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.
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.
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
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – 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.
Table 1. Highlights of composited grade control drill results in the Zone 2 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 2 in the appendix. For full results using a 0.5 g/t cutoff see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
including
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
including
56.4
57.3
0.9
20.98
and
57.3
57.9
0.6
12.86
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
including
90.9
92.7
1.8
12.22
which includes
90.9
91.5
0.6
10.93
and
91.5
91.8
0.3
23.82
and
91.8
92.7
0.9
9.22
and also including
94.5
96.9
2.4
25.16
which includes
94.5
95.4
0.9
35.76
and
95.4
96
0.6
10.87
and
96
96.3
0.3
30.26
and
96.3
96.9
0.6
20.98
TGC-0057
89.4
91.2
1.8
9.22
including
89.4
89.7
0.3
19.23
TGC-0057
113.7
115.2
1.5
10.84
including
114.3
115.2
0.9
15.86
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
including
68.1
68.7
0.6
15.29
and
68.7
69.3
0.6
21.99
TGC-0064
182.9
183.5
0.6
33.08
including
182.9
183.2
0.3
58.29
TGC-0066
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0071
114
120
6
19.78
including
114
114.3
0.3
30.17
and
114.3
114.9
0.6
8.32
and
115.5
115.8
0.3
10.68
and
115.8
116.4
0.6
9.96
and
117
120
3
31.52
which includes
117
117.6
0.6
33.78
and
117.6
118.5
0.9
20.88
and
118.5
119.4
0.9
42.75
and
119.4
120
0.6
28.35
TGC-0073
79.8
81.3
1.5
7.91
including
79.8
80.4
0.6
10.8
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
including
90
90.3
0.3
8.41
and
90.3
90.6
0.3
21.79
and
90.9
92.4
1.5
32.74
which includes
90.9
91.2
0.3
65.52
and
91.2
91.5
0.3
38.81
and
91.5
91.8
0.3
43.67
and
91.8
92.4
0.6
7.86
TGC-0074
80.8
81.4
0.6
41.5
including
80.8
81.1
0.3
35.63
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
including
118.9
119.2
0.3
10.48
and
119.2
119.5
0.3
14.96
and
119.5
119.8
0.3
10.75
and
119.8
120.1
0.3
10.41
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
including
95.2
95.5
0.3
149.63
and
96.1
97.6
1.5
9.28
which includes
96.1
97
0.9
11.85
TGC-0080
21
22.2
1.2
11.67
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
including
48.3
48.6
0.3
18.03
and
48.6
48.9
0.3
17.95
and
49.8
50.7
0.9
21.05
which includes
49.8
50.1
0.3
42.72
and
50.1
50.4
0.3
15.08
TGC-0082
15.5
16.7
1.2
16.96
including
16.1
16.7
0.6
29.06
which includes
16.1
16.4
0.3
34.23
and
16.4
16.7
0.3
23.89
TGC-0083
19.7
20
0.3
10.79
TGC-0083
43.7
45.2
0.6
11.32
including
43.7
44
0.3
10.41
and
44.9
45.2
0.3
12.23
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
including
65
65.3
0.3
18.58
and
65.3
65.6
0.3
31.67
Zone 2
The Zone 2 area of Tuvatu is located in the northwest part of the system along the western decline. It is the first part of the deposit scheduled for mining and encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems.
The URW1 lode system was the primary target for the current round of drilling. It consists predominantly of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. As reported on July 13, 2023 and July 27, 2023, mineralization in these lodes is both higher grade and more laterally extensive than initially anticipated. Grade control drilling in the URW1 area is targeting the up-dip and down-dip extensions of these lodes, 20 m to 40 m above and below the current mine drives. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.
Similarly, the URA1 lode is a narrow, steeply dipping, high-grade to locally bonanza-grade vein system. It was discovered during the development of the western decline and is intersected by the decline at approximately 75 m from the portal entrance. It trends approximately northeast-southwest and dips steeply to the southeast. It has a current strike length of approximately 100 m, and a vertical extent of approximately 120 m.
Figure 2. URA1 Lode and URW1 Lode System. Plan view (top) and view looking north (bottom) of the URA1 lode and the URW1 lode system in relation to the grade control holes reported here. Mining is ongoing in the URA1 lode (shown in purple) and the URW1a and URW1b lodes (shown in light brown). Additional lodes included in the URW1 lode system are shown in blue. Grade control drilling is targeting the up-dip and down-dip extensions of these lodes, focusing primarily on the URW1a and URW1b lodes, as evident in the bottom image.
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.
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.
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.
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
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Composited results from grade control drillholes in the Zone 2 area, 3.0 g/t Au cutoff
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
TGC-0053
including
13.8
14.7
0.9
6.47
TGC-0053
and
15.3
16.2
0.9
6.43
TGC-0053
and
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
TGC-0053
including
56.4
57.3
0.9
20.98
TGC-0053
and
57.3
57.9
0.6
12.86
TGC-0053
61.8
62.4
0.6
3.61
TGC-0053
67.5
71.7
4.2
3.87
TGC-0053
including
69
69.6
0.6
5.35
TGC-0053
and
69.6
70.2
0.6
5.89
TGC-0053
and
70.2
70.8
0.6
5.51
TGC-0053
and
71.4
71.7
0.3
5.07
TGC-0053
72.3
75.6
3.3
5.11
TGC-0053
including
72.3
72.6
0.3
5.39
TGC-0053
and
74.4
74.7
0.3
8.54
TGC-0053
and
74.7
75
0.3
7.24
TGC-0053
and
75
75.6
0.6
8.69
TGC-0054
82.8
83.4
0.6
4.92
TGC-0054
90.3
90.6
0.3
7.71
TGC-0055
13.2
13.8
0.6
8.21
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
TGC-0055
including
90.9
92.7
1.8
12.22
TGC-0055
which includes
90.9
91.5
0.6
10.93
TGC-0055
and
91.5
91.8
0.3
23.82
TGC-0055
and
91.8
92.7
0.9
9.22
TGC-0055
and also including
93.3
93.9
0.6
8.52
TGC-0055
and also including
94.5
96.9
2.4
25.16
TGC-0055
which includes
94.5
95.4
0.9
35.76
TGC-0055
and
95.4
96
0.6
10.87
TGC-0055
and
96
96.3
0.3
30.26
TGC-0055
and
96.3
96.9
0.6
20.98
TGC-0055
108
108.6
0.6
6.17
TGC-0057
11.4
12.6
1.2
3.4
TGC-0057
85.8
86.1
0.3
7.28
TGC-0057
89.4
91.2
1.8
9.22
TGC-0057
including
89.4
89.7
0.3
19.23
TGC-0057
and
89.7
90
0.3
5.34
TGC-0057
and
90
90.6
0.6
7.4
TGC-0057
and
90.6
91.2
0.6
7.98
TGC-0057
113.7
115.2
1.5
10.84
TGC-0057
including
114.3
115.2
0.9
15.86
TGC-0057
116.7
118.8
2.1
6.23
TGC-0057
including
116.7
117.6
0.9
8.19
TGC-0057
and
117.9
118.8
0.9
5.42
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
TGC-0062
including
67.5
68.1
0.6
5.11
TGC-0062
and
68.1
68.7
0.6
15.29
TGC-0062
and
68.7
69.3
0.6
21.99
TGC-0062
70.5
71.1
0.6
3.47
TGC-0064
182.9
183.5
0.6
33.08
TGC-0064
including
182.9
183.2
0.3
58.29
TGC-0064
and
183.2
183.5
0.3
7.88
TGC-0064
185.3
185.6
0.3
8.07
TGC-0066
163.5
164.1
0.6
8.62
TGC-0066
including
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0070
78.4
79
0.6
4.4
TGC-0070
82.9
83.5
0.6
3.94
TGC-0071
95.4
96
0.6
8.24
TGC-0071
114
120
6
19.78
TGC-0071
including
114
114.3
0.3
30.17
TGC-0071
and
114.3
114.9
0.6
8.32
TGC-0071
and
115.5
115.8
0.3
10.68
TGC-0071
and
115.8
116.4
0.6
9.96
TGC-0071
and
117
120
3
31.52
TGC-0071
which includes
117
117.6
0.6
33.78
TGC-0071
and
117.6
118.5
0.9
20.88
TGC-0071
and
118.5
119.4
0.9
42.75
TGC-0071
and
119.4
120
0.6
28.35
TGC-0071
157.2
157.8
0.6
5.57
TGC-0072
74.4
75
0.6
4.46
TGC-0073
79.8
81.3
1.5
7.91
TGC-0073
including
79.8
80.4
0.6
10.8
TGC-0073
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
TGC-0073
including
90
90.3
0.3
8.41
TGC-0073
and
90.3
90.6
0.3
21.79
TGC-0073
and
90.9
92.4
1.5
32.74
TGC-0073
which includes
90.9
91.2
0.3
65.52
TGC-0073
and
91.2
91.5
0.3
38.81
TGC-0073
and
91.5
91.8
0.3
43.67
TGC-0073
and
91.8
92.4
0.6
7.86
TGC-0073
and also including
93
93.6
0.6
6.49
TGC-0073
106.8
107.1
0.3
3.02
TGC-0074
13
13.3
0.3
4.43
TGC-0074
80.8
81.4
0.6
41.5
TGC-0074
including
80.8
81.1
0.3
35.63
TGC-0074
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
TGC-0074
including
118.9
119.2
0.3
10.48
TGC-0074
and
119.2
119.5
0.3
14.96
TGC-0074
and
119.5
119.8
0.3
10.75
TGC-0074
and
119.8
120.1
0.3
10.41
TGC-0076
89.7
90
0.3
7.23
TGC-0076
100.2
101.1
0.9
6.35
TGC-0076
including
100.2
100.5
0.3
6.35
TGC-0076
and
100.5
100.8
0.3
7.25
TGC-0076
and
100.8
101.1
0.3
5.47
TGC-0076
121.8
122.1
0.3
5.04
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
16.6
17.2
0.6
4.42
TGC-0078
87.7
88.3
0.6
3.93
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
TGC-0078
including
95.2
95.5
0.3
149.63
TGC-0078
and
96.1
97.6
1.5
9.28
TGC-0078
which includes
96.1
97
0.9
11.85
TGC-0078
and
97
97.6
0.6
5.43
TGC-0079
102.9
103.5
0.6
5.02
TGC-0080
21
22.2
1.2
11.67
TGC-0080
including
21
21.3
0.3
7.26
TGC-0080
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
TGC-0080
including
47.4
47.7
0.3
5.46
TGC-0080
and
47.7
48
0.3
8.1
TGC-0080
and
48.3
48.6
0.3
18.03
TGC-0080
and
48.6
48.9
0.3
17.95
TGC-0080
and
49.8
50.7
0.9
21.05
TGC-0080
which includes
49.8
50.1
0.3
42.72
TGC-0080
and
50.1
50.4
0.3
15.08
TGC-0080
and
50.4
50.7
0.3
5.35
TGC-0080
53.4
54.3
0.9
9.88
TGC-0082
15.5
16.7
1.2
16.96
TGC-0082
including
16.1
16.7
0.6
29.06
TGC-0082
which includes
16.1
16.4
0.3
34.23
TGC-0082
and
16.4
16.7
0.3
23.89
TGC-0082
46.7
47.6
0.9
3.01
TGC-0082
83
83.3
0.3
3.61
TGC-0083
19.7
20
0.3
10.79
TGC-0083
42.5
45.2
2.7
4.95
TGC-0083
including
42.5
43.1
0.6
5.91
TGC-0083
and
43.7
44
0.3
10.41
TGC-0083
and
44.9
45.2
0.3
12.23
TGC-0083
48.5
49.4
0.9
3.9
TGC-0083
52.4
52.7
0.3
3.42
TGC-0083
55.4
55.7
0.3
4.53
TGC-0083
56.9
57.5
0.6
7.24
TGC-0083
including
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
TGC-0083
including
65
65.3
0.3
18.58
TGC-0083
and
65.3
65.6
0.3
31.67
TGC-0083
110.6
110.9
0.3
9.08
Table 3. Composited results from grade control drillholes in the Zone 2 area, 0.5 g/t Au cutoff
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
TGC-0053
including
13.8
14.7
0.9
6.47
TGC-0053
and
15.3
16.2
0.9
6.43
TGC-0053
and
16.2
17.1
0.9
15.89
TGC-0053
21
22.2
1.2
0.62
TGC-0053
55.2
57.9
2.7
9.96
TGC-0053
including
56.4
57.3
0.9
20.98
TGC-0053
and
57.3
57.9
0.6
12.86
TGC-0053
60.3
63.3
3
1.1
TGC-0053
66.9
76.8
9.9
3.71
TGC-0053
including
69
69.6
0.6
5.35
TGC-0053
and
69.6
70.2
0.6
5.89
TGC-0053
and
70.2
70.8
0.6
5.51
TGC-0053
and
71.4
71.7
0.3
5.07
TGC-0053
and
72.3
72.6
0.3
5.39
TGC-0053
and
74.4
74.7
0.3
8.54
TGC-0053
and
74.7
75
0.3
7.24
TGC-0053
and
75
75.6
0.6
8.69
TGC-0053
93.9
96
2.1
1.07
TGC-0053
99
100.2
1.2
1.36
TGC-0054
82.8
83.4
0.6
4.92
TGC-0054
90
90.6
0.6
4.95
TGC-0054
including
90.3
90.6
0.3
7.71
TGC-0054
93.9
94.5
0.6
1.98
TGC-0054
96.3
97.8
1.5
1.17
TGC-0055
13.2
13.8
0.6
8.21
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
TGC-0055
including
90.9
92.7
1.8
12.22
TGC-0055
which includes
90.9
91.5
0.6
10.93
TGC-0055
and
91.5
91.8
0.3
23.82
TGC-0055
and
91.8
92.7
0.9
9.22
TGC-0055
and also including
93.3
93.9
0.6
8.52
TGC-0055
and also including
94.5
96.9
2.4
25.16
TGC-0055
which includes
94.5
95.4
0.9
35.76
TGC-0055
and
95.4
96
0.6
10.87
TGC-0055
and
96
96.3
0.3
30.26
TGC-0055
and
96.3
96.9
0.6
20.98
TGC-0055
99
100.2
1.2
0.85
TGC-0055
108
108.6
0.6
6.17
TGC-0055
117.9
118.2
0.3
2.13
TGC-0057
11.4
12.6
1.2
3.4
TGC-0057
80.4
82.8
2.4
0.76
TGC-0057
85.8
86.4
0.6
4.25
TGC-0057
87.9
93
5.1
3.66
TGC-0057
including
89.4
91.2
1.8
9.22
TGC-0057
which includes
89.4
89.7
0.3
19.23
TGC-0057
and
89.7
90
0.3
5.34
TGC-0057
and
90
90.6
0.6
7.4
TGC-0057
and
90.6
91.2
0.6
7.98
TGC-0057
106.5
107.4
0.9
0.64
TGC-0057
113.7
118.8
5.1
6.05
TGC-0057
including
114.3
115.2
0.9
15.86
TGC-0057
and
116.7
117.6
0.9
8.19
TGC-0057
and
117.9
118.8
0.9
5.42
TGC-0060
52.4
53
0.6
0.74
TGC-0060
75.5
76.7
1.2
6.97
TGC-0060
including
76.1
76.4
0.3
25.43
TGC-0060
82.4
82.7
0.3
0.65
TGC-0062
67.5
73.8
6.3
4.98
TGC-0062
including
67.5
69.3
1.8
14.13
TGC-0062
which includes
67.5
68.1
0.6
5.11
TGC-0062
and
68.1
68.7
0.6
15.29
TGC-0062
and
68.7
69.3
0.6
21.99
TGC-0064
69
69.6
0.6
1.59
TGC-0064
145.7
146.6
0.9
0.54
TGC-0064
149.9
150.8
0.9
0.51
TGC-0064
167.9
168.8
0.9
2.77
TGC-0064
174.2
174.8
0.6
0.96
TGC-0064
182.9
183.5
0.6
33.08
TGC-0064
including
182.9
183.2
0.3
58.29
TGC-0064
and
183.2
183.5
0.3
7.88
TGC-0064
185.3
185.6
0.3
8.07
TGC-0066
163.5
164.1
0.6
8.62
TGC-0066
including
163.5
163.8
0.3
12.85
TGC-0068
88.9
89.5
0.6
0.92
TGC-0068
98.6
99.2
0.6
0.73
TGC-0068
120.5
121.4
0.9
1.11
TGC-0068
172.4
175.1
2.7
0.83
TGC-0068
186.7
189.4
2.7
0.76
TGC-0068
191.2
192.7
1.5
0.57
TGC-0069
88.4
89
0.6
1.73
TGC-0070
71.2
71.8
0.6
25.89
TGC-0070
73
75.4
2.4
1.03
TGC-0070
78.4
81.1
2.7
2.23
TGC-0070
82.3
84.4
2.1
1.54
TGC-0071
95.4
96
0.6
8.24
TGC-0071
114
120.9
