Category: Lion One Metals

Lion One Reports High-Grade Gold Results at Tuvatu

Post author By admin
Post date June 14, 2023

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

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

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

Highlights of new grade control drilling:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Appendix 1: Full Drill Results and Collar Information

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

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

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

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

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

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

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Junior Mining Lion One Metals Precious Metals

Lion One Commences Mining on Second Lode System at Tuvatu

Post author By admin
Post date May 18, 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Junior Mining Lion One Metals Precious Metals

Lion One Provides Update on Warrant Listing

Post author By admin
Post date May 11, 2023

North Vancouver, British Columbia–(Newsfile Corp. – May 11, 2023) – Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQX: LOMLF) (“Lion One” or the “Company”) announces that the share purchase warrants (the “Warrants“) issued on May 11, 2023 pursuant to its bought deal offering (the “Offering“) of 29,350,000 units of the Company at a price of $0.92 per Unit for aggregate gross proceeds of $27,002,000 will be listed on the TSX Venture Exchange under the trading symbol “LIO.WT”. The Warrants are expected to commence trading on May 15, 2023.

Each Warrant is exercisable to acquire one common share of the Company at a price of C$1.25 until 5:00 pm (Vancouver time) on November 11, 2025. The Warrants are not subject to any accelerator provision that would enable the Company to accelerate the expiry date.

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 7 km 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

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

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release. This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165812

Energy Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One Reports New High-grade Gold Results at Tuvatu

Post author By admin
Post date April 25, 2023

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

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

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

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

Figure 1. Plan map showing the locations of the URA1 and URW1 lodes (in red) relative to the main Tuvatu decline. The gray outlines indicate planned development to reach the URW1 lodes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/163583_9a144002c4db2a3f_001full.jpg

Close spaced grade control drilling has resulted in much higher resolution of the lode arrays as compared to previous infill drilling, including the identification of bonanza grade (>50g/t Au) zones.

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

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

Figure 2. Long section view west of grade control drilling at URW1. Intersections >5m and 10g/t Au highlighted in red.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/163583_9a144002c4db2a3f_002full.jpg

Figure 3. A) Coarse disseminated gold in a quartz-roscoelite veinlet, TGC-0034 67.5m. Sample returned 1396.3 g/t Au over 0.3m. B) Coarse gold in gray quartz veinlet, TGC-0034 81.6m. Sample returned 166.2 g/t Au over 0.9m. C) Coarse honey sphalerite rimmed by dark pyrite in variable light to dark gray quartz vein, TGC-0032 71.0m. Sample returned 112.9 g/t Au over 0.3m. D) Banded chalcedonic quartz-roscoelite-pyrite-fine native gold, TGC-0002 77.4m. Sample returned 44.3 g/t Au over 0.3m.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/163583_9a144002c4db2a3f_003full.jpg

URW1 Lode System
The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east and is located approximately 120m east of the URA1 lode (Figure 1, 2, 4).

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

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

Figure 4. Plan view of 3D models illustrating the earlier interpretation of the URA1 and URW1 lodes (blue). The lighter pink shapes are the flat-lying stacked Murau lodes (left) and SKL lodes (right). Underground development is shown in red.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/163583_9a144002c4db2a3f_004full.jpg

The URW1 lode system is interpreted as a series of parallel vein arrays.

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

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

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

Hole ID	Grade (g/t Au)	Drill intersection width (m)	True Width (m)
TGC-0034	88.07	5.7	5.1
TUG-056	27.52	5.55	5.5
TGC-0003	20.93	7.2	6.5
TGC-0014	16.12	9.3	8.4
TGC-0002	16.48	9.6	8.2
TUG-058	100.21	0.85	0.85
TGC-0032	14.6	6.6	5.3
TGC-0018	14.97	5.4	4.9
TGC-0013	10.85	6.9	6.2
TGC-0011	11.04	5.4	4.6
TGC-0035	6.6	6.55	6.2
TGC-0019	11.57	3.6	3.4
TGC-0028	11.52	4.8	3.4
TGC-0031	8.86	5.1	4.1
TUDDH-350	21.11	2.7	1.7
TUDDH-349	14.37	9.73	2.4
TGC-0016	4.35	8.1	7.7
TUDDH-409	7.83	6.77	4.1
TGC-0005	10.14	3	2.4
TUDDH-219	8.33	14.15	2.9
TGC-0008	10.29	3	2.3
TUG-057	17.7	1.2	1.1
TURC-167	8.88	3	1.8
TGC-0009	4.58	3.6	3.2
TGC-0017	2.22	6.9	6.2
TGC-0036	5.16	3	2.3
TGC-0025	5.04	3	2.3
TGC-0029	1.6	3.3	2.6
TGC-0030	3.22	1.5	1.2
TGC-0015	2.39	1.8	1.4
TUDDH-225	0.73	0.9	0.9
TUG-123	0.32	0.95	0.8
TUDDH-075	0.84	0.35	0.25
TUG-125	0.2	0.54	0.3

