North Vancouver, British Columbia–(Newsfile Corp. – January 3, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the appointment of Mr. Alex Nichol as Vice President Geology and Exploration and Mr. David Towle as Mill Manager, as well as the hiring of Mr. Melvyn Levrel as Senior Exploration Geologist in Fiji. The Company also announces the retirement of Mr. Sergio Cattalani as Senior Vice President Exploration. Mr Cattalani will remain with Lion One as a Senior Geology Advisor.
Lion One Chairman and CEO Walter Berukoff commented: “As we continue to advance the Tuvatu Gold Project from development towards commercial production we are excited to add key individuals with specialized skill sets to our technical team in Fiji. Together, Alex, David and Melvyn bring over 70 years of experience to the Lion One Team. They are all accomplished veterans with superior leadership skills and extensive experience in their respective fields of expertise; Alex in underground geology and mining, David in mill operations and commissioning, and Melvyn in mineral exploration. We are very fortunate to have them on our team.”
“We are also very fortunate to have benefitted from the leadership and expertise of Sergio Cattalani over the past three years while he led the geology and exploration teams at Tuvatu. Sergio has been instrumental in the success of the project and we look forward to continuing to work with him as he transitions into a new role as Senior Geology Advisor with Lion One.”
Alex Nichol, MAIG – Biography
Mr. Nichol is a mining professional with over 20 years of progressive experience in underground gold, copper, and zinc mining. He has extensive senior operational experience in underground geology, production, and exploration, specializing in mine start-ups and geology systems development and implementation. Prior to joining Lion One, Mr. Nichol was the Geology Superintendent at the Mt. Colin copper-gold mine in Queensland, and before that he was a Senior Underground Mine Geologist at Barrick Gold’s Porgera Joint Venture in Papua New Guinea – an analogue deposit for Tuvatu. He has also held Senior Underground Mine Geologist positions at the Dugald River Mine and the Fossey Mine, as well as a Senior Mine Geologist position at Glencore’s George Fisher Mine near Mount Isa, Queensland. Mr Nichol’s role with Lion One will be to oversee all aspects of the underground development, production, and exploration at Tuvatu, as well as to oversee regional exploration throughout the Navilawa Caldera.
Mr. Nichol holds a Bachelor of Science in Geology from the University of Otago and is a Member of the Australian Institute of Geoscientists (MAIG).
David Towle – Biography
Mr. Towle has over 35 years of experience in mill operations and production, specializing in mill commissioning. He recently worked with IAMGOLD as a Commissioning Specialist responsible for the planning and execution of all commissioning activities at the Cote Gold Project in Ontario. He has managed all aspects of mill construction and start-up from first ore to nameplate production at numerous mines, including Pure Gold Mining’s Madsen Project, Atlantic Gold’s (now St. Barbara’s) Touquay Mine, and Pretium Resources Brucejack Mine. He has held the roles of Mill Manager and Mill Operations Superintendent on multiple occasions and spent 18 years in mill operations at Goldcorp’s (now Newmont’s) Musselwhite Mine.
Mr. Towle has also completed extensive managerial and technical training programs throughout his career, including Goldcorp’s Supervisory Leadership Program, Harvard Management and Mentorship Program, Refinery Leadership Partners Program, and Placer Dome’s Project Management Program. Mr. Towle is an expert in mill start-up and operations and that will be his focus at Lion One.
Melvyn Levrel, MAIG – Biography
Mr. Levrel is an accomplished exploration geologist with 15 years of experience in mineral exploration and mining. He is an expert in Fijian geology and in exploration management in the South Pacific, having spent three years as the Fiji Country Director and Exploration Manager for Alice Queen Limited, and an additional four years managing mineral exploration and geophysics projects throughout Fiji as a Consulting Geologist. He also has six years of experience in exploration and mining in New Caledonia. Mr. Levrel has a wide range of experience in field geology, geophysics, and resource modelling, as well as a unique knowledge of the exploration techniques, history, and regulations in Fiji. As a Senior Exploration Geologist with Lion One, Mr. Levrel will be focused on the advancement of Lion One’s regional exploration targets and prospects throughout the Navilawa Caldera.
Mr. Levrel holds a Masters Degree in Georesources from the Polytechnic Institute of Bordeaux (Bordeaux INP) and a Bachelors Degree in Geology from the University of Brest. He is also a Member of the Australian Institute of Geoscientists (MAIG).
About Lion One Metals Limited Lion One Metals is an emerging Canadian gold producer based in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Project comprises the high-grade Tuvatu Gold Deposit, Gold Mine, Pilot Plant, and Assay Lab, with an extensive exploration license area hosting multiple mineralized zones in the surrounding Navilawa Caldera.
As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project”, dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.
On behalf of the board of Lion One Metals Limited, Walter Berukoff, Chairman & CEO Patrick Hickey, Chief Operating Officer
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – January 2, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces that the Company has entered into an agreement to amend certain terms and drawn down a further USD $8 million of its Senior Secured Financing Facility provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP, and Nebari Natural Resources Credit Fund II, LP (collectively, “Nebari”), previously announced on Jan. 13, 2023. Proceeds from the Financing Facility have facilitated the completion of construction and recent commissioning of the Company’s 100% owned Tuvatu Gold Mine operations in Fiji.
The Company has now drawn down a total of USD $31 million out of USD $35 million available in the Financing Facility. Concurrently with drawing down Tranche 2 under the Financing Facility, the Company amended certain reporting covenants under the facility agreement and agreed to re-price the 15,333,087 warrants (the “Warrants”) issued at a price of CAD $1.49 to CAD $1.15 with the expiry date extended from August 9, 2026 to February 9, 2027. The amendments to the Warrant terms are subject to the approval of the TSX Venture Exchange.
Interest on the first USD $23 million drawn in Tranche 1 of the Facility is 8% (plus three-month SOFR), and amortization is on the Maturity Date 42 months from the original closing date, with no closing fees payable. Tranches 2 (and 3) funding is subject to an 8% original issue discount and interest is 10% plus SOFR, with progressive amortization over 42 months from the Tranche 2 funding date, with closing fees equal to 2% of the amounts funded.
About Lion One Metals Limited Lion One Metals is an emerging Canadian gold producer based in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Project comprises the high-grade Tuvatu Gold Deposit, Gold Mine, Pilot Plant, and Assay Lab, with an extensive exploration license area hosting multiple mineralized zones in the surrounding Navilawa Caldera.
As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – November 2, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of Tuvatu, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. Grade control drilling is focused on the sections of lodes UR1, UR2, and URW3 that are scheduled for mining in early 2024, whereas infill drilling is focused on the parts of Zone 5 that are scheduled for mining in 2024 and 2025. Previous results from Zone 5 are available in the news releases dated June 14, 2023 and August 10, 2023.
Highlights of results (3.0 g/t cutoff):
90.76 g/t Au over 2.4 m (including 261.47 g/t Au over 0.6 m) (TUDDH-659, from 221.3 m depth)
18.56 g/t Au over 3.0 m (including 101.89 g/t Au over 0.3 m) (TGC-0081, from 92.1 m depth)
86.47 g/t Au over 0.6 m (TUDDH-672, from 141.1 m depth)
11.31 g/t Au over 3.9 m (including 65.29 g/t Au over 0.3 m) (TGC-0084, from 99.3 m depth)
46.78 g/t Au over 0.6 m (TUDDH-671, from 127.7 m depth)
38.75 g/t Au over 0.6 m (including 64.10 g/t Au over 0.3 m) (TGC-0107, from 136.2 m depth)
16.60 g/t Au over 1.2 m (including 24.37 g/t Au over 0.6 m) (TGC-0101, from 125.7 m depth)
31.56 g/t Au over 0.6 m (TUDDH-676, from 158.9 m depth)
51.76 g/t Au over 0.3 m (TUDDH-665, from 260.3 m depth)
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes at Tuvatu. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Table 1. Highlights of composited grade control and infill drill results in the Zone 5 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TUDDH-659
221.3
223.7
2.4
90.76
including
221.3
222.5
1.2
176.28
which includes
221.3
221.6
0.3
83.62
and
221.6
222.2
0.6
261.47
and
222.2
222.5
0.3
98.55
TGC-0081
92.1
95.1
3
18.56
including
92.1
92.4
0.3
101.89
and
92.4
92.7
0.3
35.02
TUDDH-672
141.1
141.7
0.6
86.47
TGC-0084
99.3
103.2
3.9
11.31
including
99.6
99.9
0.3
28.93
and
100.8
101.1
0.3
65.29
TUDDH-671
127.7
128.3
0.6
46.78
TGC-0107
136.2
136.8
0.6
38.75
including
136.2
136.5
0.3
64.10
and
136.5
136.8
0.3
13.40
TGC-0101
125.7
126.9
1.2
16.60
including
125.7
126.3
0.6
24.37
TUDDH-676
158.9
159.5
0.6
31.56
TUDDH-676
252.2
253.1
0.9
18.59
TUDDH-676
243.2
245
1.8
9.05
including
243.2
243.8
0.6
19.87
TUDDH-665
260.3
260.6
0.3
51.76
TUDDH-657
109.6
111.1
1.5
9.32
including
109.6
109.9
0.3
35.89
and
110.8
111.1
0.3
10.25
TUDDH-674
130.7
131.9
1.2
11.65
including
130.7
131.3
0.6
20.18
Zone 5
The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes at Tuvatu (UR1, UR2, UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several smaller lodes to the west of the main decline (URW2, URW2A, URW3). The lodes in Zone 5 are all steeply dipping structures. Zone 5 represents the upward extension of the Zone 500 feeder zone, where several lodes coalesce into a wide zone of very high-grade mineralization, such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608). The Zone 5 lodes targeted in the current round of drilling are shown in Figure 2. The location of Zone 5 relative to Zone 500 is also shown in Figure 2.
Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.
A total of 10 grade control and 10 infill drillholes are included in this release. The grade control drill program was conducted from underground and targeted the UR1, UR2, and URW3 lodes. The program was designed to provide a detailed understanding of the mineralization and geometry of these lodes both above and below the current underground developments. The grade control drillholes reported in this news release were drilled on 20 m centers. This will be followed up by additional grade control drilling to increase drill density to 10 m centers in advance of mining. The area targeted by these grade control drillholes is outside the current PEA mine plan but is being brought into the mine plan for 2024 based on drilling results. This part of Zone 5 is currently scheduled for mining in early 2024.
The infill drill program was conducted from surface and was designed to target the portions of lodes UR1 to UR7 located between the surface and the current underground developments. The purpose of the infill drill program is to increase knowledge and grade continuity in this area, and to further de-risk this portion of the deposit, which is scheduled for mining in 2024 and 2025. High-grade intercepts from the current round of Zone 5 grade control drilling are shown in Figure 3, while high-grade intercepts from the current round of Zone 5 infill drilling are shown in Figure 4. Examples of Zone 5 mineralization are shown in Figure 5.
Figure 3. Location of High-Grade Gold Intercepts from Zone 5 Grade Control Drilling, 3.0 g/t cutoff. High-grade gold intervals from Zone 5 grade control drillholes reported in this news release. The grade control drilling targeted sections of the UR1, UR2, and URW3 lodes above and below current underground developments, shown in grey. Composite intervals with grades between 3 and 10 g/t gold are shown in orange, grades between 10 and 30 g/t gold are shown in red, and grades over 30 g/t gold are shown in purple. Select high-grade intervals are identified. View is looking north.
Figure 4. Location of High-Grade Gold Intercepts from Zone 5 Infill Drilling, 3.0 g/t cutoff. High-grade gold intervals from Zone 5 infill drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t gold are shown in orange, intervals with grades between 10 and 30 g/t gold are shown in red, and intervals over 30 g/t gold are shown in purple. Select high-grade intervals are identified. View is looking approximately NNE.
Figure 5. Example Mineralization from Zone 5 Infill and Grade Control Drilling. Top left: Monzonite-hosted silica-pyrite-sphalerite-galena veins (TGC-0096, 87.5 m). Top middle: Chalcedonic quartz veins with coarse pyrite cross-cutting potassically altered monzonite (TUDDH-658, 69.5 m). Top right: Breccia zone with coarse-grained honey sphalerite and pyrite (TUDDH-657, 109.7 m). Bottom left: Stockwork-style veining with diffuse alteration halos and pyrite, sphalerite, and galena. (TGC-0081, 92.3 m). Bottom middle: Stockwork-style silica-pyrite-sphalerite-galena veins within altered monzonite (TUDDH-668, 127.2 m). Bottom right: Close-up view of coarse-grained pyrite within a zone of stockwork-style silica-pyrite veining. Specks of visible gold are highlighted in the yellow circles, width of image is approximately 3.5 cm (TUDDH-672, 141.3 m). Core diameter is 4.76 cm in each photo.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Composited results from grade control and infill drillholes in the Zone 5 area (grade >3.0 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0081
92.1
95.1
3
18.56
including
92.1
92.4
0.3
101.89
and
92.4
92.7
0.3
35.02
TGC-0084
99.3
103.2
3.9
11.31
including
99.6
99.9
0.3
28.93
and
100.8
101.1
0.3
65.29
TGC-0086
82.3
84.1
1.8
3.98
TGC-0088
75.7
76.9
1.2
5.87
TGC-0093
99
99.9
0.9
4.65
TGC-0096
87.4
88
0.6
13.31
TGC-0098
104.8
105.1
0.3
5.19
TGC-0098
107.8
108.4
0.6
6.29
TGC-0098
111.4
111.7
0.3
6.18
TGC-0101
125.7
126.9
1.2
16.6
including
125.7
126.3
0.6
24.37
TGC-0107
136.2
136.8
0.6
38.75
including
136.2
136.5
0.3
64.1
and
136.5
136.8
0.3
13.4
TGC-0107
138
139.2
3211.2
5.21
TUDDH-657
109.6
111.1
1.5
9.32
including
109.6
109.9
0.3
35.89
and
110.8
111.1
0.3
10.25
TUDDH-658
62.5
62.8
0.3
6.85
TUDDH-658
69.4
69.7
0.3
20.06
TUDDH-658
83.2
83.5
0.3
3.82
TUDDH-658
96.4
96.7
0.3
3.08
TUDDH-659
122.6
122.9
0.3
3.82
TUDDH-659
124.7
125
0.3
5.41
TUDDH-659
221.3
223.7
2.4
90.76
including
221.3
222.5
1.2
176.28
which includes
221.3
221.6
0.3
83.62
and
221.6
222.2
0.6
261.47
and
222.2
222.5
0.3
98.55
TUDDH-659
225.5
225.8
0.3
25.35
TUDDH-659
228.2
228.5
0.3
5.95
TUDDH-659
268.9
269.2
0.3
5.96
TUDDH-660
28.9
29.5
0.6
6.39
TUDDH-660
150.4
151
0.6
8.57
TUDDH-665
152.3
152.6
0.3
3.05
TUDDH-665
204.2
204.5
0.3
25.99
TUDDH-665
260.3
260.6
0.3
51.76
TUDDH-668
112.6
112.9
0.3
3.71
TUDDH-668
123.1
123.4
0.3
3.54
TUDDH-668
123.7
124
0.3
3.91
TUDDH-668
125.2
127.3
2.1
3.99
including
126.7
127.3
0.6
10.25
TUDDH-668
138.1
138.4
0.3
5.28
TUDDH-671
127.7
128.3
0.6
46.78
TUDDH-671
143.6
144.2
0.6
6.83
TUDDH-671
242
242.3
0.3
6.53
TUDDH-672
141.1
141.7
0.6
86.47
TUDDH-672
149.5
149.8
0.3
4.15
TUDDH-674
130.7
131.9
1.2
11.65
including
130.7
131.3
0.6
20.18
TUDDH-676
126.5
127.4
0.9
5.05
TUDDH-676
158.9
159.5
0.6
31.56
TUDDH-676
243.2
245
1.8
9.05
including
243.2
243.8
0.6
19.87
TUDDH-676
252.2
253.1
0.9
18.59
TUDDH-676
254.6
254.9
0.3
3.33
TUDDH-676
256.1
257.6
1.5
6.02
including
256.1
256.7
0.6
9.24
and
257.3
257.6
0.3
10.46
Table 3. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
North Vancouver, British Columbia–(Newsfile Corp. – October 19, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for infill and grade control drilling completed in the Zone 2 area of Tuvatu, focusing primarily on the Murau lode system. Mining of the Murau lode system has commenced and grade control drilling is being conducted in advance of further mining in this area. Infill drilling is being conducted to target the up-dip and down-dip extensions of the Murau lodes. The results reported here represent material that is scheduled to be mined in Q4 2023 and throughout 2024.
