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Lion One Reports New High-grade Gold Results at Tuvatu

North Vancouver, British Columbia–(Newsfile Corp. – April 25, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) reports significant new high-grade results from grade control drilling at the Company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.

Following on the initial mining and extraction of the URA1 lode, the Company is here reporting new high-grade results from grade control drilling on the URW1 lode system, approximately 120m further east. Mining of URW1 is expected to begin over the next 2-4 weeks. Strike drive development on URW1 has commenced.

Highlights of new high-grade gold mineralization intersected by grade control drilling:

  • Multiple bonanza grade zones have been intersected including:
    • 88.07g/t Au over 5.7m (including 1,396g/t Au over 0.3m) (TGC-0034)
    • 27.52g/t Au over 5.55m (TUG-056)
    • 20.93g/t Au over 7.2m (TGC-0003)
    • 16.12g/t Au over 9.3m (TGC-0014)
    • 16.48g/t Au over 9.6m (TGC-0002)
    • 14.6g/t Au over 6.6m (TGC-0032)
    • 14.97g/t Au over 5.4m (TGC-0018)
    • 10.85g/t Au over 6.9m (TGC-0013)
  • Visible was gold observed in several drill holes.


 
Figure 1. Plan map showing the locations of the URA1 and URW1 lodes (in red) relative to the main Tuvatu decline. The gray outlines indicate planned development to reach the URW1 lodes.
 
To view an enhanced version of this graphic, please visit:
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Close spaced grade control drilling has resulted in much higher resolution of the lode arrays as compared to previous infill drilling, including the identification of bonanza grade (>50g/t Au) zones.

The tightened drill pattern will facilitate optimised development and extraction of high-grade gold mineralization from the URW1 lodes while minimizing dilution. High-grade gold mineralization extracted from the URW1 lode system will contribute significantly to the growing high-grade stockpile constituting the initial feed for the Company’s plant and processing facility, on schedule for start-up in Q4 2023.

Mineralization
Mineralization consists of abundant free gold, typically in association with light to dark gray chalcedonic quartz and roscoelite, locally accompanied by minor amounts of pyrite, sphalerite, galena and lesser chalcopyrite (Figure 3).


 
Figure 2. Long section view west of grade control drilling at URW1. Intersections >5m and 10g/t Au highlighted in red.
 
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Figure 3. A) Coarse disseminated gold in a quartz-roscoelite veinlet, TGC-0034 67.5m. Sample returned 1396.3 g/t Au over 0.3m. B) Coarse gold in gray quartz veinlet, TGC-0034 81.6m. Sample returned 166.2 g/t Au over 0.9m. C) Coarse honey sphalerite rimmed by dark pyrite in variable light to dark gray quartz vein, TGC-0032 71.0m. Sample returned 112.9 g/t Au over 0.3m. D) Banded chalcedonic quartz-roscoelite-pyrite-fine native gold, TGC-0002 77.4m. Sample returned 44.3 g/t Au over 0.3m.
 
To view an enhanced version of this graphic, please visit:
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URW1 Lode System
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 and is located approximately 120m east of the URA1 lode (Figure 1, 2, 4).

As currently modelled based on earlier drilling, the URW1 lode measures approximately 300m in the NS-direction by approximately 300m of vertical extent, thus forming one of the major N-S trending lodes that have been recognized in this part of the Tuvatu deposit. The URW1 lode intersects with numerous flat-lying to moderately south-dipping EW veins referred to as the Murau lode system (Figure 4).

Grade control drilling has been conducted from both the new decline and the historic exploration adit (Figures 1 & 2). This drilling is targeting a 60m strike section of the URW1 system, within the >300m strike of the overall URW1 system. Detailed drilling of this nature is the first conducted at the project and has served to confirm both the location of structures and the extent of some of the higher-grade zones within the overall mineralized envelope. These bonanza zones (>50g/t Au * true width) have been intersected that show a considerably higher-grade than the previous wide-spaced resource drilling in the area. The high-grade zones are interpreted to relate to the intersection of the N-S URW1 lode with E-W striking structures such as the Murau lodes.


 
Figure 4. Plan view of 3D models illustrating the earlier interpretation of the URA1 and URW1 lodes (blue). The lighter pink shapes are the flat-lying stacked Murau lodes (left) and SKL lodes (right). Underground development is shown in red.
 
To view an enhanced version of this graphic, please visit:
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The URW1 lode system is interpreted as a series of parallel vein arrays.

This interpretation has come by way of a series of closely spaced grade control drill holes, drilled from two separate locations, east-directed drilling from the main decline, as well as west-directed drilling from the exploration decline (Figure 1). To date, a total of 34 diamond drill holes totalling approximately 3538m have been completed resulting in 5m to 10m spacing between adjacent holes covering a limited extent of the URW1 lode system. Despite the relatively limited size of the area drilled thus far, the grade control program has significantly increased the level of confidence in the geometry, widths, and grade distribution of the URW1 lodes, thereby allowing for detailed development planning.

Composited assay results for mineralized intervals interpreted as URW1 lodes in holes completed to date are presented in Table 1, with Tables 2 and 3 in the appendix containing full drill hole details. The URW1 lode system represents the next main area of mining and extraction of high-grade mineralization at Tuvatu. Development has commenced with first grade control and mapping expected shortly.

Table 1. Summary of composited drill results intersecting mineralization from the area of URW1 in this release. (TGC = new grade control drilling ordered by strongest intersections; TUDDH and TUG indicates previous exploration drilling (surface and underground) targeting this zone). For full results refer Table 2 in the appendix.

Hole IDGrade
(g/t Au)
Drill intersection width (m)True Width (m)
TGC-003488.075.75.1
TUG-05627.525.555.5
TGC-000320.937.26.5
TGC-001416.129.38.4
TGC-000216.489.68.2
TUG-058100.210.850.85
TGC-003214.66.65.3
TGC-001814.975.44.9
TGC-001310.856.96.2
TGC-001111.045.44.6
TGC-00356.66.556.2
TGC-001911.573.63.4
TGC-002811.524.83.4
TGC-00318.865.14.1
TUDDH-35021.112.71.7
TUDDH-34914.379.732.4
TGC-00164.358.17.7
TUDDH-4097.836.774.1
TGC-000510.1432.4
TUDDH-2198.3314.152.9
TGC-000810.2932.3
TUG-05717.71.21.1
TURC-1678.8831.8
TGC-00094.583.63.2
TGC-00172.226.96.2
TGC-00365.1632.3
TGC-00255.0432.3
TGC-00291.63.32.6
TGC-00303.221.51.2
TGC-00152.391.81.4
TUDDH-2250.730.90.9
TUG-1230.320.950.8
TUDDH-0750.840.350.25
TUG-1250.20.540.3

About Tuvatu

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

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

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

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

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

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

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

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 drill details

Table 2. Composited results from grade control drillholes targeting the URW1 lodes

