGC-0059	including	57.4	57.7	0.3	12.89	–
TGC-0059	and	58	58.3	0.3	8.14	–
TGC-0061		34.2	34.5	0.3	0.69	–
TGC-0061		35.4	36	0.6	0.75	–
TGC-0061		45.6	46.8	1.2	0.56	–
TGC-0061		49.8	50.4	0.6	0.84	–
TGC-0061		55.8	58.2	2.4	3.43	0.03
TGC-0061	including	57.3	37.6	0.3	12.84	–
TGC-0065		29.7	30	0.3	0.61	–
TGC-0065		32.4	33.6	1.2	2.44	–
TGC-0065		45.3	45.6	0.3	35.98	-0.22
TGC-0065		49.2	50.7	1.5	5.44	-0.24
TGC-0065	including	49.2	49.5	0.3	9.59	–
TGC-0065	and	50.4	50.7	0.3	15.76	–
TGC-0065		52.2	52.5	0.3	31.87	-1.64
TGC-0067		23.6	23.9	0.3	1.06	–
TGC-0067		48.2	50	1.8	314.27	52.34
TGC-0067	including	48.8	49.4	0.6	934.91	–
TGC-0067	which includes	48.8	49.1	0.3	1839.55	–
TGC-0067	and	49.1	49.4	0.3	30.26	–
TGC-0067		53.3	54.2	0.9	104	10.95
TGC-0067	including	53.3	53.9	0.6	155.68	–
TGC-0067	which includes	53.3	53.6	0.3	10.89	–
TGC-0067	and	53.6	53.9	0.3	300.47	–
TGC-0067		63.2	63.8	0.6	2.89	–
TGC-0067		67.1	67.4	0.3	9.18	–

Table 6. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	DEPTH
TGC-0056	1876439	3920583	117	79.6	121.2	9.5
TGC-0058	1876438	3920583	116	62.2	124.6	-11.3
TGC-0059	1876438	3920583	116	74.1	122.5	-22.0
TGC-0061	1876438	3920582	118	82.8	142.6	20.1
TGC-0065	1876438	3920582	117	71.2	133.2	10.6
TGC-0067	1876437	3920581	118	86.9	155.6	12.4
TUDDH-634	1876528	3920501	310	182.5	257.6	-55.3
TUDDH-637	1876557	3920389	352	320.3	292.0	-60.5
TUDDH-638	1876509	3920445	349	257.5	294.3	-66.4
TUDDH-639	1876556	3920389	352	56.6	297.3	-57.0
TUDDH-641	1876477	3920293	402	185.7	309.3	-66.1
TUDDH-643	1876556	3920389	352	274.8	297.1	-63.4
TUDDH-644	1876476	3920293	402	248.5	307.0	-64.3
TUDDH-646	1876557	3920388	352	270.5	283.6	-63.1
TUDDH-649	1876476	3920294	402	262.3	315.7	-66.5
TUDDH-650	1876539	3920395	352	230.8	283.0	-52.0
TUDDH-651	1876539	3920395	352	240.3	293.5	-53.3
TUDDH-653	1876496	3920546	296	131.4	281.2	-46.3
TUDDH-655	1876496	3920546	296	151.7	282.7	-51.5
TUDDH-656	1876539	3920395	352	215.3	306.9	-52.2

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Junior Mining Lion One Metals Precious Metals

Lion One Drills 6.6 m of 80.78 g/t Au in the Main Zone at Tuvatu, Fiji

Post author By admin
Post date August 10, 2023

Exceptional results include 1839.55 g/t, 779.81 g/t, and 300.47 g/t Au from Zone 5

North Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report exceptional high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of the deposit, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. The Zone 5 area of the deposit is scheduled for mining in early 2024. Grade control drilling is being conducted in anticipation of future mining and is therefore focused on the first part of Zone 5 to be mined whereas infill drilling is focused on the parts of Zone 5 scheduled to be mined later. Zone 5 includes the main north-south oriented lodes at Tuvatu (UR1, UR2, and UR3), and represents the upward extension of the Zone 500 feeder zone, which includes intercepts such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608) (see June 6, 2022, August 15, 2022 and November 7, 2022 news releases). Zone 5 will be the second major part of Tuvatu to commence mining after mining in the URW1 area began on May 18, 2023. Once Zone 5 is in production, Tuvatu will have two major zones of very high-grade, near surface mineralization developing and producing simultaneously.

Highlights of new Zone 5 drilling:

80.78 g/t Au over 6.6 m (including 793.24 g/t Au over 0.6 m) (TUDDH-643, from 242.7 m depth)
261.93 g/t Au over 1.8 m (including 1839.55 g/t Au over 0.3 m) (TGC-0067, from 48.2 m depth)
93.05 g/t Au over 0.9 m (including 300.47 g/t Au over 0.3 m) (TGC-0067, from 53.3 m depth)
9.96 g/t Au over 6.8 m (including 165.95 g/t Au over 0.3 m) (TUDDH-653, from 89.5 m depth)
17.48 g/t Au over 3.3 m (including 95.63 g/t Au over 0.6 m) (TUDDH-643, from 111.6 m depth)
17.2 g/t Au over 2.7 m (including 124.52 g/t Au over 0.3 m) (TUDDH-651, from 194.5 m depth)
11.84 g/t Au over 3.9 m (including 48.27 g/t Au over 0.6 m) (TUDDH-650, from 203.5 m depth)
9.53 g/t Au over 3.9 m (including 55.08 g/t Au over 0.3 m) (TUDDH-653, from 53.0 m depth)
15.96 g/t Au over 1.5 m (including 72.46 g/t Au over 0.3 m) (TUDDH-637, from 161.7 m depth)
14.93 g/t Au over 1.5 m (including 23.89 g/t Au over 0.9 m) (TUDDH-650, from 192.6 m depth)

Infill drilling is being conducted from surface on approximately 20 m centers while grade control drilling is being conducted from underground on 5-10 m centers. Infill drilling is considered an intermediate stage of drilling and is designed to increase understanding of the deposit in targeted areas whereas grade control drilling is designed to provide much higher resolution and detailed understanding of the geometry and mineralization of lode arrays in advance of underground development.

Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_001full.jpg

Table 1. Highlights of composited infill drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TUDDH-634		123.4	124	0.6	25.95
TUDDH-637		161.7	163.2	1.5	15.96
	including	161.7	162.3	0.6	38.62
	which includes	161.7	162	0.3	72.46
TUDDH-637		198.2	202.1	3.9	5.38
	including	198.2	198.5	0.3	10.02
	and	201.2	202.1	0.9	16.13
	which includes	201.8	202.1	0.3	40.21
TUDDH-643		111.6	114.9	3.3	17.48
	including	111.6	113.7	2.1	28.44
	which includes	113.1	113.7	0.6	95.63
TUDDH-643		242.7	249.3	6.6	80.78
	including	242.7	246.3	3.6	17.39
	which includes	243.9	245.7	1.8	55.49
	which includes	243.9	244.5	0.6	79.84
	and	245.1	245.7	0.6	14.89
	and also including	247.5	249.3	1.8	271.14
	which includes	247.5	247.8	0.3	40.03
	and	248.7	249.6	0.6	793.24
TUDDH-643		254.7	257	2.3	9.41
	including	254.7	255.3	0.6	35.54
TUDDH-650		192.6	194.1	1.5	14.93
	including	192.6	193.5	0.9	23.89
TUDDH-650		203.5	207.4	3.9	11.84
	including	203.5	204.7	1.2	35.18
	which includes	203.5	204.1	0.6	48.27
	and	204.1	204.7	0.6	22.09
TUDDH-651		184.6	185.2	0.6	32.65
TUDDH-651		194.5	197.2	2.7	17.2
	including	194.5	196	1.5	25.92
	which includes	195.4	195.7	0.3	124.52
	and also including	196.9	197.2	0.3	25.22
TUDDH-653		53	56.9	3.9	9.53
	including	55.1	56.9	1.8	19.47
	which includes	56	56.3	0.3	46.92
	and	56.6	56.9	0.3	55.08
TUDDH-653		89.5	96.3	6.8	9.96
	including	91.3	92.2	0.9	66.62
	which includes	91.6	91.9	0.3	165.95
	and	91.9	92.2	0.3	30.46
TUDDH-656		101.9	103.1	1.2	13.13
	including	101.9	102.5	0.6	19.73
	and	102.5	103.1	0.6	6.54

Table 2. Highlights of composited grade control drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0059		57.4	58.3	0.9	6.88
	including	57.4	57.7	0.3	12.89
	and	58	58.3	0.3	8.14
TGC-0061		55.8	58.2	2.4	3.4
	including	57.3	37.6	0.3	12.84
TGC-0065		45.3	45.6	0.3	36.2
TGC-0065		49.2	50.7	1.5	5.68
	including	49.2	49.5	0.3	9.59
	and	50.4	50.7	0.3	15.76
TGC-0065		52.2	52.5	0.3	33.51
TGC-0067		48.2	50	1.8	261.93
	including	48.8	49.4	0.6	934.91
	which includes	48.8	49.1	0.3	1839.55
	and	49.1	49.4	0.3	30.26
TGC-0067		53.3	54.2	0.9	93.05
	including	53.3	53.9	0.6	155.68
	which includes	53.3	53.6	0.3	10.89
	and	53.6	53.9	0.3	300.47

Zone 5

Zone 5 is located along the main north-south corridor of Tuvatu and represents the shallower portions of the UR lodes, occurring between the surface and the exploration decline. It encompasses a series of closely spaced, narrow, high-grade to locally bonanza-grade vein arrays that strike approximately north-south to northeast-southwest and dip sub-vertically to steeply east. The lodes in the center of the corridor (UR1, UR2, UR3, URW2, URW3) are very closely spaced and strike north-south. They have an east-west width of approximately 75 m and a strike length of approximately 600 m. The lodes in the east and southeast (UR4, UR5, UR6, UR7, UR8) strike approximately northeast-southwest, are slightly wider spaced, and fan out to the east. They have a northwest-southeast width of approximately 250 m and a strike length of approximately 600 m (see Figure 2).

The lodes within the main corridor at Tuvatu have a vertical extent in excess of 1000 m and appear to coalesce at approximately 450 m depth where they transition to Zone 500 – the very high-grade feeder zone at Tuvatu. Zone 5 is located approximately 250 m directly above Zone 500. The results reported in this news release therefore represent high-grade mineralization that is the direct vertical upward extension of the Zone 500 feeder zone. The region between Zone 5 and Zone 500 has only been tested by relatively wide-spaced exploration drilling. The results reported here represent the initial stages of a more systematic infill and locally grade control drilling program in Zone 5, which has a strike length in excess of 300 m in the north-south direction and a vertical extent of approximately 250 m (see Figure 3).

Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.

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Figure 3. Location of High-Grade Intercepts from Zone 5 Drilling. High-grade intervals are shown for Zone 5 infill and grade control drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.

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Infill Drilling

A total of 14 Zone 5 infill drillholes are included in this news release. The infill drill program was drilled from surface and was designed to target the near-surface portions of the main UR lodes. The goal of the program is to increase the understanding of mineralization and lode geometry in this part of the deposit, which is scheduled for mining in late 2024 and beyond. Zone 5 mining will progress upwards from the exploration decline and thus the lower portions of Zone 5 are the first scheduled for extraction. The Zone 5 infill drill program is ongoing. Examples of mineralization observed in the Zone 5 infill drillholes are shown in Figure 4.

Figure 4. Example Mineralization from Zone 5 Infill Drilling. Top left: UR5 lode. Colloform quartz vein with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TUDDH-637, 162.0 m). Top center: UR2 lode. Narrow chalcedonic quartz vein with fine grained pyrite and sphalerite, weak potassic alteration halo (TUDDH-644, 220.3 m). Top right: Banded, vuggy and colloform chalcedonic quartz vein with coarse grained sphalerite and fine-grained pyrite and galena. Strong chocolate brown alteration halo (TUDDH-637, 220.3m). Bottom left: UR1/UR2 lodes. Wide variable white to grey silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 243.9 m). Bottom center: UR1/UR2 lodes. Vuggy white silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 247.6 m). Bottom right: UR1/UR2 lodes. Quartz-sphalerite-pyrite vein with abundant coarse-grained sphalerite and narrow potassic alteration halo. The inset image identifies a speck of visible gold within the yellow circle (TUDDH-643. 249.0 m). Pen used for scale.

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Grade Control Drilling

A total of 12 grade control drillholes have been completed to date in the Zone 5 area of Tuvatu, six of which are reported here. Results from the first six grade control drillholes completed in Zone 5 were reported in the news release from June 14, 2023. The grade control drillholes were drilled from underground and were designed to target the Zone 5 blocks scheduled for near-term production. This area is planned to be mined in early 2024 and results from the grade control drill program will provide increased understanding of the geometry and continuity of mineralization in those blocks and will help to optimize mine development and extraction in the near future. The grade control drill program is on schedule and the results to date confirm the local understanding of the Zone 5 geological model. Zone 5 grade control drill programs are ongoing. Examples of mineralization observed in the grade control drillholes are shown in Figure 5.

Figure 5. Example Mineralization from Zone 5 Grade Control Drilling. Left: URW3 lode. Monzonite hosted hydrothermal breccia with coarse grained sphalerite and pyrite (TGC-0056, 29.1 m). Center: Vuggy hydrothermal breccia with colloform silica, coarse grained sphalerite and pyrite, and strong potassic alteration halo (TGC-0067, 48.3 m). Right: Hydrothermal breccia with grey chalcedonic silica, coarse grained pyrite and sphalerite rimmed by fine grained sooty pyrite. Strong potassic alteration halo (TGC-0067, 49.0 m). Width of core is 4.76 cm in each photo.

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About Tuvatu

The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

Qualified Person

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 3. Composited results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TUDDH-634		92.2	92.8	0.6	0.52
TUDDH-634		93.7	94.3	0.6	0.5
TUDDH-634		123.4	124	0.6	25.95
TUDDH-634		125.2	125.5	0.3	1
TUDDH-634		128.5	129.4	0.9	6.8
TUDDH-634	including	129.1	129.4	0.3	10.89
TUDDH-634		148.5	149.1	0.6	1.46
TUDDH-637		48.2	48.8	0.6	0.6
TUDDH-637		68.8	69.4	0.6	0.81
TUDDH-637		161.7	163.2	1.5	15.96
TUDDH-637	including	161.7	162.3	0.6	38.62
TUDDH-637	which includes	161.7	162	0.3	72.46
TUDDH-637		173.1	177.6	4.5	2.69
TUDDH-637	including	173.1	174	0.9	8.59
TUDDH-637		180	182.1	2.1	2.7
TUDDH-637		183.9	187.5	3.6	2.76
TUDDH-637	including	185.7	187.5	1.8	5.03
TUDDH-637		198.2	202.1	3.9	5.38
TUDDH-637	including	198.2	198.5	0.3	10.02
TUDDH-637	and	199.7	200.6	0.9	3.42
TUDDH-637	and	201.2	202.1	0.9	16.13
TUDDH-637	which includes	201.8	202.1	0.3	40.21
TUDDH-637		219.2	220.4	1.2	8.32
TUDDH-637	including	219.5	220.4	0.9	12.79
TUDDH-637		222.2	222.5	0.3	2.29
TUDDH-637		224	226.4	2.4	1.87
TUDDH-637		243.5	245	1.5	1.13
TUDDH-637		251.3	253.7	2.4	2.46
TUDDH-637		258.5	259.1	0.6	0.94
TUDDH-637		281.9	282.5	0.6	5.96
TUDDH-637		290.9	292.1	1.2	1.97
TUDDH-637		298.7	299.6	0.9	6.68
TUDDH-638		14.2	14.8	0.6	1.31
TUDDH-638		29.8	30.4	0.6	1.29
TUDDH-638		106.9	107.2	0.3	0.99
TUDDH-638		123.1	123.7	0.6	1.44
TUDDH-638		154.9	155.2	0.3	15.17
TUDDH-638		162.4	163.3	0.9	3.19
TUDDH-638		166.3	167.5	1.2	6.23
TUDDH-638	including	166.3	166.9	0.6	8.43
TUDDH-638		169.9	171.7	1.8	3.6
TUDDH-638	including	170.8	171.7	0.9	6.07
TUDDH-638		179.8	181.3	1.5	1.62
TUDDH-638		235.9	236.5	0.6	0.87
TUDDH-638		241.3	242.5	1.2	4.8
TUDDH-638	including	241.9	242.5	0.6	9.06
TUDDH-639		50.3	50.6	0.3	5.17
TUDDH-641		153	153.7	0.7	2.78
TUDDH-641	including	153	153.3	0.3	5.1
TUDDH-641		174.5	174.8	0.3	0.57
TUDDH-641		176.9	178.7	1.8	2.32
TUDDH-641	including	176.9	177.5	0.6	5.1
TUDDH-643		111.6	114.9	3.3	17.48
TUDDH-643	including	111.6	113.7	2.1	28.44
TUDDH-643	which includes	113.1	113.7	0.6	95.63
TUDDH-643		133.4	133.7	0.3	10.37
TUDDH-643		158.8	159.1	0.3	0.83
TUDDH-643		163.3	163.9	0.6	5.3
TUDDH-643		173.6	173.9	0.3	10.14
TUDDH-643		213.7	214.6	0.9	0.61
TUDDH-643		216.4	217	0.6	10.99
TUDDH-643		233.8	234.4	0.6	5.48
TUDDH-643		242.7	249.3	6.6	80.78
TUDDH-643	including	242.7	246.3	3.6	17.39
TUDDH-643	which includes	243.9	245.7	1.8	55.49
TUDDH-643	which includes	243.9	244.5	0.6	79.84
TUDDH-643	and	245.1	245.7	0.6	14.89
TUDDH-643	and also including	247.5	249.3	1.8	271.14
TUDDH-643	which includes	247.5	247.8	0.3	40.03
TUDDH-643	and	248.7	249.6	0.6	793.24
TUDDH-643		251.7	252.9	1.2	0.97
TUDDH-643		254.7	257	2.3	9.41
TUDDH-643	including	254.7	255.3	0.6	35.54
TUDDH-643		260.4	261.3	0.9	0.69
TUDDH-643		262.8	266.1	3.3	1.63
TUDDH-643		268.3	268.8	0.5	1.3
TUDDH-644		172.3	175	2.7	2.33
TUDDH-644	including	173.8	174.4	0.6	5.83
TUDDH-644		208.6	208.9	0.3	4.37
TUDDH-644		220.3	220.6	0.3	12.85
TUDDH-644		237.1	237.7	0.6	1.19
TUDDH-646		116.7	117.3	0.6	1.65
TUDDH-646		154.8	155.1	0.3	0.67
TUDDH-646		181.5	183.3	1.8	2.41
TUDDH-646	including	183	183.3	0.3	13.29
TUDDH-646		223.9	224.5	0.6	8.98
TUDDH-646	including	224.2	224.5	0.3	15.09
TUDDH-646		231.1	233.2	2.1	4.23
TUDDH-646	including	232	232.6	0.6	10.27
TUDDH-646		252.3	252.7	0.4	2.81
TUDDH-646		253.9	254.2	0.3	2.16
TUDDH-649		24.9	25.2	0.3	1.93
TUDDH-649		153.6	154.2	0.6	0.74
TUDDH-649		161.7	162.3	0.6	0.52
TUDDH-649		188.1	190.8	2.7	1.21
TUDDH-649		248.7	249.3	0.6	1.17
TUDDH-649		251.4	252.3	0.9	0.86
TUDDH-649		257.1	257.4	0.3	3.31
TUDDH-650		53.6	53.9	0.3	0.61
TUDDH-650		76.7	77	0.3	0.62
TUDDH-650		104.1	104.4	0.3	0.67
TUDDH-650		148.5	149.1	0.6	0.51
TUDDH-650		179.1	179.4	0.3	1.62
TUDDH-650		180.6	181.2	0.6	0.51
TUDDH-650		192.6	194.1	1.5	14.93
TUDDH-650	including	192.6	193.5	0.9	23.89
TUDDH-650		199	199.3	0.3	1.66
TUDDH-650		203.5	207.4	3.9	11.84
TUDDH-650	including	203.5	204.7	1.2	35.18
TUDDH-650	which includes	203.5	204.1	0.6	48.27
TUDDH-650	and	204.1	204.7	0.6	22.09
TUDDH-650		210.4	210.7	0.3	2.05
TUDDH-651		18.25	18.85	0.6	0.93
TUDDH-651		80.55	81.15	0.6	2.09
TUDDH-651		100.65	100.95	0.3	1.46
TUDDH-651		118.65	119.25	0.6	1.46
TUDDH-651		139.95	140.55	0.6	4.39
TUDDH-651		184.6	185.2	0.6	32.65
TUDDH-651		194.5	197.2	2.7	17.2
TUDDH-651	including	194.5	196	1.5	25.92
TUDDH-651	which includes	195.4	195.7	0.3	124.52
TUDDH-651	and also including	196.9	197.2	0.3	25.22
TUDDH-651		222.4	224.8	2.4	2.22
TUDDH-653		0	0.6	0.6	3.37
TUDDH-653		21.9	22.2	0.3	1.26
TUDDH-653		53	56.9	3.9	9.53
TUDDH-653	including	55.1	56.9	1.8	19.47
TUDDH-653	which includes	56	56.3	0.3	46.92
TUDDH-653	and	56.6	56.9	0.3	55.08
TUDDH-653		64.4	65	0.6	0.56
TUDDH-653		89.5	96.3	6.8	9.96
TUDDH-653	including	91.3	92.2	0.9	66.62
TUDDH-653	which includes	91.6	91.9	0.3	165.95
TUDDH-653	and	91.9	92.2	0.3	30.46
TUDDH-653		111.6	111.9	0.3	6.53
TUDDH-653		116.7	118.8	2.1	1.59
TUDDH-653		120	120.6	0.6	0.59
TUDDH-655		59.7	61.5	1.8	2.74
TUDDH-656		27.2	28.4	1.2	0.89
TUDDH-656		77	77.6	0.6	1.05
TUDDH-656		80.6	81.2	0.6	0.7
TUDDH-656		101.9	103.1	1.2	13.13
TUDDH-656	including	101.9	102.5	0.6	19.73
TUDDH-656	and	102.5	103.1	0.6	6.54
TUDDH-656		106.7	107	0.3	0.58
TUDDH-656		119.6	119.9	0.3	1.71

Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0056		26.7	29.4	2.7	1.52
TGC-0056		38.1	38.4	0.3	2.31
TGC-0056		39.6	39.9	0.3	0.73
TGC-0058		34.2	34.8	0.6	0.66
TGC-0058		35.4	35.7	0.3	0.51
TGC-0058		48.3	48.6	0.3	4.83
TGC-0058		53.1	55.2	2.1	3.82
TGC-0058	including	53.1	54	0.9	8.74
TGC-0058		56.4	57	0.6	1.1
TGC-0059		39.4	40.3	0.9	0.53
TGC-0059		50.5	50.8	0.3	3.1
TGC-0059		53.2	54.4	1.2	0.88
TGC-0059		57.4	58.3	0.9	6.88
TGC-0059	including	57.4	57.7	0.3	12.89
TGC-0059	and	58	58.3	0.3	8.14
TGC-0061		34.2	34.5	0.3	0.69
TGC-0061		35.4	36	0.6	0.75
TGC-0061		45.6	46.8	1.2	0.56
TGC-0061		49.8	50.4	0.6	0.84
TGC-0061		55.8	58.2	2.4	3.4
TGC-0061	including	57.3	37.6	0.3	12.84
TGC-0065		29.7	30	0.3	0.61
TGC-0065		32.4	33.6	1.2	2.44
TGC-0065		45.3	45.6	0.3	36.2
TGC-0065		49.2	50.7	1.5	5.68
TGC-0065	including	49.2	49.5	0.3	9.59
TGC-0065	and	50.4	50.7	0.3	15.76
TGC-0065		52.2	52.5	0.3	33.51
TGC-0067		23.6	23.9	0.3	1.06
TGC-0067		48.2	50	1.8	261.93
TGC-0067	including	48.8	49.4	0.6	934.91
TGC-0067	which includes	48.8	49.1	0.3	1839.55
TGC-0067	and	49.1	49.4	0.3	30.26
TGC-0067		53.3	54.2	0.9	93.05
TGC-0067	including	53.3	53.9	0.6	155.68
TGC-0067	which includes	53.3	53.6	0.3	10.89
TGC-0067	and	53.6	53.9	0.3	300.47
TGC-0067		63.2	63.8	0.6	2.89
TGC-0067		67.1	67.4	0.3	9.18

Table 5. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	DEPTH
TGC-0056	1876439	3920583	117	79.6	121.2	9.5
TGC-0058	1876438	3920583	116	62.2	124.6	-11.3
TGC-0059	1876438	3920583	116	74.1	122.5	-22.0
TGC-0061	1876438	3920582	118	82.8	142.6	20.1
TGC-0065	1876438	3920582	117	71.2	133.2	10.6
TGC-0067	1876437	3920581	118	86.9	155.6	12.4
TUDDH-634	1876528	3920501	310	182.5	257.6	-55.3
TUDDH-637	1876557	3920389	352	320.3	292.0	-60.5
TUDDH-638	1876509	3920445	349	257.5	294.3	-66.4
TUDDH-639	1876556	3920389	352	56.6	297.3	-57.0
TUDDH-641	1876477	3920293	402	185.7	309.3	-66.1
TUDDH-643	1876556	3920389	352	274.8	297.1	-63.4
TUDDH-644	1876476	3920293	402	248.5	307.0	-64.3
TUDDH-646	1876557	3920388	352	270.5	283.6	-63.1
TUDDH-649	1876476	3920294	402	262.3	315.7	-66.5
TUDDH-650	1876539	3920395	352	230.8	283.0	-52.0
TUDDH-651	1876539	3920395	352	240.3	293.5	-53.3
TUDDH-653	1876496	3920546	296	131.4	281.2	-46.3
TUDDH-655	1876496	3920546	296	151.7	282.7	-51.5
TUDDH-656	1876539	3920395	352	215.3	306.9	-52.2

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176686

Junior Mining Lion One Metals

Lion One Expands Gold Mineralization at Tuvatu Mine in Fiji

Post author By admin
Post date July 27, 2023

Wall Sampling Returns 18.70 g/t Au over 17.8 m, Peak Value of 150.77 g/t Au

North Vancouver, British Columbia–(Newsfile Corp. – July 27, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report high-grade gold results from underground sampling and announces the expansion of gold mineralization at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Sampling along the walls of the URW1a and URW1b mine drives at Tuvatu has returned high-grade gold results, indicating that the gold mineralization associated with both the URW1a and URW1b lodes extends beyond the walls of the current drives. As reported on July 13, 2023, the grades associated with the URW1a and URW1b lodes are higher than anticipated and the results reported here indicate that the high-grade gold mineralization associated with these lodes is also greater in width than that which was estimated from drilling.

Highlights of wall sampling, parallel to sub-parallel to strike-drives, on URW1a and URW1b:

18.70 g/t Au over 17.8 m (including 91.15 g/t Au over 1.0m) (URW1b – Right Wall)
32.34 g/t Au over 10 m (including 149.86 and 80.11 g/t Au over 1.0m each) (URW1b – Left Wall)
17.11 g/t Au over 18 m (including 150.77 g/t Au over 1.0m) (URW1a – Right Wall)
20.72 g/t Au over 11 m (including 107.56 g/t Au over 1.0m) (URW1a – Left Wall)
24.76 g/t Au over 7 m (including 67.06 g/t Au over 1.0m) (URW1a – Left Wall)

Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the results from our wall sampling program. The program was initiated following the identification of coarse visible gold in veinlets in the walls of both the URW1a and URW1b mine drives. The results indicate that there is significant gold mineralization present in the walls of both drives, and that the mineable width of both drives is therefore considerably wider than we expected based on drill results. An investigation is now underway to determine how far this additional gold mineralization extends into the walls of both drives and how much additional high-grade material we can expect to mine from these lodes. Mining is ongoing in both drives and we’re hopeful that this additional gold mineralization will provide a further boost to our growing stockpile in advance of our plant commissioning later this year.”

Wall Sampling

Table 1. Highlights of Wall Sampling, parallel/subparallel to strike drives from the URW1a and URW1b lodes

Location		From	To	Interval (m)	Au (g/t)
URW1a Left Wall		0	7	7	24.76
	including	0	2	2	46.71
	which includes	1	2	1	67.06
	and also including	3	6	3	24.65
URW1a Left Wall		12	29	17	14.55
	including	18	29	11	20.72
	which includes	18	22	4	17.54
	and	23	26	3	50.84
	which includes	25	26	1	107.56
URW1a Right Wall		9	27	18	17.11
	including	9	10	1	35.90
	and	11	12	1	10.46
	and	13	24	11	23.54
	which includes	15	22	7	35.47
	which includes	15	16	1	150.77
URW1b Left Wall		2	12	10	32.34
	including	6	8	2	76.85
	which includes	6	7	1	149.86
	and also including	9	12	3	54.50
	which includes	9	10	1	80.11
	and	10	11	1	23.20
	and	11	12	1	60.18
URW1b Left Wall		14	19	5	7.48
	including	14	17	3	11.51
URW1b Right Wall		0	17.8	17.8	18.70
	including	5.8	10.8	5	30.24
	which includes	5.8	6.8	1	27.71
	and	9.4	9.8	0.4	50.76
	and	9.8	10.8	1	91.15
	and also including	11.8	17.8	6	28.57
	which includes	14.8	17.8	3	44.53

Figure 1. Location of the URW1a and URW1b lodes in relation to the Tuvatu system. Mining is progressing north along both the URW1a lode (modelled in purple) and the URW1b lode (modelled in green). Inset image shows the location of the URW1a and URW1b lodes in relation to the Tuvatu system, with all other lodes shown in pale grey. Underground developments are shown in red. The dashed black square is the area highlighted in Figure 2. The URW1 mineralized trend has a N-S strike length of approximately 300 m and a vertical extent also of approximately 300 m. The URW1a and URW1b lodes occupy approximately 75m of this mineralized strike length. Extensional drilling is ongoing.

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Figure 2. Location of URW1a and URW1b wall samples. Yellow lines indicate the location of the wall sample lines in relation to the URW1a and URW1b mine drives, shown in red. Sample lines start with 0 m at the southern (bottom) end of the mine drives and progress north along the drives. Yellow arrows indicate the possible expansion of the mine drives, pending investigation into the lateral extent of additional gold mineralization.

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Mining of the URW1 lodes has been ongoing since May 18th, 2023 and is being conducted through the use of airleg mining. Airleg mining is a very precise method of mining which is ideal for narrow vein mineralization such as at Tuvatu as it enables the extraction of the vein material with minimal dilution.

As mining progressed along the URW1a and URW1b lodes, gold mineralization was identified within narrow stockwork-style veining in the walls of both drives following extraction. A systematic program of wall sampling was therefore initiated to determine the extent of gold mineralization along the walls. Samples were collected at approximately 1m intervals along the entire length of both the lefthand and righthand walls of both the URW1a and URW1b mine drives. The samples were collected by chipping material off the face of the wall along a continuous horizontal line irrespective of veining, mineralization, alteration, or lithology. The sampling results are therefore considered representative of the wall material.