About Tuvatu

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

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

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

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

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

Appendix 1: full drill results and drill details

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

Hole ID		From (m)	To (m)	Interval (m)	Au (g/t)
TGC-0001		33.0	33.9	0.9	0.64
TGC-0002		77.1	77.4	0.3	44.25
TGC-0002		80.1	84.9	4.8	8.03
TGC-0002	including	80.1	82.2	2.1	11.60
TGC-0002	which includes	81.6	81.9	0.3	72.20
TGC-0002	and including	83.1	84.9	1.8	7.86
TGC-0002		89.4	97.5	8.1	13.07
TGC-0002	including	89.4	91.2	1.8	4.68
TGC-0002	including	92.1	97.5	5.4	17.97
TGC-0002	which includes	93.6	93.9	0.3	41.54
TGC-0002	and	93.9	94.2	0.3	45.40
TGC-0002	and	94.2	94.5	0.3	74.38
TGC-0002	and	94.5	94.8	0.3	38.43
TGC-0002	and	94.8	95.1	0.3	56.89
TGC-0002		100.2	103.8	3.6	7.93
TGC-0002		108.3	111.9	3.6	10.09
TGC-0002	including	108.3	109.2	0.9	4.05
TGC-0002	including	110.1	111.9	1.8	18.15
TGC-0002	which includes	111.0	111.3	0.3	77.72
TGC-0002		113.7	114.6	0.9	17.11
TGC-0003		52.5	53.4	0.9	2.79
TGC-0003		77.4	80.4	3.0	3.84
TGC-0003	including	77.4	77.7	0.3	5.34
TGC-0003	and	78.6	78.9	0.3	4.40
TGC-0003	and	79.2	79.5	0.3	27.18
TGC-0003		89.7	95.7	6.0	9.57
TGC-0003	including	89.7	93.3	3.6	14.63
TGC-0003	which includes	90.6	91.2	0.6	81.18
TGC-0003		98.0	99.2	1.2	0.95
TGC-0003		102.2	110.6	8.4	5.73
TGC-0003	including	102.2	107.0	4.8	7.97
TGC-0003	which includes	105.8	106.1	0.3	35.58
TGC-0003	and includes	107.3	108.5	1.2	6.84
TGC-0003		112.4	112.7	0.3	1.15
TGC-0003		115.1	116.0	0.9	59.85
TGC-0004		3.4	4.3	0.9	2.93
TGC-0005		75.3	75.9	0.6	2.11
TGC-0005		91.5	99.0	7.5	2.77
TGC-0005	including	93.3	94.2	0.9	10.67
TGC-0005		102.6	102.9	0.3	2.10
TGC-0005		104.1	104.7	0.6	21.01
TGC-0005		107.1	108.0	0.9	1.65
TGC-0005		109.8	110.4	0.6	0.78
TGC-0005		120.0	122.1	2.1	2.51
TGC-0005	including	121.8	122.1	0.3	14.83
TGC-0007		28.2	28.5	0.3	1.31
TGC-0008		74.8	76.9	2.1	10.51
TGC-0008		82.3	82.9	0.6	25.57
TGC-0008		94.0	94.3	0.3	4.20
TGC-0008		96.4	101.2	4.8	3.77
TGC-0008	including	96.4	98.5	2.1	3.73
TGC-0008	and	99.1	101.2	2.1	4.78
TGC-0008		105.1	105.7	0.6	2.78
TGC-0008		108.7	109.3	0.6	1.05
TGC-0008		110.8	111.4	0.6	2.16
TGC-0008		122.5	123.1	0.6	61.39
TGC-0009		18.6	21.3	2.7	0.91
TGC-0009		28.5	29.1	0.6	1.61
TGC-0009		30.9	31.5	0.6	8.33
TGC-0009		32.7	34.2	1.5	33.38
TGC-0009		49.5	49.8	0.3	10.54
TGC-0009		53.4	56.4	3.0	1.07
TGC-0009		61.2	61.5	0.3	1.97
TGC-0009		65.4	65.7	0.3	3.06
TGC-0009		66.9	67.8	0.9	6.10
TGC-0009		69.0	75.0	6.0	5.01
TGC-0009	including	69.6	70.2	0.6	4.66
TGC-0009	and	70.5	72.3	1.8	6.62
TGC-0009	and	72.9	73.5	0.6	6.80
TGC-0009	and	73.8	75.0	1.2	8.78
TGC-0009		76.5	78.0	1.5	0.97
TGC-0010		17.1	18.9	1.8	6.52
TGC-0010	including	17.1	17.4	0.3	37.04
TGC-0010		20.1	21.0	0.9	2.54