Hole IDFrom (m)To (m)Interval (m)Au (g/t)
TGC-000133.033.90.90.64
TGC-000277.177.40.344.25
TGC-000280.184.94.88.03
TGC-0002including80.182.22.111.60
TGC-0002which includes81.681.90.372.20
TGC-0002and including83.184.91.87.86
TGC-000289.497.58.113.07
TGC-0002including89.491.21.84.68
TGC-0002including92.197.55.417.97
TGC-0002which includes93.693.90.341.54
TGC-0002and93.994.20.345.40
TGC-0002and94.294.50.374.38
TGC-0002and94.594.80.338.43
TGC-0002and94.895.10.356.89
TGC-0002100.2103.83.67.93
TGC-0002108.3111.93.610.09
TGC-0002including108.3109.20.94.05
TGC-0002including110.1111.91.818.15
TGC-0002which includes111.0111.30.377.72
TGC-0002113.7114.60.917.11
TGC-000352.553.40.92.79
TGC-000377.480.43.03.84
TGC-0003including77.477.70.35.34
TGC-0003and78.678.90.34.40
TGC-0003and79.279.50.327.18
TGC-000389.795.76.09.57
TGC-0003including89.793.33.614.63
TGC-0003which includes90.691.20.681.18
TGC-000398.099.21.20.95
TGC-0003102.2110.68.45.73
TGC-0003including102.2107.04.87.97
TGC-0003which includes105.8106.10.335.58
TGC-0003and includes107.3108.51.26.84
TGC-0003112.4112.70.31.15
TGC-0003115.1116.00.959.85
TGC-00043.44.30.92.93
TGC-000575.375.90.62.11
TGC-000591.599.07.52.77
TGC-0005including93.394.20.910.67
TGC-0005102.6102.90.32.10
TGC-0005104.1104.70.621.01
TGC-0005107.1108.00.91.65
TGC-0005109.8110.40.60.78
TGC-0005120.0122.12.12.51
TGC-0005including121.8122.10.314.83
TGC-000728.228.50.31.31
TGC-000874.876.92.110.51
TGC-000882.382.90.625.57
TGC-000894.094.30.34.20
TGC-000896.4101.24.83.77
TGC-0008including96.498.52.13.73
TGC-0008and99.1101.22.14.78
TGC-0008105.1105.70.62.78
TGC-0008108.7109.30.61.05
TGC-0008110.8111.40.62.16
TGC-0008122.5123.10.661.39
TGC-000918.621.32.70.91
TGC-000928.529.10.61.61
TGC-000930.931.50.68.33
TGC-000932.734.21.533.38
TGC-000949.549.80.310.54
TGC-000953.456.43.01.07
TGC-000961.261.50.31.97
TGC-000965.465.70.33.06
TGC-000966.967.80.96.10
TGC-000969.075.06.05.01
TGC-0009including69.670.20.64.66
TGC-0009and70.572.31.86.62
TGC-0009and72.973.50.66.80
TGC-0009and73.875.01.28.78
TGC-000976.578.01.50.97
TGC-001017.118.91.86.52
TGC-0010including17.117.40.337.04
TGC-001020.121.00.92.54
TGC-001023.430.36.92.67
TGC-0010including24.927.62.74.71
TGC-001036.036.90.98.92
TGC-001119.019.30.30.89
TGC-001122.323.81.57.56
TGC-001127.129.32.22.49
TGC-0011including27.128.00.95.34
TGC-001131.131.40.31.26
TGC-001132.635.32.77.64
TGC-0011including32.634.11.511.33
TGC-0011and34.435.30.94.04
TGC-001140.440.70.31.22
TGC-001152.753.30.61.91
TGC-001154.856.92.12.18
TGC-001158.759.91.22.62
TGC-0011including59.359.90.64.09
TGC-001163.266.53.32.68
TGC-0011including64.166.52.43.58
TGC-001168.675.87.26.72
TGC-0011including68.669.20.619.95
TGC-0011which includes68.969.20.337.28
TGC-0011and69.573.43.98.84
TGC-0011which includes71.071.30.359.70
TGC-001279.581.92.47.86
TGC-0012including79.579.80.359.46
TGC-001285.285.50.32.79
TGC-001287.388.51.25.11
TGC-001292.192.40.32.47
TGC-001298.499.61.21.32
TGC-0012102.3104.11.80.63
TGC-0012105.9106.20.34.67
TGC-001319.219.50.31.55
TGC-001323.123.70.61.28
TGC-001332.434.52.13.36
TGC-0013including32.433.00.66.97
TGC-0013and33.934.50.64.67
TGC-001342.943.50.61.16
TGC-001347.147.70.60.80
TGC-001350.451.30.913.58
TGC-001355.656.20.61.37
TGC-001367.670.32.75.70
TGC-001372.773.60.94.09
TGC-001375.179.34.211.03
TGC-0013including75.176.61.54.86
TGC-0013and77.278.10.98.51
TGC-0013and78.479.30.934.87
TGC-0013which includes78.779.30.649.52
TGC-001381.183.82.75.97
TGC-001394.397.63.31.21
TGC-001410.811.10.31.21
TGC-001419.219.50.31.03
TGC-001434.536.31.82.47
TGC-0014including34.535.40.93.38
TGC-0014and36.036.30.34.72
TGC-001442.642.90.33.21
TGC-001452.253.10.90.57
TGC-001456.156.40.31.69
TGC-001466.075.69.613.28
TGC-0014including66.066.90.954.81
TGC-0014which includes66.366.60.395.47
TGC-0014and66.666.90.367.96
TGC-0014and67.569.01.57.83
TGC-0014and69.372.63.39.89
TGC-0014and72.973.20.33.32
TGC-0014and74.175.00.932.29
TGC-0014which includes74.474.70.357.95
TGC-0014and74.775.00.338.34
TGC-0014and75.375.60.39.41
TGC-001480.784.63.97.69
TGC-001485.888.83.01.86
TGC-001492.495.12.71.10
TGC-001571.171.40.30.54
TGC-001587.387.90.62.17
TGC-0015105.6106.20.62.50
TGC-001638.743.54.86.22
TGC-0016including38.741.42.79.67
TGC-0016which includes40.841.10.345.75
TGC-001668.168.70.62.16
TGC-001670.871.40.62.55
TGC-001672.673.50.96.50
TGC-001681.083.42.414.23
TGC-0016including81.081.60.619.42
TGC-0016and81.983.41.514.99
TGC-0016which includes83.183.40.345.51
TGC-001684.685.50.91.86
TGC-001692.494.52.14.83
TGC-001695.797.82.13.58
TGC-00175.15.70.61.28
TGC-001717.417.70.34.32
TGC-001736.036.60.61.26
TGC-001738.744.15.49.39
TGC-001769.369.90.69.60
TGC-001772.373.81.53.03
TGC-0017including73.273.80.67.01
TGC-001776.877.40.665.63
TGC-001782.584.01.53.08
TGC-001878.979.50.60.92
TGC-001885.886.10.311.42
TGC-001888.590.62.15.67
TGC-001894.295.10.90.54
TGC-001896.397.20.90.63
TGC-0018102.0105.93.915.62
TGC-0018109.2111.01.82.74
TGC-001910.812.01.20.86
TGC-001913.816.52.72.31
TGC-001931.232.71.53.21
TGC-001940.245.04.816.05
TGC-0019including41.445.03.621.18
TGC-0019which includes42.642.90.349.70
TGC-0019and43.243.50.3166.81
TGC-001951.052.21.22.60
TGC-001965.166.31.20.85
TGC-001970.579.89.34.92
TGC-0019including70.575.04.56.70
TGC-0019and75.376.51.27.69
TGC-001983.784.00.315.22
TGC-001995.796.91.29.13
TGC-002016.818.31.53.09
TGC-002024.326.42.10.92
TGC-002028.229.71.54.10
TGC-00214.45.00.61.40
TGC-002124.526.92.42.86
TGC-0021including24.525.40.96.34
TGC-002144.344.90.61.36
TGC-002174.074.30.30.65
TGC-002228.229.41.21.36
TGC-002254.654.90.31.04
TGC-002257.958.80.91.22
TGC-002266.970.53.62.31
TGC-002275.075.60.62.23
TGC-002390.290.80.61.71
TGC-0023100.7101.30.60.63
TGC-002413.814.40.60.50
TGC-002458.859.70.91.30
TGC-002465.465.70.30.54
TGC-00257.59.31.82.79
TGC-0025including7.58.40.95.22
TGC-002513.514.10.64.33
TGC-002515.616.50.90.68
TGC-002578.683.14.53.76
TGC-0025including78.679.20.64.69
TGC-0025and79.580.71.23.07
TGC-0025and81.083.12.14.91
TGC-002584.684.90.31.77
TGC-002587.087.30.36.55
TGC-002614.715.30.60.58
TGC-002628.829.70.92.28
TGC-002633.934.80.95.94
TGC-002639.940.80.910.20
TGC-002642.342.90.63.72
TGC-002671.772.00.30.65
TGC-002770.270.80.62.41
TGC-002780.782.21.53.75
TGC-002787.988.50.61.72
TGC-002793.694.20.62.46
TGC-002796.699.02.40.79
TGC-0027104.4105.91.54.98
TGC-0027107.7109.82.11.99
TGC-0027including109.5109.80.311.28
TGC-0027112.8114.01.20.63
TGC-00288.79.60.91.02
TGC-002813.216.23.011.27
TGC-002878.078.90.90.63
TGC-002883.483.70.31.17
TGC-002885.285.80.60.55
TGC-002892.197.55.410.86
TGC-0028including92.193.61.526.67
TGC-0028which includes92.192.40.345.29
TGC-0028and92.492.70.372.80
TGC-0028and94.595.71.212.97
TGC-0028and96.697.50.93.44
TGC-0028101.1102.61.59.53
TGC-002914.716.21.510.82
TGC-002974.475.00.64.93
TGC-002983.786.73.01.00
TGC-002995.796.91.23.14
TGC-003018.019.21.256.88
TGC-003022.825.22.44.87
TGC-0030including24.025.21.29.62
TGC-003051.952.20.31.47
TGC-003054.654.90.33.60
TGC-003061.261.50.33.75
TGC-003071.472.00.620.01
TGC-003083.184.61.53.65
TGC-003088.892.43.60.97
TGC-003094.295.41.21.40
TGC-003113.520.46.96.60
TGC-0031including13.515.31.817.28
TGC-0031which includes14.114.70.634.62
TGC-0031and15.618.32.74.76
TGC-0031and19.219.50.33.25
TGC-003162.063.81.83.21
TGC-0031including62.963.80.95.88
TGC-003172.573.40.91.27
TGC-003174.975.80.96.93
TGC-003177.077.60.63.30
TGC-003182.485.12.73.12
TGC-003186.995.68.713.73
TGC-0031including86.989.93.010.80
TGC-0031which includes87.287.50.339.53
TGC-0031and87.587.80.336.62
TGC-0031and including90.591.10.628.85
TGC-0031and92.094.72.724.94
TGC-0031which includes92.692.90.3116.56
TGC-0031and93.894.10.364.28
TGC-0031and95.395.60.36.90
TGC-003210.210.80.60.68
TGC-003218.018.30.332.02
TGC-003222.823.70.920.11
TGC-003252.252.80.62.66
TGC-003258.258.50.39.18
TGC-003269.672.02.419.46
TGC-003276.580.13.64.58
TGC-003285.287.32.114.59
TGC-003288.591.53.02.80
TGC-0032including88.589.71.25.59
TGC-003298.498.70.316.30
TGC-0032106.2107.10.941.62
TGC-0032108.9109.50.64.20
TGC-003421.623.72.124.84
TGC-003424.032.18.125.96
TGC-0034including24.024.90.914.30
TGC-0034which includes24.024.30.333.61
TGC-0034and25.232.16.928.61
TGC-0034which includes25.225.80.647.66
TGC-0034and30.330.60.359.31
TGC-0034and30.631.50.9118.95
TGC-003456.156.40.30.90
TGC-003460.361.20.94.33
TGC-003466.369.93.6120.76
TGC-0034including66.368.11.8237.52
TGC-0034which includes67.567.80.31396.31
TGC-0034and69.069.90.97.92
TGC-003472.673.20.60.61
TGC-003474.775.60.95.70
TGC-003480.783.12.422.46
TGC-0034including81.682.50.957.46
TGC-0034which includes81.681.90.3166.16
TGC-0034and82.883.10.34.25
TGC-003486.190.34.23.06
TGC-0034including88.890.31.57.06
TGC-003491.591.80.31.42
TGC-003493.094.21.21.06
TGC-003495.499.94.53.10
TGC-0034including98.799.91.29.10
TGC-003533.033.60.68.28
TGC-003536.037.51.56.21
TGC-003539.340.51.210.55
TGC-003548.051.93.94.33
TGC-0035including50.151.91.88.72
TGC-0035which includes51.051.30.346.28
TGC-003553.754.30.61.71
TGC-003556.165.19.03.70
TGC-0035including61.562.10.67.65
TGC-0035and62.763.91.211.80
TGC-0035which includes63.063.30.331.89
TGC-0035and including64.265.10.911.36
TGC-003567.572.95.43.44
TGC-0035including69.072.93.94.03
TGC-003574.777.73.04.38
TGC-003578.982.53.62.54
TGC-0035including80.182.52.43.24
TGC-003591.592.71.21.16
TGC-003611.412.00.62.50
TGC-003618.019.21.24.08
TGC-003652.553.40.90.74
TGC-003657.359.72.451.58
TGC-003670.571.40.911.52
TGC-003686.188.22.12.43
TGC-0036including87.088.21.23.84
TGC-003695.198.43.30.83