The wall sampling results indicate significant gold mineralization is present in the walls of both the URW1a and URW1b mine drives, yet the lateral extent of this mineralization is unknown. An investigation is underway to determine how far mineralization extends beyond the current walls of the drives and how much additional material can be mined from these drives. Information gained from this investigation will then be applied to adapt the mine design for these lodes moving forward. As a general strategy, the early recognition of gold-bearing stockwork-style veining beyond the primary vein is significant as it provides the opportunity for the mining team to take advantage of increased mining volumes early in the life of the mine. The mining method at Tuvatu is being assessed locally and where it can be demonstrated to be beneficial a switch from airleg to mechanized mining will be considered. The effect of mechanized mining as compared to airleg mining is that it has a higher production rate but wider minimum mining widths. It is therefore efficient for wide zones of mineralization but increases dilution in narrow zones.

Modes of Mineralization at URW1 lodes

The discovery of widespread gold mineralization in the walls of the URW1a and URW1b mine drives has indicated that high-grade gold mineralization extends for several meters on either side of the main URW1 lodes. This has led to an increased understanding of the gold grade distribution in this portion of the Tuvatu deposit. It is well established that high-grade gold mineralization at Tuvatu occurs within the main subvertical lodes, such as the URW1a and URW1b lodes, which are likely the primary fluid-flow pathways in this part of the system. Results from the wall sampling program confirm the presence of a secondary, but no less important, mode of occurrence of gold mineralization of considerable significance. This second mode of mineralization occurs as a network of stockwork-style veining that forms a halo of metric extent peripheral to the main sub-vertical lodes (Figure 3).

Figure 3. Example of grade distribution in URW1a. Photo of the face of the URW1a mine drive at approximately 24 m into the drive. The main lode is shown to the right of the photo within the dashed yellow lines. Stockwork style veining is shown to the left of the main lode, with some of the veining highlighted by dashed orange lines. Gold grades from face sampling are shown in white, while gold grades from the wall sampling at this location are shown in orange. The main lode at this part of the drive is quite close to the righthand wall of the drive so we can see that high-grade gold in the form of stockwork style veining extends at least 2 m to the lefthand wall of the drive, where wall sampling returned a grade of 24.00 g/t Au. High grade material at this location therefore extends beyond the lefthand wall, as well as beyond the righthand wall where the wall sample returned 10.22 g/t Au. The lateral extent of high-grade mineralization peripheral to the main subvertical lodes is currently unknown.

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Gold mineralization in the main lodes typically occurs within chalcedonic quartz veins both as native gold resulting from fluid flashing events and as a very fine-grained gold overprint in association with coarse grained pyrite and sphalerite. Gold mineralization within the halo of stockwork-style veining around the main lode occurs as native gold within a network of thin (<1 cm wide) quartz veinlets (Figure 4). The discovery of this second form of gold mineralization represents a potentially significant upside for gold grades and tonnage at the URW1a and URW1b lodes, and possibly for Tuvatu as a whole.

Figure 4. Examples of different visible gold-bearing veinlets identified during sampling. Examples of thin, visible gold-bearing veinlets from stockwork-style veining peripheral to the URW1a and URW1b main lodes. Scratcher pen used for scale.

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CAUTIONARY STATEMENT

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where metal concentrations or grades are the factors of principal economic interest. At Tuvatu, coarse visible gold generally correlates well to high-grade mineralization. However, the actual grades can only be determined by systematic sampling and assaying.

About Tuvatu

Qualified Person

QAQC Procedures

About Lion One Metals Limited

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America)
Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

Appendix 1: Complete Wall Sample Results and Location Information

Table 2. Wall Sample results from the URW1a lode

URW1a – Left Wall				URW1a – Right Wall
From	To	Interval (m)	Au g/t	From	To	Interval (m)	Au g/t
0	1	1	26.36	0	1	1	0.94
1	2	1	67.06	1	2	1	5.25
2	3	1	1.4	2	3	1	1.04
3	4	1	39.56	3	4	1	2.84
4	5	1	17.43	4	5	1	1.45
5	6	1	16.96	5	6	1	9.39
6	7	1	4.57	6	7	1	0.13
7	8	1	0.01	7	8	1	0.01
8	9	1	0.28	8	9	1	0.73
9	10	1	0.04	9	10	1	35.9
10	11	1	0.15	10	11	1	0.13
11	12	1	0.01	11	12	1	10.46
12	13	1	9.01	12	13	1	0.21
13	14	1	3.36	13	14	1	4.39
14	15	1	0.01	14	15	1	1.63
15	16	1	4.24	15	16	1	150.77
16	17	1	2.52	16	17	1	14.19
17	18	1	0.28	17	18	1	12.77
18	19	1	37.88	18	19	1	23.02
19	20	1	1.34	19	20	1	11.57
20	21	1	6.93	20	21	1	10.22
21	22	1	24	21	22	1	25.76
22	23	1	1.43	22	23	1	2.48
23	24	1	7.93	23	24	1	2.16
24	25	1	37.03	24	25	1	0.37
25	26	1	107.56	25	26	1	1.35
26	27	1	1.97	26	27	1	0.54
27	28	1	0.14	27	28	1	0.11
28	29	1	1.73	28	29	1	0.04
29	30	1	0.21	29	30	1	3.31
30	31	1	0.01	30	31	1	0.06

Table 3. Wall Sample results from the URW1b lode

URW1b – Left Wall				URW1b – Right Wall
From	To	Interval (m)	Au g/t	From	To	Interval (m)	Au g/t
0	1	1	0.00	0	1	1	0.73
1	2	1	0.48	1	2	1	3.02
2	3	1	1.17	2	2.8	0.8	1.33
3	4	1	2.21	2.8	3.8	1	3.41
4	5	1	2.62	3.8	4.8	1	1.67
5	6	1	0.20	4.8	5.8	1	0.12
6	7	1	149.86	5.8	6.8	1	27.71
7	8	1	3.83	6.8	7.4	0.6	5.14
8	9	1	0.00	7.4	8.4	1	3.96
9	10	1	80.11	8.4	9.4	1	5.01
10	11	1	23.20	9.4	9.8	0.4	50.76
11	11.2	0.2	27.14	9.8	10.8	1	91.15
11.2	12	0.8	68.44	10.8	11.8	1	0.17
12	13	1	0.00	11.8	12.8	1	6.4
13	14	1	0.00	12.8	13.8	1	19.68
14	15	1	12.00	13.8	14.8	1	11.76
15	16	1	12.36	14.8	15.8	1	47.29
16	17	1	10.19	15.8	16.8	1	49.02
17	18	1	0.82	16.8	17.8	1	37.29
18	19	1	2.03
19	20	1	0.00
20	21	1	0.00
21	22	1	2.16

Table 4. Coordinates for wall sample lines reported in this release, using the end of the sample line as the reference point (i.e. the northern most point). Coordinates are in Fiji map grid.

Sample Line	Easting (m)	Northing (m)	Elevation (m)	Sample Line Length
URW1a – Left Wall	1876335	3920735	141	31
URW1a – Right Wall	1876338	3920736	141	31
URW1b – Left Wall	1876347	3920738	142	22
URW1b – Right Wall	1876350	3920737	142	17.8

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175090

Energy Junior Mining Lion One Metals Precious Metals

Lion One Reports Robust Gold Grades from Tuvatu Mine in Fiji

Post author By admin
Post date July 13, 2023

Face Sampling Returns 19.91 g/t Au over 35 m, Peak Value of 246 g/t Au

North Vancouver, British Columbia–(Newsfile Corp. – July 13, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report successful mining results and better than expected grades from underground developments at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Face sampling on the URW1a lode returned 19.91 g/t Au over the first 35 m of mining, while face sampling on the URW1b lode returned 9.60 g/t Au over the first 22.5 m of mining. The URW1 lode system was originally modelled as a single lode with average grade of 14.05 g/t Au. The grade from the URW1a lode is therefore stronger than anticipated while the grade from the URW1b lode represents additional upside.

Highlights of Face Sampling Results:

43.49 g/t Au over 2.1 m (including 61.67 g/t Au over 1.40m) (1140.URW1.NTH.OD-A_17)
34.33 g/t Au over 2.4 m (including 56.56 g/t Au over 1.10m) (1140.URW1.NTH.OD-A_12)
37.00 g/t Au over 2.0 m (including 56.01 g/t Au over 1.32m) (1140.URW1.NTH.OD-A_11)
31.62 g/t Au over 2.33 m (including 50.88 g/t Au over 0.63m) (1140.URW1.NTH.OD-A_16)
34.61 g/t Au over 2.1 m (including 52.81 g/t Au over 1.30m) (1140.URW1.NTH.OD-A_13)
31.52 g/t Au over 2.0 m (including 246.79 g/t Au over 0.23m) (1140.URW1.NTH.OD-A_02)
31.90 g/t Au over 1.9 m (including 60.23 g/t Au over 0.50m) (1140.URW1.NTH.OD-A_08)
25.61 g/t Au over 2.0 m (including 66.4 g/t Au over 0.75m) (1140.URW1.NTH.OD-A_01)
17.32 g/t Au over 1.96 m (including 25.42 g/t Au over 0.31m) (1140.URW1.NTH.OD-B_07)
16.09 g/t Au over 2.0 m (including 35.20 g/t Au over 0.52m) (1140.URW1.NTH.OD-B_11)
12.41 g/t Au over 2.2 m (including 30.50 g/t Au over 0.60m) (1140.URW1.NTH.OD-B_15)
15.77 g/t Au over 1.73 m (including 48.51 g/t Au over 0.36m) (1140.URW1.NTH.OD-B_17)

Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the results from our face sampling program on the URW1a and URW1b lodes at Tuvatu. Face samples are collected directly from the mining drive and as such they provide the most accurate representation of the grade of the material that we’re mining, and the results to date are much greater than expected. These results provide the first comprehensive view of the grade distribution within these lodes. Tuvatu has once again outperformed and as underground developments progress we’re beginning to see the true potential of the system.”