6.9
17.54
TGC-0071
including
114
114.3
0.3
30.17
TGC-0071
and
114.3
114.9
0.6
8.32
TGC-0071
and
115.5
115.8
0.3
10.68
TGC-0071
and
115.8
116.4
0.6
9.96
TGC-0071
and
117
120
3
31.52
TGC-0071
which includes
117
117.6
0.6
33.78
TGC-0071
and
117.6
118.5
0.9
20.88
TGC-0071
and
118.5
119.4
0.9
42.75
TGC-0071
and
119.4
120
0.6
28.35
TGC-0071
155.4
159.6
4.2
2.12
TGC-0071
including
157.2
157.8
0.6
5.57
TGC-0071
160.8
161.4
0.6
2.72
TGC-0071
201.3
202.5
1.2
1.56
TGC-0072
59.7
60.3
0.6
0.84
TGC-0072
74.4
75
0.6
4.46
TGC-0072
81.9
82.5
0.6
0.79
TGC-0072
94.5
95.1
0.6
0.9
TGC-0073
12
12.6
0.6
0.91
TGC-0073
79.8
81.3
1.5
7.91
TGC-0073
including
79.8
80.4
0.6
10.8
TGC-0073
and
80.4
80.7
0.3
10.95
TGC-0073
87.3
94.2
6.9
10.39
TGC-0073
including
87.9
88.2
0.3
10.85
TGC-0073
and
90
90.3
0.3
8.41
TGC-0073
and
90.3
90.6
0.3
21.79
TGC-0073
and
90.9
92.4
1.5
32.74
TGC-0073
which includes
90.9
91.2
0.3
65.52
TGC-0073
and
91.2
91.5
0.3
38.81
TGC-0073
and
91.5
91.8
0.3
43.67
TGC-0073
and
91.8
92.4
0.6
7.86
TGC-0073
and also including
93
93.6
0.6
6.49
TGC-0073
106.2
107.1
0.9
2.32
TGC-0074
12.7
13.3
0.6
2.71
TGC-0074
80.5
81.4
0.9
28.01
TGC-0074
including
80.8
81.4
0.6
41.51
TGC-0074
which includes
80.8
81.1
0.3
35.63
TGC-0074
and
81.1
81.4
0.3
47.38
TGC-0074
92.5
92.8
0.3
0.9
TGC-0074
118.9
120.1
1.2
11.65
TGC-0074
including
118.9
119.2
0.3
10.48
TGC-0074
and
119.2
119.5
0.3
14.96
TGC-0074
and
119.5
119.8
0.3
10.75
TGC-0074
and
119.8
120.1
0.3
10.41
TGC-0075
13.2
14.4
1.2
0.61
TGC-0075
16.2
16.8
0.6
0.6
TGC-0075
27
27.3
0.3
0.53
TGC-0075
43.5
44.4
0.9
0.93
TGC-0076
77.1
78
0.9
0.98
TGC-0076
81
81.3
0.3
1.57
TGC-0076
89.7
90
0.3
7.23
TGC-0076
93.3
93.6
0.3
0.72
TGC-0076
99.3
101.7
2.4
3.59
TGC-0076
including
100.2
100.5
0.3
6.35
TGC-0076
and
100.5
100.8
0.3
7.25
TGC-0076
and
100.8
101.1
0.3
5.47
TGC-0076
121.8
122.1
0.3
5.04
TGC-0077
15
16.5
1.5
0.92
TGC-0077
19.8
20.1
0.3
0.83
TGC-0077
54
54.6
0.6
1.38
TGC-0077
64.2
65.4
1.2
2.53
TGC-0077
72.9
74.4
1.5
1.11
TGC-0078
14.2
14.8
0.6
10.17
TGC-0078
including
14.5
14.8
0.3
18.52
TGC-0078
16
17.2
1.2
3.61
TGC-0078
52
52.6
0.6
1.55
TGC-0078
87.7
89.5
1.8
2.53
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
98.2
3
20.44
TGC-0078
including
95.2
95.5
0.3
149.63
TGC-0078
and
96.1
97.6
1.5
9.28
TGC-0078
which includes
96.1
97
0.9
11.85
TGC-0078
and
97
97.6
0.6
5.43
TGC-0079
98.1
98.7
0.6
0.53
TGC-0079
102.9
103.5
0.6
5.02
TGC-0080
21
22.2
1.2
11.67
TGC-0080
including
21
21.3
0.3
7.26
TGC-0080
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
45.3
55.2
9.9
5.16
TGC-0080
including
47.4
47.7
0.3
5.46
TGC-0080
and
47.7
48
0.3
8.1
TGC-0080
and
48.3
48.6
0.3
18.03
TGC-0080
and
48.6
48.9
0.3
17.95
TGC-0080
and
49.8
50.7
0.9
21.05
TGC-0080
which includes
49.8
50.1
0.3
42.72
TGC-0080
and
50.1
50.4
0.3
15.08
TGC-0080
and
50.4
50.7
0.3
5.35
TGC-0080
and also including
53.4
54.3
0.9
9.88
TGC-0080
70.2
71.4
1.2
0.9
TGC-0080
77.4
80.1
2.7
0.88
TGC-0082
15.5
16.7
1.2
16.96
TGC-0082
including
16.1
16.7
0.6
29.06
TGC-0082
which includes
16.1
16.4
0.3
34.23
TGC-0082
and
16.4
16.7
0.3
23.89
TGC-0082
43.7
45.5
1.8
0.99
TGC-0082
46.7
48.5
1.8
2.2
TGC-0082
49.7
50.6
0.9
0.58
TGC-0082
57.5
58.7
1.2
0.9
TGC-0082
67.7
68.6
0.9
1
TGC-0082
83
83.3
0.3
3.61
TGC-0083
19.4
20.3
0.9
4.12
TGC-0083
including
19.7
20
0.3
10.79
TGC-0083
41
46.4
5.4
3.13
TGC-0083
including
42.5
43.1
0.6
5.91
TGC-0083
and
43.7
44
0.3
10.41
TGC-0083
and
44.9
45.2
0.3
12.23
TGC-0083
48.2
49.4
1.2
3.35
TGC-0083
52.4
52.7
0.3
3.42
TGC-0083
55.4
57.5
2.1
3.04
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
63.5
65.6
2.1
8.24
TGC-0083
including
65
65.6
0.6
25.13
TGC-0083
which includes
65
65.3
0.3
18.58
TGC-0083
and
65.3
65.6
0.3
31.67
TGC-0083
67.4
69.5
2.1
0.74
TGC-0083
110.6
110.9
0.3
9.08
Table 4. Collar coordinates for grade control holes reported in this release. Coordinates are in Fiji map grid.
Surface sampling returns multiple high-grade results up to 92.55 g/t gold
North Vancouver, British Columbia–(Newsfile Corp. – August 24, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the discovery of a new mineralized structure carrying bonanza grade gold 1 km to the north of the company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.
The new mineralized structure was discovered on surface by Lion One’s regional exploration team and has been named the Lumuni occurrence. The structure is located 1 km north of Tuvatu, approximately along strike from lodes UR1, UR2, and UR3. The Lumuni structure exhibits a width at surface of approximately 0.5 m to over 1 m and is manifested as two mapped zones of what may be a single continuous feature. This includes a north-south striking zone that dips steeply to the west, and a northwest-southeast striking interval that dips steeply to the southwest. High-grade gold results were returned from close-spaced channels and outcropping zones separated by up to 30 m strike length. The overall feature was traced on surface for a length of over 150 m and remains open to the south-east where it is obscured under vegetation. The high-grade mineralized structure also appears to be coincident with a large steeply-dipping CSAMT resistivity low, which may be indicative of a deeply-rooted structure.
Highlights of Lumuni channel sampling:
66.83 g/t Au over 0.7 m (CH3850)
48.45 g/t Au over 0.7 m (including 92.55 g/t Au over 0.3 m) (CH3851)
15.18 g/t Au over 1.1 m (including 31.25 g/t Au over 0.3 m) (CH3849)
14.66 g/t Au over 1.1 m (including 16.78 g/t Au over 0.7 m) (CH3855)
17.04 g/t Au over 0.6 m (including 30.59 g/t Au over 0.3 m) (CH3853)
10.30 g/t Au over 0.9 m (including 13.89 g/t Au over 0.6 m) (CH3852)
Strike length of over 150 m observed on surface
Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the discovery of the Lumuni occurrence. This discovery was made as part of our ongoing regional mapping and sampling program throughout the Navilawa Caldera. What makes this discovery so outstanding is the continuity of the high-grade material. It is not a single bonanza-grade sample, but rather a traceable lode of high to very-high grade material that can be followed along at surface. The fact that these high-grade samples coincide with a steeply dipping resistivity low is even more compelling as it provides us with immediate drill targets to pursue. We can now add Lumuni to our growing list of high-priority regional exploration targets.”
Table 1. Highlights of channel sampling in the Lumuni area. For full results see Table 2 in the appendix.
Channel ID
From
To
Interval (m)
Au (g/t)
CH3848
0.9
1.3
0.4
4.24
CH3849
1
2.1
1.1
15.18
including
1
1.45
0.45
4.54
and
1.45
1.75
0.3
31.25
and
1.75
2.1
0.35
15.09
CH3850
0.6
1.3
0.7
66.83
including
0.6
1
0.4
64.62
and
1
1.3
0.3
69.77
CH3851
0.9
1.6
0.7
48.45
including
0.9
1.3
0.4
15.38
and
1.3
1.6
0.3
92.55
CH3852
0
0.9
0.9
10.3
including
0
0.6
0.6
13.89
and
0.6
0.9
0.3
3.13
CH3853
0.6
1.2
0.6
17.04
including
0.6
0.9
0.3
30.59
and
0.9
1.2
0.3
3.48
CH3855
0.9
2
1.1
14.66
including
0.9
1.3
0.4
10.95
and
1.3
2
0.7
16.78
CH3903
1
1.7
0.7
2.32
Figure 1. Location of Lumuni surface samples in relation to Tuvatu. The Lumuni discovery is approximately 1 km NNE of Tuvatu. Underground developments at Tuvatu are shown in red and the Lumuni surface samples are identified by the black dots. Background colours represent surface geology, with Navilawa Monzonite in pink, Nadele Breccia in green, and Sabeto volcanics in dark purple.
Figure 2. Location of Lumuni channel samples. Composite results of channel sampling in the Lumuni area in g/t gold. The dashed line represents the trace of the mineralized lode on surface.
A total of 16 channel samples were collected in the Lumuni area. The channel samples were collected by taking rock chip samples along a line oriented perpendicular to the observed structure, with overlap into the wall rock (see Figure 3).
The Lumuni structure is composed of two intervals; a northern portion trending approximately north-south and dipping sub-vertically to steeply to the west, and an eastern portion trending approximately northwest-southeast and dipping steeply to the southwest. The area between the two sections is covered in thick vegetation. It is hypothesized that the two portions are part of the same curvi-linear structure, though the eastern portion may be a splay off the northern section. The northern section is located on the margins of the Sabeto River while the eastern portion climbs up a dry creek bed to the top of a ridge, where it becomes obscured by overburden. While the northern portion appears to pinch out to the north where a series of channel samples failed to return any grade, the eastern portion may remain open to the east with mineralization observed along its entire length. The mineralized strike length of the entire Lumuni structure is currently >150 m, including both portions.
The Lumuni structure has an average estimated true width of 0.6 m, though it pinches and swells locally with observed widths reaching approximately 1 m. It is hosted in monzonite and is composed of variably white to gray chalcedonic banded and locally recrystallized quartz, with abundant heavily oxidized sulphides, giving the lode a bright red, gossanous appearance. Pyrite is the most dominant sulphide, with trace sphalerite (zinc sulphide) and galena (lead sulphide) visible locally. Alteration is intense and consists predominantly of white clays and micas. Coarse roscoelite (a vanadium mica observed in high-grade parts of Tuvatu) is also observed locally. The north-south portion of the lode is structurally controlled forming sinistral, sigmoidal shapes suggesting a north-south strike-slip foliaton as well as northwest-southeast foliations.
Figure 3. Example Lumuni channel samples. Left: Channel samples CH3848 to CH3849. Red arrows represent the approximate location of channel samples (sample lines CH3850 and CH3851 are obscured by boulders). The approximate location of Lumuni structure is represented by the yellow lines. North is up. Right: Channel sample CH3850. The Lumuni lode is visible as the reddish-brown oxidized structure in the middle of the photo. Sample bags indicate the location of samples along the channel, which is marked with yellow spray paint. North is to the right.
Figure 4. Example of Mineralization from the Lumuni Outcrop. Chalcedonic, locally banded and recrystallized comb quartz forming on the walls of open vugs, and abundant strongly oxidized sulphides in intensely altered medium-grained monzonite. Pen for scale.
The newly discovered Lumuni structure overlies a prominent resistivity gradient identified in the 2019 CSAMT survey as a potential drill target (Figure 5). CSAMT is a ground geophysical method that measures the electrical resistivity of rocks down to depths of several kilometers. It is highly efficient in identifying subsurface structures, such as lithological contact zones, faults, fracture systems, and potential upflow zones especially if these are deep-rooted structures. In alkaline gold deposits such as Tuvatu, such deep-rooted structures provide the principal conduits for hydrothermal fluid flow from which gold and other metals are deposited.
The fact that the Lumuni structure not only appears to be sub-vertically dipping but that it also corresponds to a steeply-dipping resistivity gradient provides credence to the suggestion that the mineralization observed at surface may be associated with a deep-rooted structure, in similar fashion to the mineralized lodes at Tuvatu. The CSAMT survey data thereby provides viable drill targets to follow up the bonanza-grade surface sampling described in this news release. Note that the CSAMT data shown here is based on the 2019 CSAMT survey. As reported on June 20, 2023, additional CSAMT lines were completed in 2023, the results of which once interpreted, will provide higher resolution imaging of the resistivity characteristics of the survey area. Due to some delay in processing, the 2023 CSAMT data is not yet available. Once it is available, the higher resolution data will be beneficial in further refining drill targets to follow up the Lumuni occurrence.
Figure 5. CSAMT gradient underlying bonanza grade Lumuni surface samples. Line 08 from the 2019 CSAMT survey. The Lumuni channel samples overly a steeply dipping resistivity gradient that was identified in the 2019 CSAMT survey as a potential drill target. Once available, results from the 2023 CSAMT survey will provide enhanced resistivity data in this area and further refine drill targeting in the Lumuni area.