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

Hole IDDateEastingNorthingElevationAzimuthDipDepth
Completed(m)
TGC-000124.10.221876437392074414029027.434.0
TGC-000210.11.22187643739207441392863.4118.7
TGC-000325.11.22187643739207441392884.0116.8
TGC-000429.11.221876269392075515411512.0101.4
TGC-000513.12.221876437392074413711512.0128.5
TGC-000712.01.231876269392075615410512.0131.2
TGC-000821.01.23187643739207441392934.0124.2
TGC-000916.01.2318762693920756153106-10.080.3
TGC-001018.01.2318762693920755153114-11.083.3
TGC-001123.01.2318762693920755153102-10.095.2
TGC-001227.01.23187643739207451393005.0106.6
TGC-001327.01.231876269392075715397-8.0102.6
TGC-00142.02.221876269392075715393-9.095.1
TGC-001510.02.2218764373920744139289-11.0122.5
TGC-00167.02.221876269392075715385-7.0101.4
TGC-001710.02.221876269392075715382-8.099.4
TGC-001822.02.2318764373920744139285-8.0111.3
TGC-001915.02.231876269392075815379-8.0110.4
TGC-002020.02.2318762693920755153119-12.094.9
TGC-002123.02.2318762693920755153115-4.092.3
TGC-002227.02.2318762693920755153113-19.0103.7
TGC-00234.03.2318764373920744139293-8.0105.4
TGC-00241.03.2318762693920755152113-22.098.4
TGC-00254.03.2318762693920756152108-29.0140.8
TGC-00268.03.2318762693920756153106-4.084.1
TGC-00273.04.231876437392074413929910.0120.5
TGC-002810.03.2318762693920756152106-27.0116.7
TGC-002914.03.2318762693920756152106-23.095.2
TGC-003020.03.2318762693920756153103-16.098.6
TGC-003122.03.2318762693920756152103-25.095.6
TGC-003224.03.231876269392075615397-16.0110.6
TGC-003428.03.231876269392075615397-12.0101.4
TGC-003531.03.2318762693920756153980.0113.0
TGC-00364.04.231876269392075615394-16.0104.4

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Categories
Junior Mining Lion One Metals Precious Metals

Lion One Commences High Grade Gold Mining at Tuvatu

North Vancouver, British Columbia–(Newsfile Corp. – April 3, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces a significant milestone at Tuvatu. Initial mining of near-surface, high-grade gold bearing mineralization has commenced from a recently discovered mineralized lode. To date, strike driving along the new lode totals 14 cuts for an estimated 475 tonnes, much of which has already been added to the Company’s mining inventory stockpile. The high-grade inventory stockpile will constitute the initial feed for the Company’s custom-designed-for-purpose processing facility, currently under construction.



Figure 1. Photo of the first cut on the lode, strike drive from the new development decline.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/160996_b31709b2f410681d_001full.jpg

New Gold Lode

The new lode was discovered in late 2022, 75 meters into the new development decline, and was subsequently defined by underground mapping, chip-channel sampling, and diamond drilling.

Development along the strike has since been extended by 13m, by way of 7 separate cuts, each cut representing approximately 30 tonnes of material. Vertical development of 9m as a 1.5 x 1.5m rise has been completed, as well as an additional 7 cuts, for a total of approximately 475 tonnes of gold mineralized material, to date. Tuvatu has implemented airleg mining, which allows for flexibility and optionality to deliver low-cost tonnage at minimum mining widths of 1.8m and a rate of advancement of 4m/day.

Several recent drillholes have intersected multiple high grade intercepts. Systematic face sampling provides detailed information that compare favourably with previous drill results.

The material extracted from this drive represents the first modern extraction from the Tuvatu deposit, and as such represents a significant milestone for the company.

Table 1. Composited results from drillholes intersecting the lode. Coordinates are in Fiji map grid.

Hole IDFrom (m)To (m)Interval (m)Au g/tEastingNorthingElevationAzimuthDip
TUDDH-61756.158.22.11.761876512.63920929.1236.3097-60
including57.958.20.36.30
59.763.33.62.93
including59.760.00.317.01
TUDDH-61965.065.30.33.481876257.73920801.2203.2266-60
TUDDH-621159.3160.51.227.991876257.73920799.9203.0297-60
TUDDH-62479.181.22.120.161876257.53920800.1203.1262-65
including79.180.31.233.04
including79.780.00.3106.99
TUDDH-54279.881.51.71.651876170.43920845.3166.6139-7
including79.880.10.35.77
TUDDH-35993.2495.682.444.211876222.03920742.0207.6359-65
including93.2493.650.4110.85
TUDDH-35531.6332.00.378.961876223.03920779.0203.5359-63
TUDDH-086241.25243.32.059.141876335.03920736.0226.5279-60
including241.25241.950.718.7

Table 2. Selected chip-channel results from sampling in the development decline, face samples along successive cuts of the strike drive along lode, and samples from the rise lode. Coordinates are in Fiji map grid.