Lion One Chairman and CEO Walter Berukoff commented: “After celebrating our first gold pour at Tuvatu on October 10th, we now turn our focus back to grade control and infill drilling. These drill programs continue to yield positive results and to strengthen our understanding of the mineralization at Tuvatu. We are pleased to present yet another batch of high-grade results from the Zone 2 area of Tuvatu, an area which will serve to feed our brand-new mill in the mid-to-near term future.”
Highlights of Zone 2 drilling (3.0 g/t cutoff):
84.96 g/t Au over 1.2 m (TGC-0092, from 4.5 m depth)
20.69 g/t Au over 4.2 m (including 40.22 g/t Au over 0.9 m) (TUDDH-677, from 76.5 m depth)
13.60 g/t Au over 5.1 m (including 98.87 g/t Au over 0.3 m) TUDDH-663, from 89.1 m depth)
13.22 g/t Au over 5.1 m (including 50.54 g/t Au over 0.3 m) (TGC-0085, from 56.5 m depth)
15.64 g/t Au over 3.9 m (including 23.48 g/t Au over 1.2 m) (TUDDH-680, from 140.9 m depth)
38.26 g/t Au over 1.5 m (including 41.99 g/t Au over 0.6 m) (TUDDH-663, from 177.3 m depth)
34.77 g/t Au over 0.9 m (including 35.67 g/t Au over 0.3 m) (TUDDH-680, from 146.6 m depth)
31.25 g/t Au over 1.2 m (TUDDH-680, from 148.7 m depth)
15.12 g/t Au over 2.1 m (including 22.42 g/t Au over 1.2 m) (TUDDH-678, from 135.3 m depth)
13.61 g/t Au over 2.1 m (including 42.48 g/t Au over 0.6 m) (TUDDH-666, from 184.6 m depth)
11.19 g/t Au over 2.4 m (including 30.75 g/t Au over 0.6 m) (TGC-0090, from 45.3 m depth)
9.26 g/t Au over 2.7 m (including 13.11 g/t Au over 0.9 m) (TGC-0089, from 48.8 m depth)
82.33 g/t Au over 0.3 m (TGC-0092, from 28.2 m depth)
Figure 1. Location of Zone 2 Grade Control and Infill Drillholes. Plan view of Tuvatu showing the Zone 2 grade control and infill drillholes included in this news release in relation to the mineralized lodes at Tuvatu. Drillholes are shown in black, mineralized lodes in grey, and underground developments in red.
Table 1. Highlights of composited grade control and infill drill results in the Zone 2 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 2 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0092
4.5
5.7
1.2
84.96
TUDDH-677
76.5
80.7
4.2
20.69
including
78.3
80.7
2.4
32.81
which includes
78.3
79.2
0.9
40.22
and
79.2
79.8
0.6
13.08
and
79.8
80.7
0.9
38.56
TUDDH-663
89.1
94.2
5.1
13.6
including
89.1
90.6
1.5
35.51
which includes
89.1
89.4
0.3
13.99
and
89.4
89.7
0.3
40.56
and
89.7
90
0.3
12.09
and
90
90.3
0.3
12.03
and
90.3
90.6
0.3
98.87
and also including
93.6
94.2
0.6
15.25
TGC-0085
56.5
61.6
5.1
13.22
including
57.1
57.7
0.6
35.68
and
58.6
59.5
0.9
20.89
and
60.1
60.4
0.3
50.54
TUDDH-680
140.9
144.8
3.9
15.64
including
140.9
142.1
1.2
21.38
and
143.6
144.8
1.2
23.48
TUDDH-663
177.3
178.8
1.5
38.26
including
177.3
178.2
0.9
35.78
and
178.2
178.8
0.6
41.99
TUDDH-680
146.6
147.5
0.9
34.77
including
146.6
147.2
0.6
34.33
and
147.2
147.5
0.3
35.67
TUDDH-680
148.7
149.9
1.2
31.25
TUDDH-678
135.3
137.4
2.1
15.12
including
136.2
137.4
1.2
24.63
TUDDH-666
184.6
186.7
2.1
13.61
including
186.1
186.7
0.6
42.48
TGC-0090
45.3
47.7
2.4
11.19
including
47.1
47.7
0.6
30.75
which includes
47.1
47.4
0.3
25.52
and
47.4
47.7
0.3
35.89
TGC-0089
48.8
51.5
2.7
9.26
including
48.8
49.7
0.9
13.11
and
50.6
51.5
0.9
10.21
TGC-0092
28.2
28.5
0.3
82.33
TUDDH-663
169.2
171.6
2.4
7.96
including
170.1
171.3
1.2
11.92
which includes
170.7
171.3
0.6
15.55
TGC-0095
60.3
60.6
0.3
62.38
Murau Lodes
The Murau lodes are located within the Zone 2 area of Tuvatu, along the upper portion of the western decline in the northwest part of the deposit. The Zone 2 area encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems. The Zone 2 area was the first to commence mining at Tuvatu and mining is ongoing in all three of these lode systems.
The current round of infill and grade control drilling in the Zone 2 area is focused on the Murau lode system, which is modelled as a series of stacked relatively flat lying lodes that strike approximately east-west and dip moderately to the south. The portion of the Murau lode system that is currently targeted for mining consists of a vertical extent of 55 m, an east-west strike length of 110 m, and a down-dip extension of 100 m.
Figure 2. Murau Lode System. Oblique section of the Murau lode system in relation to the infill and grade control drillholes reported here. View is to the ESE and slightly down dip along the Murau lodes. The stacked nature of the Murau lodes is visible in the image. Grade control drilling is focused on near-term mining whereas infill drilling is focused on the up-dip and down-dip extensions of the lodes.
A total of 10 infill and 11 grade control drillholes are included in this release. The infill drill program was conducted from surface and was designed to target the up-dip and down-dip extension of the Murau lodes on approximately 20 m centers. The goal of the program is to provide an increased understanding of the system’s mineralization and geometry in these areas. The grade control drill program was conducted from underground on 5-10 m centers and was designed to provide much higher resolution of the Murau lode system in advance of mine development and extraction. The location of high-grade intercepts is shown in Figure 3 while examples of Murau lode mineralization are shown in Figure 4. The Zone 2 infill and grade control drill programs are ongoing. Previous drill results from the Zone 2 area can be seen in the news releases dated September 14, 2023, June 14, 2023, and April 25, 2023.
Figure 3. Location of High-Grade Intercepts from Zone 2 Infill and Grade Control Drilling, 3.0 g/t Au cutoff. Oblique section view of the Murau lode system highlighting the high-grade intercepts from the Zone 2 infill and grade control drill program in the Murau system. View is to the ESE and slightly down dip along the Murau lodes. Downhole composite intervals with grades between 3 and 10 g/t Au are shown in orange, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Grades shown are gold grades in g/t.
Figure 4. Example Mineralization from Zone 2 Infill and Grade Control Drilling. Top left: Monzonite-hosted quartz vein with coarse grained pyrite and honey-sphalerite (TUDDH-678, 136.3 m). Top right: Vuggy chalcedony-pyrite veinlet with well-developed alteration selvage (TUDDH-667, 156.3 m). Bottom left: Vuggy quartz vein with coarse-grained pyrite and honey sphalerite within a 5.1 m zone of 13.22 g/t Au (TGC-0085, 60.2 m). Bottom right: Monzonite-hosted quartz-pyrite-sphalerite vein (TUDDH-661, 131.7 m). Core diameter is 4.76 cm in each photo.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Composited results from grade control and infill drillholes in the Zone 2 area (grade >3.0 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0085
45.7
46.6
0.9
3.3
TGC-0085
47.5
48.7
1.2
4.69
TGC-0085
50.5
51.7
1.2
4.7
TGC-0085
54.4
54.7
0.3
15.23
TGC-0085
56.5
61.6
5.1
13.22
including
57.1
57.7
0.6
35.68
and
58.6
59.5
0.9
20.89
and
60.1
60.4
0.3
50.54
TGC-0087
23.4
24
0.6
10.82
including
23.7
24
0.3
14.44
TGC-0087
39.6
40.8
1.2
3.12
TGC-0087
49.8
50.1
0.3
3.72
TGC-0089
38.7
39.6
0.9
3.49
TGC-0089
41.6
41.9
0.3
12.45
TGC-0089
44.6
45.5
0.9
6.26
TGC-0089
48.8
51.5
2.7
9.26
including
48.8
49.7
0.9
13.11
and
50.6
51.5
0.9
10.21
TGC-0090
0
0.9
0.9
3.86
TGC-0090
34.8
35.4
0.6
6.74
TGC-0090
45.3
47.7
2.4
11.19
including
47.1
47.7
0.6
30.75
which includes
47.1
47.4
0.3
25.52
and
47.4
47.7
0.3
35.89
TGC-0091
27
27.3
0.3
7.94
TGC-0091
33.6
34.2
0.6
5.59
TGC-0091
44.1
44.4
0.3
14.89
TGC-0092
4.5
5.7
1.2
84.96
TGC-0092
28.2
28.5
0.3
82.33
TGC-0092
39
39.6
0.6
11.7
including
39.3
39.6
0.3
15.64
TGC-0092
42.6
43.5
0.9
5.18
TGC-0094
12.2
13.1
0.9
5.11
TGC-0094
49.1
50.3
1.2
15.29
TGC-0095
39
40.2
1.2
13.7
including
39.3
39.6
0.3
20.22
and
39.9
40.2
0.3
30.52
TGC-0095
42.6
43.5
0.9
15.49
TGC-0095
54.9
55.2
0.3
6.72
TGC-0095
60.3
60.6
0.3
62.38
TGC-0100
8.4
9.3
0.9
3.64
TGC-0100
48.6
48.9
0.3
35.93
TGC-0100
60.9
61.2
0.3
9.85
TGC-0100
68.4
68.7
0.3
15.02
TGC-0100
72.9
73.5
0.6
5.3
TUDDH-661
118.9
120.1
1.2
3.03
TUDDH-661
131.5
132.1
0.6
7.09
including
131.5
131.8
0.3
10.38
TUDDH-663
50.7
51.3
0.6
4.01
TUDDH-663
89.1
94.2
5.1
13.6
including
89.1
90.6
1.5
35.51
which includes
89.1
89.4
0.3
13.99
and
89.4
89.7
0.3
40.56
and
89.7
90
0.3
12.09
and
90
90.3
0.3
12.03
and
90.3
90.6
0.3
98.87
and also including
93.6
94.2
0.6
15.25
TUDDH-663
101.1
102
0.9
10.98
TUDDH-663
154.5
154.8
0.3
16.89
TUDDH-663
159.9
160.2
0.3
3.43
TUDDH-663
162
162.3
0.3
8.37
TUDDH-663
164.7
165
0.3
15.64
TUDDH-663
169.2
171.6
2.4
7.96
including
170.1
171.3
1.2
11.92
which includes
170.7
171.3
0.6
15.55
TUDDH-663
173.1
175.5
2.4
3.87
TUDDH-663
177.3
178.8
1.5
38.26
including
177.3
178.2
0.9
35.78
and
178.2
178.8
0.6
41.99
TUDDH-664
73.7
74.3
0.6
3.07
TUDDH-664
76.7
77.3
0.6
20.79
TUDDH-664
121.8
122.7
0.9
18.99
TUDDH-664
124.5
126
1.5
8.17
including
125.4
126
0.6
11.44
TUDDH-666
101.8
102.1
0.3
3.55
TUDDH-666
167.5
170.2
2.7
6.65
including
169.3
170.2
0.9
13.33
which includes
169.3
169.6
0.3
27.99
TUDDH-666
184.6
186.7
2.1
13.61
including
186.1
186.7
0.6
42.48
TUDDH-666
193.3
193.9
0.6
4.73
TUDDH-667
153.1
154.9
1.8
9.99
including
153.7
154.9
1.2
11.87
which includes
153.7
154
0.3
29.47
TUDDH-667
156.1
156.4
0.3
15.89
TUDDH-670
69.4
70
0.6
25.68
TUDDH-670
74.5
75.4
0.9
4.37
TUDDH-673
87.2
87.8
0.6
20.26
TUDDH-673
150.8
151.7
0.9
15.73
TUDDH-673
157.7
158.6
0.9
3.4
TUDDH-673
162.2
162.8
0.6
12.27
TUDDH-677
69.6
70.5
0.9
4.41
TUDDH-677
76.5
80.7
4.2
20.69
including
78.3
80.7
2.4
32.81
which includes
78.3
79.2
0.9
40.22
and
79.2
79.8
0.6
13.08
and
79.8
80.7
0.9
38.56
TUDDH-677
82.2
82.8
0.6
4.35
TUDDH-678
67.4
67.7
0.3
4.14
TUDDH-678
83.4
84
0.6
19.71
including
83.7
84
0.3
35.99
TUDDH-678
135.3
137.4
2.1
15.12
including
136.2
137.4
1.2
24.63
TUDDH-678
144.6
144.9
0.3
3.13
TUDDH-680
135.5
136.7
1.2
3.6
TUDDH-680
138.8
139.7
0.9
5.91
TUDDH-680
140.9
144.8
3.9
15.64
including
140.9
142.1
1.2
21.38
and
143.6
144.8
1.2
23.48
TUDDH-680
146.6
147.5
0.9
34.77
including
146.6
147.2
0.6
34.33
and
147.2
147.5
0.3
35.67
TUDDH-680
148.7
149.9
1.2
31.25
Table 3. Collar coordinates for grade control drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0085
1876267
3920759
151
77.3
-62.0
81.7
TGC-0087
1876264
3920768
152
353.3
-52.3
65.6
TGC-0089
1876264
3920768
152
356.2
-67.4
65.5
TGC-0090
1876264
3920768
153
357.2
-38.6
65.7
TGC-0091
1876264
3920768
152
8.1
-46.1
71.7
TGC-0092
1876265
3920768
152
17.4
-37.1
71.6
TGC-0094
1876266
3920767
151
48.0
-79.6
60.8
TGC-0095
1876266
3920768
152
42.1
-27.6
77.1
TGC-0097
1876267
3920768
153
42.1
-8.2
80.6
TGC-0099
1876267
3920768
153
48.1
-12.4
80.2
TGC-0100
1876267
3920768
153
46.6
-19.2
76.4
Table 4. Collar coordinates for infill drillholes reported in this release. Coordinates are in Fiji map grid.
