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North Vancouver, British Columbia–(Newsfile Corp. – December 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) provides results from near-mine exploration, identifying two new zones of significant mineralization within the footprint of the deposit. A new lode, named URA1 has been discovered during construction of the development decline; its location corresponds to Tuvatu’s near-surface and earliest scheduled production area: Zone 2. The lode has been further defined through underground channel sampling and subsequent diamond drilling. The URA1 lode will be included in the updated Mineral Resource Estimate (MRE) that the Company aims to release in early 2023. Additionally, several hundred meters to the east of Tuvatu, drillhole TUDDH-612 has intersected mineralization corresponding to a distinct CSAMT gradient anomaly. This release presents significant new results from two separate areas within the general Tuvatu deposit footprint (Figure 1).
Highlights URA1
Discovery of near-surface, high-grade URA1 lode from intersection with the development decline, defined through channel sampling (up to 29 g/t Au over 1m in MD-CH-002) and diamond drilling of holes TUDDH-617, 619, and 621 (up to 167.42g/t Au over 0.3m in TUDDH-617, and 27.99 g/t Au over 1.2m in TUDDH-621).
Provides increase in volume of mineralized material within the portion of the deposit scheduled for earliest production.
A general N-S orientation of the lode corresponds to other major lodes (e.g., URW1) and may indicate the presence of an additional series of undiscovered lodes further to the West of Tuvatu.
Underscores the substantial near-mine exploration upside.
Highlights TUDDH-612
New ore-grade mineralization of 18.53 g/t Au over 0.6m from 492m corresponding to a sharp CSAMT geophysical gradient anomaly.
May represent the possible strike extension of the UR4 lode at Tuvatu, that may also include the deep high-grade intercept in TUDDH-494 at >1100m depth.
Tuvatu itself is coincident with a CSAMT gradient of similar magnitude; the recurring correspondence of mineralization with such gradients provides strong validation for the viability of this method for discovery of additional mineralized centers in the caldera. Once completed, this data will provide robust drill targets and substantial projected upside for new discovery.
URA1 lode, Zone 2 During advancement of the 2022 development decline, approximately 75m from the portal entrance, a sharp, clearly defined quartz-sulfide lode was intersected striking NNE-SSW and dipping 84°SE (Figure 2a). This newly identified structure is defined through underground mapping and has control points in space from chip-channel sampling, (results: Table 1) and a three-hole DDH program (TUDDH-617, 619 and 621; Figure 2b) to test the extent of this new lode (results: Table 2). The lode is named URA1, and represents a completely new, previously unmapped structure occurring within the northwestern, near-surface portion of the Tuvatu deposit (Zone 2). The new occurrence discovered near-surface, in a portion of the Tuvatu orebody that is within the current resource estimation extents, illustrates the extraordinary upside potential of the Tuvatu orebody in general. Table 2 lists the interpreted lode for each of the mineralized intercepts in boreholes TUDDH-617, 619, and 621. It is notable that the high-grade intercepts near the bottom of hole TUDDH-617 between 140.1 and 144.6m remain undefined, potentially representing yet another new lode. Moreover, this illustrates the discovery potential of additional mineralization, especially toward the West Zone where relatively sparse drilling has been completed. Notably, this area is defined by historic drilling carried out at a N-S orientation, which would have limited the exposure of the drilling to mineralized lodes trending in the same orientation.
As the discovery and definition of new features continues to add upside, intersection with known lodes, like the Murau 8 lode, intersected with TUDDH-621 at 105.3m returning 4.8m at 30.75 g/t gold continues to provide confidence in the grade continuity of known lodes.
TUDDH-612 and CSAMT profile 6 As part of the Company’s ongoing near-mine exploration program, drillhole TUDDH-612 was completed to test the sharply defined CSAMT1 gradient anomaly on profile 6 (Figure 3). Drill hole TUDDH-612 intersected 18.53 g/t Au over 0.6m at 491.8m depth along the borehole.
As shown in Figure 1, this area is located several hundred meters from the current Tuvatu mineral resource outline. As such, the mineralization intersected at this location represents a new target zone of potential high-grade mineralization that warrants follow-up. Furthermore, the mineralized intercept in hole TUDDH-612 corresponds closely to the strike projection of the UR4 lode, along with the previously reported, deep intercept in TUDDH-494 of 12.2 g/t Au at a depth along the hole of 1106.3m (see April 8, 2022 news release). As such, these intercepts may indicate the extension of the UR4 lode toward the northeast and at depth, increasing LIO’s confidence that the mineralized structure has continuity over space for several hundred meters both to the east and at depth. This structure remains open along strike and up and down dip.