Channel IDFromToIntervalAuCoordinatesElevationFinal depthAzimuthDip
mmmg/tEastingNorthingmmdeg.deg.
MD-CH-0010.02.52.59.941876219.13920779.2157.62.5-13-13
1.01.50.532.57
MD-CH-0020.01.01.029.021876219.23920779.0158.61.5-13-13
0.51.00.555.12
MD-CH-0031.03.02.08.911876227.33920778.8156.03-13-13
2.53.00.522.48
MD-CH-0041.53.01.511.931876228.03920778.1155.53-14-14
1.52.00.526.09
MD-CH-0051.02.51.515.171876220.63920784.2157.54-14-14
1.52.00.541.94
MD-CH-0061.53.01.510.881876220.43920784.9158.74-11-11
1.52.00.531.17
MD-CH-0110.02.52.510.461876232.23920768.5155.32.5-13-13
1.52.00.544.30
1155URA1STHOD.020.01.41.414.701876220.23920774.4157.02.0500
0.91.40.529.20
1155URA1STHOD.030.02.42.47.571876219.83920772.6156.92.400
1.01.450.4532.89
1155URA1STHOD.040.71.60.915.861876219.53920771.0157.2200
1.31.60.339.60
1155URA1STHOD.050.61.30.73.231876218.83920769.5157.22.600
1155URA1STHOD.060.02.22.23.691876217.63920768.0157.4300
1155URA1STHOD.070.02.72.76.891876216.53920766.4157.92.700
0.51.00.524.88
1155URA1NTHOD.050.01.61.62.181876223.93920790.8158.0200
1.21.60.48.07
1155URA1NTHOD.080.52.01.53.951876226.43920796.8157.42.100
1.21.60.414.42
Rise STH side1.22.010.351876214.83920767.3159.9760.760.7
3.04.09.48
4.05.020.19
Rise NTH side0.01.212.841876215.43920769.8159.8754.654.6
3.04.012.85
5.06.013.93



Figure 2 A. Photo of lode cut No. 2 face of the South strike drive from the development decline;  
Figure 2 B. Photo of lode cut No. 7 face of the North strike drive.

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https://images.newsfilecorp.com/files/2178/160996_figure2.jpg

Further Near-Term Development

Figure 3 shows a rendering of the development along the new lode to date. Figure 3 also provides an update to the total development achieved to date along the main decline, toward the important additional lode on which much of the detailed grade control drilling has been focused. It is expected that the decline will reach this additional high-grade lode, likely within the next month.



Figure 3. Plan view rendering of the current as-built model of the underground development completed to date. The entrance to the decline is at the top left. The location of the new lode (green) and additional lodes (blue and orange) are shown. The open gray shape indicates planned development to expose the lodes. North is toward the top of the image. Coordinates are in Fiji map grid.

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https://images.newsfilecorp.com/files/2178/160996_b31709b2f410681d_006full.jpg

Geology

The well-defined structure consists of a quartz vein array with minor to trace pyrite, chalcopyrite, sphalerite and bornite, as well as coarse native gold (Figures 4a, b), typically in association with roscoelite. Late carbonate veinlets crosscut the structure. The vein is hosted by monzonite, with well developed symmetric bleached alteration. The highly visible alteration envelope has rendered advancement on this mineralized structure very straight-forward by way of visual identification alone.



Figure 4. Photos of coarse visible gold in samples collected from the lode. A) 158.7m elevation, width of photo is ~25cm across; B) 159.5m elevation, width of photo is ~30cm across.

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https://images.newsfilecorp.com/files/2178/160996_figure4.jpg


About Tuvatu

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

Qualified Person

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

QAQC Procedures

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

About Lion One Metals Limited

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

On behalf of the Board of Directors of
Lion One Metals Limited

Walter Berukoff“, Chairman and CEO

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160996

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Accelerates Mine Development and Construction at The Tuvatu Alkaline Gold Project in Fiji

North Vancouver, British Columbia–(Newsfile Corp. – February 16, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces the acceleration of mine development and plant construction following the completion of project financing, at the Company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.

Lion One has advanced the number 2 development drive by over 250 meters and has completed the first cut of high-grade material from the URA1 lode. The samples taken from this first cut averaged 14 g/t gold and are designated for the high-grade ROM stockpile.

Lion One CEO Walter Berukoff commented, “In conjunction with ongoing mine development, we are preparing to mobilize personnel for the installation and commissioning of the Tuvatu gold processing plant. All of the processing plant components have already been delivered to Fiji, with shipments of the remaining bulk materials in progress and expected to be delivered by the end of March to coincide with the completion of infrastructure for the mill area, electrowinning facility, and gold room.”

The Lion One processing plant will treat material using a two-stage crushing process, with a primary jaw crusher and secondary cone crusher feeding a two-stage grinding circuit. The ground material will feed an integrated two stage gravity concentration circuit with some concentrates treated by an intensive cyanide leaching reactor and the remainder of the concentrates leached using conventional cyanide Carbon in Leach (CIL)) technology. Gold will be recovered from the gold laden carbon using conventional absorption desorption recovery (ADR) technology and smelted on site to produce gold doré bars. The leached tailings will be treated using the SO2/air process to remove any residual cyanide. Filtered tailings will be transported to Lion One’s tailings storage facility 3.5 km from the Tuvatu mine site.

Lion One plans to operate at an initial production capacity of 300 tonnes per day for the initial 18 months of operations before increasing the capacity to 500 tpd in mid-2025. The initial mining will focus on the near-surface resource while advancing underground development into high-grade mineralization in Zone 500.

The 2023 drilling program will be focused on three fronts: grade control drilling of the near-term production blocks; drill-testing regional targets with the aim of identifying additional separate mineralized systems within the greater Navilawa caldera; and completing the geophysical (CSAMT) surveys initiated in 2022 to delineate additional drill targets.

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 U and on the SEDAR website at www.sedar.com.

Continued…



Photo 1: Aerial view of the Tuvatu plant site and surrounding Navilawa caldera

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/155054_photo1lo.jpg.



Photo 2: Aerial view of the Tuvatu production decline portal and plant site

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https://images.newsfilecorp.com/files/2178/155054_photo2lo.jpg.



Photo 3: Aerial view of the Tuvatu plant site

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https://images.newsfilecorp.com/files/2178/155054_photo3lo.jpg.



Photo 4: mining fleet

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https://images.newsfilecorp.com/files/2178/155054_photo4lo.jpg.



Photo 5: ball mills

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Photo 6: mobile crusher

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https://images.newsfilecorp.com/files/2178/155054_photo6lo.jpg.



Photo 7: Tuvatu production decline

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https://images.newsfilecorp.com/files/2178/155054_photo7lo.jpg.



Photo 8: Tuvatu production decline

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https://images.newsfilecorp.com/files/2178/155054_photo8lo.jpg.



Figure 1: section view of Tuvatu deposit

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https://images.newsfilecorp.com/files/2178/155054_fig1lo.jpg.



Figure 2: section view of Tuvatu deposit and planned development drives

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https://images.newsfilecorp.com/files/2178/155054_fig2lo.jpg.



Photo 9: First cut from URA1 Lode in Tuvatu production decline

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https://images.newsfilecorp.com/files/2178/155054_photo9lo.jpg.



Figure 3: URA1 lode accessed by Tuvatu production decline

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https://images.newsfilecorp.com/files/2178/155054_fig3lo.jpg.



Figure 4: Tuvatu resource and regional targets in Navilawa caldera

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https://images.newsfilecorp.com/files/2178/155054_fig4lo.jpg.



Photo 10: Tuvatu tailings storage facility looking north into Navilawa caldera

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https://images.newsfilecorp.com/files/2178/155054_photo10lo.jpg.



Photo 11: aerial photo of Fiji head office compound and assay laboratory in Nadi

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https://images.newsfilecorp.com/files/2178/155054_photo11lo.jpg.



Photo 12: Lion One geochemical and metallurgical laboratory

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https://images.newsfilecorp.com/files/2178/155054_photo12lo.jpg.