TGC-0010		23.4	30.3	6.9	2.67
TGC-0010	including	24.9	27.6	2.7	4.71
TGC-0010		36.0	36.9	0.9	8.92
TGC-0011		19.0	19.3	0.3	0.89
TGC-0011		22.3	23.8	1.5	7.56
TGC-0011		27.1	29.3	2.2	2.49
TGC-0011	including	27.1	28.0	0.9	5.34
TGC-0011		31.1	31.4	0.3	1.26
TGC-0011		32.6	35.3	2.7	7.64
TGC-0011	including	32.6	34.1	1.5	11.33
TGC-0011	and	34.4	35.3	0.9	4.04
TGC-0011		40.4	40.7	0.3	1.22
TGC-0011		52.7	53.3	0.6	1.91
TGC-0011		54.8	56.9	2.1	2.18
TGC-0011		58.7	59.9	1.2	2.62
TGC-0011	including	59.3	59.9	0.6	4.09
TGC-0011		63.2	66.5	3.3	2.68
TGC-0011	including	64.1	66.5	2.4	3.58
TGC-0011		68.6	75.8	7.2	6.72
TGC-0011	including	68.6	69.2	0.6	19.95
TGC-0011	which includes	68.9	69.2	0.3	37.28
TGC-0011	and	69.5	73.4	3.9	8.84
TGC-0011	which includes	71.0	71.3	0.3	59.70
TGC-0012		79.5	81.9	2.4	7.86
TGC-0012	including	79.5	79.8	0.3	59.46
TGC-0012		85.2	85.5	0.3	2.79
TGC-0012		87.3	88.5	1.2	5.11
TGC-0012		92.1	92.4	0.3	2.47
TGC-0012		98.4	99.6	1.2	1.32
TGC-0012		102.3	104.1	1.8	0.63
TGC-0012		105.9	106.2	0.3	4.67
TGC-0013		19.2	19.5	0.3	1.55
TGC-0013		23.1	23.7	0.6	1.28
TGC-0013		32.4	34.5	2.1	3.36
TGC-0013	including	32.4	33.0	0.6	6.97
TGC-0013	and	33.9	34.5	0.6	4.67
TGC-0013		42.9	43.5	0.6	1.16
TGC-0013		47.1	47.7	0.6	0.80
TGC-0013		50.4	51.3	0.9	13.58
TGC-0013		55.6	56.2	0.6	1.37
TGC-0013		67.6	70.3	2.7	5.70
TGC-0013		72.7	73.6	0.9	4.09
TGC-0013		75.1	79.3	4.2	11.03
TGC-0013	including	75.1	76.6	1.5	4.86
TGC-0013	and	77.2	78.1	0.9	8.51
TGC-0013	and	78.4	79.3	0.9	34.87
TGC-0013	which includes	78.7	79.3	0.6	49.52
TGC-0013		81.1	83.8	2.7	5.97
TGC-0013		94.3	97.6	3.3	1.21
TGC-0014		10.8	11.1	0.3	1.21
TGC-0014		19.2	19.5	0.3	1.03
TGC-0014		34.5	36.3	1.8	2.47
TGC-0014	including	34.5	35.4	0.9	3.38
TGC-0014	and	36.0	36.3	0.3	4.72
TGC-0014		42.6	42.9	0.3	3.21
TGC-0014		52.2	53.1	0.9	0.57
TGC-0014		56.1	56.4	0.3	1.69
TGC-0014		66.0	75.6	9.6	13.28
TGC-0014	including	66.0	66.9	0.9	54.81
TGC-0014	which includes	66.3	66.6	0.3	95.47
TGC-0014	and	66.6	66.9	0.3	67.96
TGC-0014	and	67.5	69.0	1.5	7.83
TGC-0014	and	69.3	72.6	3.3	9.89
TGC-0014	and	72.9	73.2	0.3	3.32
TGC-0014	and	74.1	75.0	0.9	32.29
TGC-0014	which includes	74.4	74.7	0.3	57.95
TGC-0014	and	74.7	75.0	0.3	38.34
TGC-0014	and	75.3	75.6	0.3	9.41
TGC-0014		80.7	84.6	3.9	7.69
TGC-0014		85.8	88.8	3.0	1.86
TGC-0014		92.4	95.1	2.7	1.10
TGC-0015		71.1	71.4	0.3	0.54
TGC-0015		87.3	87.9	0.6	2.17
TGC-0015		105.6	106.2	0.6	2.50
TGC-0016		38.7	43.5	4.8	6.22
TGC-0016	including	38.7	41.4	2.7	9.67
TGC-0016	which includes	40.8	41.1	0.3	45.75
TGC-0016		68.1	68.7	0.6	2.16
TGC-0016		70.8	71.4	0.6	2.55
TGC-0016		72.6	73.5	0.9	6.50
TGC-0016		81.0	83.4	2.4	14.23
TGC-0016	including	81.0	81.6	0.6	19.42
TGC-0016	and	81.9	83.4	1.5	14.99
TGC-0016	which includes	83.1	83.4	0.3	45.51
TGC-0016		84.6	85.5	0.9	1.86
TGC-0016		92.4	94.5	2.1	4.83
TGC-0016		95.7	97.8	2.1	3.58
TGC-0017		5.1	5.7	0.6	1.28
TGC-0017		17.4	17.7	0.3	4.32
TGC-0017		36.0	36.6	0.6	1.26
