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Energy Junior Mining Lion One Metals Precious Metals

Lion One Provides Update on Tuvatu Operations in Fiji

North Vancouver, British Columbia–(Newsfile Corp. – March 4, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide an update on ongoing operations at the company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.

Highlights:

  • Mechanized mining commencing on Zone 2 stopes in the URW1 stockwork vein system.
  • Airleg mining commencing on Zone 5 stopes at the UR2 and URW3 lode systems.
  • Limited mechanized mining in Zone 5 scheduled to commence in April.
  • Stope mining at Tuvatu scheduled to increase throughout March and April.
  • Continuous gravity concentrator is commissioned and in operation.
  • Intensive leach reactor is commissioned and in operation.
  • First long hole drill is in operation conducting sludge hole drilling.
  • Second long hole drill is on site undergoing commissioning.

Tuvatu Operations Update

The Tuvatu project is currently in the pilot plant stage of operations. The focus of mining operations to date has been on the development of underground access. Open stope mining is starting in March and is set to increase throughout April and May with the introduction of mechanized mining.

Mechanized mining at Tuvatu will consist of long hole open stoping. The first long hole drill is in operation on site and is conducting sludge hole drilling to confirm stope boundaries at the URW1 stockwork vein system in advance of blasting and extraction. The first stopes to be extracted through long hole open stoping will be at the URW1 stockwork vein system in Zone 2. The second long hole drill is undergoing commissioning on site at Tuvatu and will commence sludge hole drilling in the Murau stockwork vein system in Zone 2 once commissioning is complete.

Open stope mining in Zone 5 will initially consist of airleg stoping in March before the introduction of limited long hole open stoping in April. Airleg stoping has started in Zone 5 at the UR2 lode system and will be initiated at the URW3 lode system in late March. Limited long hole open stoping is scheduled to commence in Zone 5 in April before increasing throughout May and June.

The continuous gravity concentrator and intensive leach reactor were commissioned at the end of January and are in operation. New blowers have been ordered for the CIL tanks and are anticipated to be installed by mid-April. Mill throughput of approximately 26,000 tons is anticipated for the three-month period from March to May. Gold production is anticipated to increase during this period as a result of the commencement of open stope mining and full commissioning of the processing plant.

Qualified Person (NI43-101)

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and has reviewed, validated, and approved the technical and scientific content of this news release.

Lion One Laboratories / QAQC

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of 7 diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 0.50 g/t Au are re-assayed three times to get two assays within 10% of each other. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of all samples with grades above 0.5 g/t Au are also delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 33 important pathfinder elements.

The Lion One lab has implemented the Laboratory Information Management System (LIMS) to automate workflows, integrate instruments, and effectively manage samples and associated data across all analyses conducted in the lab.

About Lion One Metals Limited

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

As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate 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 under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200281

Categories
Junior Mining Lion One Metals Uncategorized

Lion One Announces Closing of Upsized $12M Underwritten Public Offering

North Vancouver, British Columbia–(Newsfile Corp. – February 14, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that the Company has closed the underwritten offering (the “Offering“) previously announced on February 7, 2024 by issuing 24,150,000 units of the Company (the “Units“) at a price of $0.50 per Unit (the “Offering Price“) for aggregate gross proceeds of $12,075,000, which includes the exercise, in full, by the Underwriters (as defined below) of the over-allotment option granted by the Company to purchase up to an additional 3,150,000 Units at the Offering Price pursuant to the terms of an underwriting agreement (the “Underwriting Agreement“) dated as of February 8, 2024, among the Company, Cantor Fitzgerald Canada Corporation (the “Lead Underwriter“), Canaccord Genuity Corp., Eight Capital, and Raymond James Ltd. (together with the Lead Underwriter, the “Underwriters“).

Each Unit consists of one common share (a “Common Share“) in the capital of the Company and one common share purchase warrant (a “Warrant“) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price per Warrant Share of C$0.65 for a period of 36 months from the closing date of the Offering.

In connection with the Offering and the Concurrent Private Placement, the Company paid to the Underwriters a cash commission of $724,500, which was equal to 6.0% of the gross proceeds from the Offering, and issued an aggregate of 1,449,000 broker warrants, equal to 6.0% of the number of Units sold pursuant to the Offering. Each broker warrant is exercisable for one Common Share at a price of C$0.65 for a period of 36 months from the closing date of the Offering.

The net proceeds received by the Company from the sale of the Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes. The Units issued pursuant to the Offering were qualified for distribution by way of a prospectus supplement of the Company dated February 9, 2024 (the “Prospectus Supplement“) to the Company’s existing short form base shelf prospectus dated May 13, 2022 (the “Base Shelf Prospectus“) filed in the Provinces of British Columbia, Alberta and Ontario, and offered and sold to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The Base Shelf Prospectus, the Prospectus Supplement, the documents incorporated by reference therein and the Underwriting Agreement are available on the Company’s profile on SEDAR+ at www.sedar.com.

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

About Lion One Metals Limited

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

As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate 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 under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, VP Geology and Exploration for Lion One, 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

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

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

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

NOT FOR DISTRIBUTION TO US NEWSWIRES OR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197893

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Announces Overnight Marketed Offering

North Vancouver, British Columbia–(Newsfile Corp. – February 7, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) announces that it is commencing an overnight marketed public offering of units (the “Offered Units“) of the Company for anticipated gross proceeds of up to C$10.0 million (the “Offering“). The Offering is expected to be completed pursuant to an underwriting agreement (the “Underwriting Agreement“) to be entered into between the Company, Cantor Fitzgerald Canada Corporation (“CFCC“), as lead underwriter and sole bookrunner (the “Lead Underwriter“), and a syndicate of underwriters to be determined (collectively with the Lead Underwriter, the “Underwriters“).

The number of Offered Units to be sold, the Offering price (the “Offering Price“), and the terms of the Offered Units will be determined in the context of the market and there can be no assurance as to completion of the Offering. In addition, the Company will grant the Underwriters an over-allotment option (the “Over-Allotment Option“) exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of Offered Units sold in the Offering for up to 30 days after the closing, on the same terms and conditions as the Offering.

The net proceeds received by the Company from the sale of the Offered Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes.

The Offering will be made by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing Canadian short form base shelf prospectus dated May 13, 2022 (the “Base Shelf Prospectus“). Upon completion of pricing of the Offering and the signing of the Underwriting Agreement, the Prospectus Supplement will be filed with the securities commissions in Ontario, British Columbia, and Alberta and will be available on SEDAR+ at www.sedarplus.ca. Alternatively, the Prospectus Supplement and related Base Shelf Prospectus may be obtained upon request by contacting the Company or Cantor Fitzgerald Canada Corporation in Canada, attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com. The Offered Units will not be offered or sold in the United States except under Rule 144A or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The Offered Units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the Company and the Underwriters provided that no prospectus filing or comparable obligation arises and the Company does not thereafter become subject to continuous disclosure obligations in such jurisdictions. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.

The closing of the Offering is expected to occur on or about February 13, 2024 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.

About Lion One Metals Limited

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

As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate 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 under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, VP Geology and Exploration for Lion One, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

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

Forward-Looking Statements

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

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

NOT FOR DISTRIBUTION TO US NEWSWIRES OR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197187

Categories
Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One Provides Update on Tuvatu Operations in Fiji, Grants Options

North Vancouver, British Columbia–(Newsfile Corp. – January 18, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide an update on ongoing operations at the company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.

Lion One Metals’ Chairman and CEO Walter Berukoff stated: “2023 was a year of noteworthy accomplishments for Lion One Metals. Within one year we have gone from pouring concrete to pouring gold. We built the entire processing plant at Tuvatu within one year, completed over 2,000 m of underground mine development, drilled over 40,000 m of core, completed Stage 1 of our Tailings Storage Facility, and on October 10th we celebrated with over 1,000 community members, employees, and government officials as we poured our first gold at Tuvatu. We’re very proud of our technical team’s ability to achieve these significant milestones, especially in such a short period of time.”