North Vancouver, British Columbia–(Newsfile Corp. – October 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the company has poured first gold at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Construction of the Tuvatu Mine has been completed ahead of schedule. Mill construction began in August 2022 and commissioning began in September 2023. The mill is expected to ramp up to 300 TPD by the end of October 2023, expanding further to 500 TPD in mid-2024. The first gold pour coincided with Fiji Day on October 10th, 2023. A ceremonial first gold pour was conducted on site with over 900 members of local communities, businesses, employees, and government officials in attendance, including the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, who officiated the gold pour ceremony on behalf of Prime Minister Sitiveni Rabuka of Fiji.
Figure 1. Lion One Metal’s First Gold Pour at the Tuvatu Mine in Fiji. On the right of the photo are Lion One Metals’ Process Operations Manager David Towle, Lion One Metals Chairman and CEO Wally Berukoff, and the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji.
Lion One Chairman and CEO, Walter Berukoff, commented: “The first gold pour at Tuvatu is a landmark event in the history of our company. We have successfully transitioned from explorer to producer and have delivered on our promise to build the South Pacific’s newest gold mine in the heart of Fiji.
“Congratulations to the Lion One team for achieving this significant milestone. We thank our employees, contractors, local landowners and community members for their hard work and dedication. Completing construction ahead of schedule is a testament to the strength of their efforts and to the resilience of the Fijian spirit. We also thank our loyal shareholders for their continued support. This marks the beginning of our next phase of growth as we look forward to ramping up to commercial production at Tuvatu and to advancing our many other top-quality prospects throughout the Navilawa Caldera.”
The Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, stated that “the future looks good for Tuvatu; the best is yet to come.”
Figure 2. Photos from the Gold Pour Ceremony. Top left: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima receiving traditional flower garlands. Top middle: Lion One Metals COO Patrick Hickey giving a speech. Top right: Lion One Metals employees below the Fiji flag. Bottom left and middle: members of local communities and businesses in attendance at the gold pour ceremony. Bottom right: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima on site at Tuvatu.
Additional photos and videos of the gold pour ceremony will be available on the Lion One Metals website at www.liononemetals.com.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – September 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for grade control drilling completed in the Zone 2 area of Tuvatu, focusing primarily on the URW1, URA1 and Murau lode systems. Mining of the URA1 lode and the URW1 lode system is ongoing and grade control drilling is being conducted in advance of future mining in these areas (see news releases dated April 3, 2023 and May 18, 2023). The results reported here represent material that is scheduled to be mined in Q4 2023 and throughout 2024.
Lion One Chairman and CEO Walter Berukoff commented: “The results from our grade control drill program continue to exceed expectations. The program is continuously returning very high-grade material with excellent mining widths. As we increase our drill density at Tuvatu we continue to identify very high-grade zones upon which to focus and prioritize our mining plan, and which will help us to add additional tonnage to our growing stockpile of high-grade material as we ramp up to our first gold production in Q4 2023”.
Highlights of new Zone 2 grade control drilling (3 g/t Au cutoff):
19.78 g/t Au over 6.0 m (including 31.52 g/t Au over 3.0 m) (TGC-0071, from 114.0 m depth)
14.83 g/t Au over 6.0 m (including 25.16 g/t Au over 2.4 m) (TGC-0055, from 90.9 m depth)
18.08 g/t Au over 3.6 m (including 32.74 g/t Au over 1.5 m) (TGC-0073, from 90.0 m depth)
25.25 g/t Au over 2.4 m (including 149.63 g/t Au over 0.3 m) (TGC-0078, from 95.2 m depth)
45.89 g/t Au over 0.9 m (TGC-0080, from 23.4 m depth)
8.00 g/t Au over 4.8 m (including 21.05 g/t Au over 0.9 m) (TGC-0080, from 47.4 m depth)
8.52 g/t Au over 3.3 m (including 11.16 g/t Au over 1.8 m) (TGC-0053, from 13.8 m depth)
17.73 g/t Au over 1.5 m (including 20.98 g/t Au over 0.9 m) (TGC-0053, from 56.4 m depth)
14.13 g/t Au over 1.8 m (including 18.64 g/t Au over 1.2 m) (TGC-0062, from 67.5 m depth)
Note: Grade control drillhole composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at < 3 g/t Au.
Figure 1. Location of Zone 2 Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 2 grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed circle represents the Zone 2 area of the deposit.
Table 1. Highlights of composited grade control drill results in the Zone 2 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 2 in the appendix. For full results using a 0.5 g/t cutoff see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
including
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
including
56.4
57.3
0.9
20.98
and
57.3
57.9
0.6
12.86
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
including
90.9
92.7
1.8
12.22
which includes
90.9
91.5
0.6
10.93
and
91.5
91.8
0.3
23.82
and
91.8
92.7
0.9
9.22
and also including
94.5
96.9
2.4
25.16
which includes
94.5
95.4
0.9
35.76
and
95.4
96
0.6
10.87
and
96
96.3
0.3
30.26
and
96.3
96.9
0.6
20.98
TGC-0057
89.4
91.2
1.8
9.22
including
89.4
89.7
0.3
19.23
TGC-0057
113.7
115.2
1.5
10.84
including
114.3
115.2
0.9
15.86
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
including
68.1
68.7
0.6
15.29
and
68.7
69.3
0.6
21.99
TGC-0064
182.9
183.5
0.6
33.08
including
182.9
183.2
0.3
58.29
TGC-0066
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0071
114
120
6
19.78
including
114
114.3
0.3
30.17
and
114.3
114.9
0.6
8.32
and
115.5
115.8
0.3
10.68
and
115.8
116.4
0.6
9.96
and
117
120
3
31.52
which includes
117
117.6
0.6
33.78
and
117.6
118.5
0.9
20.88
and
118.5
119.4
0.9
42.75
and
119.4
120
0.6
28.35
TGC-0073
79.8
81.3
1.5
7.91
including
79.8
80.4
0.6
10.8
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
including
90
90.3
0.3
8.41
and
90.3
90.6
0.3
21.79
and
90.9
92.4
1.5
32.74
which includes
90.9
91.2
0.3
65.52
and
91.2
91.5
0.3
38.81
and
91.5
91.8
0.3
43.67
and
91.8
92.4
0.6
7.86
TGC-0074
80.8
81.4
0.6
41.5
including
80.8
81.1
0.3
35.63
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
including
118.9
119.2
0.3
10.48
and
119.2
119.5
0.3
14.96
and
119.5
119.8
0.3
10.75
and
119.8
120.1
0.3
10.41
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
including
95.2
95.5
0.3
149.63
and
96.1
97.6
1.5
9.28
which includes
96.1
97
0.9
11.85
TGC-0080
21
22.2
1.2
11.67
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
including
48.3
48.6
0.3
18.03
and
48.6
48.9
0.3
17.95
and
49.8
50.7
0.9
21.05
which includes
49.8
50.1
0.3
42.72
and
50.1
50.4
0.3
15.08
TGC-0082
15.5
16.7
1.2
16.96
including
16.1
16.7
0.6
29.06
which includes
16.1
16.4
0.3
34.23
and
16.4
16.7
0.3
23.89
TGC-0083
19.7
20
0.3
10.79
TGC-0083
43.7
45.2
0.6
11.32
including
43.7
44
0.3
10.41
and
44.9
45.2
0.3
12.23
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
including
65
65.3
0.3
18.58
and
65.3
65.6
0.3
31.67
Zone 2
The Zone 2 area of Tuvatu is located in the northwest part of the system along the western decline. It is the first part of the deposit scheduled for mining and encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems.
The URW1 lode system was the primary target for the current round of drilling. It consists predominantly of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. As reported on July 13, 2023 and July 27, 2023, mineralization in these lodes is both higher grade and more laterally extensive than initially anticipated. Grade control drilling in the URW1 area is targeting the up-dip and down-dip extensions of these lodes, 20 m to 40 m above and below the current mine drives. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.
Similarly, the URA1 lode is a narrow, steeply dipping, high-grade to locally bonanza-grade vein system. It was discovered during the development of the western decline and is intersected by the decline at approximately 75 m from the portal entrance. It trends approximately northeast-southwest and dips steeply to the southeast. It has a current strike length of approximately 100 m, and a vertical extent of approximately 120 m.
Figure 2. URA1 Lode and URW1 Lode System. Plan view (top) and view looking north (bottom) of the URA1 lode and the URW1 lode system in relation to the grade control holes reported here. Mining is ongoing in the URA1 lode (shown in purple) and the URW1a and URW1b lodes (shown in light brown). Additional lodes included in the URW1 lode system are shown in blue. Grade control drilling is targeting the up-dip and down-dip extensions of these lodes, focusing primarily on the URW1a and URW1b lodes, as evident in the bottom image.
The Murau lode system consists of a series of stacked relatively flat lying lodes that strike approximately east-west and dip moderately to the south. Mining is scheduled to begin on the upper part of the Murau lode system in Q4 2023. The portion of the Murau lode system that is currently targeted for mining consists of a 110 m strike length in the east-west direction, a vertical extent of 55 m, and a down-dip extension of 100 m.
Figure 3. Murau Lode System. Plan view (left) and view looking east (right) of the Murau lode system in relation to the grade control drillholes reported here. Mining on the upper part of the Murau lode system is scheduled to start in Q4 2023. The stacked nature of the Murau lodes and their moderate dip to the south is visible in the right-hand image.
Figure 4. Location of High-Grade Intercepts from Zone 2 Grade Control Drilling, 3.0 g/t Au cutoff. Plan view (top) and view looking north (bottom) of the URA1 lode, the URW1 lode system, and the Murau lode system in relation to the grade control drillholes reported here, with high-grade intercepts highlighted. Downhole composite intervals with grades between 3 and 10 g/t Au are shown in orange, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Grades shown are gold grades in g/t. Underground developments are shown in pale transparent grey to increase visibility of the mineralized intervals.
Grade control drilling is being conducted from underground as well as from near the mine portal and is targeting near surface mineralization scheduled for mining in the next four to sixteen months. It is targeting 5-10 m centers and is designed to provide a detailed understanding of the geometry and mineralization of lode arrays in advance of underground development. Results from the grade control drill program will be used to help optimize mine development and mineral extraction in these areas. The Zone 2 grade control drill program is ongoing. Examples of mineralization observed in the Zone 2 drillholes reported here are shown in Figure 5.
A total of 83 grade control drillholes have been completed to date in the Zone 2 and Zone 5 areas at Tuvatu, including 24 grade control drillholes included in this news release. Previous grade control drill results are available in the news releases dated April 25, 2023 and June 14, 2023.