TGC-0017		38.7	44.1	5.4	9.39
TGC-0017		69.3	69.9	0.6	9.60
TGC-0017		72.3	73.8	1.5	3.03
TGC-0017	including	73.2	73.8	0.6	7.01
TGC-0017		76.8	77.4	0.6	65.63
TGC-0017		82.5	84.0	1.5	3.08
TGC-0018		78.9	79.5	0.6	0.92
TGC-0018		85.8	86.1	0.3	11.42
TGC-0018		88.5	90.6	2.1	5.67
TGC-0018		94.2	95.1	0.9	0.54
TGC-0018		96.3	97.2	0.9	0.63
TGC-0018		102.0	105.9	3.9	15.62
TGC-0018		109.2	111.0	1.8	2.74
TGC-0019		10.8	12.0	1.2	0.86
TGC-0019		13.8	16.5	2.7	2.31
TGC-0019		31.2	32.7	1.5	3.21
TGC-0019		40.2	45.0	4.8	16.05
TGC-0019	including	41.4	45.0	3.6	21.18
TGC-0019	which includes	42.6	42.9	0.3	49.70
TGC-0019	and	43.2	43.5	0.3	166.81
TGC-0019		51.0	52.2	1.2	2.60
TGC-0019		65.1	66.3	1.2	0.85
TGC-0019		70.5	79.8	9.3	4.92
TGC-0019	including	70.5	75.0	4.5	6.70
TGC-0019	and	75.3	76.5	1.2	7.69
TGC-0019		83.7	84.0	0.3	15.22
TGC-0019		95.7	96.9	1.2	9.13
TGC-0020		16.8	18.3	1.5	3.09
TGC-0020		24.3	26.4	2.1	0.92
TGC-0020		28.2	29.7	1.5	4.10
TGC-0021		4.4	5.0	0.6	1.40
TGC-0021		24.5	26.9	2.4	2.86
TGC-0021	including	24.5	25.4	0.9	6.34
TGC-0021		44.3	44.9	0.6	1.36
TGC-0021		74.0	74.3	0.3	0.65
TGC-0022		28.2	29.4	1.2	1.36
TGC-0022		54.6	54.9	0.3	1.04
TGC-0022		57.9	58.8	0.9	1.22
TGC-0022		66.9	70.5	3.6	2.31
TGC-0022		75.0	75.6	0.6	2.23
TGC-0023		90.2	90.8	0.6	1.71
TGC-0023		100.7	101.3	0.6	0.63
TGC-0024		13.8	14.4	0.6	0.50
TGC-0024		58.8	59.7	0.9	1.30
TGC-0024		65.4	65.7	0.3	0.54
TGC-0025		7.5	9.3	1.8	2.79
TGC-0025	including	7.5	8.4	0.9	5.22
TGC-0025		13.5	14.1	0.6	4.33
TGC-0025		15.6	16.5	0.9	0.68
TGC-0025		78.6	83.1	4.5	3.76
TGC-0025	including	78.6	79.2	0.6	4.69
TGC-0025	and	79.5	80.7	1.2	3.07
TGC-0025	and	81.0	83.1	2.1	4.91
TGC-0025		84.6	84.9	0.3	1.77
TGC-0025		87.0	87.3	0.3	6.55
TGC-0026		14.7	15.3	0.6	0.58
TGC-0026		28.8	29.7	0.9	2.28
TGC-0026		33.9	34.8	0.9	5.94
TGC-0026		39.9	40.8	0.9	10.20
TGC-0026		42.3	42.9	0.6	3.72
TGC-0026		71.7	72.0	0.3	0.65
TGC-0027		70.2	70.8	0.6	2.41
TGC-0027		80.7	82.2	1.5	3.75
TGC-0027		87.9	88.5	0.6	1.72
TGC-0027		93.6	94.2	0.6	2.46
TGC-0027		96.6	99.0	2.4	0.79
TGC-0027		104.4	105.9	1.5	4.98
TGC-0027		107.7	109.8	2.1	1.99
TGC-0027	including	109.5	109.8	0.3	11.28
TGC-0027		112.8	114.0	1.2	0.63
TGC-0028		8.7	9.6	0.9	1.02
TGC-0028		13.2	16.2	3.0	11.27
TGC-0028		78.0	78.9	0.9	0.63
TGC-0028		83.4	83.7	0.3	1.17
TGC-0028		85.2	85.8	0.6	0.55
TGC-0028		92.1	97.5	5.4	10.86
TGC-0028	including	92.1	93.6	1.5	26.67
TGC-0028	which includes	92.1	92.4	0.3	45.29
TGC-0028	and	92.4	92.7	0.3	72.80
TGC-0028	and	94.5	95.7	1.2	12.97
TGC-0028	and	96.6	97.5	0.9	3.44
TGC-0028		101.1	102.6	1.5	9.53
TGC-0029		14.7	16.2	1.5	10.82
TGC-0029		74.4	75.0	0.6	4.93
TGC-0029		83.7	86.7	3.0	1.00
TGC-0029		95.7	96.9	1.2	3.14
TGC-0030		18.0	19.2	1.2	56.88
TGC-0030		22.8	25.2	2.4	4.87
TGC-0030	including	24.0	25.2	1.2	9.62
TGC-0030		51.9	52.2	0.3	1.47
TGC-0030		54.6	54.9	0.3	3.60
TGC-0030		61.2	61.5	0.3	3.75
TGC-0030		71.4	72.0	0.6	20.01
TGC-0030		83.1	84.6	1.5	3.65