Photo 13: Lion One geochemical and metallurgical laboratory

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https://images.newsfilecorp.com/files/2178/155054_photo13lo.jpg.

Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Patrick Hickey, Chief Operating Officer, 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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155054

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Receives US$23 Million from 1st Tranche of Nebari Financing Facility and Closes US$2 Million Equity Private Placement

North Vancouver, British Columbia–(Newsfile Corp. – February 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) announces the Company has completed its previously announced debt and equity financing transaction and has received total proceeds of US$25 million from: i) the funding of the US$23 million 1st tranche (“Tranche 1“) of its previously announced US$37 million financing facility (the “Financing Facility“) provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP (collectively, “Nebari“), and (ii) Nebari’s completion of a US$2 million equity private placement in the Company, for the development of Lion One’s 100% owned Tuvatu Alkaline Gold Project in Fiji (the “Equity Investment“).

In addition to Tranche 1, an additional US$12 million is available under the Financing Facility at Lion One’s option in up to two further tranches which may be drawn on by Lion One within 18 months of the date of the Financing Facility. The Equity Investment involved Nebari’s subscription for 3,125,348 common shares of Lion One (“Common Shares“) priced at CAD$0.86 per Common Share.

In connection with the funding of Tranche 1, 15,333,087 warrants (the “Warrants“) have been issued to Nebari with each Warrant exercisable into one Common Share at a price of CAD$1.49 for a period of 42 months from the date hereof. The Warrants are non-transferable and will be subject to an accelerator provision whereby the Borrower may accelerate the expiry date of up to 25% of the Warrants in the event that the volume weighted average trading price of the Common Shares exceeds 100% over the strike price for a period of twenty consecutive trading days on the TSX-V. Lion One has the option to accelerate the expiry of further 25% portions of the Warrants at four-month intervals, up to a maximum of 75% of the Warrants.

The Common Shares subscribed for pursuant to the Equity Investment and the Warrants will be subject to a hold period expiring May 11, 2023 in accordance with Canadian securities laws and policies of the TSX-V. Neither the Common Shares subscribed for pursuant to the Equity Investment nor the Warrants have been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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 U and on the SEDAR website at www.sedar.com.

About Nebari
Nebari is a US-based investment manager specializing in privately offered pooled investment vehicles including Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP which are funding the Financing Facility to Lion One. The Nebari leadership team has deep experience with leading global mining companies and financial institutions and is known for partnering with motivated and capable management teams focused on achieving clear plan targets.

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

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154355

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Intersects 10.67 g/t Au over 11.1m with 3.5m True Width from Zone 500 Drilling at the Tuvatu Alkaline Gold Project in Fiji

North Vancouver, British Columbia–(Newsfile Corp. – January 25, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces further high-grade assay results ongoing Zone 500 drilling at the Company’s 100%-owned Tuvatu Alkaline Gold Project in Fiji.

Underground drill holes TUG-147 and TUG-150 were drilled to further test the high-grade zone originally defined by drill holes TUG-141, TUDDH-601 and TUDDH-608, previously reported on June 6, 2022August 15, 2022, and November 7, 2022, respectively. Highlights include:

Hole IDFrom (m)To (m)Interval (m)Au g/tLode
TUG 147263.1274.211.110.67UR2
including263.1268.85.713.45UR2
which includes265.5266.71.251.18UR2
which includes265.5265.80.3144.31UR2
and includes268.2268.50.316.02UR2
and including270.0274.24.29.86UR2
which includes272.1272.70.645.82UR2
and273.6273.90.311.95UR2
311.1313.82.74.18UR1
including311.4311.70.315.81UR1
TUG-150225.6227.11.517.02UR3
including226.5227.10.639.20UR3
270.9273.02.13.6UR3
including272.4272.70.311.93UR3
315.3323.78.48.84UR2
including315.6315.90.3108.57UR2
including318.6319.81.214.71UR2
which includes318.6318.90.328.51UR2
327.6327.90.359.85UR2
329.7330.30.611.49UR2
including330.0330.30.318.24UR2
350.1351.91.84.26UR2
including351.3351.60.312.85UR2

TUG-147 was drilled to cross the northern extension of the UR2-UR1 NS lodes that appear to define a wedge-shaped high-grade zone bounded by the UR2 and UR4 lodes, to thus test the mineralization associated with UR lodes, and to provide structural information on the orientations of mineralized veins and lode arrays. The drillhole lifted more than expected and crossed the zone at a somewhat lower elevation (shallower) than intended (Figure 1). Nevertheless, TUG-147 drilling across the UR2 structure, intersected 11.1m at 10.67 g/t Au from 263.1 to 274.4m, which includes 5.7m at 13.45 g/t Au, including 1.2m at 51.18 g/t Au, and 4.2m at 9.86 g/t Au corresponding to the intersection of the main NS-trending UR2 lode and NE-trending mineralized veining (Figure 2, Table 1). The calculated true horizontal width of this intersection is 3.5m.

Figure 1. Vertical section looking east showing the positions of TUG-147 and TUG-150 relative to the drill holes that defined high-grade mineralization TUG-141, TUDDH-601 and TUDDH-608.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_001full.jpg

Figure 2. Vertical section looking north showing the mineralized interval in TUG-147 of 11.1m at 10.67 g/t Au corresponding to the UR2 lode.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_002full.jpg

TUG-150 was targetted to cross the high-grade zone below TUG-141 and north of TUDDH-608. The hole drifted to the right (south) more than expected and only skimmed along the UR2 lode at a low angle, without crossing the high-grade zone at the targetted location (Figures 1 & 3). Nevertheless, very high-grade mineralization was intersected over a significant downhole length of 8.4m at 8.84 g/t Au, including 0.3m at 108.57 g/t Au, and 1.2m at 14.71 g/t Au which includes 0.3m at 28.51 g/t Au along the UR2 lode, further confirming the bonanza grade nature of the UR2 lode at this location (Figure 4, Table 1). A follow-up drill hole (TUG-152) still currently drilling, was collared from the same setup but with modified azimuth and dip, and represents an additional attempt to drill across the UR2 structure near this location, and to test the possible NE down-plunge extent to the mineralization recorded by TUDDH-608 see Nov. 7, 2022 news release. The results of TUG-152 will be reported pending completion.

The structural information gained from the oriented core measurements collected from holes TUG-147 & TUG-150 are presented and discussed in the AME Roundup slide deck located on the website at this location: https://liononemetals.com/investors/presentations/.

Figure 3. Horizontal plan looking straight down showing the location of TUG-147 and TUG-150 drill hole traces relative to the high-grade mineralization defined by TUG-141. The TUG-150 hole did not cross the UR2-UR1 mineralized corridor, remaining along the UR2 structure.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_003full.jpg



Figure 4. Photos of mineralization from TUG-150: A, B) 315.9m, 0.3m at 108.57 g/t Au, red circle indicates coarse VG; C) 318.9m, 0.3m at 28.51 g/t Au; D) 327.9m, 0.3m at 59.85 g/t Au. Red circle on the right indicates VG observed.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/2178/152427_Figure4.jpg

Table 1. Composited results from TUG-147 and TUG-150 drilling. The interpreted lode for each composited intercept is indicated.

Hole IDFrom (m)To (m)Interval (m)Au g/tLode
TUG-147179.1189.910.82.26UR3
200.1206.46.31.21UR3
245.4246.00.62.51
263.1274.211.110.67UR2
including263.1268.85.713.45UR2
which includes265.5266.71.251.18UR2
which includes265.5265.80.3144.31UR2
and includes268.2268.50.316.02UR2
and including270.0274.24.29.86UR2
which includes272.1272.70.645.82UR2
and273.6273.90.311.95UR2
273.9274.20.31.92UR2
289.8291.01.20.97
311.1313.82.74.18UR1
including311.4311.70.315.81UR1
326.7327.00.30.69
327.6327.90.30.58
334.5334.80.30.54
335.1335.40.30.53
337.5337.80.31.72
341.7342.00.30.8
537.0539.12.11.84
540.9543.93.00.79
555.6556.20.60.73
TUG-150225.6227.11.517.02UR3
including226.5227.10.639.2UR3
232.8233.40.60.95UR3
234.6240.05.42.25UR3
242.1245.73.62.32UR3
248.4249.61.22.59UR3
251.1252.00.90.94UR3
270.9273.02.13.6UR3
including272.4272.70.311.93UR3
276.0276.60.60.66UR3
278.4279.00.60.69UR3
280.2281.10.91.91UR3
296.4297.91.52.01UR3
300.6300.90.34.7UR3
312.3313.51.20.62UR3
315.3323.78.48.84UR2
including315.6315.90.3108.57UR2
including318.6319.81.214.71UR2
which includes318.6318.90.328.51UR2
327.6327.90.359.85UR2
329.7330.30.611.49UR2
including330.0330.30.318.24UR2
350.1351.91.84.26UR2
including351.3351.60.312.85UR2
363.6364.81.22.44UR2

Table 2. Survey details of diamond drill holes referenced in this release.