Figure 5. Example Mineralization from Zone 2 Grade Control Drilling. Left: Monzonite-hosted chalcedonic silica veins with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TGC-0064, 182.9-183.2 m) Width of core is 4.76 cm. Top center: Banded silica-roscoelite-pyrite vein with visible gold (TGC-0076, 89.7-90.0 m) Width of image is approximately 2 cm. Top right: Fracture face coated with silica, sphalerite, pyrite, and multiple grains of visible gold (TGC-0073, 91.5-91.8 m). Core diameter is 4.76 cm. Bottom right: Monzonite-hosted quartz veinlet with visible gold (TGC-0073, 90.3-90.6 m). Width of image is approximately 3 cm. Bottom center: Monzonite-hosted quartz veinlet with multiple flecks of visible gold (TGC-0083, 56.9-57.2 m). Width of image is approximately 3 cm.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Composited results from grade control drillholes in the Zone 2 area, 3.0 g/t Au cutoff
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
TGC-0053
including
13.8
14.7
0.9
6.47
TGC-0053
and
15.3
16.2
0.9
6.43
TGC-0053
and
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
TGC-0053
including
56.4
57.3
0.9
20.98
TGC-0053
and
57.3
57.9
0.6
12.86
TGC-0053
61.8
62.4
0.6
3.61
TGC-0053
67.5
71.7
4.2
3.87
TGC-0053
including
69
69.6
0.6
5.35
TGC-0053
and
69.6
70.2
0.6
5.89
TGC-0053
and
70.2
70.8
0.6
5.51
TGC-0053
and
71.4
71.7
0.3
5.07
TGC-0053
72.3
75.6
3.3
5.11
TGC-0053
including
72.3
72.6
0.3
5.39
TGC-0053
and
74.4
74.7
0.3
8.54
TGC-0053
and
74.7
75
0.3
7.24
TGC-0053
and
75
75.6
0.6
8.69
TGC-0054
82.8
83.4
0.6
4.92
TGC-0054
90.3
90.6
0.3
7.71
TGC-0055
13.2
13.8
0.6
8.21
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
TGC-0055
including
90.9
92.7
1.8
12.22
TGC-0055
which includes
90.9
91.5
0.6
10.93
TGC-0055
and
91.5
91.8
0.3
23.82
TGC-0055
and
91.8
92.7
0.9
9.22
TGC-0055
and also including
93.3
93.9
0.6
8.52
TGC-0055
and also including
94.5
96.9
2.4
25.16
TGC-0055
which includes
94.5
95.4
0.9
35.76
TGC-0055
and
95.4
96
0.6
10.87
TGC-0055
and
96
96.3
0.3
30.26
TGC-0055
and
96.3
96.9
0.6
20.98
TGC-0055
108
108.6
0.6
6.17
TGC-0057
11.4
12.6
1.2
3.4
TGC-0057
85.8
86.1
0.3
7.28
TGC-0057
89.4
91.2
1.8
9.22
TGC-0057
including
89.4
89.7
0.3
19.23
TGC-0057
and
89.7
90
0.3
5.34
TGC-0057
and
90
90.6
0.6
7.4
TGC-0057
and
90.6
91.2
0.6
7.98
TGC-0057
113.7
115.2
1.5
10.84
TGC-0057
including
114.3
115.2
0.9
15.86
TGC-0057
116.7
118.8
2.1
6.23
TGC-0057
including
116.7
117.6
0.9
8.19
TGC-0057
and
117.9
118.8
0.9
5.42
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
TGC-0062
including
67.5
68.1
0.6
5.11
TGC-0062
and
68.1
68.7
0.6
15.29
TGC-0062
and
68.7
69.3
0.6
21.99
TGC-0062
70.5
71.1
0.6
3.47
TGC-0064
182.9
183.5
0.6
33.08
TGC-0064
including
182.9
183.2
0.3
58.29
TGC-0064
and
183.2
183.5
0.3
7.88
TGC-0064
185.3
185.6
0.3
8.07
TGC-0066
163.5
164.1
0.6
8.62
TGC-0066
including
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0070
78.4
79
0.6
4.4
TGC-0070
82.9
83.5
0.6
3.94
TGC-0071
95.4
96
0.6
8.24
TGC-0071
114
120
6
19.78
TGC-0071
including
114
114.3
0.3
30.17
TGC-0071
and
114.3
114.9
0.6
8.32
TGC-0071
and
115.5
115.8
0.3
10.68
TGC-0071
and
115.8
116.4
0.6
9.96
TGC-0071
and
117
120
3
31.52
TGC-0071
which includes
117
117.6
0.6
33.78
TGC-0071
and
117.6
118.5
0.9
20.88
TGC-0071
and
118.5
119.4
0.9
42.75
TGC-0071
and
119.4
120
0.6
28.35
TGC-0071
157.2
157.8
0.6
5.57
TGC-0072
74.4
75
0.6
4.46
TGC-0073
79.8
81.3
1.5
7.91
TGC-0073
including
79.8
80.4
0.6
10.8
TGC-0073
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
TGC-0073
including
90
90.3
0.3
8.41
TGC-0073
and
90.3
90.6
0.3
21.79
TGC-0073
and
90.9
92.4
1.5
32.74
TGC-0073
which includes
90.9
91.2
0.3
65.52
TGC-0073
and
91.2
91.5
0.3
38.81
TGC-0073
and
91.5
91.8
0.3
43.67
TGC-0073
and
91.8
92.4
0.6
7.86
TGC-0073
and also including
93
93.6
0.6
6.49
TGC-0073
106.8
107.1
0.3
3.02
TGC-0074
13
13.3
0.3
4.43
TGC-0074
80.8
81.4
0.6
41.5
TGC-0074
including
80.8
81.1
0.3
35.63
TGC-0074
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
TGC-0074
including
118.9
119.2
0.3
10.48
TGC-0074
and
119.2
119.5
0.3
14.96
TGC-0074
and
119.5
119.8
0.3
10.75
TGC-0074
and
119.8
120.1
0.3
10.41
TGC-0076
89.7
90
0.3
7.23
TGC-0076
100.2
101.1
0.9
6.35
TGC-0076
including
100.2
100.5
0.3
6.35
TGC-0076
and
100.5
100.8
0.3
7.25
TGC-0076
and
100.8
101.1
0.3
5.47
TGC-0076
121.8
122.1
0.3
5.04
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
16.6
17.2
0.6
4.42
TGC-0078
87.7
88.3
0.6
3.93
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
TGC-0078
including
95.2
95.5
0.3
149.63
TGC-0078
and
96.1
97.6
1.5
9.28
TGC-0078
which includes
96.1
97
0.9
11.85
TGC-0078
and
97
97.6
0.6
5.43
TGC-0079
102.9
103.5
0.6
5.02
TGC-0080
21
22.2
1.2
11.67
TGC-0080
including
21
21.3
0.3
7.26
TGC-0080
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
TGC-0080
including
47.4
47.7
0.3
5.46
TGC-0080
and
47.7
48
0.3
8.1
TGC-0080
and
48.3
48.6
0.3
18.03
TGC-0080
and
48.6
48.9
0.3
17.95
TGC-0080
and
49.8
50.7
0.9
21.05
TGC-0080
which includes
49.8
50.1
0.3
42.72
TGC-0080
and
50.1
50.4
0.3
15.08
TGC-0080
and
50.4
50.7
0.3
5.35
TGC-0080
53.4
54.3
0.9
9.88
TGC-0082
15.5
16.7
1.2
16.96
TGC-0082
including
16.1
16.7
0.6
29.06
TGC-0082
which includes
16.1
16.4
0.3
34.23
TGC-0082
and
16.4
16.7
0.3
23.89
TGC-0082
46.7
47.6
0.9
3.01
TGC-0082
83
83.3
0.3
3.61
TGC-0083
19.7
20
0.3
10.79
TGC-0083
42.5
45.2
2.7
4.95
TGC-0083
including
42.5
43.1
0.6
5.91
TGC-0083
and
43.7
44
0.3
10.41
TGC-0083
and
44.9
45.2
0.3
12.23
TGC-0083
48.5
49.4
0.9
3.9
TGC-0083
52.4
52.7
0.3
3.42
TGC-0083
55.4
55.7
0.3
4.53
TGC-0083
56.9
57.5
0.6
7.24
TGC-0083
including
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
TGC-0083
including
65
65.3
0.3
18.58
TGC-0083
and
65.3
65.6
0.3
31.67
TGC-0083
110.6
110.9
0.3
9.08
Table 3. Composited results from grade control drillholes in the Zone 2 area, 0.5 g/t Au cutoff
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
TGC-0053
including
13.8
14.7
0.9
6.47
TGC-0053
and
15.3
16.2
0.9
6.43
TGC-0053
and
16.2
17.1
0.9
15.89
TGC-0053
21
22.2
1.2
0.62
TGC-0053
55.2
57.9
2.7
9.96
TGC-0053
including
56.4
57.3
0.9
20.98
TGC-0053
and
57.3
57.9
0.6
12.86
TGC-0053
60.3
63.3
3
1.1
TGC-0053
66.9
76.8
9.9
3.71
TGC-0053
including
69
69.6
0.6
5.35
TGC-0053
and
69.6
70.2
0.6
5.89
TGC-0053
and
70.2
70.8
0.6
5.51
TGC-0053
and
71.4
71.7
0.3
5.07
TGC-0053
and
72.3
72.6
0.3
5.39
TGC-0053
and
74.4
74.7
0.3
8.54
TGC-0053
and
74.7
75
0.3
7.24
TGC-0053
and
75
75.6
0.6
8.69
TGC-0053
93.9
96
2.1
1.07
TGC-0053
99
100.2
1.2
1.36
TGC-0054
82.8
83.4
0.6
4.92
TGC-0054
90
90.6
0.6
4.95
TGC-0054
including
90.3
90.6
0.3
7.71
TGC-0054
93.9
94.5
0.6
1.98
TGC-0054
96.3
97.8
1.5
1.17
TGC-0055
13.2
13.8
0.6
8.21
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
TGC-0055
including
90.9
92.7
1.8
12.22
TGC-0055
which includes
90.9
91.5
0.6
10.93
TGC-0055
and
91.5
91.8
0.3
23.82
TGC-0055
and
91.8
92.7
0.9
9.22
TGC-0055
and also including
93.3
93.9
0.6
8.52
TGC-0055
and also including
94.5
96.9
2.4
25.16
TGC-0055
which includes
94.5
95.4
0.9
35.76
TGC-0055
and
95.4
96
0.6
10.87
TGC-0055
and
96
96.3
0.3
30.26
TGC-0055
and
96.3
96.9
0.6
20.98
TGC-0055
99
100.2
1.2
0.85
TGC-0055
108
108.6
0.6
6.17
TGC-0055
117.9
118.2
0.3
2.13
TGC-0057
11.4
12.6
1.2
3.4
TGC-0057
80.4
82.8
2.4
0.76
TGC-0057
85.8
86.4
0.6
4.25
TGC-0057
87.9
93
5.1
3.66
TGC-0057
including
89.4
91.2
1.8
9.22
TGC-0057
which includes
89.4
89.7
0.3
19.23
TGC-0057
and
89.7
90
0.3
5.34
TGC-0057
and
90
90.6
0.6
7.4
TGC-0057
and
90.6
91.2
0.6
7.98
TGC-0057
106.5
107.4
0.9
0.64
TGC-0057
113.7
118.8
5.1
6.05
TGC-0057
including
114.3
115.2
0.9
15.86
TGC-0057
and
116.7
117.6
0.9
8.19
TGC-0057
and
117.9
118.8
0.9
5.42
TGC-0060
52.4
53
0.6
0.74
TGC-0060
75.5
76.7
1.2
6.97
TGC-0060
including
76.1
76.4
0.3
25.43
TGC-0060
82.4
82.7
0.3
0.65
TGC-0062
67.5
73.8
6.3
4.98
TGC-0062
including
67.5
69.3
1.8
14.13
TGC-0062
which includes
67.5
68.1
0.6
5.11
TGC-0062
and
68.1
68.7
0.6
15.29
TGC-0062
and
68.7
69.3
0.6
21.99
TGC-0064
69
69.6
0.6
1.59
TGC-0064
145.7
146.6
0.9
0.54
TGC-0064
149.9
150.8
0.9
0.51
TGC-0064
167.9
168.8
0.9
2.77
TGC-0064
174.2
174.8
0.6
0.96
TGC-0064
182.9
183.5
0.6
33.08
TGC-0064
including
182.9
183.2
0.3
58.29
TGC-0064
and
183.2
183.5
0.3
7.88
TGC-0064
185.3
185.6
0.3
8.07
TGC-0066
163.5
164.1
0.6
8.62
TGC-0066
including
163.5
163.8
0.3
12.85
TGC-0068
88.9
89.5
0.6
0.92
TGC-0068
98.6
99.2
0.6
0.73
TGC-0068
120.5
121.4
0.9
1.11
TGC-0068
172.4
175.1
2.7
0.83
TGC-0068
186.7
189.4
2.7
0.76
TGC-0068
191.2
192.7
1.5
0.57
TGC-0069
88.4
89
0.6
1.73
TGC-0070
71.2
71.8
0.6
25.89
TGC-0070
73
75.4
2.4
1.03
TGC-0070
78.4
81.1
2.7
2.23
TGC-0070
82.3
84.4
2.1
1.54
TGC-0071
95.4
96
0.6
8.24
TGC-0071
114
120.9
6.9
17.54
TGC-0071
including
114
114.3
0.3
30.17
TGC-0071
and
114.3
114.9
0.6
8.32
TGC-0071
and
115.5
115.8
0.3
10.68
TGC-0071
and
115.8
116.4
0.6
9.96
TGC-0071
and
117
120
3
31.52
TGC-0071
which includes
117
117.6
0.6
33.78
TGC-0071
and
117.6
118.5
0.9
20.88
TGC-0071
and
118.5
119.4
0.9
42.75
TGC-0071
and
119.4
120
0.6
28.35
TGC-0071
155.4
159.6
4.2
2.12
TGC-0071
including
157.2
157.8
0.6
5.57
TGC-0071
160.8
161.4
0.6
2.72
TGC-0071
201.3
202.5
1.2
1.56
TGC-0072
59.7
60.3
0.6
0.84
TGC-0072
74.4
75
0.6
4.46
TGC-0072
81.9
82.5
0.6
0.79
TGC-0072
94.5
95.1
0.6
0.9
TGC-0073
12
12.6
0.6
0.91
TGC-0073
79.8
81.3
1.5
7.91
TGC-0073
including
79.8
80.4
0.6
10.8
TGC-0073
and
80.4
80.7
0.3
10.95
TGC-0073
87.3
94.2
6.9
10.39
TGC-0073
including
87.9
88.2
0.3
10.85
TGC-0073
and
90
90.3
0.3
8.41
TGC-0073
and
90.3
90.6
0.3
21.79
TGC-0073
and
90.9
92.4
1.5
32.74
TGC-0073
which includes
90.9
91.2
0.3
65.52
TGC-0073
and
91.2
91.5
0.3
38.81
TGC-0073
and
91.5
91.8
0.3
43.67
TGC-0073
and
91.8
92.4
0.6
7.86
TGC-0073
and also including
93
93.6
0.6
6.49
TGC-0073
106.2
107.1
0.9
2.32
TGC-0074
12.7
13.3
0.6
2.71
TGC-0074
80.5
81.4
0.9
28.01
TGC-0074
including
80.8
81.4
0.6
41.51
TGC-0074
which includes
80.8
81.1
0.3
35.63
TGC-0074
and
81.1
81.4
0.3
47.38
TGC-0074
92.5
92.8
0.3
0.9
TGC-0074
118.9
120.1
1.2
11.65
TGC-0074
including
118.9
119.2
0.3
10.48
TGC-0074
and
119.2
119.5
0.3
14.96
TGC-0074
and
119.5
119.8
0.3
10.75
TGC-0074
and
119.8
120.1
0.3
10.41
TGC-0075
13.2
14.4
1.2
0.61
TGC-0075
16.2
16.8
0.6
0.6
TGC-0075
27
27.3
0.3
0.53
TGC-0075
43.5
44.4
0.9
0.93
TGC-0076
77.1
78
0.9
0.98
TGC-0076
81
81.3
0.3
1.57
TGC-0076
89.7
90
0.3
7.23
TGC-0076
93.3
93.6
0.3
0.72
TGC-0076
99.3
101.7
2.4
3.59
TGC-0076
including
100.2
100.5
0.3
6.35
TGC-0076
and
100.5
100.8
0.3
7.25
TGC-0076
and
100.8
101.1
0.3
5.47
TGC-0076
121.8
122.1
0.3
5.04
TGC-0077
15
16.5
1.5
0.92
TGC-0077
19.8
20.1
0.3
0.83
TGC-0077
54
54.6
0.6
1.38
TGC-0077
64.2
65.4
1.2
2.53
TGC-0077
72.9
74.4
1.5
1.11
TGC-0078
14.2
14.8
0.6
10.17
TGC-0078
including
14.5
14.8
0.3
18.52
TGC-0078
16
17.2
1.2
3.61
TGC-0078
52
52.6
0.6
1.55
TGC-0078
87.7
89.5
1.8
2.53
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
98.2
3
20.44
TGC-0078
including
95.2
95.5
0.3
149.63
TGC-0078
and
96.1
97.6
1.5
9.28
TGC-0078
which includes
96.1
97
0.9
11.85
TGC-0078
and
97
97.6
0.6
5.43
TGC-0079
98.1
98.7
0.6
0.53
TGC-0079
102.9
103.5
0.6
5.02
TGC-0080
21
22.2
1.2
11.67
TGC-0080
including
21
21.3
0.3
7.26
TGC-0080
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
45.3
55.2
9.9
5.16
TGC-0080
including
47.4
47.7
0.3
5.46
TGC-0080
and
47.7
48
0.3
8.1
TGC-0080
and
48.3
48.6
0.3
18.03
TGC-0080
and
48.6
48.9
0.3
17.95
TGC-0080
and
49.8
50.7
0.9
21.05
TGC-0080
which includes
49.8
50.1
0.3
42.72
TGC-0080
and
50.1
50.4
0.3
15.08
TGC-0080
and
50.4
50.7
0.3
5.35
TGC-0080
and also including
53.4
54.3
0.9
9.88
TGC-0080
70.2
71.4
1.2
0.9
TGC-0080
77.4
80.1
2.7
0.88
TGC-0082
15.5
16.7
1.2
16.96
TGC-0082
including
16.1
16.7
0.6
29.06
TGC-0082
which includes
16.1
16.4
0.3
34.23
TGC-0082
and
16.4
16.7
0.3
23.89
TGC-0082
43.7
45.5
1.8
0.99
TGC-0082
46.7
48.5
1.8
2.2
TGC-0082
49.7
50.6
0.9
0.58
TGC-0082
57.5
58.7
1.2
0.9
TGC-0082
67.7
68.6
0.9
1
TGC-0082
83
83.3
0.3
3.61
TGC-0083
19.4
20.3
0.9
4.12
TGC-0083
including
19.7
20
0.3
10.79
TGC-0083
41
46.4
5.4
3.13
TGC-0083
including
42.5
43.1
0.6
5.91
TGC-0083
and
43.7
44
0.3
10.41
TGC-0083
and
44.9
45.2
0.3
12.23
TGC-0083
48.2
49.4
1.2
3.35
TGC-0083
52.4
52.7
0.3
3.42
TGC-0083
55.4
57.5
2.1
3.04
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
63.5
65.6
2.1
8.24
TGC-0083
including
65
65.6
0.6
25.13
TGC-0083
which includes
65
65.3
0.3
18.58
TGC-0083
and
65.3
65.6
0.3
31.67
TGC-0083
67.4
69.5
2.1
0.74
TGC-0083
110.6
110.9
0.3
9.08
Table 4. Collar coordinates for grade control holes reported in this release. Coordinates are in Fiji map grid.