TGC-0030		88.8	92.4	3.6	0.97
TGC-0030		94.2	95.4	1.2	1.40
TGC-0031		13.5	20.4	6.9	6.60
TGC-0031	including	13.5	15.3	1.8	17.28
TGC-0031	which includes	14.1	14.7	0.6	34.62
TGC-0031	and	15.6	18.3	2.7	4.76
TGC-0031	and	19.2	19.5	0.3	3.25
TGC-0031		62.0	63.8	1.8	3.21
TGC-0031	including	62.9	63.8	0.9	5.88
TGC-0031		72.5	73.4	0.9	1.27
TGC-0031		74.9	75.8	0.9	6.93
TGC-0031		77.0	77.6	0.6	3.30
TGC-0031		82.4	85.1	2.7	3.12
TGC-0031		86.9	95.6	8.7	13.73
TGC-0031	including	86.9	89.9	3.0	10.80
TGC-0031	which includes	87.2	87.5	0.3	39.53
TGC-0031	and	87.5	87.8	0.3	36.62
TGC-0031	and including	90.5	91.1	0.6	28.85
TGC-0031	and	92.0	94.7	2.7	24.94
TGC-0031	which includes	92.6	92.9	0.3	116.56
TGC-0031	and	93.8	94.1	0.3	64.28
TGC-0031	and	95.3	95.6	0.3	6.90
TGC-0032		10.2	10.8	0.6	0.68
TGC-0032		18.0	18.3	0.3	32.02
TGC-0032		22.8	23.7	0.9	20.11
TGC-0032		52.2	52.8	0.6	2.66
TGC-0032		58.2	58.5	0.3	9.18
TGC-0032		69.6	72.0	2.4	19.46
TGC-0032		76.5	80.1	3.6	4.58
TGC-0032		85.2	87.3	2.1	14.59
TGC-0032		88.5	91.5	3.0	2.80
TGC-0032	including	88.5	89.7	1.2	5.59
TGC-0032		98.4	98.7	0.3	16.30
TGC-0032		106.2	107.1	0.9	41.62
TGC-0032		108.9	109.5	0.6	4.20
TGC-0034		21.6	23.7	2.1	24.84
TGC-0034		24.0	32.1	8.1	25.96
TGC-0034	including	24.0	24.9	0.9	14.30
TGC-0034	which includes	24.0	24.3	0.3	33.61
TGC-0034	and	25.2	32.1	6.9	28.61
TGC-0034	which includes	25.2	25.8	0.6	47.66
TGC-0034	and	30.3	30.6	0.3	59.31
TGC-0034	and	30.6	31.5	0.9	118.95
TGC-0034		56.1	56.4	0.3	0.90
TGC-0034		60.3	61.2	0.9	4.33
TGC-0034		66.3	69.9	3.6	120.76
TGC-0034	including	66.3	68.1	1.8	237.52
TGC-0034	which includes	67.5	67.8	0.3	1396.31
TGC-0034	and	69.0	69.9	0.9	7.92
TGC-0034		72.6	73.2	0.6	0.61
TGC-0034		74.7	75.6	0.9	5.70
TGC-0034		80.7	83.1	2.4	22.46
TGC-0034	including	81.6	82.5	0.9	57.46
TGC-0034	which includes	81.6	81.9	0.3	166.16
TGC-0034	and	82.8	83.1	0.3	4.25
TGC-0034		86.1	90.3	4.2	3.06
TGC-0034	including	88.8	90.3	1.5	7.06
TGC-0034		91.5	91.8	0.3	1.42
TGC-0034		93.0	94.2	1.2	1.06
TGC-0034		95.4	99.9	4.5	3.10
TGC-0034	including	98.7	99.9	1.2	9.10
TGC-0035		33.0	33.6	0.6	8.28
TGC-0035		36.0	37.5	1.5	6.21
TGC-0035		39.3	40.5	1.2	10.55
TGC-0035		48.0	51.9	3.9	4.33
TGC-0035	including	50.1	51.9	1.8	8.72
TGC-0035	which includes	51.0	51.3	0.3	46.28
TGC-0035		53.7	54.3	0.6	1.71
TGC-0035		56.1	65.1	9.0	3.70
TGC-0035	including	61.5	62.1	0.6	7.65
TGC-0035	and	62.7	63.9	1.2	11.80
TGC-0035	which includes	63.0	63.3	0.3	31.89
TGC-0035	and including	64.2	65.1	0.9	11.36
TGC-0035		67.5	72.9	5.4	3.44
TGC-0035	including	69.0	72.9	3.9	4.03
TGC-0035		74.7	77.7	3.0	4.38
TGC-0035		78.9	82.5	3.6	2.54
TGC-0035	including	80.1	82.5	2.4	3.24
TGC-0035		91.5	92.7	1.2	1.16
TGC-0036		11.4	12.0	0.6	2.50
TGC-0036		18.0	19.2	1.2	4.08
TGC-0036		52.5	53.4	0.9	0.74
TGC-0036		57.3	59.7	2.4	51.58
TGC-0036		70.5	71.4	0.9	11.52
TGC-0036		86.1	88.2	2.1	2.43
TGC-0036	including	87.0	88.2	1.2	3.84
TGC-0036		95.1	98.4	3.3	0.83