“In 2024 we expect another watershed year for Lion One Metals. During the 300 TPD pilot plant phase of operations we will be focusing on the development of the mine and the expansion of the processing plant to 500 TPD. We are pursuing a staged increase in development and the 300 TPD pilot plant stage is a critical step in the continuous improvement of mining and milling at Tuvatu. The knowledge and experience gained during the pilot plant stage of operations will be crucial in achieving long-term success and in optimizing performance at the 500 TPD stage. The goal for 2024 is to have the 500 TPD processing plant in operation by the end of Q3. We will then use the cash flow from our 500 TPD operations to fund the next stage of growth for Lion One, which includes the development of the 500 Zone at Tuvatu, and the advancement of our regional exploration program throughout the Navilawa Caldera, where we intend to discover and develop the next Tuvatu.”

Mine Operations

The focus of mining activities during the 300 TPD pilot plant phase of operations is the development of the underground mine, with the goal of advancing the main decline to the 500 Zone as quickly as is safely possible. A secondary goal during this phase of operations is the development of as many stope access points as feasible in advance of the plant expansion to 500 TPD. A significant portion of the material mined during the 300 TPD pilot plant phase of operations is therefore expected to be development material.

As mine development has progressed at Tuvatu, additional mineralization has been discovered in areas in Zone 2 that were not previously expected to be mineralized. This includes mineralization associated with stockwork veining as well as entirely new mineralized lodes. Many of the development headings at Tuvatu have been found to contain low-grade gold mineralization. This low-grade development material is ideal for use as feed stock to test the different gold recovery circuits during the initial stages of plant operation. Processing the development material also serves to offset costs during mine development as this material needs to be removed regardless of whether it is mineralized. Most of the mill feed during the start-up of the 300 TPD pilot plant has therefore consisted of low-grade development material. The first production material was extracted on December 13th, 2023, from the URW1 leading edge stope in Zone 2. This stope is located outside the original PEA resource and represents an expansion of the resource.

Mining activities at Tuvatu in 2024 will consist of a mix of handheld and mechanized mining methods. Handheld mining is ideal for narrow vein mining as it is precise and enables the effective development of narrow drives, thereby minimizing dilution. Mechanized mining produces wider voids and results in a considerably higher production rate. It is therefore the preferred alternative for wider zones of mineralization that are not sensitive to dilution. At Tuvatu there are areas more suitable for handheld mining and others more suitable for mechanized mining. The mining method employed will be tailored to the style of mineralization being extracted. Mine development is proceeding in a manner designed to preserve the optionality of switching between mining methods as appropriate. To date, development mining at Tuvatu has progressed using both handheld and mechanized mining, yet production mining has been limited to handheld methods. Mechanized production is scheduled to start in Q1 2024. Production mining refers to the mining of production stopes through which most of the mineralized material will be extracted, whereas development mining refers to all the supporting development required to access the production stopes, such as the declines, access drives, crosscuts, ventilation rises, and so on. While the primary mining objective during the 300 TPD pilot plant stage is development, mine production is anticipated to steadily increase as production mining is introduced and as the number of available production areas increases ahead of the plant expansion to 500 TPD.

Mill Operations

The focus of mill operations during the 300 TPD pilot plant stage is on determining the best methods and parameters required to maximize gold recovery from each type of gold mineralization at Tuvatu. Mill operations to date have consisted of a start-up period and a campaign period with feed from different areas within Zone 2 and Zone 5.

During the start-up period of operations from late October to early December 2023, predominantly low-grade material was put through the mill. This is typical of mill start-ups and is done while identifying and resolving any start-up issues that may be present before ramping up production. It also serves to build the in-process store of gold that is retained within the plant. During the subsequent campaign periods of operation, the focus changed to the metallurgical variability of the gold mineralization. Several different types of mineralization have been identified at Tuvatu, including three different types within Zone 2 and Zone 5. Due to the complexity of the deposit, additional variability in mineralization is anticipated as development progresses deeper into the mine. The campaign period of operations, which began in mid-December, has consisted of processing separate batches of material from specific parts of Zone 2 and Zone 5 to determine how the plant responds in each case. The knowledge gained from these campaigns will be applied to maximize gold recovery from the larger production stopes in these areas. Gold recovery rates during the start-up and campaign periods have been in line with expectations.

In addition to the start-up and campaign activities, mill commissioning and upgrading has been carried out. Commissioning of both the continuous gravity concentrator and the intensive leach circuit has been on hold due to a delayed shipment of component parts from suppliers. Both circuits are expected to be brought on-line by early February. Similarly, the blowers supplied to aerate the CIL tanks and cyanide detoxification circuit were found to be undersized by the supplier. New blowers will be installed, along with new air spargers and diffusion cones to improve the performance of the CIL circuit.

The mill expansion to 500 TPD is scheduled to be complete by the end of Q3 2024. The expansion consists of three main components: a tower mill, a flotation circuit, and a third ball mill. The purpose of the tower mill is to produce a finer grind of concentrates from the continuous gravity concentrator, thereby further increasing recoveries. The tower mill is expected to be on site in February. The flotation circuit is also being added to maximize recoveries, while the third ball mill is required to increase the milling capacity of the plant. Site preparations for both the flotation circuit and the third ball mill are already complete and construction is pending. All three mill components are on schedule for completion and commissioning by the end of Q3 2024, which is a year ahead of the originally scheduled completion date of Q3 2025.



Figure 1. Aerial Views of Tuvatu Processing Plant and Mine Portal, December 2022 and January 2024. Top image: Aerial view in December 2022 shortly after plant construction started. Bottom image: Aerial view in January 2024 after construction is complete and the 300 TPD pilot plant is in operation. These views highlight some of the substantial progress made at Tuvatu throughout 2023.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/194707_liononeimage.jpg

Options

The Company also announces it has granted stock options pursuant to its 10% rolling stock option plan to an officer of the Company to purchase up to an aggregate of 500,000 common shares of the Company. The stock options are exercisable at $1.00 per share and expire 5 years from the date of grant.

Qualified Person (NI43-101)

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and has reviewed, validated, and approved the technical and scientific content of this news release.

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

As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate 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 under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194707

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Junior Mining Lion One Metals Precious Metals

Lion One Strengthens Exploration and Operations Teams in Fiji

North Vancouver, British Columbia–(Newsfile Corp. – January 3, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the appointment of Mr. Alex Nichol as Vice President Geology and Exploration and Mr. David Towle as Mill Manager, as well as the hiring of Mr. Melvyn Levrel as Senior Exploration Geologist in Fiji. The Company also announces the retirement of Mr. Sergio Cattalani as Senior Vice President Exploration. Mr Cattalani will remain with Lion One as a Senior Geology Advisor.

Lion One Chairman and CEO Walter Berukoff commented: “As we continue to advance the Tuvatu Gold Project from development towards commercial production we are excited to add key individuals with specialized skill sets to our technical team in Fiji. Together, Alex, David and Melvyn bring over 70 years of experience to the Lion One Team. They are all accomplished veterans with superior leadership skills and extensive experience in their respective fields of expertise; Alex in underground geology and mining, David in mill operations and commissioning, and Melvyn in mineral exploration. We are very fortunate to have them on our team.”

“We are also very fortunate to have benefitted from the leadership and expertise of Sergio Cattalani over the past three years while he led the geology and exploration teams at Tuvatu. Sergio has been instrumental in the success of the project and we look forward to continuing to work with him as he transitions into a new role as Senior Geology Advisor with Lion One.”

Alex Nichol, MAIG – Biography

Mr. Nichol is a mining professional with over 20 years of progressive experience in underground gold, copper, and zinc mining. He has extensive senior operational experience in underground geology, production, and exploration, specializing in mine start-ups and geology systems development and implementation. Prior to joining Lion One, Mr. Nichol was the Geology Superintendent at the Mt. Colin copper-gold mine in Queensland, and before that he was a Senior Underground Mine Geologist at Barrick Gold’s Porgera Joint Venture in Papua New Guinea – an analogue deposit for Tuvatu. He has also held Senior Underground Mine Geologist positions at the Dugald River Mine and the Fossey Mine, as well as a Senior Mine Geologist position at Glencore’s George Fisher Mine near Mount Isa, Queensland. Mr Nichol’s role with Lion One will be to oversee all aspects of the underground development, production, and exploration at Tuvatu, as well as to oversee regional exploration throughout the Navilawa Caldera.