Face Sampling

Table 1. Highlights of Face Sampling from the URW1a and URW1b lodes

Face ID		From	To	Interval (m)	Au (g/t)
1140.URW1.NTH.OD-A_02		0.67	1.35	0.68	88.58
	including	0.67	0.90	0.23	246.79
	and	0.90	1.35	0.45	7.71
1140.URW1.NTH.OD-A_01		0.00	0.75	0.75	66.40
	including	0.00	0.56	0.56	51.20
	and	0.56	0.75	0.19	111.20
1140.URW1.NTH.OD-A_17		0.70	2.10	1.40	61.67
	including	0.70	1.35	0.65	33.47
	and	1.35	2.10	0.75	86.11
1140.URW1.NTH.OD-A_11		0.68	2.00	1.32	56.01
	including	0.68	1.20	0.52	75.53
	and	1.20	1.70	0.50	36.21
	and	1.70	2.00	0.30	55.19
1140.URW1.NTH.OD-A_13		0.80	2.10	1.30	52.81
	including	0.80	1.60	0.80	45.19
	and	1.60	2.10	0.50	65.01
1140.URW1.NTH.OD-A_12		1.30	2.40	1.10	56.56
	including	1.30	1.90	0.60	64.92
	and	1.90	2.40	0.50	46.52
1140.URW1.NTH.OD-A_16		0.76	1.93	1.17	37.21
	including	0.76	1.39	0.63	50.88
	and	1.39	1.86	0.47	13.08
	and	1.86	1.93	0.07	76.15
1140.URW1.NTH.OD-A_08		1.10	1.90	0.80	37.07
	including	1.10	1.50	0.40	43.56
	and	1.50	1.90	0.40	30.57
1140.URW1.NTH.OD-B_11		0.00	1.00	1.00	27.87
	including	0.00	0.48	0.48	19.94
	and	0.48	0.87	0.39	23.62
		0.87	1.00	0.13	69.93
1140.URW1.NTH.OD-B_07		0.00	0.76	0.76	25.59
	including	0.00	0.45	0.45	25.70
	and	0.45	0.76	0.31	25.42

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/173370_9cc80cc694a50a8e_001full.jpg

Figure 2. Plan map showing the location and face grades returned from face sampling in URW1a and URW1b. The URW1a mining drive is on the left and the URW1b mining drive is on the right. Face grades in g/t Au and their corresponding sample numbers are shown in white. The locations of the face samples are indicated by the sub-horizontal lines. Grid lines are 10 m apart. Mining is ongoing and progressing to the north.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/173370_figure2.jpg

Mining of the URW1 lodes has been ongoing since May 18th, 2023, and is being conducted through the use of airleg mining. Mining is progressing in a step-wise fashion with the mining drives advancing in increments of 2 m. Prior to blasting, a face sample is collected across the face of the advancing drive, with the sample being oriented approximately perpendicular to the strike of the mineralized lode (Figure 3). These samples lines are typically around 2 m in length and traverse the entire width of the drive such that they represent all the material mined and not just the main lode. The face samples are therefore considered representative of the grade at the face of the advancing drive and provide an indication of the grade of the material extracted with each blast. The series of face samples collected progressively along the strike of the lode provide an estimate of the grade of the material mined from the lode to date. Due to the nature of mineralization at Tuvatu there is local variation in gold grades, and the more extensive the systematic sampling is the more accurate the depiction of the overall grade and gold content of each lode will be. For a description of the geology and mineralization of the URW1 lodes, see the Lion One news release dated April 25th, 2023.

Figure 3. Face sampling methodology, URW1a. Photo of the face and sample grades for the 1140.URW1.NTH.OD-A_12 face of the URW1a lode. Samples are marked with red paint with red numbers indicating sample interval boundaries in meters. Gold grades are indicated in white. The main lode is visible on the right side of the face and is highlighted by the yellow dashed lines. In this case the lode is trending towards the east (to the right side of the photo), and the miners will start mining in that direction with the next blast, as is seen in Figure 2 above at sample 1140.URW1.NTH.OD-A_12. Sample bags are visible towards the bottom of the image, with 4 samples taken across the face and an additional duplicate sample taken at the location of the main lode. Bag numbers are visible in the face photos as a QAQC measure. Samples are collected by chipping material off the face rock equally along the length of the sample line.

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https://images.newsfilecorp.com/files/2178/173370_9cc80cc694a50a8e_057full.jpg

Figure 4. Examples of visible gold identified during sampling. Scratcher pen used for scale in top two images. Width of sampled in bottom image is 4.5 cm.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/173370_9cc80cc694a50a8e_058full.jpg

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility for the adequacy or accuracy of this release

Appendix 1: Complete Face Sample Results and Location Information

Table 2. Face Grade and Sample results from the URW1a lode (face grade >0.5 g/t Au)

Face ID	Face Sample Information				Total Sample Length (m)	Face Grade (Au g/t)
Face ID	From	To	Interval (m)	Au (g/t)	Total Sample Length (m)	Face Grade (Au g/t)
1140.URW1.NTH.OD-A_01	0	0.56	0.56	51.20	2.00	25.61
	0.56	0.75	0.19	111.20
	0.75	1.20	0.45	2.69
	1.20	2.00	0.80	0.25
1140.URW1.NTH.OD-A_02	0	0.67	0.67	2.96	2.00	31.52
	0.67	0.90	0.23	246.79
	0.90	1.35	0.45	7.71
	1.35	2.00	0.65	1.27
1140.URW1.NTH.OD-A_03	0	0.50	0.50	9.24	2.00	12.12
	0.50	0.86	0.36	6.52
	0.86	0.90	0.04	26.12
	0.90	1.36	0.46	1.45
	1.36	2.00	0.64	24.30
1140.URW1.NTH.OD-A_04	0	0.51	0.51	2.81	1.70	6.54
	0.51	0.71	0.20	14.37
	0.71	1.22	0.51	7.88
	1.22	1.70	0.48	5.83
1140.URW1.NTH.OD-A_06	0	0.47	0.47	3.67	2.00	5.86
	0.47	0.60	0.13	3.86
	0.60	1.00	0.40	0.06
	1.00	1.31	0.31	0.05
	1.31	2.00	0.69	13.69
1140.URW1.NTH.OD-A_07	0	0.70	0.70	34.75	2.20	12.01
	0.70	0.96	0.26	4.46
	0.96	1.55	0.59	0.20
	1.55	2.20	0.65	1.27
1140.URW1.NTH.OD-A_08	0	0.50	0.50	60.23	1.90	31.90
	0.50	1.10	0.60	1.41
	1.10	1.50	0.40	43.56
	1.50	1.90	0.40	30.57
1140.URW1.NTH.OD-A_09	0	0.55	0.55	0.80	2.10	6.25
	0.55	1.10	0.55	0.26
	1.10	1.80	0.70	16.67
	1.80	2.10	0.30	2.89
1140.URW1.NTH.OD-A_10	0	0.83	0.83	20.99	1.92	17.15
	0.83	1.53	0.70	15.26
	1.53	1.92	0.39	12.37
1140.URW1.NTH.OD-A_11	0	0.68	0.68	0.08	2.00	37.00
	0.68	1.20	0.52	75.53
	1.20	1.70	0.50	36.21
	1.70	2.00	0.30	55.19
1140.URW1.NTH.OD-A_12	0	0.60	0.60	15.53	2.40	34.33
	0.60	1.30	0.70	15.50
	1.30	1.90	0.60	64.92
	1.90	2.40	0.50	46.52
1140.URW1.NTH.OD-A_13	0	0.80	0.80	5.02	2.10	34.61
	0.80	1.60	0.80	45.19
	1.60	2.10	0.50	65.01
1140.URW1.NTH.OD-A_15	0	0.48	0.48	0.01	1.82	1.16
	0.48	1.04	0.56	2.80
	1.04	1.42	0.38	0.86
	1.42	1.82	0.40	0.52
1140.URW1.NTH.OD-A_16	0	0.76	0.76	0.07	2.33	31.62
	0.76	1.39	0.63	50.88
	1.39	1.86	0.47	13.08
	1.86	1.93	0.07	76.15
	1.93	2.33	0.40	75.20
1140.URW1.NTH.OD-A_17	0	0.70	0.70	7.14	2.10	43.49
	0.70	1.35	0.65	33.47
	1.35	2.10	0.75	86.11
1140.URW1.NTH.OD-A_18	0	0.70	0.70	6.84	2.30	2.40
	0.70	1.23	0.53	0.02
	1.23	2.00	0.77	0.15
	2.00	2.30	0.30	1.99
1140.URW1.NTH.OD-A_19	0	0.74	0.74	1.84	2.40	4.91
	0.74	1.39	0.65	4.61
	1.39	1.86	0.47	1.67
	1.86	2.40	0.54	12.30

Table 3. Face Grade and Sample results from the URW1b lode (face grade >0.5 g/t Au)

Face ID	Face Sample Information				Total Sample Length (m)	Face Grade (Au g/t)
Face ID	From	To	Interval (m)	Au (g/t)	Total Sample Length (m)	Face Grade (Au g/t)
1140.URW1.NTH.OD-B_02	0	0.50	0.50	0.56	2.00	2.75
	0.50	1.20	0.70	0.61
	1.20	1.56	0.36	2.22
	1.56	2.00	0.44	9.09
1140.URW1.NTH.OD-B_07	0	0.45	0.45	25.70	1.96	17.32
	0.45	0.76	0.31	25.42
	0.76	0.91	0.15	5.81
	0.91	1.13	0.22	13.70
	1.13	1.96	0.83	12.79
1140.URW1.NTH.OD-B_08	0	0.47	0.47	7.93	1.70	6.31
	0.47	0.70	0.23	14.04
	0.70	1.20	0.50	3.18
	1.20	1.70	0.50	4.37
1140.URW1.NTH.OD-B_09	0	0.50	0.50	0.60	1.95	2.01
	0.50	1.00	0.50	0.13
	1.00	1.50	0.50	6.82
	1.50	1.95	0.45	0.33
1140.URW1.NTH.OD-B_10	0	0.45	0.45	10.69	2.10	5.7
	0.47	0.86	0.39	2.24
	0.86	1.10	0.24	22.56
	1.10	2.10	1.00	0.76
1140.URW1.NTH.OD-B_11	0	0.48	0.48	19.94	2.00	16.09
	0.48	0.87	0.39	23.62
	0.87	1.00	0.13	69.93
	1.00	2.00	1.00	4.30
1140.URW1.NTH.OD-B_12	0	0.75	0.75	6.48	3.30	10.76
	0.75	1.40	0.65	4.61
	1.40	2.00	0.60	0.48
	2.00	2.70	0.70	11.66
	2.70	3.30	0.60	31.98
1140.URW1.NTH.OD-B_13	0	0.60	0.60	0.01	1.70	0.01
	0.60	1.11	0.51	0.01
	1.11	1.50	0.39	0.01
	1.50	1.70	0.20	0.01
1140.URW1.NTH.OD-B_15	0	0.70	0.70	2.90	2.20	12.41
	0.70	1.30	0.60	30.50
	1.30	1.50	0.20	10.13
	1.50	2.20	0.70	7.06
1140.URW1.NTH.OD-B_17	0	0.70	0.70	2.87	1.73	15.77
	0.70	1.06	0.36	48.51
	1.06	1.42	0.36	11.90
	1.42	1.73	0.31	11.36

Table 4. Coordinates for face sample lines reported in this release, using the end of the sample line as the reference point. Coordinates are in Fiji map grid.