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

Hole ID	Date	Easting	Northing	Elevation	Azimuth	Dip	Depth
	Completed						(m)
TGC-0001	24.10.22	1876437	3920744	140	290	27.4	34.0
TGC-0002	10.11.22	1876437	3920744	139	286	3.4	118.7
TGC-0003	25.11.22	1876437	3920744	139	288	4.0	116.8
TGC-0004	29.11.22	1876269	3920755	154	115	12.0	101.4
TGC-0005	13.12.22	1876437	3920744	137	115	12.0	128.5
TGC-0007	12.01.23	1876269	3920756	154	105	12.0	131.2
TGC-0008	21.01.23	1876437	3920744	139	293	4.0	124.2
TGC-0009	16.01.23	1876269	3920756	153	106	-10.0	80.3
TGC-0010	18.01.23	1876269	3920755	153	114	-11.0	83.3
TGC-0011	23.01.23	1876269	3920755	153	102	-10.0	95.2
TGC-0012	27.01.23	1876437	3920745	139	300	5.0	106.6
TGC-0013	27.01.23	1876269	3920757	153	97	-8.0	102.6
TGC-0014	2.02.22	1876269	3920757	153	93	-9.0	95.1
TGC-0015	10.02.22	1876437	3920744	139	289	-11.0	122.5
TGC-0016	7.02.22	1876269	3920757	153	85	-7.0	101.4
TGC-0017	10.02.22	1876269	3920757	153	82	-8.0	99.4
TGC-0018	22.02.23	1876437	3920744	139	285	-8.0	111.3
TGC-0019	15.02.23	1876269	3920758	153	79	-8.0	110.4
TGC-0020	20.02.23	1876269	3920755	153	119	-12.0	94.9
TGC-0021	23.02.23	1876269	3920755	153	115	-4.0	92.3
TGC-0022	27.02.23	1876269	3920755	153	113	-19.0	103.7
TGC-0023	4.03.23	1876437	3920744	139	293	-8.0	105.4
TGC-0024	1.03.23	1876269	3920755	152	113	-22.0	98.4
TGC-0025	4.03.23	1876269	3920756	152	108	-29.0	140.8
TGC-0026	8.03.23	1876269	3920756	153	106	-4.0	84.1
TGC-0027	3.04.23	1876437	3920744	139	299	10.0	120.5
TGC-0028	10.03.23	1876269	3920756	152	106	-27.0	116.7
TGC-0029	14.03.23	1876269	3920756	152	106	-23.0	95.2
TGC-0030	20.03.23	1876269	3920756	153	103	-16.0	98.6
TGC-0031	22.03.23	1876269	3920756	152	103	-25.0	95.6
TGC-0032	24.03.23	1876269	3920756	153	97	-16.0	110.6
TGC-0034	28.03.23	1876269	3920756	153	97	-12.0	101.4
TGC-0035	31.03.23	1876269	3920756	153	98	0.0	113.0
TGC-0036	4.04.23	1876269	3920756	153	94	-16.0	104.4

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Junior Mining Lion One Metals Precious Metals

Lion One Commences High Grade Gold Mining at Tuvatu

Post author By admin
Post date April 3, 2023

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

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

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New Gold Lode

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

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

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

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

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

Hole ID	From (m)	To (m)	Interval (m)	Au g/t	Easting	Northing	Elevation	Azimuth	Dip
TUDDH-617	56.1	58.2	2.1	1.76	1876512.6	3920929.1	236.3	097	-60
including	57.9	58.2	0.3	6.30
	59.7	63.3	3.6	2.93
including	59.7	60.0	0.3	17.01
TUDDH-619	65.0	65.3	0.3	3.48	1876257.7	3920801.2	203.2	266	-60
TUDDH-621	159.3	160.5	1.2	27.99	1876257.7	3920799.9	203.0	297	-60
TUDDH-624	79.1	81.2	2.1	20.16	1876257.5	3920800.1	203.1	262	-65
including	79.1	80.3	1.2	33.04
including	79.7	80.0	0.3	106.99
TUDDH-542	79.8	81.5	1.7	1.65	1876170.4	3920845.3	166.6	139	-7
including	79.8	80.1	0.3	5.77
TUDDH-359	93.24	95.68	2.44	4.21	1876222.0	3920742.0	207.6	359	-65
including	93.24	93.65	0.41	10.85
TUDDH-355	31.63	32.0	0.37	8.96	1876223.0	3920779.0	203.5	359	-63
TUDDH-086	241.25	243.3	2.05	9.14	1876335.0	3920736.0	226.5	279	-60
including	241.25	241.95	0.7	18.7