Mr. Nichol holds a Bachelor of Science in Geology from the University of Otago and is a Member of the Australian Institute of Geoscientists (MAIG).

David Towle – Biography

Mr. Towle has over 35 years of experience in mill operations and production, specializing in mill commissioning. He recently worked with IAMGOLD as a Commissioning Specialist responsible for the planning and execution of all commissioning activities at the Cote Gold Project in Ontario. He has managed all aspects of mill construction and start-up from first ore to nameplate production at numerous mines, including Pure Gold Mining’s Madsen Project, Atlantic Gold’s (now St. Barbara’s) Touquay Mine, and Pretium Resources Brucejack Mine. He has held the roles of Mill Manager and Mill Operations Superintendent on multiple occasions and spent 18 years in mill operations at Goldcorp’s (now Newmont’s) Musselwhite Mine.

Mr. Towle has also completed extensive managerial and technical training programs throughout his career, including Goldcorp’s Supervisory Leadership Program, Harvard Management and Mentorship Program, Refinery Leadership Partners Program, and Placer Dome’s Project Management Program. Mr. Towle is an expert in mill start-up and operations and that will be his focus at Lion One.

Melvyn Levrel, MAIG – Biography

Mr. Levrel is an accomplished exploration geologist with 15 years of experience in mineral exploration and mining. He is an expert in Fijian geology and in exploration management in the South Pacific, having spent three years as the Fiji Country Director and Exploration Manager for Alice Queen Limited, and an additional four years managing mineral exploration and geophysics projects throughout Fiji as a Consulting Geologist. He also has six years of experience in exploration and mining in New Caledonia. Mr. Levrel has a wide range of experience in field geology, geophysics, and resource modelling, as well as a unique knowledge of the exploration techniques, history, and regulations in Fiji. As a Senior Exploration Geologist with Lion One, Mr. Levrel will be focused on the advancement of Lion One’s regional exploration targets and prospects throughout the Navilawa Caldera.

Mr. Levrel holds a Masters Degree in Georesources from the Polytechnic Institute of Bordeaux (Bordeaux INP) and a Bachelors Degree in Geology from the University of Brest. He is also a Member of the Australian Institute of Geoscientists (MAIG).

About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer based in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Project comprises the high-grade Tuvatu Gold Deposit, Gold Mine, Pilot Plant, and Assay Lab, with an extensive exploration license area hosting multiple mineralized zones in the surrounding Navilawa Caldera.

As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project”, dated April 29, 2022, the 2018 Tuvatu resource estimate 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 under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.

On behalf of the board of Lion One Metals Limited,
Walter Berukoff, Chairman & CEO
Patrick Hickey, Chief Operating Officer

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193000

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Junior Mining Lion One Metals Precious Metals

Lion One Announces USD $8 Million Tranche 2 Draw Down on Nebari Financing Facility

North Vancouver, British Columbia–(Newsfile Corp. – January 2, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces that the Company has entered into an agreement to amend certain terms and drawn down a further USD $8 million of its Senior Secured Financing Facility provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP, and Nebari Natural Resources Credit Fund II, LP (collectively, “Nebari”), previously announced on Jan. 13, 2023. Proceeds from the Financing Facility have facilitated the completion of construction and recent commissioning of the Company’s 100% owned Tuvatu Gold Mine operations in Fiji.

The Company has now drawn down a total of USD $31 million out of USD $35 million available in the Financing Facility. Concurrently with drawing down Tranche 2 under the Financing Facility, the Company amended certain reporting covenants under the facility agreement and agreed to re-price the 15,333,087 warrants (the “Warrants”) issued at a price of CAD $1.49 to CAD $1.15 with the expiry date extended from August 9, 2026 to February 9, 2027. The amendments to the Warrant terms are subject to the approval of the TSX Venture Exchange.

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

About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer based in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Project comprises the high-grade Tuvatu Gold Deposit, Gold Mine, Pilot Plant, and Assay Lab, with an extensive exploration license area hosting multiple mineralized zones in the surrounding Navilawa Caldera.

As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate 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 under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.

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-V 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/192995

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Junior Mining Lion One Metals Precious Metals

Lion One Drills 2.4 m of 90.76 g/t Gold in Zone 5 at Tuvatu

North Vancouver, British Columbia–(Newsfile Corp. – November 2, 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 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 Tuvatu, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. Grade control drilling is focused on the sections of lodes UR1, UR2, and URW3 that are scheduled for mining in early 2024, whereas infill drilling is focused on the parts of Zone 5 that are scheduled for mining in 2024 and 2025. Previous results from Zone 5 are available in the news releases dated June 14, 2023 and August 10, 2023.

Highlights of results (3.0 g/t cutoff):

  • 90.76 g/t Au over 2.4 m (including 261.47 g/t Au over 0.6 m) (TUDDH-659, from 221.3 m depth)
  • 18.56 g/t Au over 3.0 m (including 101.89 g/t Au over 0.3 m) (TGC-0081, from 92.1 m depth)
  • 86.47 g/t Au over 0.6 m (TUDDH-672, from 141.1 m depth)
  • 11.31 g/t Au over 3.9 m (including 65.29 g/t Au over 0.3 m) (TGC-0084, from 99.3 m depth)
  • 46.78 g/t Au over 0.6 m (TUDDH-671, from 127.7 m depth)
  • 38.75 g/t Au over 0.6 m (including 64.10 g/t Au over 0.3 m) (TGC-0107, from 136.2 m depth)
  • 16.60 g/t Au over 1.2 m (including 24.37 g/t Au over 0.6 m) (TGC-0101, from 125.7 m depth)
  • 31.56 g/t Au over 0.6 m (TUDDH-676, from 158.9 m depth)
  • 51.76 g/t Au over 0.3 m (TUDDH-665, from 260.3 m depth)



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 at Tuvatu. 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/2178/186094_75460e161458d8e2_001full.jpg

Table 1. Highlights of composited grade control and infill drill results in the Zone 5 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 4 in the appendix.

Hole IDFromToInterval (m)Au (g/t)
TUDDH-659221.3223.72.490.76
including221.3222.51.2176.28
which includes221.3221.60.383.62
and221.6222.20.6261.47
and222.2222.50.398.55
TGC-008192.195.1318.56
including92.192.40.3101.89
and92.492.70.335.02
TUDDH-672141.1141.70.686.47
TGC-008499.3103.23.911.31
including99.699.90.328.93
and100.8101.10.365.29
TUDDH-671127.7128.30.646.78
TGC-0107136.2136.80.638.75
including136.2136.50.364.10
and136.5136.80.313.40
TGC-0101125.7126.91.216.60
including125.7126.30.624.37
TUDDH-676158.9159.50.631.56
TUDDH-676252.2253.10.918.59
TUDDH-676243.22451.89.05
including243.2243.80.619.87
TUDDH-665260.3260.60.351.76
TUDDH-657109.6111.11.59.32
including109.6109.90.335.89
and110.8111.10.310.25
TUDDH-674130.7131.91.211.65
including130.7131.30.620.18

Zone 5

The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes at Tuvatu (UR1, UR2, UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several smaller lodes to the west of the main decline (URW2, URW2A, URW3). The lodes in Zone 5 are all steeply dipping structures. Zone 5 represents the upward extension of the Zone 500 feeder zone, where several lodes coalesce into a wide zone of very high-grade mineralization, 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). The Zone 5 lodes targeted in the current round of drilling are shown in Figure 2. The location of Zone 5 relative to Zone 500 is also shown in Figure 2.