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 (NI43-101) In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
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
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 Sample Results and Collar Information
Table 2. Channel and rock sample results from the Lumuni area
Channel ID
Sample ID
From
To
Interval (m)
Au (g/t)
CH3848
TUS025730
0
0.9
0.9
0.51
CH3848
TUS025732
0.9
1.3
0.4
4.24
CH3848
TUS025733
1.3
1.7
0.4
0.32
CH3848
TUS025734
1.7
2.2
0.5
<0.01
CH3849
TUS025735
0
1
1
0.04
CH3849
TUS025736
1
1.45
0.45
4.54
CH3849
TUS025737
1.45
1.75
0.3
31.25
CH3849
TUS025738
1.75
2.1
0.35
15.09
CH3849
TUS025739
2.1
2.8
0.7
0.02
CH3850
TUS025740
0
0.6
0.6
0.04
CH3850
TUS025741
0.6
1
0.4
64.62
CH3850
TUS025742
1
1.3
0.3
69.77
CH3851
TUS025743
0
0.9
0.9
0.72
CH3851
TUS025744
0.9
1.3
0.4
15.38
CH3851
TUS025745
1.3
1.6
0.3
92.55
CH3851
TUS025746
1.6
2
0.4
0.69
CH3852
TUS025747
0
0.6
0.6
13.89
CH3852
TUS025748
0.6
0.9
0.3
3.13
CH3853
TUS025749
0
0.6
0.6
0.24
CH3853
TUS025851
0.6
0.9
0.3
30.59
CH3853
TUS025852
0.9
1.2
0.3
3.48
CH3854
TUS025853
0
0.6
0.6
0.23
CH3854
TUS025854
0.6
0.9
0.3
0.56
CH3855
TUS025855
0
0.9
0.9
0.15
CH3855
TUS025856
0.9
1.3
0.4
10.95
CH3855
TUS025858
1.3
2
0.7
16.78
CH3856
TUS025859
0
1
1
0.1
CH3856
TUS025860
1
1.6
0.6
0.09
CH3892
TUS025887
0
0.4
0.4
<0.01
CH3892
TUS025888
0.4
0.7
0.3
<0.01
CH3892
TUS025889
0.7
1.2
0.5
<0.01
CH3893
TUS025890
0
0.7
0.4
<0.01
CH3893
TUS025891
0.7
1
0.3
<0.01
CH3893
TUS025892
1
1.7
0.7
<0.01
CH3894
TUS025893
0
0.7
0.7
<0.01
CH3894
TUS025894
0.7
1
0.3
<0.01
CH3894
TUS025895
1
1.3
0.3
<0.01
CH3894
TUS025896
1.3
1.6
0.3
<0.01
CH3903
TUS023003
0
0.6
0.6
0.24
CH3903
TUS023004
0.6
1
0.4
<0.01
CH3903
TUS023005
1
1.7
0.7
2.32
CH3903
TUS023006
1.7
2.3
0.6
<0.01
CH3904
TUS023008
0
0.9
0.9
<0.01
CH3904
TUS023009
0.9
1.1
0.2
<0.01
CH3904
TUS023010
1.1
1.4
0.3
<0.01
CH3904
TUS023011
1.4
1.7
0.3
<0.01
CH3905
TUS023012
0
0.8
0.8
<0.01
CH3905
TUS023013
0.8
1.5
0.7
<0.01
CH3905
TUS023014
1.5
2.4
0.9
<0.01
CH3905
TUS023015
2.4
2.7
0.3
1.28
CH3906
TUS023019
0
1
1
<0.01
CH3906
TUS023020
1
1.6
0.6
0.62
Table 3. Collar coordinates (channel start) for channel samples reported in this release. Coordinates are in Fiji Map Grid.
I’ve written about Lion One (LIO-V) probably a dozen times over the last couple of years. They are the only junior in the world with 100% ownership of a major alkaline gold system. Their Tuvatu gold project is located in Fiji on the Pacific Ring of Fire with multiple 20 million ounces high-grade gold mines on the same structure.
With a market cap of only about $171 million CAD the market seems to value the company for only their 2018 43-101 resource estimate of just over 720,000 ounces. But the company is about to be revalued in three different ways.
First of all, the resource does not reflect an accurate count of how much gold they have. The Tuvatu Gold project is similar in size to the Vatukoula Gold Mine in production since 1938 having shipped over seven million ounces of gold. Vatukoula is about 35 km from Tuvatu on the same structure. Vatukoula still reports about 3.8 million ounces in a resource.
These alkaline gold systems have an unusual form of gold. There will be hundreds of tiny fractures in the rock where flash gold has appeared. The veins may only be a couple of centimeters but are ultra-high grade. Since they vary widely in orientation it is not possible to get a representative assay of the real grade because there is no angle that you can drill that catches all of the tiny veins. Actually in one of the latest press releases the company changed how they sample assays of greater than 10 g/t gold to more accurately reflect the real grade.
What I’m trying to say is that in spite of having spent tens of millions of dollars in drilling, the company still does not know what an accurate grade is for the gold. But the good side of that issue is that no matter how you drill and sample it, you are always showing a lower grade than actually exists. Which means regardless of what they say they have for grade, production will in almost all cases show higher values for gold. It’s a good problem to have.
Lion One reported actually starting to mine in a May press release. The company has been predicting actual milling and gold production in the 4th quarter. Chief Operating Officer Patrick Hickey has been struggling to make the 4th quarter goal. He is so far ahead of schedule that there may be some “TRIAL” gold processing in the 3rd quarter, i.e. in a month.
In that May 18th press release there was a vital visual drawing of why grade control is always inaccurate. No matter how you drill, you miss veins. Here is an image from the press release.
The official first gold pour is scheduled for Fiji Day on October 10th in conjunction with a bunch of officials from the government who are thrilled to see a 2nd gold mine getting into production in Fiji. I know of no other jurisdiction where a junior company was able to go from exploration to production with greater support from the host country.
Lion One is on the sweet spot of valuation on the Lassonde Curve as the project begins production. That will give the stock a revaluation based on the risk has been removed from the stock.
The third part of the revaluation will be when gold and gold stocks start their next bull run. I see a general market crash between now and October. It could well take the metals and resource stocks with it. But when the dust settles, gold and gold stocks are going to be the only safe haven in town. The brilliant Bob Hoye is calling for October-November to be a good time to buy shares.
At startup the company is planning on production of 300 tonnes per day. The crushing circuit can do 1,000 TPD but for now the grinding circuit is limited to about 300 TPD. The company has already stockpiled over a two-month supply of material to mill. Plans are in progress to expand production to 500 TPD by September of 2024.
Guess estimates for grade are 6-7 g/t gold for the startup phase but COO Patrick Hickey has his fingers crossed and is hoping for 10 g/t gold. I think I have an understanding of the vein swarms and how they are always undercounted in assays. I’ll climb out on a limb and suggest that they will be doing 13-15 g/t gold a lot sooner than current investors understand.
I’ll make an important comment for investors to know here. I’ve been a small part of this story since Wally brought Quinton Hennigh on board in early 2019. Wally was making progress but it wasn’t visible. Quinton offered a lot of suggestions as to how and where to drill and what changes they needed to make in terms of personnel.
Quinton realized the company needed a professional team on site. He contacted two of the leading guys in mining, Patrick Hickey and Sergio Cattalani and convinced them to come on board. Prior to their entry management was being run out of Perth in Western Australia and frankly that just didn’t work. Investors should read the press release. I am triple impressed with both of them. I shared an hour-long update with Patrick last week. He has things totally under control. He’s the most impressive mine builder I have ever talked to.
Lion One is cashed up to production as a result of the last couple of private placements. Between standard warrants and broker warrants issued with prior placements, there are about 41 million outstanding warrants at prices between $0.77 and $1.49 dated for just over two years. As the warrants are exercised, it will bring in about $53 million. I don’t see cash being a problem for the company. There are about 15 million tradable warrants at $1.25 and I suspect they will add to the liquidity of the company since it allows investors to speculate on the price of the company with a degree of leverage. They expire in November of 2025.
I was in on a call with management of Lion One a week ago after I enquired as to the status of going into production. I was very impressed with the quality of the team and the direction the company is moving. I think the price will soon reflect the quality of management and high-grade of the ore. This should be one of the lowest cost producers in the industry. The government of Fiji is solidly supportive of the company and I see no problems on the horizon at any level.
Lion One has been my largest position for a couple of years now. The company is an advertiser and I couldn’t be more biased. Do your own due diligence.
Lion One Metals LIO-V $.84 (Aug 22, 2023) LOMLF OTCQX 206 million shares Lion One website
High grade composite results increased in Zone 5 drilling
North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is issuing an update on composite drill results reported in the Company’s August 10, 2023 news release.
The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the Company’s Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated.
Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.
Table 1. Updated composite intervals from Zone 5 infill and grade control drilling. Bolded text represents a positive change, italicized text represents a negative change. Intervals are ordered by decreasing gold content.
Hole ID
From
To
Interval (m)
Updated Au (g/t)
Original Au (g/t)
Change (g/t)
TGC-0067
48.2
50
1.8
314.27
261.93
52.34
TUDDH-643
242.7
249.3
6.6
83.47
80.78
2.69
TGC-0067
53.3
54.2
0.9
104.00
93.05
10.95
TUDDH-643
111.6
114.9
3.3
18.40
17.48
0.92
TUDDH-643
161.7
163.2
1.5
16.13
15.96
0.17
TUDDH-638
254.7
257
2.3
10.25
9.41
0.84
TUDDH-643
101.9
103.1
1.2
13.50
13.13
0.37
TUDDH-643
123.4
124
0.6
25.19
25.95
-0.76
TGC-0061
219.2
220.4
1.2
10.31
8.32
1.99
TUDDH-637
45.3
45.6
0.3
35.98
36.2
-0.22
TUDDH-643
52.2
52.5
0.3
31.87
33.51
-1.64
TUDDH-644
55.8
58.2
2.4
3.43
3.4
0.03
TGC-0065
53.1
55.2
2.1
3.91
3.82
0.09
TUDDH-634
49.2
50.7
1.5
5.44
5.68
-0.24
TUDDH-637
216.4
217
0.6
11.63
10.99
0.64
TGC-0065
128.5
129.4
0.9
7.42
6.8
0.62
TGC-0065
57.4
58.3
0.9
7.01
6.88
0.13
TUDDH-634
154.9
155.2
0.3
14.96
15.17
-0.21
TUDDH-656
173.6
173.9
0.3
11.66
10.14
1.52
TGC-0059
220.3
220.6
0.3
10.87
12.85
-1.98
TGC-0058
133.4
133.7
0.3
10.86
10.37
0.49
Tables 2 and 3 below are reproductions of Tables 1 and 2 from the August 10, 2023 news release updated to include composite intervals calculated using assay results from the gravimetric method. Composite values that have been changed are highlighted with bolded text representing positive changes and italicized text representing negative changes. Values with no bolding or italicization represent intervals for which there is no change.
Table 2. Highlights of composited infill drill results in the Zone 5 area. Reproduction of Table 1 from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-637
161.7
163.2
1.5
16.13
0.17
including
161.7
162.3
0.6
38.62
–
which includes
161.7
162
0.3
72.46
–
TUDDH-637
198.2
202.1
3.9
5.38
–
including
198.2
198.5
0.3
10.02
–
and
199.7
200.6
0.9
3.42
–
and
201.2
202.1
0.9
16.13
–
which includes
201.8
202.1
0.3
40.21
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
including
111.6
113.7
2.1
28.44
–
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
including
242.7
246.3
3.6
17.39
–
which includes
243.9
245.7
1.8
55.49
–
which includes
243.9
244.5
0.6
79.84
–
and
245.1
245.7
0.6
14.89
–
and also including
247.5
249.3
1.8
271.14
–
which includes
247.5
247.8
0.3
40.03
–
and
248.7
249.6
0.6
793.24
–
TUDDH-643
254.7
257
2.3
10.25
0.84
including
254.7
255.3
0.6
35.54
–
TUDDH-650
192.6
194.1
1.5
14.93
–
including
192.6
193.5
0.9
23.89
–
TUDDH-650
203.5
207.4
3.9
11.84
–
including
203.5
204.7
1.2
35.18
–
which includes
203.5
204.1
0.6
48.27
–
and
204.1
204.7
0.6
22.09
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
including
194.5
196
1.5
25.92
–
which includes
195.4
195.7
0.3
124.52
–
and also including
196.9
197.2
0.3
25.22
–
TUDDH-653
53
56.9
3.9
9.53
–
including
55.1
56.9
1.8
19.47
–
which includes
56
56.3
0.3
46.92
–
and
56.6
56.9
0.3
55.08
–
TUDDH-653
89.5
96.3
6.8
9.96
–
including
91.3
92.2
0.9
66.62
–
which includes
91.6
91.9
0.3
165.95
–
and
91.9
92.2
0.3
30.46
–
TUDDH-655
96.4
97.9
1.5
8.24
–
including
96.7
97
0.3
18.48
–
and
97.6
97.9
0.3
20.77
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
including
101.9
102.5
0.6
19.73
–
and
102.5
103.1
0.6
6.54
–
Table 3. Highlights of composited grade control drill results in the Zone 5 area. Reproduction of Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see Table 5 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0059
57.4
58.3
0.9
7.01
0.13
including
57.4
57.7
0.3
12.89
–
and
58
58.3
0.3
8.14
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
including
57.3
37.6
0.3
12.84
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
including
49.2
49.5
0.3
9.59
–
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
48.2
50
1.8
314.27
52.34
including
48.8
49.4
0.6
934.91
–
which includes
48.8
49.1
0.3
1839.55
–
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
including
53.3
53.9
0.6
155.68
–
which includes
53.3
53.6
0.3
10.89
–
and
53.6
53.9
0.3
300.47
–