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEmmDeg.(TN)
TUG-1473920584.21876438.2115.1582.0-75095
TUG-1503920584.81876436.5115.9467.3-71130
TUG-15239205841876436115in progress-72123

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 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

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

On behalf of the Board of Directors of
Lion One Metals Limited

Walter Berukoff“, Chairman and CEO

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152427

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Secures US$37 Million Financing Facility from Nebari

Funding Package of US$35 Million Loan Facility and US$2 Million Equity Investment Finances and Accelerates Completion of Tuvatu Gold Mine and Production Facilities

North Vancouver, British Columbia–(Newsfile Corp. – January 19, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has entered into a facility agreement with Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP (each as Lender and collectively, “Nebari”), with Nebari Collateral Agent, LLC as collateral agent and certain Lion One subsidiaries as guarantors, for a Financing Facility of up to US$37M (the “Financing Facility”). Proceeds from the Financing Facility will accelerate project construction and development at the Company’s 100% owned and fully permitted high-grade Tuvatu Alkaline Gold Project in Fiji. Lion One expects first production to be achieved by December 2023.

Financing Facility (All figures in USD): The Financing Facility consists of a US$35 million senior secured first lien term loan (the “Loan Facility”) and a US$2 million (CAD$2.7 million) equity investment (“the Equity Investment”) in common shares of Lion One.

Loan Facility: The total amount of the Loan Facility will be funded in up to three tranches, with US$23M to be funded at Closing (Tranche 1), and an additional US$12M available at Lion One’s option in up to two further tranches (Tranches 2 and 3) within 18 months of closing. Interest on Tranche 1 is 8% (plus three-month SOFR), and amortization is on the Maturity Date 42 months from the Closing Date, with no closing fees payable. Tranches 2 and 3 funding is subsequent to an 8% original issue discount and interest is 10% plus SOFR, with progressive amortization over 42 months from the Tranche 2 funding date, with closing fees equal to 2% of the amounts funded.

Warrants: On the Closing Date, the Lender will be issued 15,333,087 non-transferable purchase warrants in the Company (the “Warrants”), with each Warrant exercisable into common shares of Lion One at a price of CAD$1.49 for a period of 48 months from issuance. The warrants will be subject to an accelerator provision whereby the Borrower may accelerate the expiry date of up to 25% of the initial warrants in the event that the volume weighted average trading price of the common shares of the Company exceeds 100% over the strike price for a period of twenty consecutive days. Lion One has the option to accelerate the expiry of further 25% portions of the warrants at four-month intervals, up to a maximum of 75% of the warrants issued.

Royalty Payment: Following the first month in which the Tuvatu Project produces at least 2,000 ounces of gold, the Company shall pay to the Lender a royalty equal to 0.5% of the Net Smelter Returns on the first 400,000 ounces (equivalent to 2,000 ounces) of gold produced and sold from the Tuvatu Project.

Equity Investment: Concurrently with the Loan Facility, Nebari has entered into a subscription agreement to purchase 3,125,348 common shares of Lion One at a price of CAD$0.86 per share, representing an aggregate equity investment of US$2M (CAD$2.7M).

The Company’s right to drawdown Tranche 1 of the Loan Facility is subject to satisfaction of customary conditions precedent, including approval of the TSX Venture Exchange (“TSX-V”), though these conditions precedent are expected to be satisfied in short order. Issuance of the Warrants and completion of the placement is also subject to TSX-V approval.

Lion One Chairman and CEO Walter Berukoff commented, “We are extremely pleased to have secured Nebari as a financial partner and major shareholder in the development and future success of Tuvatu. They are a vastly experienced group, are aligned with our key values and stakeholders, and have delivered a creative solution to bring the Tuvatu project to completion and enhance shareholder value tremendously.”

Andre Krol, Managing Partner with Nebari, commented: “We are extremely excited to partner with Lion One as a shareholder and lender as they complete construction of the Tuvatu Gold Project. The experience, professionalism and community engagement of their Fijian team was impressive and we look forward to first gold production later this year and further exploration success.”

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.

About Nebari
Nebari is a US-based investment manager specializing in privately offered pooled investment vehicles including Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP which are funding the Financing Facility to Lion One. The Nebari leadership team has deep experience with leading global mining companies and financial institutions and is known for partnering with motivated and capable management teams focused on achieving clear plan targets.

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

On behalf of the Board of Directors of Lion One
Metals Limited

Walter Berukoff“, Chairman and CEO

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151962

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Lion One Metals

Lion One Announces Results of Annual and Special General Meeting

North Vancouver, British Columbia–(Newsfile Corp. – December 16, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results of the Company’s annual and special general meeting of shareholders (the “Meeting“) held on December 15, 2022.

At the Meeting, the number of directors of the Company was set at four (4) with the following directors re-elected at the Meeting: Walter H. Berukoff, Richard J. Meli, Kevin Puil and David R. Tretbar. In addition, shareholders of the Company approved the Company’s Omnibus Equity Incentive Compensation Plan as described in the management information circular dated November 1, 2022 (the “Circular“) as well as the re-appointment of Davidson & Company LLP, Chartered Professional Accountants as the auditor of the Company for the ensuing fiscal year.

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

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

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

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

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

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Base Metals Diamcor Mining Dolly Varden Silver Energy Exclusive Interviews Junior Mining Lion One Metals Oil & Gas Precious Metals Silver Bullet Mines

Bob Moriarty – Mining, Metals, War

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Junior Mining Lion One Metals Precious Metals

Lion One Discovers New Near-Surface Lode at Tuvatu and Intersects Ore-Grade Mineralization Associated with Near-Mine CSAMT Anomaly

Lion One Metals, Proven and Probable

North Vancouver, British Columbia–(Newsfile Corp. – December 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) provides results from near-mine exploration, identifying two new zones of significant mineralization within the footprint of the deposit. A new lode, named URA1 has been discovered during construction of the development decline; its location corresponds to Tuvatu’s near-surface and earliest scheduled production area: Zone 2. The lode has been further defined through underground channel sampling and subsequent diamond drilling. The URA1 lode will be included in the updated Mineral Resource Estimate (MRE) that the Company aims to release in early 2023. Additionally, several hundred meters to the east of Tuvatu, drillhole TUDDH-612 has intersected mineralization corresponding to a distinct CSAMT gradient anomaly. This release presents significant new results from two separate areas within the general Tuvatu deposit footprint (Figure 1).

Highlights URA1

  • Discovery of near-surface, high-grade URA1 lode from intersection with the development decline, defined through channel sampling (up to 29 g/t Au over 1m in MD-CH-002) and diamond drilling of holes TUDDH-617, 619, and 621 (up to 167.42g/t Au over 0.3m in TUDDH-617, and 27.99 g/t Au over 1.2m in TUDDH-621).
  • Provides increase in volume of mineralized material within the portion of the deposit scheduled for earliest production.
  • A general N-S orientation of the lode corresponds to other major lodes (e.g., URW1) and may indicate the presence of an additional series of undiscovered lodes further to the West of Tuvatu.
  • Underscores the substantial near-mine exploration upside.

Highlights TUDDH-612

  • New ore-grade mineralization of 18.53 g/t Au over 0.6m from 492m corresponding to a sharp CSAMT geophysical gradient anomaly.
  • May represent the possible strike extension of the UR4 lode at Tuvatu, that may also include the deep high-grade intercept in TUDDH-494 at >1100m depth.
  • Tuvatu itself is coincident with a CSAMT gradient of similar magnitude; the recurring correspondence of mineralization with such gradients provides strong validation for the viability of this method for discovery of additional mineralized centers in the caldera. Once completed, this data will provide robust drill targets and substantial projected upside for new discovery.