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

Channel ID	From	To	Interval	Au	Coordinates	Elevation	Final depth	Azimuth	Dip
	m	m	m	g/t	Easting	Northing	m	m	deg.	deg.
MD-CH-001	0.0	2.5	2.5	9.94	1876219.1	3920779.2	157.6	2.5	-13	-13
	1.0	1.5	0.5	32.57
MD-CH-002	0.0	1.0	1.0	29.02	1876219.2	3920779.0	158.6	1.5	-13	-13
	0.5	1.0	0.5	55.12
MD-CH-003	1.0	3.0	2.0	8.91	1876227.3	3920778.8	156.0	3	-13	-13
	2.5	3.0	0.5	22.48
MD-CH-004	1.5	3.0	1.5	11.93	1876228.0	3920778.1	155.5	3	-14	-14
	1.5	2.0	0.5	26.09
MD-CH-005	1.0	2.5	1.5	15.17	1876220.6	3920784.2	157.5	4	-14	-14
	1.5	2.0	0.5	41.94
MD-CH-006	1.5	3.0	1.5	10.88	1876220.4	3920784.9	158.7	4	-11	-11
	1.5	2.0	0.5	31.17
MD-CH-011	0.0	2.5	2.5	10.46	1876232.2	3920768.5	155.3	2.5	-13	-13
	1.5	2.0	0.5	44.30
1155URA1STHOD.02	0.0	1.4	1.4	14.70	1876220.2	3920774.4	157.0	2.05	0	0
	0.9	1.4	0.5	29.20
1155URA1STHOD.03	0.0	2.4	2.4	7.57	1876219.8	3920772.6	156.9	2.4	0	0
	1.0	1.45	0.45	32.89
1155URA1STHOD.04	0.7	1.6	0.9	15.86	1876219.5	3920771.0	157.2	2	0	0
	1.3	1.6	0.3	39.60
1155URA1STHOD.05	0.6	1.3	0.7	3.23	1876218.8	3920769.5	157.2	2.6	0	0
1155URA1STHOD.06	0.0	2.2	2.2	3.69	1876217.6	3920768.0	157.4	3	0	0
1155URA1STHOD.07	0.0	2.7	2.7	6.89	1876216.5	3920766.4	157.9	2.7	0	0
	0.5	1.0	0.5	24.88
1155URA1NTHOD.05	0.0	1.6	1.6	2.18	1876223.9	3920790.8	158.0	2	0	0
	1.2	1.6	0.4	8.07
1155URA1NTHOD.08	0.5	2.0	1.5	3.95	1876226.4	3920796.8	157.4	2.1	0	0
	1.2	1.6	0.4	14.42
Rise STH side	1.2	2.0		10.35	1876214.8	3920767.3	159.9	7	60.7	60.7
	3.0	4.0		9.48
	4.0	5.0		20.19
Rise NTH side	0.0	1.2		12.84	1876215.4	3920769.8	159.8	7	54.6	54.6
	3.0	4.0		12.85
	5.0	6.0		13.93

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

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Further Near-Term Development

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

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

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Geology

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

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

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About Tuvatu

Qualified Person

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

QAQC Procedures

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

About Lion One Metals Limited

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

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

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

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

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

Junior Mining Lion One Metals Precious Metals

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

Post author By admin
Post date February 16, 2023

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

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

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

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

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

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

Continued…

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

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https://images.newsfilecorp.com/files/2178/155054_photo1lo.jpg.

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

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Photo 3: Aerial view of the Tuvatu plant site

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Photo 4: mining fleet

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Photo 5: ball mills

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Photo 6: mobile crusher

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Photo 7: Tuvatu production decline

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Photo 8: Tuvatu production decline

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Figure 1: section view of Tuvatu deposit

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

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

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Figure 3: URA1 lode accessed by Tuvatu production decline

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Figure 4: Tuvatu resource and regional targets in Navilawa caldera

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

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

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Photo 12: Lion One geochemical and metallurgical laboratory

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Photo 13: Lion One geochemical and metallurgical laboratory

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Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Patrick Hickey, Chief Operating Officer, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

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

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

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

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

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

Tags #Tuvatu, LIO, Quinton Hennigh

Junior Mining Lion One Metals Precious Metals

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

Post author By admin
Post date February 10, 2023

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

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

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

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

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

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

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

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

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

Tags #InvestingInBatteryMetals, #InvestingInCopper, #JuniorMining, #LIO, #LionOneMetals, #MauriceJackson, #PreciousMetals, #ProvenAndProbable, #WalterBerukoff, proven and probable, Quinton Hennigh

Junior Mining Lion One Metals Precious Metals

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

Post author By admin
Post date January 25, 2023

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

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

Hole ID	From (m)	To (m)	Interval (m)	Au g/t	Lode
TUG 147	263.1	274.2	11.1	10.67	UR2
including	263.1	268.8	5.7	13.45	UR2
which includes	265.5	266.7	1.2	51.18	UR2
which includes	265.5	265.8	0.3	144.31	UR2
and includes	268.2	268.5	0.3	16.02	UR2
and including	270.0	274.2	4.2	9.86	UR2
which includes	272.1	272.7	0.6	45.82	UR2
and	273.6	273.9	0.3	11.95	UR2
	311.1	313.8	2.7	4.18	UR1
including	311.4	311.7	0.3	15.81	UR1