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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_002full.jpg

A total of 10 grade control and 10 infill drillholes are included in this release. The grade control drill program was conducted from underground and targeted the UR1, UR2, and URW3 lodes. The program was designed to provide a detailed understanding of the mineralization and geometry of these lodes both above and below the current underground developments. The grade control drillholes reported in this news release were drilled on 20 m centers. This will be followed up by additional grade control drilling to increase drill density to 10 m centers in advance of mining. The area targeted by these grade control drillholes is outside the current PEA mine plan but is being brought into the mine plan for 2024 based on drilling results. This part of Zone 5 is currently scheduled for mining in early 2024.

The infill drill program was conducted from surface and was designed to target the portions of lodes UR1 to UR7 located between the surface and the current underground developments. The purpose of the infill drill program is to increase knowledge and grade continuity in this area, and to further de-risk this portion of the deposit, which is scheduled for mining in 2024 and 2025. High-grade intercepts from the current round of Zone 5 grade control drilling are shown in Figure 3, while high-grade intercepts from the current round of Zone 5 infill drilling are shown in Figure 4. Examples of Zone 5 mineralization are shown in Figure 5.



Figure 3. Location of High-Grade Gold Intercepts from Zone 5 Grade Control Drilling, 3.0 g/t cutoff. High-grade gold intervals from Zone 5 grade control drillholes reported in this news release. The grade control drilling targeted sections of the UR1, UR2, and URW3 lodes above and below current underground developments, shown in grey. Composite intervals with grades between 3 and 10 g/t gold are shown in orange, grades between 10 and 30 g/t gold are shown in red, and grades over 30 g/t gold are shown in purple. Select high-grade intervals are identified. View is looking north.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_003full.jpg



Figure 4. Location of High-Grade Gold Intercepts from Zone 5 Infill Drilling, 3.0 g/t cutoff. High-grade gold intervals from Zone 5 infill drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t gold are shown in orange, intervals with grades between 10 and 30 g/t gold are shown in red, and intervals over 30 g/t gold are shown in purple. Select high-grade intervals are identified. View is looking approximately NNE.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_004full.jpg



Figure 5. Example Mineralization from Zone 5 Infill and Grade Control Drilling. Top left: Monzonite-hosted silica-pyrite-sphalerite-galena veins (TGC-0096, 87.5 m). Top middle: Chalcedonic quartz veins with coarse pyrite cross-cutting potassically altered monzonite (TUDDH-658, 69.5 m). Top right: Breccia zone with coarse-grained honey sphalerite and pyrite (TUDDH-657, 109.7 m). Bottom left: Stockwork-style veining with diffuse alteration halos and pyrite, sphalerite, and galena. (TGC-0081, 92.3 m). Bottom middle: Stockwork-style silica-pyrite-sphalerite-galena veins within altered monzonite (TUDDH-668, 127.2 m). Bottom right: Close-up view of coarse-grained pyrite within a zone of stockwork-style silica-pyrite veining. Specks of visible gold are highlighted in the yellow circles, width of image is approximately 3.5 cm (TUDDH-672, 141.3 m). Core diameter is 4.76 cm in each photo.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/186094_75460e161458d8e2_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 and infill drillholes in the Zone 5 area (grade >3.0 g/t Au)

Hole IDFromToInterval (m)Au (g/t)
TGC-008192.195.1318.56
including92.192.40.3101.89
and92.492.70.335.02
TGC-008499.3103.23.911.31
including99.699.90.328.93
and100.8101.10.365.29
TGC-008682.384.11.83.98
TGC-008875.776.91.25.87
TGC-00939999.90.94.65
TGC-009687.4880.613.31
TGC-0098104.8105.10.35.19
TGC-0098107.8108.40.66.29
TGC-0098111.4111.70.36.18
TGC-0101125.7126.91.216.6
including125.7126.30.624.37
TGC-0107136.2136.80.638.75
including136.2136.50.364.1
and136.5136.80.313.4
TGC-0107138139.23211.25.21
TUDDH-657109.6111.11.59.32
including109.6109.90.335.89
and110.8111.10.310.25
TUDDH-65862.562.80.36.85
TUDDH-65869.469.70.320.06
TUDDH-65883.283.50.33.82
TUDDH-65896.496.70.33.08
TUDDH-659122.6122.90.33.82
TUDDH-659124.71250.35.41
TUDDH-659221.3223.72.490.76
including221.3222.51.2176.28
which includes221.3221.60.383.62
and221.6222.20.6261.47
and222.2222.50.398.55
TUDDH-659225.5225.80.325.35
TUDDH-659228.2228.50.35.95
TUDDH-659268.9269.20.35.96
TUDDH-66028.929.50.66.39
TUDDH-660150.41510.68.57
TUDDH-665152.3152.60.33.05
TUDDH-665204.2204.50.325.99
TUDDH-665260.3260.60.351.76
TUDDH-668112.6112.90.33.71
TUDDH-668123.1123.40.33.54
TUDDH-668123.71240.33.91
TUDDH-668125.2127.32.13.99
including126.7127.30.610.25
TUDDH-668138.1138.40.35.28
TUDDH-671127.7128.30.646.78
TUDDH-671143.6144.20.66.83
TUDDH-671242242.30.36.53
TUDDH-672141.1141.70.686.47
TUDDH-672149.5149.80.34.15
TUDDH-674130.7131.91.211.65
including130.7131.30.620.18
TUDDH-676126.5127.40.95.05
TUDDH-676158.9159.50.631.56
TUDDH-676243.22451.89.05
including243.2243.80.619.87
TUDDH-676252.2253.10.918.59
TUDDH-676254.6254.90.33.33
TUDDH-676256.1257.61.56.02
including256.1256.70.69.24
and257.3257.60.310.46

Table 3. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole IDEastingNorthingElevationAzimuthDipDepth
TGC-00811876384392062712995.01.2107.1
TGC-00841876384392062612894.2-13.1121.6
TGC-008618763833920626130105.620.2126.6
TGC-00881876384392062612999.210.5121.3
TGC-00931876383392062712972.111.4121.0
TGC-00961876383392062712986.411.3115.4
TGC-00981876384392062712788.3-28.3131.6
TGC-01011876383392062712789.1-41.1196.9
TGC-01061876384392062612796.3-20.3130.1
TGC-01071876383392062812760.4-38.2176.2
TUDDH-65718764973920546296288.8-60.1161.6
TUDDH-65818764963920546296299.6-40.2122.2
TUDDH-65918765563920388352284.3-63.0270.0
TUDDH-66018764773920295402328.2-61.5156.1
TUDDH-66518764753920296402325.3-59.5293.0
TUDDH-66818764963920546296283.0-69.2170.0
TUDDH-67118764753920296402326.2-56.3270.3
TUDDH-67218764963920546296273.6-74.1180.0
TUDDH-67418764963920546296300.4-70.6170.0
TUDDH-67618764763920296402332.7-57.2287.6

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186094

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Reports High-Grade Gold Results from Zone 2 at Tuvatu

North Vancouver, British Columbia–(Newsfile Corp. – October 19, 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 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 2 area of Tuvatu, focusing primarily on the Murau lode system. Mining of the Murau lode system has commenced and grade control drilling is being conducted in advance of further mining in this area. Infill drilling is being conducted to target the up-dip and down-dip extensions of the Murau lodes. 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: “After celebrating our first gold pour at Tuvatu on October 10th, we now turn our focus back to grade control and infill drilling. These drill programs continue to yield positive results and to strengthen our understanding of the mineralization at Tuvatu. We are pleased to present yet another batch of high-grade results from the Zone 2 area of Tuvatu, an area which will serve to feed our brand-new mill in the mid-to-near term future.”