URA1 lode, Zone 2
During advancement of the 2022 development decline, approximately 75m from the portal entrance, a sharp, clearly defined quartz-sulfide lode was intersected striking NNE-SSW and dipping 84°SE (Figure 2a). This newly identified structure is defined through underground mapping and has control points in space from chip-channel sampling, (results: Table 1) and a three-hole DDH program (TUDDH-617, 619 and 621; Figure 2b) to test the extent of this new lode (results: Table 2). The lode is named URA1, and represents a completely new, previously unmapped structure occurring within the northwestern, near-surface portion of the Tuvatu deposit (Zone 2). The new occurrence discovered near-surface, in a portion of the Tuvatu orebody that is within the current resource estimation extents, illustrates the extraordinary upside potential of the Tuvatu orebody in general. Table 2 lists the interpreted lode for each of the mineralized intercepts in boreholes TUDDH-617, 619, and 621. It is notable that the high-grade intercepts near the bottom of hole TUDDH-617 between 140.1 and 144.6m remain undefined, potentially representing yet another new lode. Moreover, this illustrates the discovery potential of additional mineralization, especially toward the West Zone where relatively sparse drilling has been completed. Notably, this area is defined by historic drilling carried out at a N-S orientation, which would have limited the exposure of the drilling to mineralized lodes trending in the same orientation.

As the discovery and definition of new features continues to add upside, intersection with known lodes, like the Murau 8 lode, intersected with TUDDH-621 at 105.3m returning 4.8m at 30.75 g/t gold continues to provide confidence in the grade continuity of known lodes.

TUDDH-612 and CSAMT profile 6
As part of the Company’s ongoing near-mine exploration program, drillhole TUDDH-612 was completed to test the sharply defined CSAMT1 gradient anomaly on profile 6 (Figure 3). Drill hole TUDDH-612 intersected 18.53 g/t Au over 0.6m at 491.8m depth along the borehole.

As shown in Figure 1, this area is located several hundred meters from the current Tuvatu mineral resource outline. As such, the mineralization intersected at this location represents a new target zone of potential high-grade mineralization that warrants follow-up. Furthermore, the mineralized intercept in hole TUDDH-612 corresponds closely to the strike projection of the UR4 lode, along with the previously reported, deep intercept in TUDDH-494 of 12.2 g/t Au at a depth along the hole of 1106.3m (see April 8, 2022 news release). As such, these intercepts may indicate the extension of the UR4 lode toward the northeast and at depth, increasing LIO’s confidence that the mineralized structure has continuity over space for several hundred meters both to the east and at depth. This structure remains open along strike and up and down dip.

The mineralization observed (Figure 3) corresponds directly with a sharply defined CSAMT gradient anomaly, thus lending significant credence to the application of CSAMT for targeting new zones of potential mineralization. The infill CSAMT survey lines completed in 2022 to complement the previous 2019 survey, are currently in final phase of interpretation. The interpreted survey results will be the subject of a future release. It is expected that once finalized, the combined CSAMT geophysical data from previous and recent surveys will play a significant role in outlining new zones of mineralization near Tuvatu, as well as regionally throughout the Navilawa caldera. A third program of CSAMT geophysics will commence in 2023 and is expected to contribute to coverage of the Navilawa caldera within LIO’s most prospective areas of interest.

Table 1. Chip-channel results from sampling of the URA1 lode, development decline.

Channel IDFrom mTo mWidth mComposited Grade g/t AuCumulative g*m
MD-CH-0010.02.52.59.9424.86
MD-CH-0020.01.01.029.0229.02
MD-CH-0031.03.02.08.9117.83
MD-CH-0041.53.01.511.9317.89
MD-CH-0051.02.51.515.1722.75
MD-CH-0060.03.03.05.6216.87
MD-CH-0110.02.52.510.4626.15



Figure 1. Plan view of the Tuvatu deposit lodes (gray) showing the locations of the exploration and development declines (red), the new URA1 lode (blue) to the west, and TUDDH-612 borehole to the east. The dotted arrow indicates the possible strike extension of the UR4 lode.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/147248_0a2ed6f15443ca97_002full.jpg



Figure 2a. Photo of URA1 lode located along the northeast wall of the new development decline. The vein at this location is approximately 20 cm wide.

To view an enhanced version of Figure 2a, please visit:
https://images.newsfilecorp.com/files/2178/147248_lionfigure2.jpg



Figure 2b. Oblique view (looking NE) of the URA1 lode (blue) showing the locations of the exploration and development declines (red), and the follow-up boreholes TUDDH-617, 619, and 621.

To view an enhanced version of Figure 2b, please visit:
https://images.newsfilecorp.com/files/2178/147248_0a2ed6f15443ca97_004full.jpg



Figure 3. Oblique view showing the locations of borehole TUDDH-612 relative to the CSAMT profile 6, and the exploration and development declines. The location of the high-grade intercept in TUDDH-612 at 18.53 g/t Au is indicated by the red dot. Green dots represent values between 0.5 and 3.0 g/t Au.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2178/147248_0a2ed6f15443ca97_005full.jpg

Table 2. Results from URA1 drilling. The interpreted lode for each intercept is indicated.

Hole IDFrom (m)To (m)Interval (m)Au g/tLode
TUDDH-61751.953.11.20.99Murau 4
56.158.22.11.76URA 1
including57.958.20.36.30URA 1
59.763.33.62.93URA 1
including59.760.00.317.01URA 1
81.982.80.91.20undefined
140.1141.00.956.22undefined
including140.7141.00.3167.42undefined
143.4144.61.219.27undefined
TUDDH-61929.332.63.31.82Murau 4
41.342.51.20.52undefined
47.648.81.22.79Murau 5
50.651.20.65.03Murau 5
including50.951.20.38.26Murau 5
52.452.70.30.66Murau 5
65.065.30.33.48URA 1
72.273.71.52.78Murau 7
including73.473.70.39.66Murau 7
148.1148.70.60.59Murau 12
TUDDH-62177.780.12.46.03Murau 6
including78.378.60.343.13Murau 6
81.383.42.12.68Murau 7
including82.883.40.65.26Murau 7
84.687.63.02.24Murau 7
including86.787.30.67.37Murau 7
105.3110.14.830.75Murau 8
including105.3105.90.654.31Murau 8
and105.9106.50.68.10Murau 8
and106.5107.40.956.17Murau 8
and107.4108.30.946.55Murau 8
and108.3108.60.311.39Murau 8
and108.6108.90.313.49Murau 8
and108.9110.11.28.56Murau 8
123.6124.20.62.62Murau 10
156.0157.21.20.81Murau 11
159.3160.51.227.99URA 1
168.0170.42.417.06Murau 12
including168.0169.21.28.62Murau 12
and169.2170.41.225.51Murau 12

Table 3. Survey details of diamond drill holes referenced in this release.

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEmmDeg.(TN)
TUDDH-6123920929.11876512.6236.3905.8-60097
TUDDH-6173920800.61876257.3203.1149.9-60266
TUDDH-6193920801.21876257.7203.2161.1-60297
TUDDH-6213920799.91876257.7203.0200.7-69225

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 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

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

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

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

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

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

1 CSAMT = Controlled Source Audio Magneto-Tellurics – a ground based geophysical technique that maps 3D electrical resistivity contrasts, inferred to be structural, lithological or hydrothermal-alteration related.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147248

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Junior Mining Lion One Metals Precious Metals

Lion One Extends the URW3 Lode, a Key Component of The 500 Zone Feeder, with Several Bonanza-Grade Drill Intercepts at Its Tuvatu Gold Mine, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the Company has produced additional bonanza-grade drilling intercepts and expanded the Deep Feeder Zone 500 by increasing the vertical extent of the URW3 Lode by at least 180 m at its high-grade Tuvatu Alkaline Gold Project in Fiji.

The results from these holes confirm a significant increase in the vertical extension and continuity of the URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone. The new drill intercepts, in conjunction with results from the previously drilled TUG-138 drill hole, correspond to a significant increase in grade with depth, as numerous bonanza-grade intercepts return gold assay values ranging from 100-800 g/t gold. Additionally, this drilling confirms an increase in the vertical extent of this distinct portion of the 500 zone feeder by at least 180 m. The high-grade feeder zone remains open at depth.

Overall, the drill results reported here are consistent with a persistent, substantial upside being realized at Tuvatu resulting from the aggressive deep drilling adopted by the company since the initial discovery of the deep feeder zone by hole TUDDH-500, in July of 2020.