Face ID	Easting	Northing	Elevation
1140.URW1.NTH.OD-A_01	1876336	3920736	141
1140.URW1.NTH.OD-A_02	1876336	3920738	141
1140.URW1.NTH.OD-A_03	1876336	3920739	141
1140.URW1.NTH.OD-A_04	1876336	3920741	141
1140.URW1.NTH.OD-A_06	1876336	3920743	141
1140.URW1.NTH.OD-A_07	1876335	3920745	141
1140.URW1.NTH.OD-A_08	1876335	3920747	141
1140.URW1.NTH.OD-A_09	1876335	3920750	141
1140.URW1.NTH.OD-A_10	1876335	3920752	141
1140.URW1.NTH.OD-A_11	1876335	3920754	142
1140.URW1.NTH.OD-A_12	1876335	3920756	142
1140.URW1.NTH.OD-A_13	1876336	3920758	142
1140.URW1.NTH.OD-A_15	1876337	3920762	141
1140.URW1.NTH.OD-A_16	1876338	3920764	141
1140.URW1.NTH.OD-A_17	1876338	3920765	141
1140.URW1.NTH.OD-A_18	1876339	3920766	141
1140.URW1.NTH.OD-A_19	1876340	3920768	141
1140.URW1.NTH.OD-B_02	1876349	3920738	144
1140.URW1.NTH.OD-B_07	1876349	3920744	142
1140.URW1.NTH.OD-B_08	1876348	3920745	141
1140.URW1.NTH.OD-B_09	1876348	3920748	141
1140.URW1.NTH.OD-B_10	1876348	3920749	141
1140.URW1.NTH.OD-B_11	1876349	3920752	141
1140.URW1.NTH.OD-B_12	1876349	3920754	141
1140.URW1.NTH.OD-B_15	1876349	3920759	141
1140.URW1.NTH.OD-B_17	1876349	3920762	141

Junior Mining Lion One Metals Precious Metals

Lion One Announces Completion of CSAMT Survey at Tuvatu

Post author By admin
Post date June 20, 2023

North Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has completed a CSAMT (Controlled Source Audio-frequency Magnetotellurics) survey at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Highlights:

14 new CSAMT survey lines were completed, including 7 across the main Tuvatu deposit area.
3 lines from the 2019 CSAMT survey were extended.
Station density has doubled from 100 m in the 2019 survey to 50 m in the 2022-23 survey.
Line spacing has halved from an average of 560 m in 2019 to an average of 300 m in 2023.
A total of approximately 33 line-kms were surveyed (11 km in 2022 and 22 km in 2023).
CSAMT processing and interpretation is expected to be complete in July; increased resolution of the CSAMT data will be used to generate high quality drill targets across the Navilawa caldera.

Lion One Chairman and CEO Walter Berukoff commented: “We’re thrilled to have completed our CSAMT survey and we eagerly await the results of the survey, which we hope to have available later in July. The 2019 survey was invaluable in helping us to discover the feeder zone underlying Tuvatu and led us directly to the 500 Zone, where we intersected 75.9 m of 20.86 g/t Au.¹ The 2022-2023 survey will complement the 2019 survey and will dramatically improve survey resolution across the property, where we have already identified numerous exciting and untested prospects. The CSAMT data will help us to identify and refine drill targets underlying those prospects and we look forward to drill testing select targets later in 2023.”

Figure 1. Location of 2022-2023 CSAMT Survey Lines.

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CSAMT Overview

CSAMT is a ground geophysical method used for obtaining information about subsurface resistivity in a survey area. It measures the electrical resistivity of rocks down to depths of approximately 1.2 to 1.5 km, which is much deeper than alternative resistivity techniques. The survey identifies areas of bedrock with contrasting electrical properties, often due to variations in lithology, porosity, or alteration. Abrupt changes in resistivity occur when two rock types with differing resistivity characteristics are juxtaposed against one another, or when an area is highly fractured and allows groundwater to penetrate resistive rocks thereby producing an area of lower resistivity. CSAMT surveys are highly beneficial in identifying subsurface structures, such as lithological contact zones, faults, and fracture systems, especially if these are deep-rooted structures.

In alkaline gold deposits such as Tuvatu, it is these deep-rooted structures that provide the conduits for fluid flow to rise up in the earth’s crust and in which gold is deposited. When interpreting CSAMT data, the main focus is on steep resistivity gradients that may indicate the presence of such structures. CSAMT surveys are the pre-eminent geophysical tool in identifying mineralized structures and drill targets in alkaline gold deposits.

2022-2023 Survey

Lion One’s 2022-2023 CSAMT survey was designed to complement the 2019 survey by adding infill and extension lines to the previous survey area. The 2019 survey was moderate to widely spaced, with line spacing ranging from 300 m to 800 m, and station spacing every 100 m. Line and station spacing has improved significantly across the Navilawa Caldera following the 2022-2023 CSAMT survey, with line spacing ranging from 100 m to 400 m, and station spacing only 50 m apart on all new lines (Figure 1). The increased line and station density will provide greater resolution across the property and will assist in refining and generating new drill targets in the caldera.

The 2022-2023 CSAMT survey was conducted by Zonge Engineering and Research Organization of Adelaide, Australia. The 2022 portion of the survey was completed on October 8^th, 2022 and the 2023 portion was completed on June 10^th, 2023. A total of 33 line-km were surveyed, with 11 km completed in 2022 and 22 km completed in 2023. In addition to the 22.5 line-km surveyed in 2019, Lion One has now surveyed a total of 55.5 line-km of CSAMT across the Navilawa Caldera. Notably, the 2022-2023 survey included 5 survey lines oriented north-south across the main Tuvatu deposit, providing a high-density grid of coverage across the Tuvatu area. This will provide high-quality resistivity data for the Tuvatu deposit and all near-mine exploration targets, such as the West Zone.

Lion One has also identified numerous regional prospects throughout the Navilawa Caldera, with multiple surface samples returning grades of over 100 g/t Au (Figure 2). One of the goals of the 2022-2023 CSAMT survey was to improve coverage and understanding of the structural architecture underlying these prospects, some of which are located on the edge of the 2019 survey lines where results can be less reliable. The 2022-2023 infill and extension lines will dramatically improve survey resolution and reliability in these areas and will help refine drill targets underlying those prospects.

The 2022-2023 CSAMT survey was originally planned for 2021 but was delayed by the COVID-19 pandemic. The 2022-2023 survey was completed under budget.

Figure 2. Select Regional Prospects. Select regional prospects covered by the CSAMT survey area. The goal of the CSAMT survey is to define high resolution structures underlying these prospects and to thereby identify high priority drill targets. All grades shown are peak results from surface samples, either rock chips or channel samples. Refer to the November 15^th, 2022 news release and the April 22^nd, 2022 technical report for full contextualization of data.

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Figure 3. Example 2019 CSAMT Interpretation, West Zone. The 2019 CSAMT survey identified several resistivity gradients in the area of the West Zone which may indicate a potential new feeder zone. The 2022-2023 CSAMT infill and extension lines in this area will increase resolution and help to refine drill targets in the West Zone. Warm colors indicate areas of high resistivity, cool colors indicate areas of low resistivity. Inset map shows the location of this interpretation section in relation to the Navilawa caldera, with the D-D’ line highlighted in yellow and the main Tuvatu deposit indicated by the star. The 2019 survey, including this figure, is the subject of a news release dated February 5, 2020.

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About Tuvatu

Qualified Person

About Lion One Metals Limited

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

¹Refer Company news release dated 6 June 2022.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170646

Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One Reports High-Grade Gold Results at Tuvatu

Post author By admin
Post date June 14, 2023

Grade Control Drilling in URW1 and Zone 5 Areas Returns Grades over 100 g/t Au

North Vancouver, British Columbia–(Newsfile Corp. – June 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for grade control drilling completed on both the URW1 lode system as well as the Zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, UR3, UR4, URW2, URW3, URW1A, and UR2A (Figure 1). As reported on May 18, 2023, initial mining of the URW1 lode system has already commenced and grade control drilling is being completed in advance of mining. The Zone 5 area of the deposit is scheduled for mining in early 2024 and thus the grade control drilling in this area is being conducted in anticipation of future mining, as well as to increase the knowledge of the deposit in that area. Additional high-grade intersections peripheral to both the URW1 and the Zone 5 areas are also included in this release as part of the grade control program.

Highlights of new grade control drilling:

7.14 g/t Au over 21.6 m (including 18.61 g/t Au over 5.1 m) (TGC-0042, from 73.6 m depth)
52.05 g/t Au over 2.1 m (including 345.3 g/t Au over 0.3m) (TGC-0042, from 118.0 m depth)
23.11 g/t Au over 3.6 m (including 125.31 g/t Au over 0.3 m) (TGC-0040, from 65.4 m depth)
19.43 g/t Au over 3.3 m (including 80.87 g/t Au over 0.6 m) (TGC-0051, from 49.5 m depth)
21.15 g/t Au over 2.7 m (including 67.59 g/t Au over 0.6 m) (TGC-0047, from 123.3 m depth)
9.39 g/t Au over 4.2 m (including 67.30 g/t Au over 0.3 m) (TGC-0050, from 26.7 m depth)
10.13 g/t Au over 3.9 m (including 38.58 g/t Au over 0.6 m) (TGC-0043, from 66.3 m depth)
33.99 g/t Au over 0.9 m (including 100.89 g/t Au over 0.3 m) (TGC-0045, from 62.1 m depth)
78.03 g/t Au over 0.3 m (TGC-0052, from 40.2 m depth)

Grade control drilling is being conducted on 5-10 m centers and is designed to provide a much higher resolution of the lode arrays than compared to infill drilling, which is being conducted on approximately 20 m centers. This increased resolution provides a much better understanding of the geometry and mineralization of the lodes and helps to optimize mine development and extraction. The grade control drilling program is currently on schedule and the results to date confirm the local understanding of the URW1 and Zone 5 geological models.

Figure 1. Plan View of the Main Tuvatu Deposit with Reported Grade Control Drilling. Plan view image illustrating the location of the most recent grade control drillholes in relation to the Tuvatu lode system. Grade control holes are shown in black, currently modelled mineralized lodes are shown in light grey, the main decline is shown in red, and the historical exploration decline in blue. Previous grade control, infill and exploration drillholes are not shown.

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URW1 Grade Control Drilling
The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.