Highlights of Zone 2 drilling (3.0 g/t cutoff):

  • 84.96 g/t Au over 1.2 m (TGC-0092, from 4.5 m depth)
  • 20.69 g/t Au over 4.2 m (including 40.22 g/t Au over 0.9 m) (TUDDH-677, from 76.5 m depth)
  • 13.60 g/t Au over 5.1 m (including 98.87 g/t Au over 0.3 m) TUDDH-663, from 89.1 m depth)
  • 13.22 g/t Au over 5.1 m (including 50.54 g/t Au over 0.3 m) (TGC-0085, from 56.5 m depth)
  • 15.64 g/t Au over 3.9 m (including 23.48 g/t Au over 1.2 m) (TUDDH-680, from 140.9 m depth)
  • 38.26 g/t Au over 1.5 m (including 41.99 g/t Au over 0.6 m) (TUDDH-663, from 177.3 m depth)
  • 34.77 g/t Au over 0.9 m (including 35.67 g/t Au over 0.3 m) (TUDDH-680, from 146.6 m depth)
  • 31.25 g/t Au over 1.2 m (TUDDH-680, from 148.7 m depth)
  • 15.12 g/t Au over 2.1 m (including 22.42 g/t Au over 1.2 m) (TUDDH-678, from 135.3 m depth)
  • 13.61 g/t Au over 2.1 m (including 42.48 g/t Au over 0.6 m) (TUDDH-666, from 184.6 m depth)
  • 11.19 g/t Au over 2.4 m (including 30.75 g/t Au over 0.6 m) (TGC-0090, from 45.3 m depth)
  • 9.26 g/t Au over 2.7 m (including 13.11 g/t Au over 0.9 m) (TGC-0089, from 48.8 m depth)
  • 82.33 g/t Au over 0.3 m (TGC-0092, from 28.2 m depth)



Figure 1. Location of Zone 2 Grade Control and Infill Drillholes. Plan view of Tuvatu showing the Zone 2 grade control and infill drillholes included in this news release in relation to the mineralized lodes at Tuvatu. Drillholes are shown in black, mineralized lodes in grey, and underground developments in red.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_001full.jpg

Table 1. Highlights of composited grade control and infill 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.

Hole IDFromToInterval (m)Au (g/t)
TGC-00924.55.71.284.96
TUDDH-67776.580.74.220.69
including78.380.72.432.81
which includes78.379.20.940.22
and79.279.80.613.08
and79.880.70.938.56
TUDDH-66389.194.25.113.6
including89.190.61.535.51
which includes89.189.40.313.99
and89.489.70.340.56
and89.7900.312.09
and9090.30.312.03
and90.390.60.398.87
and also including93.694.20.615.25
TGC-008556.561.65.113.22
including57.157.70.635.68
and58.659.50.920.89
and60.160.40.350.54
TUDDH-680140.9144.83.915.64
including140.9142.11.221.38
and143.6144.81.223.48
TUDDH-663177.3178.81.538.26
including177.3178.20.935.78
and178.2178.80.641.99
TUDDH-680146.6147.50.934.77
including146.6147.20.634.33
and147.2147.50.335.67
TUDDH-680148.7149.91.231.25
TUDDH-678135.3137.42.115.12
including136.2137.41.224.63
TUDDH-666184.6186.72.113.61
including186.1186.70.642.48
TGC-009045.347.72.411.19
including47.147.70.630.75
which includes47.147.40.325.52
and47.447.70.335.89
TGC-008948.851.52.79.26
including48.849.70.913.11
and50.651.50.910.21
TGC-009228.228.50.382.33
TUDDH-663169.2171.62.47.96
including170.1171.31.211.92
which includes170.7171.30.615.55
TGC-009560.360.60.362.38

Murau Lodes

The Murau lodes are located within the Zone 2 area of Tuvatu, along the upper portion of the western decline in the northwest part of the deposit. The Zone 2 area encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems. The Zone 2 area was the first to commence mining at Tuvatu and mining is ongoing in all three of these lode systems.

The current round of infill and grade control drilling in the Zone 2 area is focused on the Murau lode system, which is modelled as a series of stacked relatively flat lying lodes that strike approximately east-west and dip moderately to the south. The portion of the Murau lode system that is currently targeted for mining consists of a vertical extent of 55 m, an east-west strike length of 110 m, and a down-dip extension of 100 m.



Figure 2. Murau Lode System. Oblique section of the Murau lode system in relation to the infill and grade control drillholes reported here. View is to the ESE and slightly down dip along the Murau lodes. The stacked nature of the Murau lodes is visible in the image. Grade control drilling is focused on near-term mining whereas infill drilling is focused on the up-dip and down-dip extensions of the lodes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_002full.jpg

A total of 10 infill and 11 grade control drillholes are included in this release. The infill drill program was conducted from surface and was designed to target the up-dip and down-dip extension of the Murau lodes on approximately 20 m centers. The goal of the program is to provide an increased understanding of the system’s mineralization and geometry in these areas. The grade control drill program was conducted from underground on 5-10 m centers and was designed to provide much higher resolution of the Murau lode system in advance of mine development and extraction. The location of high-grade intercepts is shown in Figure 3 while examples of Murau lode mineralization are shown in Figure 4. The Zone 2 infill and grade control drill programs are ongoing. Previous drill results from the Zone 2 area can be seen in the news releases dated September 14, 2023June 14, 2023, and April 25, 2023.



Figure 3. Location of High-Grade Intercepts from Zone 2 Infill and Grade Control Drilling, 3.0 g/t Au cutoff. Oblique section view of the Murau lode system highlighting the high-grade intercepts from the Zone 2 infill and grade control drill program in the Murau system. View is to the ESE and slightly down dip along the Murau lodes. 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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_003full.jpg



Figure 4. Example Mineralization from Zone 2 Infill and Grade Control Drilling. Top left: Monzonite-hosted quartz vein with coarse grained pyrite and honey-sphalerite (TUDDH-678, 136.3 m). Top right: Vuggy chalcedony-pyrite veinlet with well-developed alteration selvage (TUDDH-667, 156.3 m). Bottom left: Vuggy quartz vein with coarse-grained pyrite and honey sphalerite within a 5.1 m zone of 13.22 g/t Au (TGC-0085, 60.2 m). Bottom right: Monzonite-hosted quartz-pyrite-sphalerite vein (TUDDH-661, 131.7 m). Core diameter is 4.76 cm in each photo.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_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.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 and infill drillholes in the Zone 2 area (grade >3.0 g/t Au)

Hole IDFromToInterval (m)Au (g/t)
TGC-008545.746.60.93.3
TGC-008547.548.71.24.69
TGC-008550.551.71.24.7
TGC-008554.454.70.315.23
TGC-008556.561.65.113.22
including57.157.70.635.68
and58.659.50.920.89
and60.160.40.350.54
TGC-008723.4240.610.82
including23.7240.314.44
TGC-008739.640.81.23.12
TGC-008749.850.10.33.72
TGC-008938.739.60.93.49
TGC-008941.641.90.312.45
TGC-008944.645.50.96.26
TGC-008948.851.52.79.26
including48.849.70.913.11
and50.651.50.910.21
TGC-009000.90.93.86
TGC-009034.835.40.66.74
TGC-009045.347.72.411.19
including47.147.70.630.75
which includes47.147.40.325.52
and47.447.70.335.89
TGC-00912727.30.37.94
TGC-009133.634.20.65.59
TGC-009144.144.40.314.89
TGC-00924.55.71.284.96
TGC-009228.228.50.382.33
TGC-00923939.60.611.7
including39.339.60.315.64
TGC-009242.643.50.95.18
TGC-009412.213.10.95.11
TGC-009449.150.31.215.29
TGC-00953940.21.213.7
including39.339.60.320.22
and39.940.20.330.52
TGC-009542.643.50.915.49
TGC-009554.955.20.36.72
TGC-009560.360.60.362.38
TGC-01008.49.30.93.64
TGC-010048.648.90.335.93
TGC-010060.961.20.39.85
TGC-010068.468.70.315.02
TGC-010072.973.50.65.3
TUDDH-661118.9120.11.23.03
TUDDH-661131.5132.10.67.09
including131.5131.80.310.38
TUDDH-66350.751.30.64.01
TUDDH-66389.194.25.113.6
including89.190.61.535.51
which includes89.189.40.313.99
and89.489.70.340.56
and89.7900.312.09
and9090.30.312.03
and90.390.60.398.87
and also including93.694.20.615.25
TUDDH-663101.11020.910.98
TUDDH-663154.5154.80.316.89
TUDDH-663159.9160.20.33.43
TUDDH-663162162.30.38.37
TUDDH-663164.71650.315.64
TUDDH-663169.2171.62.47.96
including170.1171.31.211.92
which includes170.7171.30.615.55
TUDDH-663173.1175.52.43.87
TUDDH-663177.3178.81.538.26
including177.3178.20.935.78
and178.2178.80.641.99
TUDDH-66473.774.30.63.07
TUDDH-66476.777.30.620.79
TUDDH-664121.8122.70.918.99
TUDDH-664124.51261.58.17
including125.41260.611.44
TUDDH-666101.8102.10.33.55
TUDDH-666167.5170.22.76.65
including169.3170.20.913.33
which includes169.3169.60.327.99
TUDDH-666184.6186.72.113.61
including186.1186.70.642.48
TUDDH-666193.3193.90.64.73
TUDDH-667153.1154.91.89.99
including153.7154.91.211.87
which includes153.71540.329.47
TUDDH-667156.1156.40.315.89
TUDDH-67069.4700.625.68
TUDDH-67074.575.40.94.37
TUDDH-67387.287.80.620.26
TUDDH-673150.8151.70.915.73
TUDDH-673157.7158.60.93.4
TUDDH-673162.2162.80.612.27
TUDDH-67769.670.50.94.41
TUDDH-67776.580.74.220.69
including78.380.72.432.81
which includes78.379.20.940.22
and79.279.80.613.08
and79.880.70.938.56
TUDDH-67782.282.80.64.35
TUDDH-67867.467.70.34.14
TUDDH-67883.4840.619.71
including83.7840.335.99
TUDDH-678135.3137.42.115.12
including136.2137.41.224.63
TUDDH-678144.6144.90.33.13
TUDDH-680135.5136.71.23.6
TUDDH-680138.8139.70.95.91
TUDDH-680140.9144.83.915.64
including140.9142.11.221.38
and143.6144.81.223.48
TUDDH-680146.6147.50.934.77
including146.6147.20.634.33
and147.2147.50.335.67
TUDDH-680148.7149.91.231.25