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Reproduced from August 10, 2023 news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling. Updated figure from the August 10, 2023 news release, with updated composite gold intervals. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 4. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
–
TUDDH-634
93.7
94.3
0.6
0.5
–
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-634
125.2
125.5
0.3
1
–
TUDDH-634
128.5
129.4
0.9
7.42
0.62
TUDDH-634
including
129.1
129.4
0.3
10.89
–
TUDDH-634
148.5
149.1
0.6
1.46
–
TUDDH-637
48.2
48.8
0.6
0.6
–
TUDDH-637
68.8
69.4
0.6
0.81
–
TUDDH-637
161.7
163.2
1.5
16.13
0.17
TUDDH-637
including
161.7
162.3
0.6
38.62
–
TUDDH-637
which includes
161.7
162
0.3
72.46
–
TUDDH-637
173.1
177.6
4.5
2.69
–
TUDDH-637
including
173.1
174
0.9
8.59
–
TUDDH-637
180
182.1
2.1
2.7
–
TUDDH-637
183.9
187.5
3.6
2.76
–
TUDDH-637
including
185.7
187.5
1.8
5.03
–
TUDDH-637
198.2
202.1
3.9
5.38
–
TUDDH-637
including
198.2
198.5
0.3
10.02
–
TUDDH-637
and
199.7
200.6
0.9
3.42
–
TUDDH-637
and
201.2
202.1
0.9
16.13
–
TUDDH-637
which includes
201.8
202.1
0.3
40.21
–
TUDDH-637
219.2
220.4
1.2
10.31
1.99
TUDDH-637
including
219.5
220.4
0.9
12.79
–
TUDDH-637
222.2
222.5
0.3
2.29
–
TUDDH-637
224
226.4
2.4
1.87
–
TUDDH-637
243.5
245
1.5
1.13
–
TUDDH-637
251.3
253.7
2.4
2.46
–
TUDDH-637
258.5
259.1
0.6
0.94
–
TUDDH-637
281.9
282.5
0.6
5.96
–
TUDDH-637
290.9
292.1
1.2
1.97
–
TUDDH-637
298.7
299.6
0.9
6.68
–
TUDDH-638
14.2
14.8
0.6
1.31
–
TUDDH-638
29.8
30.4
0.6
1.29
–
TUDDH-638
106.9
107.2
0.3
0.99
–
TUDDH-638
123.1
123.7
0.6
1.44
–
TUDDH-638
154.9
155.2
0.3
14.96
-0.21
TUDDH-638
162.4
163.3
0.9
3.19
–
TUDDH-638
166.3
167.5
1.2
6.23
–
TUDDH-638
including
166.3
166.9
0.6
8.43
–
TUDDH-638
169.9
171.7
1.8
3.6
–
TUDDH-638
including
170.8
171.7
0.9
6.07
–
TUDDH-638
179.8
181.3
1.5
1.62
–
TUDDH-638
235.9
236.5
0.6
0.87
–
TUDDH-638
241.3
242.5
1.2
4.8
–
TUDDH-638
including
241.9
242.5
0.6
9.06
–
TUDDH-639
50.3
50.6
0.3
5.17
–
TUDDH-641
153
153.7
0.7
2.78
–
TUDDH-641
including
153
153.3
0.3
5.1
–
TUDDH-641
174.5
174.8
0.3
0.57
–
TUDDH-641
176.9
178.7
1.8
2.32
–
TUDDH-641
including
176.9
177.5
0.6
5.1
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
TUDDH-643
including
111.6
113.7
2.1
28.44
–
TUDDH-643
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
133.4
133.7
0.3
10.86
0.49
TUDDH-643
158.8
159.1
0.3
0.83
–
TUDDH-643
163.3
163.9
0.6
5.3
–
TUDDH-643
173.6
173.9
0.3
11.66
1.52
TUDDH-643
213.7
214.6
0.9
0.61
–
TUDDH-643
216.4
217
0.6
11.63
0.64
TUDDH-643
233.8
234.4
0.6
5.48
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
TUDDH-643
including
242.7
246.3
3.6
17.39
–
TUDDH-643
which includes
243.9
245.7
1.8
55.49
–
TUDDH-643
which includes
243.9
244.5
0.6
79.84
–
TUDDH-643
and
245.1
245.7
0.6
14.89
–
TUDDH-643
and also including
247.5
249.3
1.8
271.14
–
TUDDH-643
which includes
247.5
247.8
0.3
40.03
–
TUDDH-643
and
248.7
249.6
0.6
793.24
–
TUDDH-643
251.7
252.9
1.2
0.97
–
TUDDH-643
254.7
257
2.3
10.25
0.84
TUDDH-643
including
254.7
255.3
0.6
35.54
–
TUDDH-643
260.4
261.3
0.9
0.69
–
TUDDH-643
262.8
266.1
3.3
1.63
–
TUDDH-643
268.3
268.8
0.5
1.3
–
TUDDH-644
172.3
175
2.7
2.33
–
TUDDH-644
including
173.8
174.4
0.6
5.83
–
TUDDH-644
208.6
208.9
0.3
4.37
–
TUDDH-644
220.3
220.6
0.3
10.87
-1.98
TUDDH-644
237.1
237.7
0.6
1.19
–
TUDDH-646
116.7
117.3
0.6
1.65
–
TUDDH-646
154.8
155.1
0.3
0.67
–
TUDDH-646
181.5
183.3
1.8
2.41
–
TUDDH-646
including
183
183.3
0.3
13.29
–
TUDDH-646
223.9
224.5
0.6
8.98
–
TUDDH-646
including
224.2
224.5
0.3
15.09
–
TUDDH-646
231.1
233.2
2.1
4.23
–
TUDDH-646
including
232
232.6
0.6
10.27
–
TUDDH-646
252.3
252.7
0.4
2.81
–
TUDDH-646
253.9
254.2
0.3
2.16
–
TUDDH-649
24.9
25.2
0.3
1.93
–
TUDDH-649
153.6
154.2
0.6
0.74
–
TUDDH-649
161.7
162.3
0.6
0.52
–
TUDDH-649
188.1
190.8
2.7
1.21
–
TUDDH-649
248.7
249.3
0.6
1.17
–
TUDDH-649
251.4
252.3
0.9
0.86
–
TUDDH-649
257.1
257.4
0.3
3.31
–
TUDDH-650
53.6
53.9
0.3
0.61
–
TUDDH-650
76.7
77
0.3
0.62
–
TUDDH-650
104.1
104.4
0.3
0.67
–
TUDDH-650
148.5
149.1
0.6
0.51
–
TUDDH-650
179.1
179.4
0.3
1.62
–
TUDDH-650
180.6
181.2
0.6
0.51
–
TUDDH-650
192.6
194.1
1.5
14.93
–
TUDDH-650
including
192.6
193.5
0.9
23.89
–
TUDDH-650
199
199.3
0.3
1.66
–
TUDDH-650
203.5
207.4
3.9
11.84
–
TUDDH-650
including
203.5
204.7
1.2
35.18
–
TUDDH-650
which includes
203.5
204.1
0.6
48.27
–
TUDDH-650
and
204.1
204.7
0.6
22.09
–
TUDDH-650
210.4
210.7
0.3
2.05
–
TUDDH-651
18.25
18.85
0.6
0.93
–
TUDDH-651
80.55
81.15
0.6
2.09
–
TUDDH-651
100.65
100.95
0.3
1.46
–
TUDDH-651
118.65
119.25
0.6
1.46
–
TUDDH-651
139.95
140.55
0.6
4.39
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
TUDDH-651
including
194.5
196
1.5
25.92
–
TUDDH-651
which includes
195.4
195.7
0.3
124.52
–
TUDDH-651
and also including
196.9
197.2
0.3
25.22
–
TUDDH-651
222.4
224.8
2.4
2.22
–
TUDDH-653
0
0.6
0.6
3.37
–
TUDDH-653
21.9
22.2
0.3
1.26
–
TUDDH-653
53
56.9
3.9
9.53
–
TUDDH-653
including
55.1
56.9
1.8
19.47
–
TUDDH-653
which includes
56
56.3
0.3
46.92
–
TUDDH-653
and
56.6
56.9
0.3
55.08
–
TUDDH-653
64.4
65
0.6
0.56
–
TUDDH-653
89.5
96.3
6.8
9.96
–
TUDDH-653
including
91.3
92.2
0.9
66.62
–
TUDDH-653
which includes
91.6
91.9
0.3
165.95
–
TUDDH-653
and
91.9
92.2
0.3
30.46
–
TUDDH-653
111.6
111.9
0.3
6.53
–
TUDDH-653
116.7
118.8
2.1
1.59
–
TUDDH-653
120
120.6
0.6
0.59
–
TUDDH-655
59.7
61.5
1.8
2.74
–
TUDDH-655
96.4
97.9
1.5
8.24
–
TUDDH-655
including
96.7
97
0.3
18.48
–
TUDDH-655
and
97.6
97.9
0.3
20.77
–
TUDDH-655
99.1
99.7
0.6
0.9
–
TUDDH-655
101.5
102.1
0.6
1.23
–
TUDDH-655
118.3
118.6
0.3
3.16
–
TUDDH-655
126.1
126.7
0.6
1.04
–
TUDDH-656
27.2
28.4
1.2
0.89
–
TUDDH-656
77
77.6
0.6
1.05
–
TUDDH-656
80.6
81.2
0.6
0.7
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
TUDDH-656
including
101.9
102.5
0.6
19.73
–
TUDDH-656
and
102.5
103.1
0.6
6.54
–
TUDDH-656
106.7
107
0.3
0.58
–
TUDDH-656
119.6
119.9
0.3
1.71
–
TUDDH-656
130.1
132.5
2.4
4.83
–
TUDDH-656
including
131.9
132.5
0.6
7.99
–
TUDDH-656
162.5
162.8
0.3
8.55
–
Table 5. Updated composite results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0056
26.7
29.4
2.7
1.52
–
TGC-0056
38.1
38.4
0.3
2.31
–
TGC-0056
39.6
39.9
0.3
0.73
–
TGC-0058
34.2
34.8
0.6
0.66
–
TGC-0058
35.4
35.7
0.3
0.51
–
TGC-0058
48.3
48.6
0.3
4.83
–
TGC-0058
53.1
55.2
2.1
3.91
0.09
TGC-0058
including
53.1
54
0.9
8.74
–
TGC-0058
56.4
57
0.6
1.1
–
TGC-0059
39.4
40.3
0.9
0.53
–
TGC-0059
50.5
50.8
0.3
3.1
–
TGC-0059
53.2
54.4
1.2
0.88
–
TGC-0059
57.4
58.3
0.9
7.01
0.13
TGC-0059
including
57.4
57.7
0.3
12.89
–
TGC-0059
and
58
58.3
0.3
8.14
–
TGC-0061
34.2
34.5
0.3
0.69
–
TGC-0061
35.4
36
0.6
0.75
–
TGC-0061
45.6
46.8
1.2
0.56
–
TGC-0061
49.8
50.4
0.6
0.84
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
TGC-0061
including
57.3
37.6
0.3
12.84
–
TGC-0065
29.7
30
0.3
0.61
–
TGC-0065
32.4
33.6
1.2
2.44
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
TGC-0065
including
49.2
49.5
0.3
9.59
–
TGC-0065
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
23.6
23.9
0.3
1.06
–
TGC-0067
48.2
50
1.8
314.27
52.34
TGC-0067
including
48.8
49.4
0.6
934.91
–
TGC-0067
which includes
48.8
49.1
0.3
1839.55
–
TGC-0067
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
TGC-0067
including
53.3
53.9
0.6
155.68
–
TGC-0067
which includes
53.3
53.6
0.3
10.89
–
TGC-0067
and
53.6
53.9
0.3
300.47
–
TGC-0067
63.2
63.8
0.6
2.89
–
TGC-0067
67.1
67.4
0.3
9.18
–
Table 6. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
Exceptional results include 1839.55 g/t, 779.81 g/t, and 300.47 g/t Au from Zone 5
North Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report exceptional high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of the deposit, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. The Zone 5 area of the deposit is scheduled for mining in early 2024. Grade control drilling is being conducted in anticipation of future mining and is therefore focused on the first part of Zone 5 to be mined whereas infill drilling is focused on the parts of Zone 5 scheduled to be mined later. Zone 5 includes the main north-south oriented lodes at Tuvatu (UR1, UR2, and UR3), and represents the upward extension of the Zone 500 feeder zone, which includes intercepts such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608) (see June 6, 2022, August 15, 2022 and November 7, 2022 news releases). Zone 5 will be the second major part of Tuvatu to commence mining after mining in the URW1 area began on May 18, 2023. Once Zone 5 is in production, Tuvatu will have two major zones of very high-grade, near surface mineralization developing and producing simultaneously.
Highlights of new Zone 5 drilling:
80.78 g/t Au over 6.6 m (including 793.24 g/t Au over 0.6 m) (TUDDH-643, from 242.7 m depth)
261.93 g/t Au over 1.8 m (including 1839.55 g/t Au over 0.3 m) (TGC-0067, from 48.2 m depth)
93.05 g/t Au over 0.9 m (including 300.47 g/t Au over 0.3 m) (TGC-0067, from 53.3 m depth)
9.96 g/t Au over 6.8 m (including 165.95 g/t Au over 0.3 m) (TUDDH-653, from 89.5 m depth)
17.48 g/t Au over 3.3 m (including 95.63 g/t Au over 0.6 m) (TUDDH-643, from 111.6 m depth)
17.2 g/t Au over 2.7 m (including 124.52 g/t Au over 0.3 m) (TUDDH-651, from 194.5 m depth)
11.84 g/t Au over 3.9 m (including 48.27 g/t Au over 0.6 m) (TUDDH-650, from 203.5 m depth)
9.53 g/t Au over 3.9 m (including 55.08 g/t Au over 0.3 m) (TUDDH-653, from 53.0 m depth)
15.96 g/t Au over 1.5 m (including 72.46 g/t Au over 0.3 m) (TUDDH-637, from 161.7 m depth)
14.93 g/t Au over 1.5 m (including 23.89 g/t Au over 0.9 m) (TUDDH-650, from 192.6 m depth)
Infill drilling is being conducted from surface on approximately 20 m centers while grade control drilling is being conducted from underground on 5-10 m centers. Infill drilling is considered an intermediate stage of drilling and is designed to increase understanding of the deposit in targeted areas whereas grade control drilling is designed to provide much higher resolution and detailed understanding of the geometry and mineralization of lode arrays in advance of underground development.
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Table 1. Highlights of composited infill drill results in the Zone 5 area. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TUDDH-634
123.4
124
0.6
25.95
TUDDH-637
161.7
163.2
1.5
15.96
including
161.7
162.3
0.6
38.62
which includes
161.7
162
0.3
72.46
TUDDH-637
198.2
202.1
3.9
5.38
including
198.2
198.5
0.3
10.02
and
201.2
202.1
0.9
16.13
which includes
201.8
202.1
0.3
40.21
TUDDH-643
111.6
114.9
3.3
17.48
including
111.6
113.7
2.1
28.44
which includes
113.1
113.7
0.6
95.63
TUDDH-643
242.7
249.3
6.6
80.78
including
242.7
246.3
3.6
17.39
which includes
243.9
245.7
1.8
55.49
which includes
243.9
244.5
0.6
79.84
and
245.1
245.7
0.6
14.89
and also including
247.5
249.3
1.8
271.14
which includes
247.5
247.8
0.3
40.03
and
248.7
249.6
0.6
793.24
TUDDH-643
254.7
257
2.3
9.41
including
254.7
255.3
0.6
35.54
TUDDH-650
192.6
194.1
1.5
14.93
including
192.6
193.5
0.9
23.89
TUDDH-650
203.5
207.4
3.9
11.84
including
203.5
204.7
1.2
35.18
which includes
203.5
204.1
0.6
48.27
and
204.1
204.7
0.6
22.09
TUDDH-651
184.6
185.2
0.6
32.65
TUDDH-651
194.5
197.2
2.7
17.2
including
194.5
196
1.5
25.92
which includes
195.4
195.7
0.3
124.52
and also including
196.9
197.2
0.3
25.22
TUDDH-653
53
56.9
3.9
9.53
including
55.1
56.9
1.8
19.47
which includes
56
56.3
0.3
46.92
and
56.6
56.9
0.3
55.08
TUDDH-653
89.5
96.3
6.8
9.96
including
91.3
92.2
0.9
66.62
which includes
91.6
91.9
0.3
165.95
and
91.9
92.2
0.3
30.46
TUDDH-656
101.9
103.1
1.2
13.13
including
101.9
102.5
0.6
19.73
and
102.5
103.1
0.6
6.54
Table 2. Highlights of composited grade control drill results in the Zone 5 area. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0059
57.4
58.3
0.9
6.88
including
57.4
57.7
0.3
12.89
and
58
58.3
0.3
8.14
TGC-0061
55.8
58.2
2.4
3.4
including
57.3
37.6
0.3
12.84
TGC-0065
45.3
45.6
0.3
36.2
TGC-0065
49.2
50.7
1.5
5.68
including
49.2
49.5
0.3
9.59
and
50.4
50.7
0.3
15.76
TGC-0065
52.2
52.5
0.3
33.51
TGC-0067
48.2
50
1.8
261.93
including
48.8
49.4
0.6
934.91
which includes
48.8
49.1
0.3
1839.55
and
49.1
49.4
0.3
30.26
TGC-0067
53.3
54.2
0.9
93.05
including
53.3
53.9
0.6
155.68
which includes
53.3
53.6
0.3
10.89
and
53.6
53.9
0.3
300.47
Zone 5
Zone 5 is located along the main north-south corridor of Tuvatu and represents the shallower portions of the UR lodes, occurring between the surface and the exploration decline. It encompasses a series of closely spaced, narrow, high-grade to locally bonanza-grade vein arrays that strike approximately north-south to northeast-southwest and dip sub-vertically to steeply east. The lodes in the center of the corridor (UR1, UR2, UR3, URW2, URW3) are very closely spaced and strike north-south. They have an east-west width of approximately 75 m and a strike length of approximately 600 m. The lodes in the east and southeast (UR4, UR5, UR6, UR7, UR8) strike approximately northeast-southwest, are slightly wider spaced, and fan out to the east. They have a northwest-southeast width of approximately 250 m and a strike length of approximately 600 m (see Figure 2).