A total of 52 grade control holes have been completed to date in the grade control drill program. Results from the first 36 drillholes (TGC-0001 to TGC-0036) were reported on April 25, 2023, and the next 16 drillholes (TGC-0037 to TGC-0052) are reported here. Ten of the most recent grade control drillholes targeted the URW1 area. Figure 2 shows the location of the most recent drillholes in relation to the URW1a and URW1b lodes, as well as to the main Tuvatu decline. Grade control drilling on the URW1 lode system has been conducted from underground from both the main decline and the historical exploration decline, and has been designed to target an 80 m strike section within the overall 300 m strike length of the URW1 system.

Figure 2. Plan View of URW1 Lode System. Plan view image illustrating the location of the most recent grade control holes in relation to the URW1 lode system. The URW1 lode system consists of multiple separate lodes, two of which are highlighted here; URW1a in purple and URW1b in green. The remaining URW1 lodes are shown in brown. The main decline is shown in red, the historical exploration decline in blue, and the grade control drillholes in black.

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Figure 3. Long Section View of URW1 Lode System. Long section view showing recent high-grade drill intercepts of URW1 with URW1a highlighted in pink and URW1b highlighted in green. All other URW1 lodes are shown in brown. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades over 10 g/t Au are shown in red. Image is looking north.

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Figure 4. Example URW1 Drill Core. LEFT: TGC-0040 at 67.3 m depth. Monzonite-hosted stockwork-style veining with a narrow high-grade silica vein containing coarse grained visible gold. RIGHT: TGC-0042 at 91.60 m depth. Vuggy silica vein with narrow bleached alteration halo in monzonite. Width of core is 4.76 cm in each photo.

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Zone 5 Grade Control Drilling
The Zone 5 area of the Tuvatu deposit consists of the upper portion of a series of closely spaced lode systems. The lode systems targeted by the most recent grade control drilling in Zone 5 are the UR1, UR2, and URW3 lodes. These three lodes are located just east of the historical exploration decline, strike approximately N-S, and dip sub-vertically to steeply east, similar to the URW1 lodes. As currently modelled, the UR1, UR2, and URW3 lodes have vertical extents ranging from approximately 700 m to approximately 900 m, and strike lengths ranging from 300 m to 600 m. All three of the lodes are open both along strike and at depth.

A total of six Zone 5 grade control drillholes are included in this report. These are the first six grade control drillholes to target the Zone 5 area and they follow upon the initial results from an ongoing infill drill program in the area. Figure 5 shows the location of these drillholes in relation to the UR1, UR2, and URW3 lodes, as well as to the historical exploration decline. Grade control drilling in the Zone 5 area has been conducted from the historical exploration decline and has been designed to target a 60 m strike section within the overall 300 m to 600 m strike length of these lodes.

Figure 5. Zone 5 Grade Control Drilling in Relation to Targeted Zone 5 Lodes. Image shows the Zone 5 grade control holes in relation to the targeted UR1, UR2, and URW3 lodes. These lodes are slightly concave with URW3 on the inside (left side on image), closest to the exploration decline, and UR1 on the outside. UR1 is shown in pink, UR2 in green, and URW3 in blue. The historical exploration decline is shown in bright blue, and the grade control drillholes are partially visible in black within the circle.

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Figure 6. Zone 5 Grade Control Intercepts. Section view facing north, showing a 60 m slice of lodes UR1, UR2, and URW3 within Zone 5. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, while intervals with grades over 10 g/t Au are shown in red and purple.

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Figure 7. Examples of Zone 5 Drill Core. LEFT: UR2 lode in TGC-0049 at 35.15 m depth. Coarse grained honey sphalerite and pyrite in variable light to dark grey quartz vein with narrow potassic alteration halo. RIGHT: URW3 lode in TGC-0050 at 29.6 m depth. Abundant coarse honey sphalerite rimmed by fine grained sooty pyrite +/- galena and narrow potassic alteration halo, within a larger zone of stockwork style mineralization. Width of core is 4.76 cm in each photo.

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Table 1. Highlights of composited drill results in the URW1 area. Only new grade control drilling results are included here. For previous results see news release from April 25, 2023. For full results see Table 3 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0039		77.4	78.3	0.9	8.37
TGC-0039		101.7	102.9	1.2	7.18
	including	102.3	102.6	0.3	15.64
TGC-0040		30.3	31.5	1.2	4.7
TGC-0040		51.3	53.1	1.8	12.63
	including	51.9	52.5	0.6	27.05
TGC-0040		65.4	69	3.6	23.1
	including	66	66.3	0.3	85.87
	and	67.2	67.5	0.3	125.31
	and	68.4	68.7	0.3	13.93
	and	68.7	69	0.3	46.89
TGC-0040		82.5	82.8	0.3	64.65
TGC-0041		16.8	19.8	3	1.52
TGC-0042		47.4	51	3.6	3.96
	including	50.7	51	0.3	31.99
TGC-0042		52.8	54.6	1.8	11.82
	including	53.7	54	0.3	64.24
TGC-0042		60	63	3	5.52
	including	61.8	63	1.2	11.1
TGC-0042		64.5	66.6	2.1	7.19
	including	64.5	65.1	0.6	17.34
TGC-0042		68.5	72.4	3.9	4.46
	including	68.5	69.7	1.2	8.25
TGC-0042		73.6	95.2	21.6	7.14
	including	76.3	78.1	1.8	7.47
	and	82	92.5	10.5	12.06
	which includes	83.2	83.5	0.3	19.99
	and	85.9	86.2	0.3	11.88
	and	88.6	88.9	0.3	19.92
	and	89.5	90.1	0.6	15.26
	and	90.4	91.9	1.5	42.05
	which includes	90.4	91	0.6	19.98
	and	91	91.3	0.3	24.93
	and	91.3	91.9	0.6	72.68
TGC-0042		118	120.1	2.1	52.05
	including	118.6	119.2	0.6	177.66
	which includes	118.9	119.2	0.3	345.34
TGC-0043		33.3	34.5	1.2	5.72
	including	33.3	33.6	0.3	9.15
TGC-0043		66.3	70.2	3.9	10.13
	including	66.3	68.1	1.8	19.74
	which includes	66.3	66.9	0.6	38.58
	and	66.9	67.5	0.6	12.69
TGC-0044		36.6	39	2.4	8.87
	including	36.6	37.5	0.9	16.81
TGC-0045		62.1	63	0.9	33.99
	including	62.7	63	0.3	100.89
TGC-0045		75	75.6	0.6	5.94
	including	75	75.3	0.3	9.3
TGC-0047		100.5	101.4	0.9	23.16
TGC-0047		100.5	100.8	0.3	59.63
TGC-0047		102.6	107.7	5.1	1.54
TGC-0047		123.3	126	2.7	21.14
	including	124.5	126	1.5	37.08
	which includes	124.5	124.8	0.3	45.88
	and	124.8	125.4	0.6	67.59
TGC-0051		16.2	19.2	3	10.15
	including	16.8	17.4	0.6	19.15
	and	18	18.6	0.6	16.29
	and	18.6	19.2	0.6	9.57
TGC-0051		49.5	52.8	3.3	19.43
	including	49.5	50.1	0.6	8.35
	and	50.1	50.7	0.6	80.87
	and	51.9	52.8	0.9	8.69

Table 2. Highlights of composited drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0049		29.4	35.1	5.7	4.07
	including	30	32.1	2.1	9.15
	which includes	30.3	30.9	0.6	16.71
	and	31.2	31.8	0.6	8.88
TGC-0049		43.3	45.1	1.8	7.59
	including	43.9	44.5	0.6	16.87
TGC-0050		26.7	30.9	4.2	9.39
	including	27.6	30.6	3	12.78
	which includes	27.9	29.7	1.8	18
	which includes	29.4	29.7	0.3	67.3
TGC-0052		40.2	40.5	0.3	78.03

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.