Surface sampling returns multiple high-grade results up to 92.55 g/t gold
North Vancouver, British Columbia–(Newsfile Corp. – August 24, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the discovery of a new mineralized structure carrying bonanza grade gold 1 km to the north of the company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.
The new mineralized structure was discovered on surface by Lion One’s regional exploration team and has been named the Lumuni occurrence. The structure is located 1 km north of Tuvatu, approximately along strike from lodes UR1, UR2, and UR3. The Lumuni structure exhibits a width at surface of approximately 0.5 m to over 1 m and is manifested as two mapped zones of what may be a single continuous feature. This includes a north-south striking zone that dips steeply to the west, and a northwest-southeast striking interval that dips steeply to the southwest. High-grade gold results were returned from close-spaced channels and outcropping zones separated by up to 30 m strike length. The overall feature was traced on surface for a length of over 150 m and remains open to the south-east where it is obscured under vegetation. The high-grade mineralized structure also appears to be coincident with a large steeply-dipping CSAMT resistivity low, which may be indicative of a deeply-rooted structure.
Highlights of Lumuni channel sampling:
66.83 g/t Au over 0.7 m (CH3850)
48.45 g/t Au over 0.7 m (including 92.55 g/t Au over 0.3 m) (CH3851)
15.18 g/t Au over 1.1 m (including 31.25 g/t Au over 0.3 m) (CH3849)
14.66 g/t Au over 1.1 m (including 16.78 g/t Au over 0.7 m) (CH3855)
17.04 g/t Au over 0.6 m (including 30.59 g/t Au over 0.3 m) (CH3853)
10.30 g/t Au over 0.9 m (including 13.89 g/t Au over 0.6 m) (CH3852)
Strike length of over 150 m observed on surface
Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the discovery of the Lumuni occurrence. This discovery was made as part of our ongoing regional mapping and sampling program throughout the Navilawa Caldera. What makes this discovery so outstanding is the continuity of the high-grade material. It is not a single bonanza-grade sample, but rather a traceable lode of high to very-high grade material that can be followed along at surface. The fact that these high-grade samples coincide with a steeply dipping resistivity low is even more compelling as it provides us with immediate drill targets to pursue. We can now add Lumuni to our growing list of high-priority regional exploration targets.”
Table 1. Highlights of channel sampling in the Lumuni area. For full results see Table 2 in the appendix.
Channel ID
From
To
Interval (m)
Au (g/t)
CH3848
0.9
1.3
0.4
4.24
CH3849
1
2.1
1.1
15.18
including
1
1.45
0.45
4.54
and
1.45
1.75
0.3
31.25
and
1.75
2.1
0.35
15.09
CH3850
0.6
1.3
0.7
66.83
including
0.6
1
0.4
64.62
and
1
1.3
0.3
69.77
CH3851
0.9
1.6
0.7
48.45
including
0.9
1.3
0.4
15.38
and
1.3
1.6
0.3
92.55
CH3852
0
0.9
0.9
10.3
including
0
0.6
0.6
13.89
and
0.6
0.9
0.3
3.13
CH3853
0.6
1.2
0.6
17.04
including
0.6
0.9
0.3
30.59
and
0.9
1.2
0.3
3.48
CH3855
0.9
2
1.1
14.66
including
0.9
1.3
0.4
10.95
and
1.3
2
0.7
16.78
CH3903
1
1.7
0.7
2.32
Figure 1. Location of Lumuni surface samples in relation to Tuvatu. The Lumuni discovery is approximately 1 km NNE of Tuvatu. Underground developments at Tuvatu are shown in red and the Lumuni surface samples are identified by the black dots. Background colours represent surface geology, with Navilawa Monzonite in pink, Nadele Breccia in green, and Sabeto volcanics in dark purple.
Figure 2. Location of Lumuni channel samples. Composite results of channel sampling in the Lumuni area in g/t gold. The dashed line represents the trace of the mineralized lode on surface.
A total of 16 channel samples were collected in the Lumuni area. The channel samples were collected by taking rock chip samples along a line oriented perpendicular to the observed structure, with overlap into the wall rock (see Figure 3).
The Lumuni structure is composed of two intervals; a northern portion trending approximately north-south and dipping sub-vertically to steeply to the west, and an eastern portion trending approximately northwest-southeast and dipping steeply to the southwest. The area between the two sections is covered in thick vegetation. It is hypothesized that the two portions are part of the same curvi-linear structure, though the eastern portion may be a splay off the northern section. The northern section is located on the margins of the Sabeto River while the eastern portion climbs up a dry creek bed to the top of a ridge, where it becomes obscured by overburden. While the northern portion appears to pinch out to the north where a series of channel samples failed to return any grade, the eastern portion may remain open to the east with mineralization observed along its entire length. The mineralized strike length of the entire Lumuni structure is currently >150 m, including both portions.
The Lumuni structure has an average estimated true width of 0.6 m, though it pinches and swells locally with observed widths reaching approximately 1 m. It is hosted in monzonite and is composed of variably white to gray chalcedonic banded and locally recrystallized quartz, with abundant heavily oxidized sulphides, giving the lode a bright red, gossanous appearance. Pyrite is the most dominant sulphide, with trace sphalerite (zinc sulphide) and galena (lead sulphide) visible locally. Alteration is intense and consists predominantly of white clays and micas. Coarse roscoelite (a vanadium mica observed in high-grade parts of Tuvatu) is also observed locally. The north-south portion of the lode is structurally controlled forming sinistral, sigmoidal shapes suggesting a north-south strike-slip foliaton as well as northwest-southeast foliations.
Figure 3. Example Lumuni channel samples. Left: Channel samples CH3848 to CH3849. Red arrows represent the approximate location of channel samples (sample lines CH3850 and CH3851 are obscured by boulders). The approximate location of Lumuni structure is represented by the yellow lines. North is up. Right: Channel sample CH3850. The Lumuni lode is visible as the reddish-brown oxidized structure in the middle of the photo. Sample bags indicate the location of samples along the channel, which is marked with yellow spray paint. North is to the right.
Figure 4. Example of Mineralization from the Lumuni Outcrop. Chalcedonic, locally banded and recrystallized comb quartz forming on the walls of open vugs, and abundant strongly oxidized sulphides in intensely altered medium-grained monzonite. Pen for scale.
The newly discovered Lumuni structure overlies a prominent resistivity gradient identified in the 2019 CSAMT survey as a potential drill target (Figure 5). CSAMT is a ground geophysical method that measures the electrical resistivity of rocks down to depths of several kilometers. It is highly efficient in identifying subsurface structures, such as lithological contact zones, faults, fracture systems, and potential upflow zones especially if these are deep-rooted structures. In alkaline gold deposits such as Tuvatu, such deep-rooted structures provide the principal conduits for hydrothermal fluid flow from which gold and other metals are deposited.
The fact that the Lumuni structure not only appears to be sub-vertically dipping but that it also corresponds to a steeply-dipping resistivity gradient provides credence to the suggestion that the mineralization observed at surface may be associated with a deep-rooted structure, in similar fashion to the mineralized lodes at Tuvatu. The CSAMT survey data thereby provides viable drill targets to follow up the bonanza-grade surface sampling described in this news release. Note that the CSAMT data shown here is based on the 2019 CSAMT survey. As reported on June 20, 2023, additional CSAMT lines were completed in 2023, the results of which once interpreted, will provide higher resolution imaging of the resistivity characteristics of the survey area. Due to some delay in processing, the 2023 CSAMT data is not yet available. Once it is available, the higher resolution data will be beneficial in further refining drill targets to follow up the Lumuni occurrence.
Figure 5. CSAMT gradient underlying bonanza grade Lumuni surface samples. Line 08 from the 2019 CSAMT survey. The Lumuni channel samples overly a steeply dipping resistivity gradient that was identified in the 2019 CSAMT survey as a potential drill target. Once available, results from the 2023 CSAMT survey will provide enhanced resistivity data in this area and further refine drill targeting in the Lumuni area.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.
Qualified Person (NI43-101) In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Sample Results and Collar Information
Table 2. Channel and rock sample results from the Lumuni area
Channel ID
Sample ID
From
To
Interval (m)
Au (g/t)
CH3848
TUS025730
0
0.9
0.9
0.51
CH3848
TUS025732
0.9
1.3
0.4
4.24
CH3848
TUS025733
1.3
1.7
0.4
0.32
CH3848
TUS025734
1.7
2.2
0.5
<0.01
CH3849
TUS025735
0
1
1
0.04
CH3849
TUS025736
1
1.45
0.45
4.54
CH3849
TUS025737
1.45
1.75
0.3
31.25
CH3849
TUS025738
1.75
2.1
0.35
15.09
CH3849
TUS025739
2.1
2.8
0.7
0.02
CH3850
TUS025740
0
0.6
0.6
0.04
CH3850
TUS025741
0.6
1
0.4
64.62
CH3850
TUS025742
1
1.3
0.3
69.77
CH3851
TUS025743
0
0.9
0.9
0.72
CH3851
TUS025744
0.9
1.3
0.4
15.38
CH3851
TUS025745
1.3
1.6
0.3
92.55
CH3851
TUS025746
1.6
2
0.4
0.69
CH3852
TUS025747
0
0.6
0.6
13.89
CH3852
TUS025748
0.6
0.9
0.3
3.13
CH3853
TUS025749
0
0.6
0.6
0.24
CH3853
TUS025851
0.6
0.9
0.3
30.59
CH3853
TUS025852
0.9
1.2
0.3
3.48
CH3854
TUS025853
0
0.6
0.6
0.23
CH3854
TUS025854
0.6
0.9
0.3
0.56
CH3855
TUS025855
0
0.9
0.9
0.15
CH3855
TUS025856
0.9
1.3
0.4
10.95
CH3855
TUS025858
1.3
2
0.7
16.78
CH3856
TUS025859
0
1
1
0.1
CH3856
TUS025860
1
1.6
0.6
0.09
CH3892
TUS025887
0
0.4
0.4
<0.01
CH3892
TUS025888
0.4
0.7
0.3
<0.01
CH3892
TUS025889
0.7
1.2
0.5
<0.01
CH3893
TUS025890
0
0.7
0.4
<0.01
CH3893
TUS025891
0.7
1
0.3
<0.01
CH3893
TUS025892
1
1.7
0.7
<0.01
CH3894
TUS025893
0
0.7
0.7
<0.01
CH3894
TUS025894
0.7
1
0.3
<0.01
CH3894
TUS025895
1
1.3
0.3
<0.01
CH3894
TUS025896
1.3
1.6
0.3
<0.01
CH3903
TUS023003
0
0.6
0.6
0.24
CH3903
TUS023004
0.6
1
0.4
<0.01
CH3903
TUS023005
1
1.7
0.7
2.32
CH3903
TUS023006
1.7
2.3
0.6
<0.01
CH3904
TUS023008
0
0.9
0.9
<0.01
CH3904
TUS023009
0.9
1.1
0.2
<0.01
CH3904
TUS023010
1.1
1.4
0.3
<0.01
CH3904
TUS023011
1.4
1.7
0.3
<0.01
CH3905
TUS023012
0
0.8
0.8
<0.01
CH3905
TUS023013
0.8
1.5
0.7
<0.01
CH3905
TUS023014
1.5
2.4
0.9
<0.01
CH3905
TUS023015
2.4
2.7
0.3
1.28
CH3906
TUS023019
0
1
1
<0.01
CH3906
TUS023020
1
1.6
0.6
0.62
Table 3. Collar coordinates (channel start) for channel samples reported in this release. Coordinates are in Fiji Map Grid.