Table 3. Collar coordinates for grade control drillholes reported in this release. Coordinates are in Fiji map grid.

Hole IDEastingNorthingElevationAzimuthDipDepth
TGC-00851876267392075915177.3-62.081.7
TGC-008718762643920768152353.3-52.365.6
TGC-008918762643920768152356.2-67.465.5
TGC-009018762643920768153357.2-38.665.7
TGC-0091187626439207681528.1-46.171.7
TGC-00921876265392076815217.4-37.171.6
TGC-00941876266392076715148.0-79.660.8
TGC-00951876266392076815242.1-27.677.1
TGC-00971876267392076815342.1-8.280.6
TGC-00991876267392076815348.1-12.480.2
TGC-01001876267392076815346.6-19.276.4

Table 4. Collar coordinates for infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole IDEastingNorthingElevationAzimuthDipDepth
TUDDH-6611876179392073119963.1-51.2173.7
TUDDH-6631876178392073019961.1-73.4197.3
TUDDH-6641876177392073119952.4-59.3185.7
TUDDH-6661876177392072919974.1-77.1201.3
TUDDH-6671876177392072819983.2-57.8185.9
TUDDH-6701876259392080320354.3-55.398.6
TUDDH-6731876177392072819988.3-64.3194.7
TUDDH-6771876259392080320360.3-63.6101.9
TUDDH-6781876225392070921830.5-61.0151.4
TUDDH-6801876225392070921834.1-64.1165.0

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184530

Categories
Breaking Junior Mining Lion One Metals Precious Metals

Lion One Pours First Gold at Tuvatu Mine in Fiji

North Vancouver, British Columbia–(Newsfile Corp. – October 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the company has poured first gold at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Construction of the Tuvatu Mine has been completed ahead of schedule. Mill construction began in August 2022 and commissioning began in September 2023. The mill is expected to ramp up to 300 TPD by the end of October 2023, expanding further to 500 TPD in mid-2024. The first gold pour coincided with Fiji Day on October 10th, 2023. A ceremonial first gold pour was conducted on site with over 900 members of local communities, businesses, employees, and government officials in attendance, including the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, who officiated the gold pour ceremony on behalf of Prime Minister Sitiveni Rabuka of Fiji.

Figure 1. Lion One Metal’s First Gold Pour at the Tuvatu Mine in Fiji. On the right of the photo are Lion One Metals’ Process Operations Manager David Towle, Lion One Metals Chairman and CEO Wally Berukoff, and the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji.

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Lion One Chairman and CEO, Walter Berukoff, commented: “The first gold pour at Tuvatu is a landmark event in the history of our company. We have successfully transitioned from explorer to producer and have delivered on our promise to build the South Pacific’s newest gold mine in the heart of Fiji.

“Congratulations to the Lion One team for achieving this significant milestone. We thank our employees, contractors, local landowners and community members for their hard work and dedication. Completing construction ahead of schedule is a testament to the strength of their efforts and to the resilience of the Fijian spirit. We also thank our loyal shareholders for their continued support. This marks the beginning of our next phase of growth as we look forward to ramping up to commercial production at Tuvatu and to advancing our many other top-quality prospects throughout the Navilawa Caldera.”

The Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, stated that “the future looks good for Tuvatu; the best is yet to come.”

Figure 2. Photos from the Gold Pour Ceremony. Top left: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima receiving traditional flower garlands. Top middle: Lion One Metals COO Patrick Hickey giving a speech. Top right: Lion One Metals employees below the Fiji flag. Bottom left and middle: members of local communities and businesses in attendance at the gold pour ceremony. Bottom right: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima on site at Tuvatu.

To view an enhanced version of this graphic, please visit:
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Additional photos and videos of the gold pour ceremony will be available on the Lion One Metals website at www.liononemetals.com.

About Lion One Metals Limited

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

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

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183467

Categories
Energy Junior Mining Lion One Metals Precious Metals

Lion One Reports New High-grade Gold Results at Tuvatu

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 IDFromToInterval (m)Au (g/t)
TGC-005313.817.13.38.52
including16.217.10.915.89
TGC-005356.457.91.517.73
including56.457.30.920.98
and57.357.90.612.86
TGC-00558787.30.317.86
TGC-005590.996.9614.83
including90.992.71.812.22
which includes90.991.50.610.93
and91.591.80.323.82
and91.892.70.99.22
and also including94.596.92.425.16
which includes94.595.40.935.76
and95.4960.610.87
and9696.30.330.26
and96.396.90.620.98
TGC-005789.491.21.89.22
including89.489.70.319.23
TGC-0057113.7115.21.510.84
including114.3115.20.915.86
TGC-006076.176.40.325.43
TGC-006267.569.31.814.13
including68.168.70.615.29
and68.769.30.621.99
TGC-0064182.9183.50.633.08
including182.9183.20.358.29
TGC-0066163.5163.80.312.85
TGC-007071.271.80.625.89
TGC-0071114120619.78
including114114.30.330.17
and114.3114.90.68.32
and115.5115.80.310.68
and115.8116.40.69.96
and117120331.52
which includes117117.60.633.78
and117.6118.50.920.88
and118.5119.40.942.75
and119.41200.628.35
TGC-007379.881.31.57.91
including79.880.40.610.8
and80.480.70.310.95
TGC-007387.988.20.310.85
TGC-00739093.63.618.08
including9090.30.38.41
and90.390.60.321.79
and90.992.41.532.74
which includes90.991.20.365.52
and91.291.50.338.81
and91.591.80.343.67
and91.892.40.67.86
TGC-007480.881.40.641.5
including80.881.10.335.63
and81.181.40.347.38
TGC-0074118.9120.11.211.65
including118.9119.20.310.48
and119.2119.50.314.96
and119.5119.80.310.75
and119.8120.10.310.41
TGC-007814.514.80.318.52
TGC-007891.992.50.620.13
TGC-007895.297.62.425.25
including95.295.50.3149.63
and96.197.61.59.28
which includes96.1970.911.85
TGC-00802122.21.211.67
and21.621.90.335.67
TGC-008023.424.30.945.89
TGC-008047.452.24.88
including48.348.60.318.03
and48.648.90.317.95
and49.850.70.921.05
which includes49.850.10.342.72
and50.150.40.315.08
TGC-008215.516.71.216.96
including16.116.70.629.06
which includes16.116.40.334.23
and16.416.70.323.89
TGC-008319.7200.310.79
TGC-008343.745.20.611.32
including43.7440.310.41
and44.945.20.312.23
TGC-008356.957.20.310.7
TGC-00836565.60.625.12
including6565.30.318.58
and65.365.60.331.67

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.
 