TUG-150	225.6	227.1	1.5	17.02	UR3
including	226.5	227.1	0.6	39.20	UR3
	270.9	273.0	2.1	3.6	UR3
including	272.4	272.7	0.3	11.93	UR3
	315.3	323.7	8.4	8.84	UR2
including	315.6	315.9	0.3	108.57	UR2
including	318.6	319.8	1.2	14.71	UR2
which includes	318.6	318.9	0.3	28.51	UR2
	327.6	327.9	0.3	59.85	UR2
	329.7	330.3	0.6	11.49	UR2
including	330.0	330.3	0.3	18.24	UR2
	350.1	351.9	1.8	4.26	UR2
including	351.3	351.6	0.3	12.85	UR2

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

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

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

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

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

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

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

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

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

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

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

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

Hole ID	From (m)	To (m)	Interval (m)	Au g/t	Lode
TUG-147	179.1	189.9	10.8	2.26	UR3
	200.1	206.4	6.3	1.21	UR3
	245.4	246.0	0.6	2.51
	263.1	274.2	11.1	10.67	UR2
including	263.1	268.8	5.7	13.45	UR2
which includes	265.5	266.7	1.2	51.18	UR2
which includes	265.5	265.8	0.3	144.31	UR2
and includes	268.2	268.5	0.3	16.02	UR2
and including	270.0	274.2	4.2	9.86	UR2
which includes	272.1	272.7	0.6	45.82	UR2
and	273.6	273.9	0.3	11.95	UR2
	273.9	274.2	0.3	1.92	UR2
	289.8	291.0	1.2	0.97
	311.1	313.8	2.7	4.18	UR1
including	311.4	311.7	0.3	15.81	UR1
	326.7	327.0	0.3	0.69
	327.6	327.9	0.3	0.58
	334.5	334.8	0.3	0.54
	335.1	335.4	0.3	0.53
	337.5	337.8	0.3	1.72
	341.7	342.0	0.3	0.8
	537.0	539.1	2.1	1.84
	540.9	543.9	3.0	0.79
	555.6	556.2	0.6	0.73

TUG-150	225.6	227.1	1.5	17.02	UR3
including	226.5	227.1	0.6	39.2	UR3
	232.8	233.4	0.6	0.95	UR3
	234.6	240.0	5.4	2.25	UR3
	242.1	245.7	3.6	2.32	UR3
	248.4	249.6	1.2	2.59	UR3
	251.1	252.0	0.9	0.94	UR3
	270.9	273.0	2.1	3.6	UR3
including	272.4	272.7	0.3	11.93	UR3
	276.0	276.6	0.6	0.66	UR3
	278.4	279.0	0.6	0.69	UR3
	280.2	281.1	0.9	1.91	UR3
	296.4	297.9	1.5	2.01	UR3
	300.6	300.9	0.3	4.7	UR3
	312.3	313.5	1.2	0.62	UR3
	315.3	323.7	8.4	8.84	UR2
including	315.6	315.9	0.3	108.57	UR2
including	318.6	319.8	1.2	14.71	UR2
which includes	318.6	318.9	0.3	28.51	UR2
	327.6	327.9	0.3	59.85	UR2
	329.7	330.3	0.6	11.49	UR2
including	330.0	330.3	0.3	18.24	UR2
	350.1	351.9	1.8	4.26	UR2
including	351.3	351.6	0.3	12.85	UR2
	363.6	364.8	1.2	2.44	UR2

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

Hole No	Coordinates (Fiji map grid)	RL	final depth	dip	azimuth
	N	E	m	m	Deg.	(TN)
TUG-147	3920584.2	1876438.2	115.1	582.0	-75	095
TUG-150	3920584.8	1876436.5	115.9	467.3	-71	130
TUG-152	3920584	1876436	115	in progress	-72	123

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

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

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

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

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

Tags #Tuvatu, Lion One Metals, Quinton Hennigh

Junior Mining Lion One Metals Precious Metals

Lion One Secures US$37 Million Financing Facility from Nebari

Post author By admin
Post date January 19, 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Tags #Tuvatu

Lion One Metals

Lion One Announces Results of Annual and Special General Meeting

Post author By admin
Post date December 18, 2022

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

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

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

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

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

Tags #JuniorMining, #MauriceJackson, #ProvenAndProbable, Bestgoldstocks, canadian gold company stocks

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Category: Lion One Metals

Lion One Reports High-Grade Gold Results at Tuvatu

Lion One Commences Mining on Second Lode System at Tuvatu

Lion One Provides Update on Warrant Listing

Lion One Reports New High-grade Gold Results at Tuvatu

Lion One Commences High Grade Gold Mining at Tuvatu

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

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

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

Lion One Secures US$37 Million Financing Facility from Nebari

Lion One Announces Results of Annual and Special General Meeting

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