I’ve written about Lion One (LIO-V) probably a dozen times over the last couple of years. They are the only junior in the world with 100% ownership of a major alkaline gold system. Their Tuvatu gold project is located in Fiji on the Pacific Ring of Fire with multiple 20 million ounces high-grade gold mines on the same structure.
With a market cap of only about $171 million CAD the market seems to value the company for only their 2018 43-101 resource estimate of just over 720,000 ounces. But the company is about to be revalued in three different ways.
First of all, the resource does not reflect an accurate count of how much gold they have. The Tuvatu Gold project is similar in size to the Vatukoula Gold Mine in production since 1938 having shipped over seven million ounces of gold. Vatukoula is about 35 km from Tuvatu on the same structure. Vatukoula still reports about 3.8 million ounces in a resource.
These alkaline gold systems have an unusual form of gold. There will be hundreds of tiny fractures in the rock where flash gold has appeared. The veins may only be a couple of centimeters but are ultra-high grade. Since they vary widely in orientation it is not possible to get a representative assay of the real grade because there is no angle that you can drill that catches all of the tiny veins. Actually in one of the latest press releases the company changed how they sample assays of greater than 10 g/t gold to more accurately reflect the real grade.
What I’m trying to say is that in spite of having spent tens of millions of dollars in drilling, the company still does not know what an accurate grade is for the gold. But the good side of that issue is that no matter how you drill and sample it, you are always showing a lower grade than actually exists. Which means regardless of what they say they have for grade, production will in almost all cases show higher values for gold. It’s a good problem to have.
Lion One reported actually starting to mine in a May press release. The company has been predicting actual milling and gold production in the 4th quarter. Chief Operating Officer Patrick Hickey has been struggling to make the 4th quarter goal. He is so far ahead of schedule that there may be some “TRIAL” gold processing in the 3rd quarter, i.e. in a month.
In that May 18th press release there was a vital visual drawing of why grade control is always inaccurate. No matter how you drill, you miss veins. Here is an image from the press release.
The official first gold pour is scheduled for Fiji Day on October 10th in conjunction with a bunch of officials from the government who are thrilled to see a 2nd gold mine getting into production in Fiji. I know of no other jurisdiction where a junior company was able to go from exploration to production with greater support from the host country.
Lion One is on the sweet spot of valuation on the Lassonde Curve as the project begins production. That will give the stock a revaluation based on the risk has been removed from the stock.
The third part of the revaluation will be when gold and gold stocks start their next bull run. I see a general market crash between now and October. It could well take the metals and resource stocks with it. But when the dust settles, gold and gold stocks are going to be the only safe haven in town. The brilliant Bob Hoye is calling for October-November to be a good time to buy shares.
At startup the company is planning on production of 300 tonnes per day. The crushing circuit can do 1,000 TPD but for now the grinding circuit is limited to about 300 TPD. The company has already stockpiled over a two-month supply of material to mill. Plans are in progress to expand production to 500 TPD by September of 2024.
Guess estimates for grade are 6-7 g/t gold for the startup phase but COO Patrick Hickey has his fingers crossed and is hoping for 10 g/t gold. I think I have an understanding of the vein swarms and how they are always undercounted in assays. I’ll climb out on a limb and suggest that they will be doing 13-15 g/t gold a lot sooner than current investors understand.
I’ll make an important comment for investors to know here. I’ve been a small part of this story since Wally brought Quinton Hennigh on board in early 2019. Wally was making progress but it wasn’t visible. Quinton offered a lot of suggestions as to how and where to drill and what changes they needed to make in terms of personnel.
Quinton realized the company needed a professional team on site. He contacted two of the leading guys in mining, Patrick Hickey and Sergio Cattalani and convinced them to come on board. Prior to their entry management was being run out of Perth in Western Australia and frankly that just didn’t work. Investors should read the press release. I am triple impressed with both of them. I shared an hour-long update with Patrick last week. He has things totally under control. He’s the most impressive mine builder I have ever talked to.
Lion One is cashed up to production as a result of the last couple of private placements. Between standard warrants and broker warrants issued with prior placements, there are about 41 million outstanding warrants at prices between $0.77 and $1.49 dated for just over two years. As the warrants are exercised, it will bring in about $53 million. I don’t see cash being a problem for the company. There are about 15 million tradable warrants at $1.25 and I suspect they will add to the liquidity of the company since it allows investors to speculate on the price of the company with a degree of leverage. They expire in November of 2025.
I was in on a call with management of Lion One a week ago after I enquired as to the status of going into production. I was very impressed with the quality of the team and the direction the company is moving. I think the price will soon reflect the quality of management and high-grade of the ore. This should be one of the lowest cost producers in the industry. The government of Fiji is solidly supportive of the company and I see no problems on the horizon at any level.
Lion One has been my largest position for a couple of years now. The company is an advertiser and I couldn’t be more biased. Do your own due diligence.
Lion One Metals LIO-V $.84 (Aug 22, 2023) LOMLF OTCQX 206 million shares Lion One website
High grade composite results increased in Zone 5 drilling
North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is issuing an update on composite drill results reported in the Company’s August 10, 2023 news release.
The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the Company’s Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated.
Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.
Table 1. Updated composite intervals from Zone 5 infill and grade control drilling. Bolded text represents a positive change, italicized text represents a negative change. Intervals are ordered by decreasing gold content.
Hole ID
From
To
Interval (m)
Updated Au (g/t)
Original Au (g/t)
Change (g/t)
TGC-0067
48.2
50
1.8
314.27
261.93
52.34
TUDDH-643
242.7
249.3
6.6
83.47
80.78
2.69
TGC-0067
53.3
54.2
0.9
104.00
93.05
10.95
TUDDH-643
111.6
114.9
3.3
18.40
17.48
0.92
TUDDH-643
161.7
163.2
1.5
16.13
15.96
0.17
TUDDH-638
254.7
257
2.3
10.25
9.41
0.84
TUDDH-643
101.9
103.1
1.2
13.50
13.13
0.37
TUDDH-643
123.4
124
0.6
25.19
25.95
-0.76
TGC-0061
219.2
220.4
1.2
10.31
8.32
1.99
TUDDH-637
45.3
45.6
0.3
35.98
36.2
-0.22
TUDDH-643
52.2
52.5
0.3
31.87
33.51
-1.64
TUDDH-644
55.8
58.2
2.4
3.43
3.4
0.03
TGC-0065
53.1
55.2
2.1
3.91
3.82
0.09
TUDDH-634
49.2
50.7
1.5
5.44
5.68
-0.24
TUDDH-637
216.4
217
0.6
11.63
10.99
0.64
TGC-0065
128.5
129.4
0.9
7.42
6.8
0.62
TGC-0065
57.4
58.3
0.9
7.01
6.88
0.13
TUDDH-634
154.9
155.2
0.3
14.96
15.17
-0.21
TUDDH-656
173.6
173.9
0.3
11.66
10.14
1.52
TGC-0059
220.3
220.6
0.3
10.87
12.85
-1.98
TGC-0058
133.4
133.7
0.3
10.86
10.37
0.49
Tables 2 and 3 below are reproductions of Tables 1 and 2 from the August 10, 2023 news release updated to include composite intervals calculated using assay results from the gravimetric method. Composite values that have been changed are highlighted with bolded text representing positive changes and italicized text representing negative changes. Values with no bolding or italicization represent intervals for which there is no change.
Table 2. Highlights of composited infill drill results in the Zone 5 area. Reproduction of Table 1 from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-637
161.7
163.2
1.5
16.13
0.17
including
161.7
162.3
0.6
38.62
–
which includes
161.7
162
0.3
72.46
–
TUDDH-637
198.2
202.1
3.9
5.38
–
including
198.2
198.5
0.3
10.02
–
and
199.7
200.6
0.9
3.42
–
and
201.2
202.1
0.9
16.13
–
which includes
201.8
202.1
0.3
40.21
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
including
111.6
113.7
2.1
28.44
–
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
including
242.7
246.3
3.6
17.39
–
which includes
243.9
245.7
1.8
55.49
–
which includes
243.9
244.5
0.6
79.84
–
and
245.1
245.7
0.6
14.89
–
and also including
247.5
249.3
1.8
271.14
–
which includes
247.5
247.8
0.3
40.03
–
and
248.7
249.6
0.6
793.24
–
TUDDH-643
254.7
257
2.3
10.25
0.84
including
254.7
255.3
0.6
35.54
–
TUDDH-650
192.6
194.1
1.5
14.93
–
including
192.6
193.5
0.9
23.89
–
TUDDH-650
203.5
207.4
3.9
11.84
–
including
203.5
204.7
1.2
35.18
–
which includes
203.5
204.1
0.6
48.27
–
and
204.1
204.7
0.6
22.09
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
including
194.5
196
1.5
25.92
–
which includes
195.4
195.7
0.3
124.52
–
and also including
196.9
197.2
0.3
25.22
–
TUDDH-653
53
56.9
3.9
9.53
–
including
55.1
56.9
1.8
19.47
–
which includes
56
56.3
0.3
46.92
–
and
56.6
56.9
0.3
55.08
–
TUDDH-653
89.5
96.3
6.8
9.96
–
including
91.3
92.2
0.9
66.62
–
which includes
91.6
91.9
0.3
165.95
–
and
91.9
92.2
0.3
30.46
–
TUDDH-655
96.4
97.9
1.5
8.24
–
including
96.7
97
0.3
18.48
–
and
97.6
97.9
0.3
20.77
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
including
101.9
102.5
0.6
19.73
–
and
102.5
103.1
0.6
6.54
–
Table 3. Highlights of composited grade control drill results in the Zone 5 area. Reproduction of Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see Table 5 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0059
57.4
58.3
0.9
7.01
0.13
including
57.4
57.7
0.3
12.89
–
and
58
58.3
0.3
8.14
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
including
57.3
37.6
0.3
12.84
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
including
49.2
49.5
0.3
9.59
–
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
48.2
50
1.8
314.27
52.34
including
48.8
49.4
0.6
934.91
–
which includes
48.8
49.1
0.3
1839.55
–
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
including
53.3
53.9
0.6
155.68
–
which includes
53.3
53.6
0.3
10.89
–
and
53.6
53.9
0.3
300.47
–
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Reproduced from August 10, 2023 news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling. Updated figure from the August 10, 2023 news release, with updated composite gold intervals. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 4. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
–
TUDDH-634
93.7
94.3
0.6
0.5
–
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-634
125.2
125.5
0.3
1
–
TUDDH-634
128.5
129.4
0.9
7.42
0.62
TUDDH-634
including
129.1
129.4
0.3
10.89
–
TUDDH-634
148.5
149.1
0.6
1.46
–
TUDDH-637
48.2
48.8
0.6
0.6
–
TUDDH-637
68.8
69.4
0.6
0.81
–
TUDDH-637
161.7
163.2
1.5
16.13
0.17
TUDDH-637
including
161.7
162.3
0.6
38.62
–
TUDDH-637
which includes
161.7
162
0.3
72.46
–
TUDDH-637
173.1
177.6
4.5
2.69
–
TUDDH-637
including
173.1
174
0.9
8.59
–
TUDDH-637
180
182.1
2.1
2.7
–
TUDDH-637
183.9
187.5
3.6
2.76
–
TUDDH-637
including
185.7
187.5
1.8
5.03
–
TUDDH-637
198.2
202.1
3.9
5.38
–
TUDDH-637
including
198.2
198.5
0.3
10.02
–
TUDDH-637
and
199.7
200.6
0.9
3.42
–
TUDDH-637
and
201.2
202.1
0.9
16.13
–
TUDDH-637
which includes
201.8
202.1
0.3
40.21
–