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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.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 IDFromToInterval (m)Au (g/t)
TGC-005313.817.13.38.52
TGC-0053including13.814.70.96.47
TGC-0053and15.316.20.96.43
TGC-0053and16.217.10.915.89
TGC-005356.457.91.517.73
TGC-0053including56.457.30.920.98
TGC-0053and57.357.90.612.86
TGC-005361.862.40.63.61
TGC-005367.571.74.23.87
TGC-0053including6969.60.65.35
TGC-0053and69.670.20.65.89
TGC-0053and70.270.80.65.51
TGC-0053and71.471.70.35.07
TGC-005372.375.63.35.11
TGC-0053including72.372.60.35.39
TGC-0053and74.474.70.38.54
TGC-0053and74.7750.37.24
TGC-0053and7575.60.68.69
TGC-005482.883.40.64.92
TGC-005490.390.60.37.71
TGC-005513.213.80.68.21
TGC-00558787.30.317.86
TGC-005590.996.9614.83
TGC-0055including90.992.71.812.22
TGC-0055which includes90.991.50.610.93
TGC-0055and91.591.80.323.82
TGC-0055and91.892.70.99.22
TGC-0055and also including93.393.90.68.52
TGC-0055and also including94.596.92.425.16
TGC-0055which includes94.595.40.935.76
TGC-0055and95.4960.610.87
TGC-0055and9696.30.330.26
TGC-0055and96.396.90.620.98
TGC-0055108108.60.66.17
TGC-005711.412.61.23.4
TGC-005785.886.10.37.28
TGC-005789.491.21.89.22
TGC-0057including89.489.70.319.23
TGC-0057and89.7900.35.34
TGC-0057and9090.60.67.4
TGC-0057and90.691.20.67.98
TGC-0057113.7115.21.510.84
TGC-0057including114.3115.20.915.86
TGC-0057116.7118.82.16.23
TGC-0057including116.7117.60.98.19
TGC-0057and117.9118.80.95.42
TGC-006076.176.40.325.43
TGC-006267.569.31.814.13
TGC-0062including67.568.10.65.11
TGC-0062and68.168.70.615.29
TGC-0062and68.769.30.621.99
TGC-006270.571.10.63.47
TGC-0064182.9183.50.633.08
TGC-0064including182.9183.20.358.29
TGC-0064and183.2183.50.37.88
TGC-0064185.3185.60.38.07
TGC-0066163.5164.10.68.62
TGC-0066including163.5163.80.312.85
TGC-007071.271.80.625.89
TGC-007078.4790.64.4
TGC-007082.983.50.63.94
TGC-007195.4960.68.24
TGC-0071114120619.78
TGC-0071including114114.30.330.17
TGC-0071and114.3114.90.68.32
TGC-0071and115.5115.80.310.68
TGC-0071and115.8116.40.69.96
TGC-0071and117120331.52
TGC-0071which includes117117.60.633.78
TGC-0071and117.6118.50.920.88
TGC-0071and118.5119.40.942.75
TGC-0071and119.41200.628.35
TGC-0071157.2157.80.65.57
TGC-007274.4750.64.46
TGC-007379.881.31.57.91
TGC-0073including79.880.40.610.8
TGC-0073and80.480.70.310.95
TGC-007387.988.20.310.85
TGC-00739093.63.618.08
TGC-0073including9090.30.38.41
TGC-0073and90.390.60.321.79
TGC-0073and90.992.41.532.74
TGC-0073which includes90.991.20.365.52
TGC-0073and91.291.50.338.81
TGC-0073and91.591.80.343.67
TGC-0073and91.892.40.67.86
TGC-0073and also including9393.60.66.49
TGC-0073106.8107.10.33.02
TGC-00741313.30.34.43
TGC-007480.881.40.641.5
TGC-0074including80.881.10.335.63
TGC-0074and81.181.40.347.38
TGC-0074118.9120.11.211.65
TGC-0074including118.9119.20.310.48
TGC-0074and119.2119.50.314.96
TGC-0074and119.5119.80.310.75
TGC-0074and119.8120.10.310.41
TGC-007689.7900.37.23
TGC-0076100.2101.10.96.35
TGC-0076including100.2100.50.36.35
TGC-0076and100.5100.80.37.25
TGC-0076and100.8101.10.35.47
TGC-0076121.8122.10.35.04
TGC-007814.514.80.318.52
TGC-007816.617.20.64.42
TGC-007887.788.30.63.93
TGC-007891.992.50.620.13
TGC-007895.297.62.425.25
TGC-0078including95.295.50.3149.63
TGC-0078and96.197.61.59.28
TGC-0078which includes96.1970.911.85
TGC-0078and9797.60.65.43
TGC-0079102.9103.50.65.02
TGC-00802122.21.211.67
TGC-0080including2121.30.37.26
TGC-0080and21.621.90.335.67
TGC-008023.424.30.945.89
TGC-008047.452.24.88
TGC-0080including47.447.70.35.46
TGC-0080and47.7480.38.1
TGC-0080and48.348.60.318.03
TGC-0080and48.648.90.317.95
TGC-0080and49.850.70.921.05
TGC-0080which includes49.850.10.342.72
TGC-0080and50.150.40.315.08
TGC-0080and50.450.70.35.35
TGC-008053.454.30.99.88
TGC-008215.516.71.216.96
TGC-0082including16.116.70.629.06
TGC-0082which includes16.116.40.334.23
TGC-0082and16.416.70.323.89
TGC-008246.747.60.93.01
TGC-00828383.30.33.61
TGC-008319.7200.310.79
TGC-008342.545.22.74.95
TGC-0083including42.543.10.65.91
TGC-0083and43.7440.310.41
TGC-0083and44.945.20.312.23
TGC-008348.549.40.93.9
TGC-008352.452.70.33.42
TGC-008355.455.70.34.53
TGC-008356.957.50.67.24
TGC-0083including56.957.20.310.7
TGC-00836565.60.625.12
TGC-0083including6565.30.318.58
TGC-0083and65.365.60.331.67
TGC-0083110.6110.90.39.08