The lodes within the main corridor at Tuvatu have a vertical extent in excess of 1000 m and appear to coalesce at approximately 450 m depth where they transition to Zone 500 – the very high-grade feeder zone at Tuvatu. Zone 5 is located approximately 250 m directly above Zone 500. The results reported in this news release therefore represent high-grade mineralization that is the direct vertical upward extension of the Zone 500 feeder zone. The region between Zone 5 and Zone 500 has only been tested by relatively wide-spaced exploration drilling. The results reported here represent the initial stages of a more systematic infill and locally grade control drilling program in Zone 5, which has a strike length in excess of 300 m in the north-south direction and a vertical extent of approximately 250 m (see Figure 3).
Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.
Figure 3. Location of High-Grade Intercepts from Zone 5 Drilling. High-grade intervals are shown for Zone 5 infill and grade control drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.
A total of 14 Zone 5 infill drillholes are included in this news release. The infill drill program was drilled from surface and was designed to target the near-surface portions of the main UR lodes. The goal of the program is to increase the understanding of mineralization and lode geometry in this part of the deposit, which is scheduled for mining in late 2024 and beyond. Zone 5 mining will progress upwards from the exploration decline and thus the lower portions of Zone 5 are the first scheduled for extraction. The Zone 5 infill drill program is ongoing. Examples of mineralization observed in the Zone 5 infill drillholes are shown in Figure 4.
Figure 4. Example Mineralization from Zone 5 Infill Drilling. Top left: UR5 lode. Colloform quartz vein with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TUDDH-637, 162.0 m). Top center: UR2 lode. Narrow chalcedonic quartz vein with fine grained pyrite and sphalerite, weak potassic alteration halo (TUDDH-644, 220.3 m). Top right: Banded, vuggy and colloform chalcedonic quartz vein with coarse grained sphalerite and fine-grained pyrite and galena. Strong chocolate brown alteration halo (TUDDH-637, 220.3m). Bottom left: UR1/UR2 lodes. Wide variable white to grey silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 243.9 m). Bottom center: UR1/UR2 lodes. Vuggy white silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 247.6 m). Bottom right: UR1/UR2 lodes. Quartz-sphalerite-pyrite vein with abundant coarse-grained sphalerite and narrow potassic alteration halo. The inset image identifies a speck of visible gold within the yellow circle (TUDDH-643. 249.0 m). Pen used for scale.
A total of 12 grade control drillholes have been completed to date in the Zone 5 area of Tuvatu, six of which are reported here. Results from the first six grade control drillholes completed in Zone 5 were reported in the news release from June 14, 2023. The grade control drillholes were drilled from underground and were designed to target the Zone 5 blocks scheduled for near-term production. This area is planned to be mined in early 2024 and results from the grade control drill program will provide increased understanding of the geometry and continuity of mineralization in those blocks and will help to optimize mine development and extraction in the near future. The grade control drill program is on schedule and the results to date confirm the local understanding of the Zone 5 geological model. Zone 5 grade control drill programs are ongoing. Examples of mineralization observed in the grade control drillholes are shown in Figure 5.
Figure 5. Example Mineralization from Zone 5 Grade Control Drilling. Left: URW3 lode. Monzonite hosted hydrothermal breccia with coarse grained sphalerite and pyrite (TGC-0056, 29.1 m). Center: Vuggy hydrothermal breccia with colloform silica, coarse grained sphalerite and pyrite, and strong potassic alteration halo (TGC-0067, 48.3 m). Right: Hydrothermal breccia with grey chalcedonic silica, coarse grained pyrite and sphalerite rimmed by fine grained sooty pyrite. Strong potassic alteration halo (TGC-0067, 49.0 m). Width of core is 4.76 cm in each photo.
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
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 3. Composited results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
TUDDH-634
93.7
94.3
0.6
0.5
TUDDH-634
123.4
124
0.6
25.95
TUDDH-634
125.2
125.5
0.3
1
TUDDH-634
128.5
129.4
0.9
6.8
TUDDH-634
including
129.1
129.4
0.3
10.89
TUDDH-634
148.5
149.1
0.6
1.46
TUDDH-637
48.2
48.8
0.6
0.6
TUDDH-637
68.8
69.4
0.6
0.81
TUDDH-637
161.7
163.2
1.5
15.96
TUDDH-637
including
161.7
162.3
0.6
38.62
TUDDH-637
which includes
161.7
162
0.3
72.46
TUDDH-637
173.1
177.6
4.5
2.69
TUDDH-637
including
173.1
174
0.9
8.59
TUDDH-637
180
182.1
2.1
2.7
TUDDH-637
183.9
187.5
3.6
2.76
TUDDH-637
including
185.7
187.5
1.8
5.03
TUDDH-637
198.2
202.1
3.9
5.38
TUDDH-637
including
198.2
198.5
0.3
10.02
TUDDH-637
and
199.7
200.6
0.9
3.42
TUDDH-637
and
201.2
202.1
0.9
16.13
TUDDH-637
which includes
201.8
202.1
0.3
40.21
TUDDH-637
219.2
220.4
1.2
8.32
TUDDH-637
including
219.5
220.4
0.9
12.79
TUDDH-637
222.2
222.5
0.3
2.29
TUDDH-637
224
226.4
2.4
1.87
TUDDH-637
243.5
245
1.5
1.13
TUDDH-637
251.3
253.7
2.4
2.46
TUDDH-637
258.5
259.1
0.6
0.94
TUDDH-637
281.9
282.5
0.6
5.96
TUDDH-637
290.9
292.1
1.2
1.97
TUDDH-637
298.7
299.6
0.9
6.68
TUDDH-638
14.2
14.8
0.6
1.31
TUDDH-638
29.8
30.4
0.6
1.29
TUDDH-638
106.9
107.2
0.3
0.99
TUDDH-638
123.1
123.7
0.6
1.44
TUDDH-638
154.9
155.2
0.3
15.17
TUDDH-638
162.4
163.3
0.9
3.19
TUDDH-638
166.3
167.5
1.2
6.23
TUDDH-638
including
166.3
166.9
0.6
8.43
TUDDH-638
169.9
171.7
1.8
3.6
TUDDH-638
including
170.8
171.7
0.9
6.07
TUDDH-638
179.8
181.3
1.5
1.62
TUDDH-638
235.9
236.5
0.6
0.87
TUDDH-638
241.3
242.5
1.2
4.8
TUDDH-638
including
241.9
242.5
0.6
9.06
TUDDH-639
50.3
50.6
0.3
5.17
TUDDH-641
153
153.7
0.7
2.78
TUDDH-641
including
153
153.3
0.3
5.1
TUDDH-641
174.5
174.8
0.3
0.57
TUDDH-641
176.9
178.7
1.8
2.32
TUDDH-641
including
176.9
177.5
0.6
5.1
TUDDH-643
111.6
114.9
3.3
17.48
TUDDH-643
including
111.6
113.7
2.1
28.44
TUDDH-643
which includes
113.1
113.7
0.6
95.63
TUDDH-643
133.4
133.7
0.3
10.37
TUDDH-643
158.8
159.1
0.3
0.83
TUDDH-643
163.3
163.9
0.6
5.3
TUDDH-643
173.6
173.9
0.3
10.14
TUDDH-643
213.7
214.6
0.9
0.61
TUDDH-643
216.4
217
0.6
10.99
TUDDH-643
233.8
234.4
0.6
5.48
TUDDH-643
242.7
249.3
6.6
80.78
TUDDH-643
including
242.7
246.3
3.6
17.39
TUDDH-643
which includes
243.9
245.7
1.8
55.49
TUDDH-643
which includes
243.9
244.5
0.6
79.84
TUDDH-643
and
245.1
245.7
0.6
14.89
TUDDH-643
and also including
247.5
249.3
1.8
271.14
TUDDH-643
which includes
247.5
247.8
0.3
40.03
TUDDH-643
and
248.7
249.6
0.6
793.24
TUDDH-643
251.7
252.9
1.2
0.97
TUDDH-643
254.7
257
2.3
9.41
TUDDH-643
including
254.7
255.3
0.6
35.54
TUDDH-643
260.4
261.3
0.9
0.69
TUDDH-643
262.8
266.1
3.3
1.63
TUDDH-643
268.3
268.8
0.5
1.3
TUDDH-644
172.3
175
2.7
2.33
TUDDH-644
including
173.8
174.4
0.6
5.83
TUDDH-644
208.6
208.9
0.3
4.37
TUDDH-644
220.3
220.6
0.3
12.85
TUDDH-644
237.1
237.7
0.6
1.19
TUDDH-646
116.7
117.3
0.6
1.65
TUDDH-646
154.8
155.1
0.3
0.67
TUDDH-646
181.5
183.3
1.8
2.41
TUDDH-646
including
183
183.3
0.3
13.29
TUDDH-646
223.9
224.5
0.6
8.98
TUDDH-646
including
224.2
224.5
0.3
15.09
TUDDH-646
231.1
233.2
2.1
4.23
TUDDH-646
including
232
232.6
0.6
10.27
TUDDH-646
252.3
252.7
0.4
2.81
TUDDH-646
253.9
254.2
0.3
2.16
TUDDH-649
24.9
25.2
0.3
1.93
TUDDH-649
153.6
154.2
0.6
0.74
TUDDH-649
161.7
162.3
0.6
0.52
TUDDH-649
188.1
190.8
2.7
1.21
TUDDH-649
248.7
249.3
0.6
1.17
TUDDH-649
251.4
252.3
0.9
0.86
TUDDH-649
257.1
257.4
0.3
3.31
TUDDH-650
53.6
53.9
0.3
0.61
TUDDH-650
76.7
77
0.3
0.62
TUDDH-650
104.1
104.4
0.3
0.67
TUDDH-650
148.5
149.1
0.6
0.51
TUDDH-650
179.1
179.4
0.3
1.62
TUDDH-650
180.6
181.2
0.6
0.51
TUDDH-650
192.6
194.1
1.5
14.93
TUDDH-650
including
192.6
193.5
0.9
23.89
TUDDH-650
199
199.3
0.3
1.66
TUDDH-650
203.5
207.4
3.9
11.84
TUDDH-650
including
203.5
204.7
1.2
35.18
TUDDH-650
which includes
203.5
204.1
0.6
48.27
TUDDH-650
and
204.1
204.7
0.6
22.09
TUDDH-650
210.4
210.7
0.3
2.05
TUDDH-651
18.25
18.85
0.6
0.93
TUDDH-651
80.55
81.15
0.6
2.09
TUDDH-651
100.65
100.95
0.3
1.46
TUDDH-651
118.65
119.25
0.6
1.46
TUDDH-651
139.95
140.55
0.6
4.39
TUDDH-651
184.6
185.2
0.6
32.65
TUDDH-651
194.5
197.2
2.7
17.2
TUDDH-651
including
194.5
196
1.5
25.92
TUDDH-651
which includes
195.4
195.7
0.3
124.52
TUDDH-651
and also including
196.9
197.2
0.3
25.22
TUDDH-651
222.4
224.8
2.4
2.22
TUDDH-653
0
0.6
0.6
3.37
TUDDH-653
21.9
22.2
0.3
1.26
TUDDH-653
53
56.9
3.9
9.53
TUDDH-653
including
55.1
56.9
1.8
19.47
TUDDH-653
which includes
56
56.3
0.3
46.92
TUDDH-653
and
56.6
56.9
0.3
55.08
TUDDH-653
64.4
65
0.6
0.56
TUDDH-653
89.5
96.3
6.8
9.96
TUDDH-653
including
91.3
92.2
0.9
66.62
TUDDH-653
which includes
91.6
91.9
0.3
165.95
TUDDH-653
and
91.9
92.2
0.3
30.46
TUDDH-653
111.6
111.9
0.3
6.53
TUDDH-653
116.7
118.8
2.1
1.59
TUDDH-653
120
120.6
0.6
0.59
TUDDH-655
59.7
61.5
1.8
2.74
TUDDH-656
27.2
28.4
1.2
0.89
TUDDH-656
77
77.6
0.6
1.05
TUDDH-656
80.6
81.2
0.6
0.7
TUDDH-656
101.9
103.1
1.2
13.13
TUDDH-656
including
101.9
102.5
0.6
19.73
TUDDH-656
and
102.5
103.1
0.6
6.54
TUDDH-656
106.7
107
0.3
0.58
TUDDH-656
119.6
119.9
0.3
1.71
Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0056
26.7
29.4
2.7
1.52
TGC-0056
38.1
38.4
0.3
2.31
TGC-0056
39.6
39.9
0.3
0.73
TGC-0058
34.2
34.8
0.6
0.66
TGC-0058
35.4
35.7
0.3
0.51
TGC-0058
48.3
48.6
0.3
4.83
TGC-0058
53.1
55.2
2.1
3.82
TGC-0058
including
53.1
54
0.9
8.74
TGC-0058
56.4
57
0.6
1.1
TGC-0059
39.4
40.3
0.9
0.53
TGC-0059
50.5
50.8
0.3
3.1
TGC-0059
53.2
54.4
1.2
0.88
TGC-0059
57.4
58.3
0.9
6.88
TGC-0059
including
57.4
57.7
0.3
12.89
TGC-0059
and
58
58.3
0.3
8.14
TGC-0061
34.2
34.5
0.3
0.69
TGC-0061
35.4
36
0.6
0.75
TGC-0061
45.6
46.8
1.2
0.56
TGC-0061
49.8
50.4
0.6
0.84
TGC-0061
55.8
58.2
2.4
3.4
TGC-0061
including
57.3
37.6
0.3
12.84
TGC-0065
29.7
30
0.3
0.61
TGC-0065
32.4
33.6
1.2
2.44
TGC-0065
45.3
45.6
0.3
36.2
TGC-0065
49.2
50.7
1.5
5.68
TGC-0065
including
49.2
49.5
0.3
9.59
TGC-0065
and
50.4
50.7
0.3
15.76
TGC-0065
52.2
52.5
0.3
33.51
TGC-0067
23.6
23.9
0.3
1.06
TGC-0067
48.2
50
1.8
261.93
TGC-0067
including
48.8
49.4
0.6
934.91
TGC-0067
which includes
48.8
49.1
0.3
1839.55
TGC-0067
and
49.1
49.4
0.3
30.26
TGC-0067
53.3
54.2
0.9
93.05
TGC-0067
including
53.3
53.9
0.6
155.68
TGC-0067
which includes
53.3
53.6
0.3
10.89
TGC-0067
and
53.6
53.9
0.3
300.47
TGC-0067
63.2
63.8
0.6
2.89
TGC-0067
67.1
67.4
0.3
9.18
Table 5. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
Wall Sampling Returns 18.70 g/t Au over 17.8 m, Peak Value of 150.77 g/t Au
North Vancouver, British Columbia–(Newsfile Corp. – July 27, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report high-grade gold results from underground sampling and announces the expansion of gold mineralization at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Sampling along the walls of the URW1a and URW1b mine drives at Tuvatu has returned high-grade gold results, indicating that the gold mineralization associated with both the URW1a and URW1b lodes extends beyond the walls of the current drives. As reported on July 13, 2023, the grades associated with the URW1a and URW1b lodes are higher than anticipated and the results reported here indicate that the high-grade gold mineralization associated with these lodes is also greater in width than that which was estimated from drilling.
Highlights of wall sampling, parallel to sub-parallel to strike-drives, on URW1a and URW1b:
18.70 g/t Au over 17.8 m (including 91.15 g/t Au over 1.0m) (URW1b – Right Wall)
32.34 g/t Au over 10 m (including 149.86 and 80.11 g/t Au over 1.0m each) (URW1b – Left Wall)
17.11 g/t Au over 18 m (including 150.77 g/t Au over 1.0m) (URW1a – Right Wall)
20.72 g/t Au over 11 m (including 107.56 g/t Au over 1.0m) (URW1a – Left Wall)
24.76 g/t Au over 7 m (including 67.06 g/t Au over 1.0m) (URW1a – Left Wall)
Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the results from our wall sampling program. The program was initiated following the identification of coarse visible gold in veinlets in the walls of both the URW1a and URW1b mine drives. The results indicate that there is significant gold mineralization present in the walls of both drives, and that the mineable width of both drives is therefore considerably wider than we expected based on drill results. An investigation is now underway to determine how far this additional gold mineralization extends into the walls of both drives and how much additional high-grade material we can expect to mine from these lodes. Mining is ongoing in both drives and we’re hopeful that this additional gold mineralization will provide a further boost to our growing stockpile in advance of our plant commissioning later this year.”