TUDDH-637
219.2
220.4
1.2
10.31
1.99
TUDDH-637
including
219.5
220.4
0.9
12.79
–
TUDDH-637
222.2
222.5
0.3
2.29
–
TUDDH-637
224
226.4
2.4
1.87
–
TUDDH-637
243.5
245
1.5
1.13
–
TUDDH-637
251.3
253.7
2.4
2.46
–
TUDDH-637
258.5
259.1
0.6
0.94
–
TUDDH-637
281.9
282.5
0.6
5.96
–
TUDDH-637
290.9
292.1
1.2
1.97
–
TUDDH-637
298.7
299.6
0.9
6.68
–
TUDDH-638
14.2
14.8
0.6
1.31
–
TUDDH-638
29.8
30.4
0.6
1.29
–
TUDDH-638
106.9
107.2
0.3
0.99
–
TUDDH-638
123.1
123.7
0.6
1.44
–
TUDDH-638
154.9
155.2
0.3
14.96
-0.21
TUDDH-638
162.4
163.3
0.9
3.19
–
TUDDH-638
166.3
167.5
1.2
6.23
–
TUDDH-638
including
166.3
166.9
0.6
8.43
–
TUDDH-638
169.9
171.7
1.8
3.6
–
TUDDH-638
including
170.8
171.7
0.9
6.07
–
TUDDH-638
179.8
181.3
1.5
1.62
–
TUDDH-638
235.9
236.5
0.6
0.87
–
TUDDH-638
241.3
242.5
1.2
4.8
–
TUDDH-638
including
241.9
242.5
0.6
9.06
–
TUDDH-639
50.3
50.6
0.3
5.17
–
TUDDH-641
153
153.7
0.7
2.78
–
TUDDH-641
including
153
153.3
0.3
5.1
–
TUDDH-641
174.5
174.8
0.3
0.57
–
TUDDH-641
176.9
178.7
1.8
2.32
–
TUDDH-641
including
176.9
177.5
0.6
5.1
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
TUDDH-643
including
111.6
113.7
2.1
28.44
–
TUDDH-643
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
133.4
133.7
0.3
10.86
0.49
TUDDH-643
158.8
159.1
0.3
0.83
–
TUDDH-643
163.3
163.9
0.6
5.3
–
TUDDH-643
173.6
173.9
0.3
11.66
1.52
TUDDH-643
213.7
214.6
0.9
0.61
–
TUDDH-643
216.4
217
0.6
11.63
0.64
TUDDH-643
233.8
234.4
0.6
5.48
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
TUDDH-643
including
242.7
246.3
3.6
17.39
–
TUDDH-643
which includes
243.9
245.7
1.8
55.49
–
TUDDH-643
which includes
243.9
244.5
0.6
79.84
–
TUDDH-643
and
245.1
245.7
0.6
14.89
–
TUDDH-643
and also including
247.5
249.3
1.8
271.14
–
TUDDH-643
which includes
247.5
247.8
0.3
40.03
–
TUDDH-643
and
248.7
249.6
0.6
793.24
–
TUDDH-643
251.7
252.9
1.2
0.97
–
TUDDH-643
254.7
257
2.3
10.25
0.84
TUDDH-643
including
254.7
255.3
0.6
35.54
–
TUDDH-643
260.4
261.3
0.9
0.69
–
TUDDH-643
262.8
266.1
3.3
1.63
–
TUDDH-643
268.3
268.8
0.5
1.3
–
TUDDH-644
172.3
175
2.7
2.33
–
TUDDH-644
including
173.8
174.4
0.6
5.83
–
TUDDH-644
208.6
208.9
0.3
4.37
–
TUDDH-644
220.3
220.6
0.3
10.87
-1.98
TUDDH-644
237.1
237.7
0.6
1.19
–
TUDDH-646
116.7
117.3
0.6
1.65
–
TUDDH-646
154.8
155.1
0.3
0.67
–
TUDDH-646
181.5
183.3
1.8
2.41
–
TUDDH-646
including
183
183.3
0.3
13.29
–
TUDDH-646
223.9
224.5
0.6
8.98
–
TUDDH-646
including
224.2
224.5
0.3
15.09
–
TUDDH-646
231.1
233.2
2.1
4.23
–
TUDDH-646
including
232
232.6
0.6
10.27
–
TUDDH-646
252.3
252.7
0.4
2.81
–
TUDDH-646
253.9
254.2
0.3
2.16
–
TUDDH-649
24.9
25.2
0.3
1.93
–
TUDDH-649
153.6
154.2
0.6
0.74
–
TUDDH-649
161.7
162.3
0.6
0.52
–
TUDDH-649
188.1
190.8
2.7
1.21
–
TUDDH-649
248.7
249.3
0.6
1.17
–
TUDDH-649
251.4
252.3
0.9
0.86
–
TUDDH-649
257.1
257.4
0.3
3.31
–
TUDDH-650
53.6
53.9
0.3
0.61
–
TUDDH-650
76.7
77
0.3
0.62
–
TUDDH-650
104.1
104.4
0.3
0.67
–
TUDDH-650
148.5
149.1
0.6
0.51
–
TUDDH-650
179.1
179.4
0.3
1.62
–
TUDDH-650
180.6
181.2
0.6
0.51
–
TUDDH-650
192.6
194.1
1.5
14.93
–
TUDDH-650
including
192.6
193.5
0.9
23.89
–
TUDDH-650
199
199.3
0.3
1.66
–
TUDDH-650
203.5
207.4
3.9
11.84
–
TUDDH-650
including
203.5
204.7
1.2
35.18
–
TUDDH-650
which includes
203.5
204.1
0.6
48.27
–
TUDDH-650
and
204.1
204.7
0.6
22.09
–
TUDDH-650
210.4
210.7
0.3
2.05
–
TUDDH-651
18.25
18.85
0.6
0.93
–
TUDDH-651
80.55
81.15
0.6
2.09
–
TUDDH-651
100.65
100.95
0.3
1.46
–
TUDDH-651
118.65
119.25
0.6
1.46
–
TUDDH-651
139.95
140.55
0.6
4.39
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
TUDDH-651
including
194.5
196
1.5
25.92
–
TUDDH-651
which includes
195.4
195.7
0.3
124.52
–
TUDDH-651
and also including
196.9
197.2
0.3
25.22
–
TUDDH-651
222.4
224.8
2.4
2.22
–
TUDDH-653
0
0.6
0.6
3.37
–
TUDDH-653
21.9
22.2
0.3
1.26
–
TUDDH-653
53
56.9
3.9
9.53
–
TUDDH-653
including
55.1
56.9
1.8
19.47
–
TUDDH-653
which includes
56
56.3
0.3
46.92
–
TUDDH-653
and
56.6
56.9
0.3
55.08
–
TUDDH-653
64.4
65
0.6
0.56
–
TUDDH-653
89.5
96.3
6.8
9.96
–
TUDDH-653
including
91.3
92.2
0.9
66.62
–
TUDDH-653
which includes
91.6
91.9
0.3
165.95
–
TUDDH-653
and
91.9
92.2
0.3
30.46
–
TUDDH-653
111.6
111.9
0.3
6.53
–
TUDDH-653
116.7
118.8
2.1
1.59
–
TUDDH-653
120
120.6
0.6
0.59
–
TUDDH-655
59.7
61.5
1.8
2.74
–
TUDDH-655
96.4
97.9
1.5
8.24
–
TUDDH-655
including
96.7
97
0.3
18.48
–
TUDDH-655
and
97.6
97.9
0.3
20.77
–
TUDDH-655
99.1
99.7
0.6
0.9
–
TUDDH-655
101.5
102.1
0.6
1.23
–
TUDDH-655
118.3
118.6
0.3
3.16
–
TUDDH-655
126.1
126.7
0.6
1.04
–
TUDDH-656
27.2
28.4
1.2
0.89
–
TUDDH-656
77
77.6
0.6
1.05
–
TUDDH-656
80.6
81.2
0.6
0.7
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
TUDDH-656
including
101.9
102.5
0.6
19.73
–
TUDDH-656
and
102.5
103.1
0.6
6.54
–
TUDDH-656
106.7
107
0.3
0.58
–
TUDDH-656
119.6
119.9
0.3
1.71
–
TUDDH-656
130.1
132.5
2.4
4.83
–
TUDDH-656
including
131.9
132.5
0.6
7.99
–
TUDDH-656
162.5
162.8
0.3
8.55
–
Table 5. Updated composite results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0056
26.7
29.4
2.7
1.52
–
TGC-0056
38.1
38.4
0.3
2.31
–
TGC-0056
39.6
39.9
0.3
0.73
–
TGC-0058
34.2
34.8
0.6
0.66
–
TGC-0058
35.4
35.7
0.3
0.51
–
TGC-0058
48.3
48.6
0.3
4.83
–
TGC-0058
53.1
55.2
2.1
3.91
0.09
TGC-0058
including
53.1
54
0.9
8.74
–
TGC-0058
56.4
57
0.6
1.1
–
TGC-0059
39.4
40.3
0.9
0.53
–
TGC-0059
50.5
50.8
0.3
3.1
–
TGC-0059
53.2
54.4
1.2
0.88
–
TGC-0059
57.4
58.3
0.9
7.01
0.13
TGC-0059
including
57.4
57.7
0.3
12.89
–
TGC-0059
and
58
58.3
0.3
8.14
–
TGC-0061
34.2
34.5
0.3
0.69
–
TGC-0061
35.4
36
0.6
0.75
–
TGC-0061
45.6
46.8
1.2
0.56
–
TGC-0061
49.8
50.4
0.6
0.84
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
TGC-0061
including
57.3
37.6
0.3
12.84
–
TGC-0065
29.7
30
0.3
0.61
–
TGC-0065
32.4
33.6
1.2
2.44
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
TGC-0065
including
49.2
49.5
0.3
9.59
–
TGC-0065
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
23.6
23.9
0.3
1.06
–
TGC-0067
48.2
50
1.8
314.27
52.34
TGC-0067
including
48.8
49.4
0.6
934.91
–
TGC-0067
which includes
48.8
49.1
0.3
1839.55
–
TGC-0067
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
TGC-0067
including
53.3
53.9
0.6
155.68
–
TGC-0067
which includes
53.3
53.6
0.3
10.89
–
TGC-0067
and
53.6
53.9
0.3
300.47
–
TGC-0067
63.2
63.8
0.6
2.89
–
TGC-0067
67.1
67.4
0.3
9.18
–
Table 6. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
Exceptional results include 1839.55 g/t, 779.81 g/t, and 300.47 g/t Au from Zone 5
North Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report exceptional high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of the deposit, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. The Zone 5 area of the deposit is scheduled for mining in early 2024. Grade control drilling is being conducted in anticipation of future mining and is therefore focused on the first part of Zone 5 to be mined whereas infill drilling is focused on the parts of Zone 5 scheduled to be mined later. Zone 5 includes the main north-south oriented lodes at Tuvatu (UR1, UR2, and UR3), and represents the upward extension of the Zone 500 feeder zone, which includes intercepts such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608) (see June 6, 2022, August 15, 2022 and November 7, 2022 news releases). Zone 5 will be the second major part of Tuvatu to commence mining after mining in the URW1 area began on May 18, 2023. Once Zone 5 is in production, Tuvatu will have two major zones of very high-grade, near surface mineralization developing and producing simultaneously.
Highlights of new Zone 5 drilling:
80.78 g/t Au over 6.6 m (including 793.24 g/t Au over 0.6 m) (TUDDH-643, from 242.7 m depth)
261.93 g/t Au over 1.8 m (including 1839.55 g/t Au over 0.3 m) (TGC-0067, from 48.2 m depth)
93.05 g/t Au over 0.9 m (including 300.47 g/t Au over 0.3 m) (TGC-0067, from 53.3 m depth)
9.96 g/t Au over 6.8 m (including 165.95 g/t Au over 0.3 m) (TUDDH-653, from 89.5 m depth)
17.48 g/t Au over 3.3 m (including 95.63 g/t Au over 0.6 m) (TUDDH-643, from 111.6 m depth)
17.2 g/t Au over 2.7 m (including 124.52 g/t Au over 0.3 m) (TUDDH-651, from 194.5 m depth)
11.84 g/t Au over 3.9 m (including 48.27 g/t Au over 0.6 m) (TUDDH-650, from 203.5 m depth)
9.53 g/t Au over 3.9 m (including 55.08 g/t Au over 0.3 m) (TUDDH-653, from 53.0 m depth)
15.96 g/t Au over 1.5 m (including 72.46 g/t Au over 0.3 m) (TUDDH-637, from 161.7 m depth)
14.93 g/t Au over 1.5 m (including 23.89 g/t Au over 0.9 m) (TUDDH-650, from 192.6 m depth)
Infill drilling is being conducted from surface on approximately 20 m centers while grade control drilling is being conducted from underground on 5-10 m centers. Infill drilling is considered an intermediate stage of drilling and is designed to increase understanding of the deposit in targeted areas whereas grade control drilling is designed to provide much higher resolution and detailed understanding of the geometry and mineralization of lode arrays in advance of underground development.
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Table 1. Highlights of composited infill drill results in the Zone 5 area. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TUDDH-634
123.4
124
0.6
25.95
TUDDH-637
161.7
163.2
1.5
15.96
including
161.7
162.3
0.6
38.62
which includes
161.7
162
0.3
72.46
TUDDH-637
198.2
202.1
3.9
5.38
including
198.2
198.5
0.3
10.02
and
201.2
202.1
0.9
16.13
which includes
201.8
202.1
0.3
40.21
TUDDH-643
111.6
114.9
3.3
17.48
including
111.6
113.7
2.1
28.44
which includes
113.1
113.7
0.6
95.63
TUDDH-643
242.7
249.3
6.6
80.78
including
242.7
246.3
3.6
17.39
which includes
243.9
245.7
1.8
55.49
which includes
243.9
244.5
0.6
79.84
and
245.1
245.7
0.6
14.89
and also including
247.5
249.3
1.8
271.14
which includes
247.5
247.8
0.3
40.03
and
248.7
249.6
0.6
793.24
TUDDH-643
254.7
257
2.3
9.41
including
254.7
255.3
0.6
35.54
TUDDH-650
192.6
194.1
1.5
14.93
including
192.6
193.5
0.9
23.89
TUDDH-650
203.5
207.4
3.9
11.84
including
203.5
204.7
1.2
35.18
which includes
203.5
204.1
0.6
48.27
and
204.1
204.7
0.6
22.09
TUDDH-651
184.6
185.2
0.6
32.65
TUDDH-651
194.5
197.2
2.7
17.2
including
194.5
196
1.5
25.92
which includes
195.4
195.7
0.3
124.52
and also including
196.9
197.2
0.3
25.22
TUDDH-653
53
56.9
3.9
9.53
including
55.1
56.9
1.8
19.47
which includes
56
56.3
0.3
46.92
and
56.6
56.9
0.3
55.08
TUDDH-653
89.5
96.3
6.8
9.96
including
91.3
92.2
0.9
66.62
which includes
91.6
91.9
0.3
165.95
and
91.9
92.2
0.3
30.46
TUDDH-656
101.9
103.1
1.2
13.13
including
101.9
102.5
0.6
19.73
and
102.5
103.1
0.6
6.54
Table 2. Highlights of composited grade control drill results in the Zone 5 area. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0059
57.4
58.3
0.9
6.88
including
57.4
57.7
0.3
12.89
and
58
58.3
0.3
8.14
TGC-0061
55.8
58.2
2.4
3.4
including
57.3
37.6
0.3
12.84
TGC-0065
45.3
45.6
0.3
36.2
TGC-0065
49.2
50.7
1.5
5.68
including
49.2
49.5
0.3
9.59
and
50.4
50.7
0.3
15.76
TGC-0065
52.2
52.5
0.3
33.51
TGC-0067
48.2
50
1.8
261.93
including
48.8
49.4
0.6
934.91
which includes
48.8
49.1
0.3
1839.55
and
49.1
49.4
0.3
30.26
TGC-0067
53.3
54.2
0.9
93.05
including
53.3
53.9
0.6
155.68
which includes
53.3
53.6
0.3
10.89
and
53.6
53.9
0.3
300.47
Zone 5
Zone 5 is located along the main north-south corridor of Tuvatu and represents the shallower portions of the UR lodes, occurring between the surface and the exploration decline. It encompasses a series of closely spaced, narrow, high-grade to locally bonanza-grade vein arrays that strike approximately north-south to northeast-southwest and dip sub-vertically to steeply east. The lodes in the center of the corridor (UR1, UR2, UR3, URW2, URW3) are very closely spaced and strike north-south. They have an east-west width of approximately 75 m and a strike length of approximately 600 m. The lodes in the east and southeast (UR4, UR5, UR6, UR7, UR8) strike approximately northeast-southwest, are slightly wider spaced, and fan out to the east. They have a northwest-southeast width of approximately 250 m and a strike length of approximately 600 m (see Figure 2).