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

Hole IDFromToInterval (m)Au (g/t)
TGC-005313.817.13.38.52
TGC-0053including13.814.70.96.47
TGC-0053and15.316.20.96.43
TGC-0053and16.217.10.915.89
TGC-00532122.21.20.62
TGC-005355.257.92.79.96
TGC-0053including56.457.30.920.98
TGC-0053and57.357.90.612.86
TGC-005360.363.331.1
TGC-005366.976.89.93.71
TGC-0053including6969.60.65.35
TGC-0053and69.670.20.65.89
TGC-0053and70.270.80.65.51
TGC-0053and71.471.70.35.07
TGC-0053and72.372.60.35.39
TGC-0053and74.474.70.38.54
TGC-0053and74.7750.37.24
TGC-0053and7575.60.68.69
TGC-005393.9962.11.07
TGC-005399100.21.21.36
TGC-005482.883.40.64.92
TGC-00549090.60.64.95
TGC-0054including90.390.60.37.71
TGC-005493.994.50.61.98
TGC-005496.397.81.51.17
TGC-005513.213.80.68.21
TGC-00558787.30.317.86
TGC-005590.996.9614.83
TGC-0055including90.992.71.812.22
TGC-0055which includes90.991.50.610.93
TGC-0055and91.591.80.323.82
TGC-0055and91.892.70.99.22
TGC-0055and also including93.393.90.68.52
TGC-0055and also including94.596.92.425.16
TGC-0055which includes94.595.40.935.76
TGC-0055and95.4960.610.87
TGC-0055and9696.30.330.26
TGC-0055and96.396.90.620.98
TGC-005599100.21.20.85
TGC-0055108108.60.66.17
TGC-0055117.9118.20.32.13
TGC-005711.412.61.23.4
TGC-005780.482.82.40.76
TGC-005785.886.40.64.25
TGC-005787.9935.13.66
TGC-0057including89.491.21.89.22
TGC-0057which includes89.489.70.319.23
TGC-0057and89.7900.35.34
TGC-0057and9090.60.67.4
TGC-0057and90.691.20.67.98
TGC-0057106.5107.40.90.64
TGC-0057113.7118.85.16.05
TGC-0057including114.3115.20.915.86
TGC-0057and116.7117.60.98.19
TGC-0057and117.9118.80.95.42
TGC-006052.4530.60.74
TGC-006075.576.71.26.97
TGC-0060including76.176.40.325.43
TGC-006082.482.70.30.65
TGC-006267.573.86.34.98
TGC-0062including67.569.31.814.13
TGC-0062which includes67.568.10.65.11
TGC-0062and68.168.70.615.29
TGC-0062and68.769.30.621.99
TGC-00646969.60.61.59
TGC-0064145.7146.60.90.54
TGC-0064149.9150.80.90.51
TGC-0064167.9168.80.92.77
TGC-0064174.2174.80.60.96
TGC-0064182.9183.50.633.08
TGC-0064including182.9183.20.358.29
TGC-0064and183.2183.50.37.88
TGC-0064185.3185.60.38.07
TGC-0066163.5164.10.68.62
TGC-0066including163.5163.80.312.85
TGC-006888.989.50.60.92
TGC-006898.699.20.60.73
TGC-0068120.5121.40.91.11
TGC-0068172.4175.12.70.83
TGC-0068186.7189.42.70.76
TGC-0068191.2192.71.50.57
TGC-006988.4890.61.73
TGC-007071.271.80.625.89
TGC-00707375.42.41.03
TGC-007078.481.12.72.23
TGC-007082.384.42.11.54
TGC-007195.4960.68.24
TGC-0071114120.96.917.54
TGC-0071including114114.30.330.17
TGC-0071and114.3114.90.68.32
TGC-0071and115.5115.80.310.68
TGC-0071and115.8116.40.69.96
TGC-0071and117120331.52
TGC-0071which includes117117.60.633.78
TGC-0071and117.6118.50.920.88
TGC-0071and118.5119.40.942.75
TGC-0071and119.41200.628.35
TGC-0071155.4159.64.22.12
TGC-0071including157.2157.80.65.57
TGC-0071160.8161.40.62.72
TGC-0071201.3202.51.21.56
TGC-007259.760.30.60.84
TGC-007274.4750.64.46
TGC-007281.982.50.60.79
TGC-007294.595.10.60.9
TGC-00731212.60.60.91
TGC-007379.881.31.57.91
TGC-0073including79.880.40.610.8
TGC-0073and80.480.70.310.95
TGC-007387.394.26.910.39
TGC-0073including87.988.20.310.85
TGC-0073and9090.30.38.41
TGC-0073and90.390.60.321.79
TGC-0073and90.992.41.532.74
TGC-0073which includes90.991.20.365.52
TGC-0073and91.291.50.338.81
TGC-0073and91.591.80.343.67
TGC-0073and91.892.40.67.86
TGC-0073and also including9393.60.66.49
TGC-0073106.2107.10.92.32
TGC-007412.713.30.62.71
TGC-007480.581.40.928.01
TGC-0074including80.881.40.641.51
TGC-0074which includes80.881.10.335.63
TGC-0074and81.181.40.347.38
TGC-007492.592.80.30.9
TGC-0074118.9120.11.211.65
TGC-0074including118.9119.20.310.48
TGC-0074and119.2119.50.314.96
TGC-0074and119.5119.80.310.75
TGC-0074and119.8120.10.310.41
TGC-007513.214.41.20.61
TGC-007516.216.80.60.6
TGC-00752727.30.30.53
TGC-007543.544.40.90.93
TGC-007677.1780.90.98
TGC-00768181.30.31.57
TGC-007689.7900.37.23
TGC-007693.393.60.30.72
TGC-007699.3101.72.43.59
TGC-0076including100.2100.50.36.35
TGC-0076and100.5100.80.37.25
TGC-0076and100.8101.10.35.47
TGC-0076121.8122.10.35.04
TGC-00771516.51.50.92
TGC-007719.820.10.30.83
TGC-00775454.60.61.38
TGC-007764.265.41.22.53
TGC-007772.974.41.51.11
TGC-007814.214.80.610.17
TGC-0078including14.514.80.318.52
TGC-00781617.21.23.61
TGC-00785252.60.61.55
TGC-007887.789.51.82.53
TGC-007891.992.50.620.13
TGC-007895.298.2320.44
TGC-0078including95.295.50.3149.63
TGC-0078and96.197.61.59.28
TGC-0078which includes96.1970.911.85
TGC-0078and9797.60.65.43
TGC-007998.198.70.60.53
TGC-0079102.9103.50.65.02
TGC-00802122.21.211.67
TGC-0080including2121.30.37.26
TGC-0080and21.621.90.335.67
TGC-008023.424.30.945.89
TGC-008045.355.29.95.16
TGC-0080including47.447.70.35.46
TGC-0080and47.7480.38.1
TGC-0080and48.348.60.318.03
TGC-0080and48.648.90.317.95
TGC-0080and49.850.70.921.05
TGC-0080which includes49.850.10.342.72
TGC-0080and50.150.40.315.08
TGC-0080and50.450.70.35.35
TGC-0080and also including53.454.30.99.88
TGC-008070.271.41.20.9
TGC-008077.480.12.70.88
TGC-008215.516.71.216.96
TGC-0082including16.116.70.629.06
TGC-0082which includes16.116.40.334.23
TGC-0082and16.416.70.323.89
TGC-008243.745.51.80.99
TGC-008246.748.51.82.2
TGC-008249.750.60.90.58
TGC-008257.558.71.20.9
TGC-008267.768.60.91
TGC-00828383.30.33.61
TGC-008319.420.30.94.12
TGC-0083including19.7200.310.79
TGC-00834146.45.43.13
TGC-0083including42.543.10.65.91
TGC-0083and43.7440.310.41
TGC-0083and44.945.20.312.23
TGC-008348.249.41.23.35
TGC-008352.452.70.33.42
TGC-008355.457.52.13.04
TGC-008356.957.20.310.7
TGC-008363.565.62.18.24
TGC-0083including6565.60.625.13
TGC-0083which includes6565.30.318.58
TGC-0083and65.365.60.331.67
TGC-008367.469.52.10.74
TGC-0083110.6110.90.39.08

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

Hole IDEastingNorthingElevationAzimuthDipDepth
TGC-00531876269392075615492.18.1116.6
TGC-005418764373920744139296.3-3.2104.0
TGC-00551876269392075615296.2-32.3134.7
TGC-005718762693920755152116.2-34.1134.7
TGC-006018761823920858167130.5-30.392.3
TGC-006218761823920858167114.3-32.6101.6
TGC-006318761823920858167114.1-17.270.9
TGC-006418761833920858168103.5-8.5230.9
TGC-006618761843920858168103.50.1210.0
TGC-006818761823920858167109.6-22.1231.4
TGC-006918761823920857168125.20.091.4
TGC-007018761823920858167116.6-41.2101.9
TGC-00711876180392085716639.4-51.3221.3
TGC-007218761833920859167104.3-31.1100.5
TGC-007318762683920756152114.4-33.4131.4
TGC-00741876268392075715296.5-39.0131.5
TGC-007518762693920756153102.28.1106.7
TGC-007618763733920627127340.4-24.6137.0
TGC-00771876269392075715493.315.3118.7
TGC-00781876268392075715490.5-33.2116.8
TGC-007918763733920627128333.6-14.5131.2
TGC-00801876269392075815276.2-27.4116.5
TGC-00821876269392075815280.3-33.2121.1
TGC-00831876268392075815267.1-33.0137.6

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