Highlights:

An increase of at least 180 m in the vertical extent of the URW3 lode as defined by bonanza grade intercepts

Multiple high-grade intercepts including from TUG-149 including 12.89 g/t Au over 12.9 m from 254.4 m, 84.61 g/t Au over 3.9 m from 318.6 m, and 48.65 g/t Au over 5.4 m from 423.3 m

Definition of a new portion of deep, high-grade feeder material that is separate from, and parallel to, the high-grade zone previously defined by TUG-141/TUDDH-601/TUDDH-608

Select high-grade intercepts

Hole IDFrom (m)To (m)Intercept
(m)
Au g/t
TUG-149254.4267.312.912.89
including259.2259.50.3134.97
318.6322.53.984.61
including321.3321.60.3536.50
321.6321.90.3530.60
423.3428.75.448.65
including426.0426.30.3802.47
TUDDH-613529.0529.30.3108.52
TUDDH-616624.2631.77.59.43
including624.2626.62.412.11
and627.2628.71.523.59
which includes627.5627.80.363.86

Technical advisor to the Company, Dr. Quinton Hennigh commented: This drilling is leading us closer and closer to the main conduits of this remarkable high-grade gold system. Without question, URW3 is turning into a big branch of the ‘tree.’ The junction between it and the rest of the 500 Zone looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we chase this down with further drilling, I think it could lead us to parts of the system in which considerable gold was deposited. We must keep drilling.

Drill holes TUDDH-613 and 616, and TUG-149 were designed to follow up the previously announced discovery of the very high-grade zone of Au mineralization discovered by hole TUG-141 (Read June 6, 2022 News Release), and subsequently followed up by holes TUDDH-601 (Read August 15, 2022 News Release), and TUDDH-608 (Read Nov. 7, 2022 News Release). Holes TUG-149, TUDDH-613, and TUDDH-616 all intersected a distinct zone, located approximately 60 m to the west of the TUG-141 structural corridor, that corresponds to the down-dip projection of the URW3 lode (Figure 1). The substantial bonanza-grade intercepts (Figure 2) in these drill holes, along with the high-grade intercepts in a previously reported hole TUG-138 (Read June 6, 2022 News Release) of 23.14 g/t Au over 3.0 m including 118.6 g/t Au over 0.3 m, collectively define a significant vertical extension to URW3 of at least 180 m.

Sr. Vice-President of Exploration, Sergio Cattalani states: “This is yet another major advance in our continuing efforts to follow and delineate what is increasingly understood to be the principal high-grade feeder at Tuvatu. While we believe we are rapidly defining major portions of the feeder structures, we are also confident that we are in no way near its base. This feeder is developing into a bonanza-grade zone defined by multiple major channel-ways that appear to coalesce. With the TUG-141/TUDDH-601/608 zone, and now the URW3 zone, we have at least two, distinct but likely interconnected corridors of continuous high-grade mineralization to follow up. We’re just getting started…

Figure 1 below represents a 15 m thick longitudinal section along the dip-extent of the URW3 lode, and illustrates the effect of TUG-149, TUDDH-613, and TUDDH-616 on what appears to be the downward extension of this important structure. The TUDDH-613 and TUDDH-616 traces are relatively short because the holes are oblique to the section. TUG-149 appears as a longer continuous trace as it remained at a very low angle to the dip of the URW3 lode. This is also reflected by the long interval of 12.9m of 12.89 g/t Au from 254.4-267.3m depth. TUG-138 (red diamonds) was a pre-existing hole, but in light of the most recent drill results, is now interpreted to also form part of the downward extension of the URW3 lode.



Figure 1. Longitudinal section, 15 m in thickness in the plane of the URW3 lode (striking N007°, dipping -79°SE). Red dots represent new intercepts reported here; Red diamonds represent intercepts previously reported by hole TUG-138. Photos of selected intercepts above in Figure 2.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/144799_e229c35874cc28b8_001full.jpg.



Figure 2: Plate A: ladder-style vein at low angle to core axis, TUG-149: 251.4m, 35.36 g/t Au; Plate B: close-up view of mineralization consisting of euhedral pyrite and sphalerite in a matrix consisting of a very fine mixture of silica and dark brown pyrite, TUG-149: 259.5m, 134.97 g/t Au; Plate C: coarse VG on edge of quartz-pyrite veinlet, TUG-149: 321.6m, 536.5 g/t Au; Plate D: very coarse VG in quartz-pyrite veinlet, TUG-149: 426.1m, 802.5 g/t Au; Plate E: ladder-style quartz-pyrite vein, TUDDH-616: 605.5m, 17.10 g/t Au; Plate F: edge of dark silica-pyrite hydrothermal breccia vein, TUDDH-616: 615.5m, 24.89 g/t Au; Plate G: very coarse crystalline and wire VG in a vug along a quartz-pyrite vein, TUDDH-616: 627.5m, 63.86 g/t Au; Plate H: close-up view of the coarse crystalline and wire gold in same sample as Plate G, photographed using a field binocular microscope.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/144799_fig2lion.jpg.

Table 1: Includes the location and other information for listed DDH holes

HOLE IDEASTINGNORTHINGELEVATIONAZIMUTHDIPDEPTH (M)
TUG-14918764383920584115.1115.0-77.0in progress
TUDDH-61318762803920472286.390.0-68.0869.90
TUDDH-61618762803920472286.392.0-71.0767.70

Table 2: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are displayed in red. Intervals > 9.0 g/t Au or longer than 1.2 m are displayed in bold.

Hole IDFrom (m)To (m)Interval (m)Au g/t
TUG-149187.5188.10.60.86
208.5208.80.30.72
236.1237.00.91.85
245.4248.12.71.49
251.1252.00.913.77
including251.4251.70.335.36
254.4267.312.912.89
including255.0255.30.35.60
including255.9256.20.344.14
including256.2256.50.359.64
including256.8257.10.317.64
including257.1257.40.3T33.17
including257.4257.70.317.41
including257.7258.00.346.76
including258.0258.30.329.45
including259.2259.50.3134.97
including259.5259.80.315.90
including259.8260.10.35.86
including260.1260.40.360.19
including260.4260.70.321.32
including261.3261.60.314.55
including261.6261.90.37.95
312.0313.51.516.02
including312.6312.90.360.03
including312.9313.20.312.02
including313.2313.50.36.60
315.0315.60.61.72
318.6322.53.984.61
including318.9319.20.37.48
including321.3321.60.3536.50
including321.6321.90.3530.60
including321.9322.20.35.32
353.1353.40.30.59
359.4360.00.65.26
including359.4359.70.38.89
390.3390.60.30.53
393.6393.90.30.58
394.8395.70.90.71
401.7402.30.60.87
419.7420.00.31.93
423.3428.75.448.65
including424.8425.10.35.53
including425.1425.40.35.26
including425.7426.00.317.53
including426.0426.30.3802.47
including426.6426.90.36.31
including426.9427.20.37.05
including427.8428.10.318.01
432.3432.90.60.58
441.0441.30.39.20
486.4490.64.28.96
including487.0487.30.37.22
including487.9488.20.35.88
including488.2488.50.310.33
including489.1489.40.37.67
including489.4489.70.349.97
including489.7490.00.335.57
hole still in progress
TUDDH-61335.536.10.60.59
37.037.90.90.78
160.4161.00.61.38
452.2452.50.30.68
529.0529.30.3108.52
531.1532.00.90.82
535.6543.17.52.76
including539.8543.13.35.45
which includes540.7541.30.625.10
551.2554.23.08.39
including551.2552.10.95.02
including552.1552.70.611.67
including553.3553.90.69.36
including553.9554.20.324.54
580.0580.90.90.50
594.6596.11.50.65
627.4631.94.50.96
633.7634.00.30.71
755.0755.30.30.51
TUDDH-61636.837.70.90.70
604.6607.93.32.99
including605.2606.10.98.65
which includes605.2605.50.317.10
614.8617.62.85.73
including615.1616.41.311.55
which includes615.4615.70.324.89
618.8620.31.53.91
including618.8619.40.67.61
624.2631.77.59.43
including624.2626.62.412.11
including627.2628.71.523.59
which includes627.2627.50.337.09
and also includes627.5627.80.363.86
including629.9631.11.23.43
633.5634.71.216.76
including634.1634.70.629.54
636.5637.10.60.59

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. The 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 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

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

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

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

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

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

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