Wall Sampling
Table 1. Highlights of Wall Sampling, parallel/subparallel to strike drives from the URW1a and URW1b lodes
Location
From
To
Interval (m)
Au (g/t)
URW1a Left Wall
0
7
7
24.76
including
0
2
2
46.71
which includes
1
2
1
67.06
and also including
3
6
3
24.65
URW1a Left Wall
12
29
17
14.55
including
18
29
11
20.72
which includes
18
22
4
17.54
and
23
26
3
50.84
which includes
25
26
1
107.56
URW1a Right Wall
9
27
18
17.11
including
9
10
1
35.90
and
11
12
1
10.46
and
13
24
11
23.54
which includes
15
22
7
35.47
which includes
15
16
1
150.77
URW1b Left Wall
2
12
10
32.34
including
6
8
2
76.85
which includes
6
7
1
149.86
and also including
9
12
3
54.50
which includes
9
10
1
80.11
and
10
11
1
23.20
and
11
12
1
60.18
URW1b Left Wall
14
19
5
7.48
including
14
17
3
11.51
URW1b Right Wall
0
17.8
17.8
18.70
including
5.8
10.8
5
30.24
which includes
5.8
6.8
1
27.71
and
9.4
9.8
0.4
50.76
and
9.8
10.8
1
91.15
and also including
11.8
17.8
6
28.57
which includes
14.8
17.8
3
44.53
Figure 1. Location of the URW1a and URW1b lodes in relation to the Tuvatu system. Mining is progressing north along both the URW1a lode (modelled in purple) and the URW1b lode (modelled in green). Inset image shows the location of the URW1a and URW1b lodes in relation to the Tuvatu system, with all other lodes shown in pale grey. Underground developments are shown in red. The dashed black square is the area highlighted in Figure 2. The URW1 mineralized trend has a N-S strike length of approximately 300 m and a vertical extent also of approximately 300 m. The URW1a and URW1b lodes occupy approximately 75m of this mineralized strike length. Extensional drilling is ongoing.
Figure 2. Location of URW1a and URW1b wall samples. Yellow lines indicate the location of the wall sample lines in relation to the URW1a and URW1b mine drives, shown in red. Sample lines start with 0 m at the southern (bottom) end of the mine drives and progress north along the drives. Yellow arrows indicate the possible expansion of the mine drives, pending investigation into the lateral extent of additional gold mineralization.
Mining of the URW1 lodes has been ongoing since May 18th, 2023 and is being conducted through the use of airleg mining. Airleg mining is a very precise method of mining which is ideal for narrow vein mineralization such as at Tuvatu as it enables the extraction of the vein material with minimal dilution.
As mining progressed along the URW1a and URW1b lodes, gold mineralization was identified within narrow stockwork-style veining in the walls of both drives following extraction. A systematic program of wall sampling was therefore initiated to determine the extent of gold mineralization along the walls. Samples were collected at approximately 1m intervals along the entire length of both the lefthand and righthand walls of both the URW1a and URW1b mine drives. The samples were collected by chipping material off the face of the wall along a continuous horizontal line irrespective of veining, mineralization, alteration, or lithology. The sampling results are therefore considered representative of the wall material.
The wall sampling results indicate significant gold mineralization is present in the walls of both the URW1a and URW1b mine drives, yet the lateral extent of this mineralization is unknown. An investigation is underway to determine how far mineralization extends beyond the current walls of the drives and how much additional material can be mined from these drives. Information gained from this investigation will then be applied to adapt the mine design for these lodes moving forward. As a general strategy, the early recognition of gold-bearing stockwork-style veining beyond the primary vein is significant as it provides the opportunity for the mining team to take advantage of increased mining volumes early in the life of the mine. The mining method at Tuvatu is being assessed locally and where it can be demonstrated to be beneficial a switch from airleg to mechanized mining will be considered. The effect of mechanized mining as compared to airleg mining is that it has a higher production rate but wider minimum mining widths. It is therefore efficient for wide zones of mineralization but increases dilution in narrow zones.
Modes of Mineralization at URW1 lodes
The discovery of widespread gold mineralization in the walls of the URW1a and URW1b mine drives has indicated that high-grade gold mineralization extends for several meters on either side of the main URW1 lodes. This has led to an increased understanding of the gold grade distribution in this portion of the Tuvatu deposit. It is well established that high-grade gold mineralization at Tuvatu occurs within the main subvertical lodes, such as the URW1a and URW1b lodes, which are likely the primary fluid-flow pathways in this part of the system. Results from the wall sampling program confirm the presence of a secondary, but no less important, mode of occurrence of gold mineralization of considerable significance. This second mode of mineralization occurs as a network of stockwork-style veining that forms a halo of metric extent peripheral to the main sub-vertical lodes (Figure 3).
Figure 3. Example of grade distribution in URW1a. Photo of the face of the URW1a mine drive at approximately 24 m into the drive. The main lode is shown to the right of the photo within the dashed yellow lines. Stockwork style veining is shown to the left of the main lode, with some of the veining highlighted by dashed orange lines. Gold grades from face sampling are shown in white, while gold grades from the wall sampling at this location are shown in orange. The main lode at this part of the drive is quite close to the righthand wall of the drive so we can see that high-grade gold in the form of stockwork style veining extends at least 2 m to the lefthand wall of the drive, where wall sampling returned a grade of 24.00 g/t Au. High grade material at this location therefore extends beyond the lefthand wall, as well as beyond the righthand wall where the wall sample returned 10.22 g/t Au. The lateral extent of high-grade mineralization peripheral to the main subvertical lodes is currently unknown.
Gold mineralization in the main lodes typically occurs within chalcedonic quartz veins both as native gold resulting from fluid flashing events and as a very fine-grained gold overprint in association with coarse grained pyrite and sphalerite. Gold mineralization within the halo of stockwork-style veining around the main lode occurs as native gold within a network of thin (<1 cm wide) quartz veinlets (Figure 4). The discovery of this second form of gold mineralization represents a potentially significant upside for gold grades and tonnage at the URW1a and URW1b lodes, and possibly for Tuvatu as a whole.
Figure 4. Examples of different visible gold-bearing veinlets identified during sampling. Examples of thin, visible gold-bearing veinlets from stockwork-style veining peripheral to the URW1a and URW1b main lodes. Scratcher pen used for scale.
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where metal concentrations or grades are the factors of principal economic interest. At Tuvatu, coarse visible gold generally correlates well to high-grade mineralization. However, the actual grades can only be determined by systematic sampling and assaying.
About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
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: Complete Wall Sample Results and Location Information
Table 2. Wall Sample results from the URW1a lode
URW1a – Left Wall
URW1a – Right Wall
From
To
Interval (m)
Au g/t
From
To
Interval (m)
Au g/t
0
1
1
26.36
0
1
1
0.94
1
2
1
67.06
1
2
1
5.25
2
3
1
1.4
2
3
1
1.04
3
4
1
39.56
3
4
1
2.84
4
5
1
17.43
4
5
1
1.45
5
6
1
16.96
5
6
1
9.39
6
7
1
4.57
6
7
1
0.13
7
8
1
0.01
7
8
1
0.01
8
9
1
0.28
8
9
1
0.73
9
10
1
0.04
9
10
1
35.9
10
11
1
0.15
10
11
1
0.13
11
12
1
0.01
11
12
1
10.46
12
13
1
9.01
12
13
1
0.21
13
14
1
3.36
13
14
1
4.39
14
15
1
0.01
14
15
1
1.63
15
16
1
4.24
15
16
1
150.77
16
17
1
2.52
16
17
1
14.19
17
18
1
0.28
17
18
1
12.77
18
19
1
37.88
18
19
1
23.02
19
20
1
1.34
19
20
1
11.57
20
21
1
6.93
20
21
1
10.22
21
22
1
24
21
22
1
25.76
22
23
1
1.43
22
23
1
2.48
23
24
1
7.93
23
24
1
2.16
24
25
1
37.03
24
25
1
0.37
25
26
1
107.56
25
26
1
1.35
26
27
1
1.97
26
27
1
0.54
27
28
1
0.14
27
28
1
0.11
28
29
1
1.73
28
29
1
0.04
29
30
1
0.21
29
30
1
3.31
30
31
1
0.01
30
31
1
0.06
Table 3. Wall Sample results from the URW1b lode
URW1b – Left Wall
URW1b – Right Wall
From
To
Interval (m)
Au g/t
From
To
Interval (m)
Au g/t
0
1
1
0.00
0
1
1
0.73
1
2
1
0.48
1
2
1
3.02
2
3
1
1.17
2
2.8
0.8
1.33
3
4
1
2.21
2.8
3.8
1
3.41
4
5
1
2.62
3.8
4.8
1
1.67
5
6
1
0.20
4.8
5.8
1
0.12
6
7
1
149.86
5.8
6.8
1
27.71
7
8
1
3.83
6.8
7.4
0.6
5.14
8
9
1
0.00
7.4
8.4
1
3.96
9
10
1
80.11
8.4
9.4
1
5.01
10
11
1
23.20
9.4
9.8
0.4
50.76
11
11.2
0.2
27.14
9.8
10.8
1
91.15
11.2
12
0.8
68.44
10.8
11.8
1
0.17
12
13
1
0.00
11.8
12.8
1
6.4
13
14
1
0.00
12.8
13.8
1
19.68
14
15
1
12.00
13.8
14.8
1
11.76
15
16
1
12.36
14.8
15.8
1
47.29
16
17
1
10.19
15.8
16.8
1
49.02
17
18
1
0.82
16.8
17.8
1
37.29
18
19
1
2.03
19
20
1
0.00
20
21
1
0.00
21
22
1
2.16
Table 4. Coordinates for wall sample lines reported in this release, using the end of the sample line as the reference point (i.e. the northern most point). Coordinates are in Fiji map grid.
Face Sampling Returns 19.91 g/t Au over 35 m, Peak Value of 246 g/t Au
North Vancouver, British Columbia–(Newsfile Corp. – July 13, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report successful mining results and better than expected grades from underground developments at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Face sampling on the URW1a lode returned 19.91 g/t Au over the first 35 m of mining, while face sampling on the URW1b lode returned 9.60 g/t Au over the first 22.5 m of mining. The URW1 lode system was originally modelled as a single lode with average grade of 14.05 g/t Au. The grade from the URW1a lode is therefore stronger than anticipated while the grade from the URW1b lode represents additional upside.
Highlights of Face Sampling Results:
43.49 g/t Au over 2.1 m (including 61.67 g/t Au over 1.40m) (1140.URW1.NTH.OD-A_17)
34.33 g/t Au over 2.4 m (including 56.56 g/t Au over 1.10m) (1140.URW1.NTH.OD-A_12)
37.00 g/t Au over 2.0 m (including 56.01 g/t Au over 1.32m) (1140.URW1.NTH.OD-A_11)
31.62 g/t Au over 2.33 m (including 50.88 g/t Au over 0.63m) (1140.URW1.NTH.OD-A_16)
34.61 g/t Au over 2.1 m (including 52.81 g/t Au over 1.30m) (1140.URW1.NTH.OD-A_13)
31.52 g/t Au over 2.0 m (including 246.79 g/t Au over 0.23m) (1140.URW1.NTH.OD-A_02)
31.90 g/t Au over 1.9 m (including 60.23 g/t Au over 0.50m) (1140.URW1.NTH.OD-A_08)
25.61 g/t Au over 2.0 m (including 66.4 g/t Au over 0.75m) (1140.URW1.NTH.OD-A_01)
17.32 g/t Au over 1.96 m (including 25.42 g/t Au over 0.31m) (1140.URW1.NTH.OD-B_07)
16.09 g/t Au over 2.0 m (including 35.20 g/t Au over 0.52m) (1140.URW1.NTH.OD-B_11)
12.41 g/t Au over 2.2 m (including 30.50 g/t Au over 0.60m) (1140.URW1.NTH.OD-B_15)
15.77 g/t Au over 1.73 m (including 48.51 g/t Au over 0.36m) (1140.URW1.NTH.OD-B_17)
Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the results from our face sampling program on the URW1a and URW1b lodes at Tuvatu. Face samples are collected directly from the mining drive and as such they provide the most accurate representation of the grade of the material that we’re mining, and the results to date are much greater than expected. These results provide the first comprehensive view of the grade distribution within these lodes. Tuvatu has once again outperformed and as underground developments progress we’re beginning to see the true potential of the system.”
Face Sampling
Table 1. Highlights of Face Sampling from the URW1a and URW1b lodes
Face ID
From
To
Interval (m)
Au (g/t)
1140.URW1.NTH.OD-A_02
0.67
1.35
0.68
88.58
including
0.67
0.90
0.23
246.79
and
0.90
1.35
0.45
7.71
1140.URW1.NTH.OD-A_01
0.00
0.75
0.75
66.40
including
0.00
0.56
0.56
51.20
and
0.56
0.75
0.19
111.20
1140.URW1.NTH.OD-A_17
0.70
2.10
1.40
61.67
including
0.70
1.35
0.65
33.47
and
1.35
2.10
0.75
86.11
1140.URW1.NTH.OD-A_11
0.68
2.00
1.32
56.01
including
0.68
1.20
0.52
75.53
and
1.20
1.70
0.50
36.21
and
1.70
2.00
0.30
55.19
1140.URW1.NTH.OD-A_13
0.80
2.10
1.30
52.81
including
0.80
1.60
0.80
45.19
and
1.60
2.10
0.50
65.01
1140.URW1.NTH.OD-A_12
1.30
2.40
1.10
56.56
including
1.30
1.90
0.60
64.92
and
1.90
2.40
0.50
46.52
1140.URW1.NTH.OD-A_16
0.76
1.93
1.17
37.21
including
0.76
1.39
0.63
50.88
and
1.39
1.86
0.47
13.08
and
1.86
1.93
0.07
76.15
1140.URW1.NTH.OD-A_08
1.10
1.90
0.80
37.07
including
1.10
1.50
0.40
43.56
and
1.50
1.90
0.40
30.57
1140.URW1.NTH.OD-B_11
0.00
1.00
1.00
27.87
including
0.00
0.48
0.48
19.94
and
0.48
0.87
0.39
23.62
0.87
1.00
0.13
69.93
1140.URW1.NTH.OD-B_07
0.00
0.76
0.76
25.59
including
0.00
0.45
0.45
25.70
and
0.45
0.76
0.31
25.42
Figure 1. Location of the URW1a and URW1b lodes in relation to the Tuvatu system. Mining is progressing north along both the URW1a lode (modelled in purple) and the URW1b lode (modelled in green). Inset image shows the location of the URW1a and URW1b lodes in relation to the Tuvatu system, with all other lodes shown in pale grey. Underground developments are shown in red. The dashed black square is the area highlighted in Figure 2. The URW1 mineralized trend has a N-S strike length of approximately 300 m and a vertical extent also of approximately 300 m. The URW1a and URW1b lodes occupy approximately 75m of this mineralized strike length. Extensional drilling is ongoing.
Figure 2. Plan map showing the location and face grades returned from face sampling in URW1a and URW1b. The URW1a mining drive is on the left and the URW1b mining drive is on the right. Face grades in g/t Au and their corresponding sample numbers are shown in white. The locations of the face samples are indicated by the sub-horizontal lines. Grid lines are 10 m apart. Mining is ongoing and progressing to the north.