The lodes within the main corridor at Tuvatu have a vertical extent in excess of 1000 m and appear to coalesce at approximately 450 m depth where they transition to Zone 500 – the very high-grade feeder zone at Tuvatu. Zone 5 is located approximately 250 m directly above Zone 500. The results reported in this news release therefore represent high-grade mineralization that is the direct vertical upward extension of the Zone 500 feeder zone. The region between Zone 5 and Zone 500 has only been tested by relatively wide-spaced exploration drilling. The results reported here represent the initial stages of a more systematic infill and locally grade control drilling program in Zone 5, which has a strike length in excess of 300 m in the north-south direction and a vertical extent of approximately 250 m (see Figure 3).
Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.
Figure 3. Location of High-Grade Intercepts from Zone 5 Drilling. High-grade intervals are shown for Zone 5 infill and grade control drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.
A total of 14 Zone 5 infill drillholes are included in this news release. The infill drill program was drilled from surface and was designed to target the near-surface portions of the main UR lodes. The goal of the program is to increase the understanding of mineralization and lode geometry in this part of the deposit, which is scheduled for mining in late 2024 and beyond. Zone 5 mining will progress upwards from the exploration decline and thus the lower portions of Zone 5 are the first scheduled for extraction. The Zone 5 infill drill program is ongoing. Examples of mineralization observed in the Zone 5 infill drillholes are shown in Figure 4.
Figure 4. Example Mineralization from Zone 5 Infill Drilling. Top left: UR5 lode. Colloform quartz vein with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TUDDH-637, 162.0 m). Top center: UR2 lode. Narrow chalcedonic quartz vein with fine grained pyrite and sphalerite, weak potassic alteration halo (TUDDH-644, 220.3 m). Top right: Banded, vuggy and colloform chalcedonic quartz vein with coarse grained sphalerite and fine-grained pyrite and galena. Strong chocolate brown alteration halo (TUDDH-637, 220.3m). Bottom left: UR1/UR2 lodes. Wide variable white to grey silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 243.9 m). Bottom center: UR1/UR2 lodes. Vuggy white silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 247.6 m). Bottom right: UR1/UR2 lodes. Quartz-sphalerite-pyrite vein with abundant coarse-grained sphalerite and narrow potassic alteration halo. The inset image identifies a speck of visible gold within the yellow circle (TUDDH-643. 249.0 m). Pen used for scale.
A total of 12 grade control drillholes have been completed to date in the Zone 5 area of Tuvatu, six of which are reported here. Results from the first six grade control drillholes completed in Zone 5 were reported in the news release from June 14, 2023. The grade control drillholes were drilled from underground and were designed to target the Zone 5 blocks scheduled for near-term production. This area is planned to be mined in early 2024 and results from the grade control drill program will provide increased understanding of the geometry and continuity of mineralization in those blocks and will help to optimize mine development and extraction in the near future. The grade control drill program is on schedule and the results to date confirm the local understanding of the Zone 5 geological model. Zone 5 grade control drill programs are ongoing. Examples of mineralization observed in the grade control drillholes are shown in Figure 5.
Figure 5. Example Mineralization from Zone 5 Grade Control Drilling. Left: URW3 lode. Monzonite hosted hydrothermal breccia with coarse grained sphalerite and pyrite (TGC-0056, 29.1 m). Center: Vuggy hydrothermal breccia with colloform silica, coarse grained sphalerite and pyrite, and strong potassic alteration halo (TGC-0067, 48.3 m). Right: Hydrothermal breccia with grey chalcedonic silica, coarse grained pyrite and sphalerite rimmed by fine grained sooty pyrite. Strong potassic alteration halo (TGC-0067, 49.0 m). Width of core is 4.76 cm in each photo.
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 3. Composited results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
TUDDH-634
93.7
94.3
0.6
0.5
TUDDH-634
123.4
124
0.6
25.95
TUDDH-634
125.2
125.5
0.3
1
TUDDH-634
128.5
129.4
0.9
6.8
TUDDH-634
including
129.1
129.4
0.3
10.89
TUDDH-634
148.5
149.1
0.6
1.46
TUDDH-637
48.2
48.8
0.6
0.6
TUDDH-637
68.8
69.4
0.6
0.81
TUDDH-637
161.7
163.2
1.5
15.96
TUDDH-637
including
161.7
162.3
0.6
38.62
TUDDH-637
which includes
161.7
162
0.3
72.46
TUDDH-637
173.1
177.6
4.5
2.69
TUDDH-637
including
173.1
174
0.9
8.59
TUDDH-637
180
182.1
2.1
2.7
TUDDH-637
183.9
187.5
3.6
2.76
TUDDH-637
including
185.7
187.5
1.8
5.03
TUDDH-637
198.2
202.1
3.9
5.38
TUDDH-637
including
198.2
198.5
0.3
10.02
TUDDH-637
and
199.7
200.6
0.9
3.42
TUDDH-637
and
201.2
202.1
0.9
16.13
TUDDH-637
which includes
201.8
202.1
0.3
40.21
TUDDH-637
219.2
220.4
1.2
8.32
TUDDH-637
including
219.5
220.4
0.9
12.79
TUDDH-637
222.2
222.5
0.3
2.29
TUDDH-637
224
226.4
2.4
1.87
TUDDH-637
243.5
245
1.5
1.13
TUDDH-637
251.3
253.7
2.4
2.46
TUDDH-637
258.5
259.1
0.6
0.94
TUDDH-637
281.9
282.5
0.6
5.96
TUDDH-637
290.9
292.1
1.2
1.97
TUDDH-637
298.7
299.6
0.9
6.68
TUDDH-638
14.2
14.8
0.6
1.31
TUDDH-638
29.8
30.4
0.6
1.29
TUDDH-638
106.9
107.2
0.3
0.99
TUDDH-638
123.1
123.7
0.6
1.44
TUDDH-638
154.9
155.2
0.3
15.17
TUDDH-638
162.4
163.3
0.9
3.19
TUDDH-638
166.3
167.5
1.2
6.23
TUDDH-638
including
166.3
166.9
0.6
8.43
TUDDH-638
169.9
171.7
1.8
3.6
TUDDH-638
including
170.8
171.7
0.9
6.07
TUDDH-638
179.8
181.3
1.5
1.62
TUDDH-638
235.9
236.5
0.6
0.87
TUDDH-638
241.3
242.5
1.2
4.8
TUDDH-638
including
241.9
242.5
0.6
9.06
TUDDH-639
50.3
50.6
0.3
5.17
TUDDH-641
153
153.7
0.7
2.78
TUDDH-641
including
153
153.3
0.3
5.1
TUDDH-641
174.5
174.8
0.3
0.57
TUDDH-641
176.9
178.7
1.8
2.32
TUDDH-641
including
176.9
177.5
0.6
5.1
TUDDH-643
111.6
114.9
3.3
17.48
TUDDH-643
including
111.6
113.7
2.1
28.44
TUDDH-643
which includes
113.1
113.7
0.6
95.63
TUDDH-643
133.4
133.7
0.3
10.37
TUDDH-643
158.8
159.1
0.3
0.83
TUDDH-643
163.3
163.9
0.6
5.3
TUDDH-643
173.6
173.9
0.3
10.14
TUDDH-643
213.7
214.6
0.9
0.61
TUDDH-643
216.4
217
0.6
10.99
TUDDH-643
233.8
234.4
0.6
5.48
TUDDH-643
242.7
249.3
6.6
80.78
TUDDH-643
including
242.7
246.3
3.6
17.39
TUDDH-643
which includes
243.9
245.7
1.8
55.49
TUDDH-643
which includes
243.9
244.5
0.6
79.84
TUDDH-643
and
245.1
245.7
0.6
14.89
TUDDH-643
and also including
247.5
249.3
1.8
271.14
TUDDH-643
which includes
247.5
247.8
0.3
40.03
TUDDH-643
and
248.7
249.6
0.6
793.24
TUDDH-643
251.7
252.9
1.2
0.97
TUDDH-643
254.7
257
2.3
9.41
TUDDH-643
including
254.7
255.3
0.6
35.54
TUDDH-643
260.4
261.3
0.9
0.69
TUDDH-643
262.8
266.1
3.3
1.63
TUDDH-643
268.3
268.8
0.5
1.3
TUDDH-644
172.3
175
2.7
2.33
TUDDH-644
including
173.8
174.4
0.6
5.83
TUDDH-644
208.6
208.9
0.3
4.37
TUDDH-644
220.3
220.6
0.3
12.85
TUDDH-644
237.1
237.7
0.6
1.19
TUDDH-646
116.7
117.3
0.6
1.65
TUDDH-646
154.8
155.1
0.3
0.67
TUDDH-646
181.5
183.3
1.8
2.41
TUDDH-646
including
183
183.3
0.3
13.29
TUDDH-646
223.9
224.5
0.6
8.98
TUDDH-646
including
224.2
224.5
0.3
15.09
TUDDH-646
231.1
233.2
2.1
4.23
TUDDH-646
including
232
232.6
0.6
10.27
TUDDH-646
252.3
252.7
0.4
2.81
TUDDH-646
253.9
254.2
0.3
2.16
TUDDH-649
24.9
25.2
0.3
1.93
TUDDH-649
153.6
154.2
0.6
0.74
TUDDH-649
161.7
162.3
0.6
0.52
TUDDH-649
188.1
190.8
2.7
1.21
TUDDH-649
248.7
249.3
0.6
1.17
TUDDH-649
251.4
252.3
0.9
0.86
TUDDH-649
257.1
257.4
0.3
3.31
TUDDH-650
53.6
53.9
0.3
0.61
TUDDH-650
76.7
77
0.3
0.62
TUDDH-650
104.1
104.4
0.3
0.67
TUDDH-650
148.5
149.1
0.6
0.51
TUDDH-650
179.1
179.4
0.3
1.62
TUDDH-650
180.6
181.2
0.6
0.51
TUDDH-650
192.6
194.1
1.5
14.93
TUDDH-650
including
192.6
193.5
0.9
23.89
TUDDH-650
199
199.3
0.3
1.66
TUDDH-650
203.5
207.4
3.9
11.84
TUDDH-650
including
203.5
204.7
1.2
35.18
TUDDH-650
which includes
203.5
204.1
0.6
48.27
TUDDH-650
and
204.1
204.7
0.6
22.09
TUDDH-650
210.4
210.7
0.3
2.05
TUDDH-651
18.25
18.85
0.6
0.93
TUDDH-651
80.55
81.15
0.6
2.09
TUDDH-651
100.65
100.95
0.3
1.46
TUDDH-651
118.65
119.25
0.6
1.46
TUDDH-651
139.95
140.55
0.6
4.39
TUDDH-651
184.6
185.2
0.6
32.65
TUDDH-651
194.5
197.2
2.7
17.2
TUDDH-651
including
194.5
196
1.5
25.92
TUDDH-651
which includes
195.4
195.7
0.3
124.52
TUDDH-651
and also including
196.9
197.2
0.3
25.22
TUDDH-651
222.4
224.8
2.4
2.22
TUDDH-653
0
0.6
0.6
3.37
TUDDH-653
21.9
22.2
0.3
1.26
TUDDH-653
53
56.9
3.9
9.53
TUDDH-653
including
55.1
56.9
1.8
19.47
TUDDH-653
which includes
56
56.3
0.3
46.92
TUDDH-653
and
56.6
56.9
0.3
55.08
TUDDH-653
64.4
65
0.6
0.56
TUDDH-653
89.5
96.3
6.8
9.96
TUDDH-653
including
91.3
92.2
0.9
66.62
TUDDH-653
which includes
91.6
91.9
0.3
165.95
TUDDH-653
and
91.9
92.2
0.3
30.46
TUDDH-653
111.6
111.9
0.3
6.53
TUDDH-653
116.7
118.8
2.1
1.59
TUDDH-653
120
120.6
0.6
0.59
TUDDH-655
59.7
61.5
1.8
2.74
TUDDH-656
27.2
28.4
1.2
0.89
TUDDH-656
77
77.6
0.6
1.05
TUDDH-656
80.6
81.2
0.6
0.7
TUDDH-656
101.9
103.1
1.2
13.13
TUDDH-656
including
101.9
102.5
0.6
19.73
TUDDH-656
and
102.5
103.1
0.6
6.54
TUDDH-656
106.7
107
0.3
0.58
TUDDH-656
119.6
119.9
0.3
1.71
Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0056
26.7
29.4
2.7
1.52
TGC-0056
38.1
38.4
0.3
2.31
TGC-0056
39.6
39.9
0.3
0.73
TGC-0058
34.2
34.8
0.6
0.66
TGC-0058
35.4
35.7
0.3
0.51
TGC-0058
48.3
48.6
0.3
4.83
TGC-0058
53.1
55.2
2.1
3.82
TGC-0058
including
53.1
54
0.9
8.74
TGC-0058
56.4
57
0.6
1.1
TGC-0059
39.4
40.3
0.9
0.53
TGC-0059
50.5
50.8
0.3
3.1
TGC-0059
53.2
54.4
1.2
0.88
TGC-0059
57.4
58.3
0.9
6.88
TGC-0059
including
57.4
57.7
0.3
12.89
TGC-0059
and
58
58.3
0.3
8.14
TGC-0061
34.2
34.5
0.3
0.69
TGC-0061
35.4
36
0.6
0.75
TGC-0061
45.6
46.8
1.2
0.56
TGC-0061
49.8
50.4
0.6
0.84
TGC-0061
55.8
58.2
2.4
3.4
TGC-0061
including
57.3
37.6
0.3
12.84
TGC-0065
29.7
30
0.3
0.61
TGC-0065
32.4
33.6
1.2
2.44
TGC-0065
45.3
45.6
0.3
36.2
TGC-0065
49.2
50.7
1.5
5.68
TGC-0065
including
49.2
49.5
0.3
9.59
TGC-0065
and
50.4
50.7
0.3
15.76
TGC-0065
52.2
52.5
0.3
33.51
TGC-0067
23.6
23.9
0.3
1.06
TGC-0067
48.2
50
1.8
261.93
TGC-0067
including
48.8
49.4
0.6
934.91
TGC-0067
which includes
48.8
49.1
0.3
1839.55
TGC-0067
and
49.1
49.4
0.3
30.26
TGC-0067
53.3
54.2
0.9
93.05
TGC-0067
including
53.3
53.9
0.6
155.68
TGC-0067
which includes
53.3
53.6
0.3
10.89
TGC-0067
and
53.6
53.9
0.3
300.47
TGC-0067
63.2
63.8
0.6
2.89
TGC-0067
67.1
67.4
0.3
9.18
Table 5. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