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 3. Composited results from grade control drillholes in the URW1 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0039		77.4	78.3	0.9	8.37
TGC-0039		86.1	87	0.9	1.1
TGC-0039		101.7	102.9	1.2	7.18
TGC-0039	including	102.3	102.6	0.3	15.64
TGC-0039		106.5	107.1	0.6	0.99
TGC-0039		112.5	113.1	0.6	1.09
TGC-0039		117.3	117.6	0.3	5.86
TGC-0040		10.8	12.3	1.5	2.05
TGC-0040		30.3	31.5	1.2	4.7
TGC-0040		49.8	50.1	0.3	0.85
TGC-0040		51.3	53.1	1.8	12.63
TGC-0040	including	51.9	52.5	0.6	27.05
TGC-0040		56.1	56.7	0.6	1.44
TGC-0040		65.4	69	3.6	23.1
TGC-0040	including	66	66.3	0.3	85.87
TGC-0040	and	67.2	67.5	0.3	125.31
TGC-0040	and	68.4	68.7	0.3	13.93
TGC-0040	and	68.7	69	0.3	46.89
TGC-0040		82.5	82.8	0.3	64.65
TGC-0040		85.5	87	1.5	2.47
TGC-0040		90.9	91.2	0.3	4.66
TGC-0041		16.8	19.8	3	1.52
TGC-0041		51.9	52.8	0.9	0.82
TGC-0042		24	25.2	1.2	0.92
TGC-0042		39	39.6	0.6	1.94
TGC-0042		47.4	51	3.6	3.96
TGC-0042	including	50.7	51	0.3	31.99
TGC-0042		52.8	54.6	1.8	11.82
TGC-0042	including	53.7	54	0.3	64.24
TGC-0042		56.1	57.3	1.2	2.32
TGC-0042		60	63	3	5.52
TGC-0042	including	61.8	63	1.2	11.1
TGC-0042		64.5	66.6	2.1	7.19
TGC-0042	including	64.5	65.1	0.6	17.34
TGC-0042		68.5	72.4	3.9	4.46
TGC-0042	including	68.5	69.7	1.2	8.25
TGC-0042		73.6	95.2	21.6	7.14
TGC-0042	including	76.3	78.1	1.8	7.47
TGC-0042	and	82	92.5	10.5	12.06
TGC-0042	which includes	83.2	83.5	0.3	19.99
TGC-0042	and	85.9	86.2	0.3	11.88
TGC-0042	and	88.6	88.9	0.3	19.92
TGC-0042	and	89.5	90.1	0.6	15.26
TGC-0042	and	90.4	91.9	1.5	42.05
TGC-0042	which includes	90.4	91	0.6	19.98
TGC-0042	and	91	91.3	0.3	24.93
TGC-0042	and	91.3	91.9	0.6	72.68
TGC-0042		97.6	99.7	2.1	0.96
TGC-0042		110.8	112.3	1.5	2.49
TGC-0042		118	120.1	2.1	52.05
TGC-0042	including	118.6	119.2	0.6	177.66
TGC-0042	which includes	118.9	119.2	0.3	345.34
TGC-0042		122.5	122.8	0.3	0.61
TGC-0042		124	124.6	0.6	2.88
TGC-0043		33.3	34.5	1.2	5.72
TGC-0043	including	33.3	33.6	0.3	9.15
TGC-0043		66.3	70.2	3.9	10.13
TGC-0043	including	66.3	68.1	1.8	19.74
TGC-0043	which includes	66.3	66.9	0.6	38.58
TGC-0043	and	66.9	67.5	0.6	12.69
TGC-0043		84	85.5	1.5	1.02
TGC-0044		1.8	2.7	0.9	2.37
TGC-0044		36.6	39	2.4	8.87
TGC-0044	including	36.6	37.5	0.9	16.81
TGC-0044		40	40.3	0.3	1.19
TGC-0044		47.6	47.9	0.3	0.57
TGC-0044		64.4	65.3	0.9	1.3
TGC-0044		74	74.6	0.6	1.02
TGC-0044		76.1	76.4	0.3	0.94
TGC-0044		80	80.3	0.3	0.66
TGC-0045		3.3	4.5	1.2	1.48
TGC-0045		39.3	39.6	0.3	1.2
TGC-0045		44.1	44.7	0.6	1.78
TGC-0045		57.9	58.8	0.9	2.74
TGC-0045		62.1	63	0.9	33.99
TGC-0045	including	62.7	63	0.3	100.89
TGC-0045		67.8	68.7	0.9	2.47
TGC-0045		75	75.6	0.6	5.94
TGC-0045	including	75	75.3	0.3	9.3
TGC-0045		82.5	83.1	0.6	1.09
TGC-0045		86.1	88.5	2.4	1.33
TGC-0045		93.3	94.2	0.9	2.29
TGC-0045		105.6	105.9	0.3	0.87
TGC-0047		4.8	5.4	0.6	2.55
TGC-0047		41.7	44.4	2.7	1.41
TGC-0047		48.6	49.2	0.6	1.12
TGC-0047		53.1	54	0.9	1.83
TGC-0047		61.5	61.8	0.3	0.67
TGC-0047		69.9	70.2	0.3	2.68
TGC-0047		72.3	73.8	1.5	0.94
TGC-0047		77.7	78.6	0.9	2.71
TGC-0047		81	81.9	0.9	1.44
TGC-0047		84.3	84.9	0.6	0.89
TGC-0047		91.5	91.8	0.3	0.56
TGC-0047		96	96.6	0.6	2.8
TGC-0047		98.4	98.7	0.3	0.61
TGC-0047		100.5	101.4	0.9	23.16
TGC-0047		100.5	100.8	0.3	59.63
TGC-0047		102.6	107.7	5.1	1.54
TGC-0047		110.4	111	0.6	1.08
TGC-0047		113.1	114.9	1.8	0.94
TGC-0047		123.3	126	2.7	21.14
TGC-0047	including	124.5	126	1.5	37.08
TGC-0047	which includes	124.5	124.8	0.3	45.88
TGC-0047	and	124.8	125.4	0.6	67.59
TGC-0047		127.2	128.4	1.2	0.99
TGC-0047		131.7	132.3	0.6	0.54
TGC-0047		134.7	138.3	3.6	1.39
TGC-0047		143.7	144.3	0.6	2.44
TGC-0051		16.2	19.2	3	10.15
TGC-0051	including	16.8	17.4	0.6	19.15
TGC-0051	and	18	18.6	0.6	16.29
TGC-0051	and	18.6	19.2	0.6	9.57
TGC-0051		23.7	24.3	0.6	1.77
TGC-0051		49.5	52.8	3.3	19.43
TGC-0051	including	49.5	50.1	0.6	8.35
TGC-0051	and	50.1	50.7	0.6	80.87
TGC-0051	and	51.9	52.8	0.9	8.69

Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0037		24.8	27.2	2.4	0.95
TGC-0037		29.6	29.9	0.3	0.57
TGC-0037		30.5	30.8	0.3	0.56
TGC-0038		27.5	27.8	0.3	0.53
TGC-0038		30.5	30.8	0.3	0.61
TGC-0046		21.2	21.5	0.3	3.33
TGC-0049		29.4	35.1	5.7	4.07
TGC-0049	including	30	32.1	2.1	9.15
TGC-0049	which includes	30.3	30.9	0.6	16.71
TGC-0049	and	31.2	31.8	0.6	8.88
TGC-0049		41.5	42.1	0.6	1.77
TGC-0049		43.3	45.1	1.8	7.59
TGC-0049	including	43.9	44.5	0.6	16.87
TGC-0049		47.2	47.8	0.6	0.87
TGC-0050		26.7	30.9	4.2	9.39
TGC-0050	including	27.6	30.6	3	12.78
TGC-0050	which includes	27.9	29.7	1.8	18
TGC-0050	which includes	27.9	28.2	0.3	10.04
TGC-0050	and	28.8	29.1	0.3	12.83
TGC-0050	and	29.4	29.7	0.3	67.3
TGC-0050		34.5	35.7	1.2	0.83
TGC-0052		27.3	28.8	1.5	0.77
TGC-0052		34.5	34.8	0.3	0.67
TGC-0052		40.2	40.5	0.3	78.03
TGC-0052		50.1	50.4	0.3	1.62

Table 5. Collar coordinates and dates of completion for grade control drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Date Completed	Easting	Northing	Elevation	Azimuth	Dip	DEPTH
TGC-0037	20-Apr-23	1876438	3920585	117	82.5	-0.5	55.4
TGC-0038	25-Apr-23	1876439	3920584	117	95.2	0.0	50.0
TGC-0039	27-Apr-23	1876437	3920744	139	294.2	8.0	120.1
TGC-0040	5-Apr-23	1876269	3920756	153	92.3	-13.0	92.3
TGC-0041	8-Apr-23	1876269	3920756	152	92.1	-24.5	101.7
TGC-0042	13-Apr-23	1876269	3920757	153	90.4	0.0	155.2
TGC-0043	17-Apr-23	1876269	3920757	153	87.1	-13.4	95.6
TGC-0044	20-Apr-23	1876269	3920757	154	81.4	20.0	86.0
TGC-0045	25-Apr-23	1876269	3920757	153	76.4	5.3	122.1
TGC-0046	28-Apr-23	1876439	3920584	118	95.4	13.6	61.7
TGC-0047	2-May-23	1876269	3920757	154	72.4	15.4	170.7
TGC-0048	8-May-23	1876437	3920744	139	296.2	2.0	42.4
TGC-0049	4-May-23	1876438	3920586	117	66.6	0.5	89.5
TGC-0050	5-May-23	1876438	3920586	118	66.5	14.2	56.5
TGC-0051	10-May-23	1876269	3920757	152	87.2	-26.6	125.6
TGC-0052	8-May-23	1876439	3920583	118	121.1	20.4	61.2

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169899

Junior Mining Lion One Metals Precious Metals

Lion One Commences Mining on Second Lode System at Tuvatu

Post author By admin
Post date May 18, 2023

North Vancouver, British Columbia–(Newsfile Corp. – May 18, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has commenced mining on the URW1 lode at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Strike driving has reached the URW1 Lode and the first underground images of the lode have been received (Figure 1). The initial intersection of the lode revealed one primary vein and numerous stockwork style veins. Visible gold was observed in multiple locations on the face of the lode and within four different fracture orientations (Figure 2). Three of these fracture orientations are sub-parallel to the grade control drill axis and would therefore be difficult to identify given their orientation relative to the grade control drilling (Figure 3). A sample line was completed perpendicular to the main vein, and a grab sample was collected from the foot of the face.

Highlights of the initial face sampling on URW1 are as follows:

51.2 g/t Au over 0.56 m
117.48 g/t Au over 0.19 m
37.99 g/t Au over 0.19 m
58.68 g/t Au (grab sample)

Figure 1. URW1 face and select samples. Face of URW1. Red lines indicate the approximate locations and widths of select chip samples collected from the sample line, dashed red circle indicates the approximate location of the grab sample, and small red circles indicate the locations of visible gold on the face. Gold grades in g/t are indicated in yellow.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/166597_5744e25494303b1b_001full.jpg.

Figure 2. Visible gold. A), B), C) Close-ups of visible gold highlighted in Figure 1, with gold circled in red. Width of each image is approximately 10-15cm.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/166597_5744e25494303b1b_002full.jpg.

Figure 3. Fracture orientations vs orientation of grade control drilling. Grade control drilling (red arrow) is oriented perpendicular to the URW1 lode (blue rectangle). Shapes A, B, C, and D represent the approximate orientations of the gold bearing fractures within the URW1 lode. Orientations B, C, and D are sub-parallel to the axis of the bulk of the grade control drilling and are therefore difficult to identify. The approximate orientations of these fractures are as follows: A) sub-parallel to the main lode, B) striking E-W and dipping steeply to the south, C) striking E-W and subvertical dip, and D) sub-horizontal with variable dip directions.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/166597_5744e25494303b1b_003full.jpg.

Lion One Chairman and CEO Walter Berukoff commented: “We are excited to have started mining our second lode at the Tuvatu gold mine, especially so soon after we started mining our first lode. Without the diligence and hard work performed by our geology and engineering teams in Fiji we could not have located the lode as successfully and as accurately as we did.”

“We are extremely pleased with the amount of coarse-grained gold visible on the face of the lode, which is even more than was anticipated. Following our initial sampling of the face, and due to the presence of visible gold in multiple fracture orientations, we are optimistic that the overall grade of the URW1 lode could end up being even higher than what the grade control drilling has suggested. We continue to learn more about the Tuvatu system as we open the system up underground, and we are beginning to see how well-endowed the Tuvatu system truly is. Just like the discovery of the URA1 lode on our initial drive underground, the system continues to provide surprises to the upside as our underground developments progress.”

Figure 4. Location of URW1 Lode within Tuvatu. Plan view of the Tuvatu Main and West Zone deposits, with the URW1 Lode highlighted in blue. Underground developments are shown in red, and the other lodes within the Tuvatu Main and West Zones are shown in grey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/166597_5744e25494303b1b_004full.jpg.

About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji,” dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

Tags #LIO, #LionOneMetals, #MauriceJackson, #ProvenAndProbable, #Tuvatu, #WalterBerukoff, 321gold, Bestgoldstocks, Quinton Hennigh

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