Mining of the URW1 lodes has been ongoing since May 18th, 2023, and is being conducted through the use of airleg mining. Mining is progressing in a step-wise fashion with the mining drives advancing in increments of 2 m. Prior to blasting, a face sample is collected across the face of the advancing drive, with the sample being oriented approximately perpendicular to the strike of the mineralized lode (Figure 3). These samples lines are typically around 2 m in length and traverse the entire width of the drive such that they represent all the material mined and not just the main lode. The face samples are therefore considered representative of the grade at the face of the advancing drive and provide an indication of the grade of the material extracted with each blast. The series of face samples collected progressively along the strike of the lode provide an estimate of the grade of the material mined from the lode to date. Due to the nature of mineralization at Tuvatu there is local variation in gold grades, and the more extensive the systematic sampling is the more accurate the depiction of the overall grade and gold content of each lode will be. For a description of the geology and mineralization of the URW1 lodes, see the Lion One news release dated April 25th, 2023.
Figure 3. Face sampling methodology, URW1a. Photo of the face and sample grades for the 1140.URW1.NTH.OD-A_12 face of the URW1a lode. Samples are marked with red paint with red numbers indicating sample interval boundaries in meters. Gold grades are indicated in white. The main lode is visible on the right side of the face and is highlighted by the yellow dashed lines. In this case the lode is trending towards the east (to the right side of the photo), and the miners will start mining in that direction with the next blast, as is seen in Figure 2 above at sample 1140.URW1.NTH.OD-A_12. Sample bags are visible towards the bottom of the image, with 4 samples taken across the face and an additional duplicate sample taken at the location of the main lode. Bag numbers are visible in the face photos as a QAQC measure. Samples are collected by chipping material off the face rock equally along the length of the sample line.
Figure 4. Examples of visible gold identified during sampling. Scratcher pen used for scale in top two images. Width of sampled in bottom image is 4.5 cm.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
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: Complete Face Sample Results and Location Information
Table 2. Face Grade and Sample results from the URW1a lode (face grade >0.5 g/t Au)
Face ID
Face Sample Information
Total Sample Length (m)
Face Grade (Au g/t)
From
To
Interval (m)
Au (g/t)
1140.URW1.NTH.OD-A_01
0
0.56
0.56
51.20
2.00
25.61
0.56
0.75
0.19
111.20
0.75
1.20
0.45
2.69
1.20
2.00
0.80
0.25
1140.URW1.NTH.OD-A_02
0
0.67
0.67
2.96
2.00
31.52
0.67
0.90
0.23
246.79
0.90
1.35
0.45
7.71
1.35
2.00
0.65
1.27
1140.URW1.NTH.OD-A_03
0
0.50
0.50
9.24
2.00
12.12
0.50
0.86
0.36
6.52
0.86
0.90
0.04
26.12
0.90
1.36
0.46
1.45
1.36
2.00
0.64
24.30
1140.URW1.NTH.OD-A_04
0
0.51
0.51
2.81
1.70
6.54
0.51
0.71
0.20
14.37
0.71
1.22
0.51
7.88
1.22
1.70
0.48
5.83
1140.URW1.NTH.OD-A_06
0
0.47
0.47
3.67
2.00
5.86
0.47
0.60
0.13
3.86
0.60
1.00
0.40
0.06
1.00
1.31
0.31
0.05
1.31
2.00
0.69
13.69
1140.URW1.NTH.OD-A_07
0
0.70
0.70
34.75
2.20
12.01
0.70
0.96
0.26
4.46
0.96
1.55
0.59
0.20
1.55
2.20
0.65
1.27
1140.URW1.NTH.OD-A_08
0
0.50
0.50
60.23
1.90
31.90
0.50
1.10
0.60
1.41
1.10
1.50
0.40
43.56
1.50
1.90
0.40
30.57
1140.URW1.NTH.OD-A_09
0
0.55
0.55
0.80
2.10
6.25
0.55
1.10
0.55
0.26
1.10
1.80
0.70
16.67
1.80
2.10
0.30
2.89
1140.URW1.NTH.OD-A_10
0
0.83
0.83
20.99
1.92
17.15
0.83
1.53
0.70
15.26
1.53
1.92
0.39
12.37
1140.URW1.NTH.OD-A_11
0
0.68
0.68
0.08
2.00
37.00
0.68
1.20
0.52
75.53
1.20
1.70
0.50
36.21
1.70
2.00
0.30
55.19
1140.URW1.NTH.OD-A_12
0
0.60
0.60
15.53
2.40
34.33
0.60
1.30
0.70
15.50
1.30
1.90
0.60
64.92
1.90
2.40
0.50
46.52
1140.URW1.NTH.OD-A_13
0
0.80
0.80
5.02
2.10
34.61
0.80
1.60
0.80
45.19
1.60
2.10
0.50
65.01
1140.URW1.NTH.OD-A_15
0
0.48
0.48
0.01
1.82
1.16
0.48
1.04
0.56
2.80
1.04
1.42
0.38
0.86
1.42
1.82
0.40
0.52
1140.URW1.NTH.OD-A_16
0
0.76
0.76
0.07
2.33
31.62
0.76
1.39
0.63
50.88
1.39
1.86
0.47
13.08
1.86
1.93
0.07
76.15
1.93
2.33
0.40
75.20
1140.URW1.NTH.OD-A_17
0
0.70
0.70
7.14
2.10
43.49
0.70
1.35
0.65
33.47
1.35
2.10
0.75
86.11
1140.URW1.NTH.OD-A_18
0
0.70
0.70
6.84
2.30
2.40
0.70
1.23
0.53
0.02
1.23
2.00
0.77
0.15
2.00
2.30
0.30
1.99
1140.URW1.NTH.OD-A_19
0
0.74
0.74
1.84
2.40
4.91
0.74
1.39
0.65
4.61
1.39
1.86
0.47
1.67
1.86
2.40
0.54
12.30
Table 3. Face Grade and Sample results from the URW1b lode (face grade >0.5 g/t Au)
Face ID
Face Sample Information
Total Sample Length (m)
Face Grade (Au g/t)
From
To
Interval (m)
Au (g/t)
1140.URW1.NTH.OD-B_02
0
0.50
0.50
0.56
2.00
2.75
0.50
1.20
0.70
0.61
1.20
1.56
0.36
2.22
1.56
2.00
0.44
9.09
1140.URW1.NTH.OD-B_07
0
0.45
0.45
25.70
1.96
17.32
0.45
0.76
0.31
25.42
0.76
0.91
0.15
5.81
0.91
1.13
0.22
13.70
1.13
1.96
0.83
12.79
1140.URW1.NTH.OD-B_08
0
0.47
0.47
7.93
1.70
6.31
0.47
0.70
0.23
14.04
0.70
1.20
0.50
3.18
1.20
1.70
0.50
4.37
1140.URW1.NTH.OD-B_09
0
0.50
0.50
0.60
1.95
2.01
0.50
1.00
0.50
0.13
1.00
1.50
0.50
6.82
1.50
1.95
0.45
0.33
1140.URW1.NTH.OD-B_10
0
0.45
0.45
10.69
2.10
5.7
0.47
0.86
0.39
2.24
0.86
1.10
0.24
22.56
1.10
2.10
1.00
0.76
1140.URW1.NTH.OD-B_11
0
0.48
0.48
19.94
2.00
16.09
0.48
0.87
0.39
23.62
0.87
1.00
0.13
69.93
1.00
2.00
1.00
4.30
1140.URW1.NTH.OD-B_12
0
0.75
0.75
6.48
3.30
10.76
0.75
1.40
0.65
4.61
1.40
2.00
0.60
0.48
2.00
2.70
0.70
11.66
2.70
3.30
0.60
31.98
1140.URW1.NTH.OD-B_13
0
0.60
0.60
0.01
1.70
0.01
0.60
1.11
0.51
0.01
1.11
1.50
0.39
0.01
1.50
1.70
0.20
0.01
1140.URW1.NTH.OD-B_15
0
0.70
0.70
2.90
2.20
12.41
0.70
1.30
0.60
30.50
1.30
1.50
0.20
10.13
1.50
2.20
0.70
7.06
1140.URW1.NTH.OD-B_17
0
0.70
0.70
2.87
1.73
15.77
0.70
1.06
0.36
48.51
1.06
1.42
0.36
11.90
1.42
1.73
0.31
11.36
Table 4. Coordinates for face sample lines reported in this release, using the end of the sample line as the reference point. Coordinates are in Fiji map grid.
North Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has completed a CSAMT (Controlled Source Audio-frequency Magnetotellurics) survey at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Highlights:
14 new CSAMT survey lines were completed, including 7 across the main Tuvatu deposit area.
3 lines from the 2019 CSAMT survey were extended.
Station density has doubled from 100 m in the 2019 survey to 50 m in the 2022-23 survey.
Line spacing has halved from an average of 560 m in 2019 to an average of 300 m in 2023.
A total of approximately 33 line-kms were surveyed (11 km in 2022 and 22 km in 2023).
CSAMT processing and interpretation is expected to be complete in July; increased resolution of the CSAMT data will be used to generate high quality drill targets across the Navilawa caldera.
Lion One Chairman and CEO Walter Berukoff commented: “We’re thrilled to have completed our CSAMT survey and we eagerly await the results of the survey, which we hope to have available later in July. The 2019 survey was invaluable in helping us to discover the feeder zone underlying Tuvatu and led us directly to the 500 Zone, where we intersected 75.9 m of 20.86 g/t Au.1 The 2022-2023 survey will complement the 2019 survey and will dramatically improve survey resolution across the property, where we have already identified numerous exciting and untested prospects. The CSAMT data will help us to identify and refine drill targets underlying those prospects and we look forward to drill testing select targets later in 2023.”
Figure 1. Location of 2022-2023 CSAMT Survey Lines.
CSAMT is a ground geophysical method used for obtaining information about subsurface resistivity in a survey area. It measures the electrical resistivity of rocks down to depths of approximately 1.2 to 1.5 km, which is much deeper than alternative resistivity techniques. The survey identifies areas of bedrock with contrasting electrical properties, often due to variations in lithology, porosity, or alteration. Abrupt changes in resistivity occur when two rock types with differing resistivity characteristics are juxtaposed against one another, or when an area is highly fractured and allows groundwater to penetrate resistive rocks thereby producing an area of lower resistivity. CSAMT surveys are highly beneficial in identifying subsurface structures, such as lithological contact zones, faults, and fracture systems, especially if these are deep-rooted structures.
In alkaline gold deposits such as Tuvatu, it is these deep-rooted structures that provide the conduits for fluid flow to rise up in the earth’s crust and in which gold is deposited. When interpreting CSAMT data, the main focus is on steep resistivity gradients that may indicate the presence of such structures. CSAMT surveys are the pre-eminent geophysical tool in identifying mineralized structures and drill targets in alkaline gold deposits.
2022-2023 Survey
Lion One’s 2022-2023 CSAMT survey was designed to complement the 2019 survey by adding infill and extension lines to the previous survey area. The 2019 survey was moderate to widely spaced, with line spacing ranging from 300 m to 800 m, and station spacing every 100 m. Line and station spacing has improved significantly across the Navilawa Caldera following the 2022-2023 CSAMT survey, with line spacing ranging from 100 m to 400 m, and station spacing only 50 m apart on all new lines (Figure 1). The increased line and station density will provide greater resolution across the property and will assist in refining and generating new drill targets in the caldera.
The 2022-2023 CSAMT survey was conducted by Zonge Engineering and Research Organization of Adelaide, Australia. The 2022 portion of the survey was completed on October 8th, 2022 and the 2023 portion was completed on June 10th, 2023. A total of 33 line-km were surveyed, with 11 km completed in 2022 and 22 km completed in 2023. In addition to the 22.5 line-km surveyed in 2019, Lion One has now surveyed a total of 55.5 line-km of CSAMT across the Navilawa Caldera. Notably, the 2022-2023 survey included 5 survey lines oriented north-south across the main Tuvatu deposit, providing a high-density grid of coverage across the Tuvatu area. This will provide high-quality resistivity data for the Tuvatu deposit and all near-mine exploration targets, such as the West Zone.
Lion One has also identified numerous regional prospects throughout the Navilawa Caldera, with multiple surface samples returning grades of over 100 g/t Au (Figure 2). One of the goals of the 2022-2023 CSAMT survey was to improve coverage and understanding of the structural architecture underlying these prospects, some of which are located on the edge of the 2019 survey lines where results can be less reliable. The 2022-2023 infill and extension lines will dramatically improve survey resolution and reliability in these areas and will help refine drill targets underlying those prospects.
The 2022-2023 CSAMT survey was originally planned for 2021 but was delayed by the COVID-19 pandemic. The 2022-2023 survey was completed under budget.
Figure 2. Select Regional Prospects. Select regional prospects covered by the CSAMT survey area. The goal of the CSAMT survey is to define high resolution structures underlying these prospects and to thereby identify high priority drill targets. All grades shown are peak results from surface samples, either rock chips or channel samples. Refer to the November 15th, 2022 news release and the April 22nd, 2022 technical report for full contextualization of data.
Figure 3. Example 2019 CSAMT Interpretation, West Zone. The 2019 CSAMT survey identified several resistivity gradients in the area of the West Zone which may indicate a potential new feeder zone. The 2022-2023 CSAMT infill and extension lines in this area will increase resolution and help to refine drill targets in the West Zone. Warm colors indicate areas of high resistivity, cool colors indicate areas of low resistivity. Inset map shows the location of this interpretation section in relation to the Navilawa caldera, with the D-D’ line highlighted in yellow and the main Tuvatu deposit indicated by the star. The 2019 survey, including this figure, is the subject of a news release dated February 5, 2020.
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Grade Control Drilling in URW1 and Zone 5 Areas Returns Grades over 100 g/t Au
North Vancouver, British Columbia–(Newsfile Corp. – June 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for grade control drilling completed on both the URW1 lode system as well as the Zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, UR3, UR4, URW2, URW3, URW1A, and UR2A (Figure 1). As reported on May 18, 2023, initial mining of the URW1 lode system has already commenced and grade control drilling is being completed in advance of mining. The Zone 5 area of the deposit is scheduled for mining in early 2024 and thus the grade control drilling in this area is being conducted in anticipation of future mining, as well as to increase the knowledge of the deposit in that area. Additional high-grade intersections peripheral to both the URW1 and the Zone 5 areas are also included in this release as part of the grade control program.
Highlights of new grade control drilling:
7.14 g/t Au over 21.6 m (including 18.61 g/t Au over 5.1 m) (TGC-0042, from 73.6 m depth)
52.05 g/t Au over 2.1 m (including 345.3 g/t Au over 0.3m) (TGC-0042, from 118.0 m depth)
23.11 g/t Au over 3.6 m (including 125.31 g/t Au over 0.3 m) (TGC-0040, from 65.4 m depth)
19.43 g/t Au over 3.3 m (including 80.87 g/t Au over 0.6 m) (TGC-0051, from 49.5 m depth)
21.15 g/t Au over 2.7 m (including 67.59 g/t Au over 0.6 m) (TGC-0047, from 123.3 m depth)
9.39 g/t Au over 4.2 m (including 67.30 g/t Au over 0.3 m) (TGC-0050, from 26.7 m depth)
10.13 g/t Au over 3.9 m (including 38.58 g/t Au over 0.6 m) (TGC-0043, from 66.3 m depth)
33.99 g/t Au over 0.9 m (including 100.89 g/t Au over 0.3 m) (TGC-0045, from 62.1 m depth)
78.03 g/t Au over 0.3 m (TGC-0052, from 40.2 m depth)
Grade control drilling is being conducted on 5-10 m centers and is designed to provide a much higher resolution of the lode arrays than compared to infill drilling, which is being conducted on approximately 20 m centers. This increased resolution provides a much better understanding of the geometry and mineralization of the lodes and helps to optimize mine development and extraction. The grade control drilling program is currently on schedule and the results to date confirm the local understanding of the URW1 and Zone 5 geological models.
Figure 1. Plan View of the Main Tuvatu Deposit with Reported Grade Control Drilling. Plan view image illustrating the location of the most recent grade control drillholes in relation to the Tuvatu lode system. Grade control holes are shown in black, currently modelled mineralized lodes are shown in light grey, the main decline is shown in red, and the historical exploration decline in blue. Previous grade control, infill and exploration drillholes are not shown.
URW1 Grade Control Drilling The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.
A total of 52 grade control holes have been completed to date in the grade control drill program. Results from the first 36 drillholes (TGC-0001 to TGC-0036) were reported on April 25, 2023, and the next 16 drillholes (TGC-0037 to TGC-0052) are reported here. Ten of the most recent grade control drillholes targeted the URW1 area. Figure 2 shows the location of the most recent drillholes in relation to the URW1a and URW1b lodes, as well as to the main Tuvatu decline. Grade control drilling on the URW1 lode system has been conducted from underground from both the main decline and the historical exploration decline, and has been designed to target an 80 m strike section within the overall 300 m strike length of the URW1 system.
Figure 2. Plan View of URW1 Lode System. Plan view image illustrating the location of the most recent grade control holes in relation to the URW1 lode system. The URW1 lode system consists of multiple separate lodes, two of which are highlighted here; URW1a in purple and URW1b in green. The remaining URW1 lodes are shown in brown. The main decline is shown in red, the historical exploration decline in blue, and the grade control drillholes in black.
Figure 3. Long Section View of URW1 Lode System. Long section view showing recent high-grade drill intercepts of URW1 with URW1a highlighted in pink and URW1b highlighted in green. All other URW1 lodes are shown in brown. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades over 10 g/t Au are shown in red. Image is looking north.
Figure 4. Example URW1 Drill Core. LEFT: TGC-0040 at 67.3 m depth. Monzonite-hosted stockwork-style veining with a narrow high-grade silica vein containing coarse grained visible gold. RIGHT: TGC-0042 at 91.60 m depth. Vuggy silica vein with narrow bleached alteration halo in monzonite. Width of core is 4.76 cm in each photo.
Zone 5 Grade Control Drilling The Zone 5 area of the Tuvatu deposit consists of the upper portion of a series of closely spaced lode systems. The lode systems targeted by the most recent grade control drilling in Zone 5 are the UR1, UR2, and URW3 lodes. These three lodes are located just east of the historical exploration decline, strike approximately N-S, and dip sub-vertically to steeply east, similar to the URW1 lodes. As currently modelled, the UR1, UR2, and URW3 lodes have vertical extents ranging from approximately 700 m to approximately 900 m, and strike lengths ranging from 300 m to 600 m. All three of the lodes are open both along strike and at depth.
A total of six Zone 5 grade control drillholes are included in this report. These are the first six grade control drillholes to target the Zone 5 area and they follow upon the initial results from an ongoing infill drill program in the area. Figure 5 shows the location of these drillholes in relation to the UR1, UR2, and URW3 lodes, as well as to the historical exploration decline. Grade control drilling in the Zone 5 area has been conducted from the historical exploration decline and has been designed to target a 60 m strike section within the overall 300 m to 600 m strike length of these lodes.
Figure 5. Zone 5 Grade Control Drilling in Relation to Targeted Zone 5 Lodes. Image shows the Zone 5 grade control holes in relation to the targeted UR1, UR2, and URW3 lodes. These lodes are slightly concave with URW3 on the inside (left side on image), closest to the exploration decline, and UR1 on the outside. UR1 is shown in pink, UR2 in green, and URW3 in blue. The historical exploration decline is shown in bright blue, and the grade control drillholes are partially visible in black within the circle.
Figure 6. Zone 5 Grade Control Intercepts. Section view facing north, showing a 60 m slice of lodes UR1, UR2, and URW3 within Zone 5. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, while intervals with grades over 10 g/t Au are shown in red and purple.
Figure 7. Examples of Zone 5 Drill Core. LEFT: UR2 lode in TGC-0049 at 35.15 m depth. Coarse grained honey sphalerite and pyrite in variable light to dark grey quartz vein with narrow potassic alteration halo. RIGHT: URW3 lode in TGC-0050 at 29.6 m depth. Abundant coarse honey sphalerite rimmed by fine grained sooty pyrite +/- galena and narrow potassic alteration halo, within a larger zone of stockwork style mineralization. Width of core is 4.76 cm in each photo.
Table 1. Highlights of composited drill results in the URW1 area. Only new grade control drilling results are included here. For previous results see news release from April 25, 2023. For full results see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0039
77.4
78.3
0.9
8.37
TGC-0039
101.7
102.9
1.2
7.18
including
102.3
102.6
0.3
15.64
TGC-0040
30.3
31.5
1.2
4.7
TGC-0040
51.3
53.1
1.8
12.63
including
51.9
52.5
0.6
27.05
TGC-0040
65.4
69
3.6
23.1
including
66
66.3
0.3
85.87
and
67.2
67.5
0.3
125.31
and
68.4
68.7
0.3
13.93
and
68.7
69
0.3
46.89
TGC-0040
82.5
82.8
0.3
64.65
TGC-0041
16.8
19.8
3
1.52
TGC-0042
47.4
51
3.6
3.96
including
50.7
51
0.3
31.99
TGC-0042
52.8
54.6
1.8
11.82
including
53.7
54
0.3
64.24
TGC-0042
60
63
3
5.52
including
61.8
63
1.2
11.1
TGC-0042
64.5
66.6
2.1
7.19
including
64.5
65.1
0.6
17.34
TGC-0042
68.5
72.4
3.9
4.46
including
68.5
69.7
1.2
8.25
TGC-0042
73.6
95.2
21.6
7.14
including
76.3
78.1
1.8
7.47
and
82
92.5
10.5
12.06
which includes
83.2
83.5
0.3
19.99
and
85.9
86.2
0.3
11.88
and
88.6
88.9
0.3
19.92
and
89.5
90.1
0.6
15.26
and
90.4
91.9
1.5
42.05
which includes
90.4
91
0.6
19.98
and
91
91.3
0.3
24.93
and
91.3
91.9
0.6
72.68
TGC-0042
118
120.1
2.1
52.05
including
118.6
119.2
0.6
177.66
which includes
118.9
119.2
0.3
345.34
TGC-0043
33.3
34.5
1.2
5.72
including
33.3
33.6
0.3
9.15
TGC-0043
66.3
70.2
3.9
10.13
including
66.3
68.1
1.8
19.74
which includes
66.3
66.9
0.6
38.58
and
66.9
67.5
0.6
12.69
TGC-0044
36.6
39
2.4
8.87
including
36.6
37.5
0.9
16.81
TGC-0045
62.1
63
0.9
33.99
including
62.7
63
0.3
100.89
TGC-0045
75
75.6
0.6
5.94
including
75
75.3
0.3
9.3
TGC-0047
100.5
101.4
0.9
23.16
TGC-0047
100.5
100.8
0.3
59.63
TGC-0047
102.6
107.7
5.1
1.54
TGC-0047
123.3
126
2.7
21.14
including
124.5
126
1.5
37.08
which includes
124.5
124.8
0.3
45.88
and
124.8
125.4
0.6
67.59
TGC-0051
16.2
19.2
3
10.15
including
16.8
17.4
0.6
19.15
and
18
18.6
0.6
16.29
and
18.6
19.2
0.6
9.57
TGC-0051
49.5
52.8
3.3
19.43
including
49.5
50.1
0.6
8.35
and
50.1
50.7
0.6
80.87
and
51.9
52.8
0.9
8.69
Table 2. Highlights of composited drill results in the Zone 5 area. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0049
29.4
35.1
5.7
4.07
including
30
32.1
2.1
9.15
which includes
30.3
30.9
0.6
16.71
and
31.2
31.8
0.6
8.88
TGC-0049
43.3
45.1
1.8
7.59
including
43.9
44.5
0.6
16.87
TGC-0050
26.7
30.9
4.2
9.39
including
27.6
30.6
3
12.78
which includes
27.9
29.7
1.8
18
which includes
29.4
29.7
0.3
67.3
TGC-0052
40.2
40.5
0.3
78.03
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
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 3. Composited results from grade control drillholes in the URW1 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0039
77.4
78.3
0.9
8.37
TGC-0039
86.1
87
0.9
1.1
TGC-0039
101.7
102.9
1.2
7.18
TGC-0039
including
102.3
102.6
0.3
15.64
TGC-0039
106.5
107.1
0.6
0.99
TGC-0039
112.5
113.1
0.6
1.09
TGC-0039
117.3
117.6
0.3
5.86
TGC-0040
10.8
12.3
1.5
2.05
TGC-0040
30.3
31.5
1.2
4.7
TGC-0040
49.8
50.1
0.3
0.85
TGC-0040
51.3
53.1
1.8
12.63
TGC-0040
including
51.9
52.5
0.6
27.05
TGC-0040
56.1
56.7
0.6
1.44
TGC-0040
65.4
69
3.6
23.1
TGC-0040
including
66
66.3
0.3
85.87
TGC-0040
and
67.2
67.5
0.3
125.31
TGC-0040
and
68.4
68.7
0.3
13.93
TGC-0040
and
68.7
69
0.3
46.89
TGC-0040
82.5
82.8
0.3
64.65
TGC-0040
85.5
87
1.5
2.47
TGC-0040
90.9
91.2
0.3
4.66
TGC-0041
16.8
19.8
3
1.52
TGC-0041
51.9
52.8
0.9
0.82
TGC-0042
24
25.2
1.2
0.92
TGC-0042
39
39.6
0.6
1.94
TGC-0042
47.4
51
3.6
3.96
TGC-0042
including
50.7
51
0.3
31.99
TGC-0042
52.8
54.6
1.8
11.82
TGC-0042
including
53.7
54
0.3
64.24
TGC-0042
56.1
57.3
1.2
2.32
TGC-0042
60
63
3
5.52
TGC-0042
including
61.8
63
1.2
11.1
TGC-0042
64.5
66.6
2.1
7.19
TGC-0042
including
64.5
65.1
0.6
17.34
TGC-0042
68.5
72.4
3.9
4.46
TGC-0042
including
68.5
69.7
1.2
8.25
TGC-0042
73.6
95.2
21.6
7.14
TGC-0042
including
76.3
78.1
1.8
7.47
TGC-0042
and
82
92.5
10.5
12.06
TGC-0042
which includes
83.2
83.5
0.3
19.99
TGC-0042
and
85.9
86.2
0.3
11.88
TGC-0042
and
88.6
88.9
0.3
19.92
TGC-0042
and
89.5
90.1
0.6
15.26
TGC-0042
and
90.4
91.9
1.5
42.05
TGC-0042
which includes
90.4
91
0.6
19.98
TGC-0042
and
91
91.3
0.3
24.93
TGC-0042
and
91.3
91.9
0.6
72.68
TGC-0042
97.6
99.7
2.1
0.96
TGC-0042
110.8
112.3
1.5
2.49
TGC-0042
118
120.1
2.1
52.05
TGC-0042
including
118.6
119.2
0.6
177.66
TGC-0042
which includes
118.9
119.2
0.3
345.34
TGC-0042
122.5
122.8
0.3
0.61
TGC-0042
124
124.6
0.6
2.88
TGC-0043
33.3
34.5
1.2
5.72
TGC-0043
including
33.3
33.6
0.3
9.15
TGC-0043
66.3
70.2
3.9
10.13
TGC-0043
including
66.3
68.1
1.8
19.74
TGC-0043
which includes
66.3
66.9
0.6
38.58
TGC-0043
and
66.9
67.5
0.6
12.69
TGC-0043
84
85.5
1.5
1.02
TGC-0044
1.8
2.7
0.9
2.37
TGC-0044
36.6
39
2.4
8.87
TGC-0044
including
36.6
37.5
0.9
16.81
TGC-0044
40
40.3
0.3
1.19
TGC-0044
47.6
47.9
0.3
0.57
TGC-0044
64.4
65.3
0.9
1.3
TGC-0044
74
74.6
0.6
1.02
TGC-0044
76.1
76.4
0.3
0.94
TGC-0044
80
80.3
0.3
0.66
TGC-0045
3.3
4.5
1.2
1.48
TGC-0045
39.3
39.6
0.3
1.2
TGC-0045
44.1
44.7
0.6
1.78
TGC-0045
57.9
58.8
0.9
2.74
TGC-0045
62.1
63
0.9
33.99
TGC-0045
including
62.7
63
0.3
100.89
TGC-0045
67.8
68.7
0.9
2.47
TGC-0045
75
75.6
0.6
5.94
TGC-0045
including
75
75.3
0.3
9.3
TGC-0045
82.5
83.1
0.6
1.09
TGC-0045
86.1
88.5
2.4
1.33
TGC-0045
93.3
94.2
0.9
2.29
TGC-0045
105.6
105.9
0.3
0.87
TGC-0047
4.8
5.4
0.6
2.55
TGC-0047
41.7
44.4
2.7
1.41
TGC-0047
48.6
49.2
0.6
1.12
TGC-0047
53.1
54
0.9
1.83
TGC-0047
61.5
61.8
0.3
0.67
TGC-0047
69.9
70.2
0.3
2.68
TGC-0047
72.3
73.8
1.5
0.94
TGC-0047
77.7
78.6
0.9
2.71
TGC-0047
81
81.9
0.9
1.44
TGC-0047
84.3
84.9
0.6
0.89
TGC-0047
91.5
91.8
0.3
0.56
TGC-0047
96
96.6
0.6
2.8
TGC-0047
98.4
98.7
0.3
0.61
TGC-0047
100.5
101.4
0.9
23.16
TGC-0047
100.5
100.8
0.3
59.63
TGC-0047
102.6
107.7
5.1
1.54
TGC-0047
110.4
111
0.6
1.08
TGC-0047
113.1
114.9
1.8
0.94
TGC-0047
123.3
126
2.7
21.14
TGC-0047
including
124.5
126
1.5
37.08
TGC-0047
which includes
124.5
124.8
0.3
45.88
TGC-0047
and
124.8
125.4
0.6
67.59
TGC-0047
127.2
128.4
1.2
0.99
TGC-0047
131.7
132.3
0.6
0.54
TGC-0047
134.7
138.3
3.6
1.39
TGC-0047
143.7
144.3
0.6
2.44
TGC-0051
16.2
19.2
3
10.15
TGC-0051
including
16.8
17.4
0.6
19.15
TGC-0051
and
18
18.6
0.6
16.29
TGC-0051
and
18.6
19.2
0.6
9.57
TGC-0051
23.7
24.3
0.6
1.77
TGC-0051
49.5
52.8
3.3
19.43
TGC-0051
including
49.5
50.1
0.6
8.35
TGC-0051
and
50.1
50.7
0.6
80.87
TGC-0051
and
51.9
52.8
0.9
8.69
Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0037
24.8
27.2
2.4
0.95
TGC-0037
29.6
29.9
0.3
0.57
TGC-0037
30.5
30.8
0.3
0.56
TGC-0038
27.5
27.8
0.3
0.53
TGC-0038
30.5
30.8
0.3
0.61
TGC-0046
21.2
21.5
0.3
3.33
TGC-0049
29.4
35.1
5.7
4.07
TGC-0049
including
30
32.1
2.1
9.15
TGC-0049
which includes
30.3
30.9
0.6
16.71
TGC-0049
and
31.2
31.8
0.6
8.88
TGC-0049
41.5
42.1
0.6
1.77
TGC-0049
43.3
45.1
1.8
7.59
TGC-0049
including
43.9
44.5
0.6
16.87
TGC-0049
47.2
47.8
0.6
0.87
TGC-0050
26.7
30.9
4.2
9.39
TGC-0050
including
27.6
30.6
3
12.78
TGC-0050
which includes
27.9
29.7
1.8
18
TGC-0050
which includes
27.9
28.2
0.3
10.04
TGC-0050
and
28.8
29.1
0.3
12.83
TGC-0050
and
29.4
29.7
0.3
67.3
TGC-0050
34.5
35.7
1.2
0.83
TGC-0052
27.3
28.8
1.5
0.77
TGC-0052
34.5
34.8
0.3
0.67
TGC-0052
40.2
40.5
0.3
78.03
TGC-0052
50.1
50.4
0.3
1.62
Table 5. Collar coordinates and dates of completion for grade control drillholes reported in this release. Coordinates are in Fiji map grid.