The mineralization observed (Figure 3) corresponds directly with a sharply defined CSAMT gradient anomaly, thus lending significant credence to the application of CSAMT for targeting new zones of potential mineralization. The infill CSAMT survey lines completed in 2022 to complement the previous 2019 survey, are currently in final phase of interpretation. The interpreted survey results will be the subject of a future release. It is expected that once finalized, the combined CSAMT geophysical data from previous and recent surveys will play a significant role in outlining new zones of mineralization near Tuvatu, as well as regionally throughout the Navilawa caldera. A third program of CSAMT geophysics will commence in 2023 and is expected to contribute to coverage of the Navilawa caldera within LIO’s most prospective areas of interest.
Table 1. Chip-channel results from sampling of the URA1 lode, development decline.
Channel ID
From m
To m
Width m
Composited Grade g/t Au
Cumulative g*m
MD-CH-001
0.0
2.5
2.5
9.94
24.86
MD-CH-002
0.0
1.0
1.0
29.02
29.02
MD-CH-003
1.0
3.0
2.0
8.91
17.83
MD-CH-004
1.5
3.0
1.5
11.93
17.89
MD-CH-005
1.0
2.5
1.5
15.17
22.75
MD-CH-006
0.0
3.0
3.0
5.62
16.87
MD-CH-011
0.0
2.5
2.5
10.46
26.15
Figure 1. Plan view of the Tuvatu deposit lodes (gray) showing the locations of the exploration and development declines (red), the new URA1 lode (blue) to the west, and TUDDH-612 borehole to the east. The dotted arrow indicates the possible strike extension of the UR4 lode.
Figure 2b. Oblique view (looking NE) of the URA1 lode (blue) showing the locations of the exploration and development declines (red), and the follow-up boreholes TUDDH-617, 619, and 621.
Figure 3. Oblique view showing the locations of borehole TUDDH-612 relative to the CSAMT profile 6, and the exploration and development declines. The location of the high-grade intercept in TUDDH-612 at 18.53 g/t Au is indicated by the red dot. Green dots represent values between 0.5 and 3.0 g/t Au.
Table 2. Results from URA1 drilling. The interpreted lode for each intercept is indicated.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUDDH-617
51.9
53.1
1.2
0.99
Murau 4
56.1
58.2
2.1
1.76
URA 1
including
57.9
58.2
0.3
6.30
URA 1
59.7
63.3
3.6
2.93
URA 1
including
59.7
60.0
0.3
17.01
URA 1
81.9
82.8
0.9
1.20
undefined
140.1
141.0
0.9
56.22
undefined
including
140.7
141.0
0.3
167.42
undefined
143.4
144.6
1.2
19.27
undefined
TUDDH-619
29.3
32.6
3.3
1.82
Murau 4
41.3
42.5
1.2
0.52
undefined
47.6
48.8
1.2
2.79
Murau 5
50.6
51.2
0.6
5.03
Murau 5
including
50.9
51.2
0.3
8.26
Murau 5
52.4
52.7
0.3
0.66
Murau 5
65.0
65.3
0.3
3.48
URA 1
72.2
73.7
1.5
2.78
Murau 7
including
73.4
73.7
0.3
9.66
Murau 7
148.1
148.7
0.6
0.59
Murau 12
TUDDH-621
77.7
80.1
2.4
6.03
Murau 6
including
78.3
78.6
0.3
43.13
Murau 6
81.3
83.4
2.1
2.68
Murau 7
including
82.8
83.4
0.6
5.26
Murau 7
84.6
87.6
3.0
2.24
Murau 7
including
86.7
87.3
0.6
7.37
Murau 7
105.3
110.1
4.8
30.75
Murau 8
including
105.3
105.9
0.6
54.31
Murau 8
and
105.9
106.5
0.6
8.10
Murau 8
and
106.5
107.4
0.9
56.17
Murau 8
and
107.4
108.3
0.9
46.55
Murau 8
and
108.3
108.6
0.3
11.39
Murau 8
and
108.6
108.9
0.3
13.49
Murau 8
and
108.9
110.1
1.2
8.56
Murau 8
123.6
124.2
0.6
2.62
Murau 10
156.0
157.2
1.2
0.81
Murau 11
159.3
160.5
1.2
27.99
URA 1
168.0
170.4
2.4
17.06
Murau 12
including
168.0
169.2
1.2
8.62
Murau 12
and
169.2
170.4
1.2
25.51
Murau 12
Table 3. 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)
TUDDH-612
3920929.1
1876512.6
236.3
905.8
-60
097
TUDDH-617
3920800.6
1876257.3
203.1
149.9
-60
266
TUDDH-619
3920801.2
1876257.7
203.2
161.1
-60
297
TUDDH-621
3920799.9
1876257.7
203.0
200.7
-69
225
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
1 CSAMT = Controlled Source Audio Magneto-Tellurics – a ground based geophysical technique that maps 3D electrical resistivity contrasts, inferred to be structural, lithological or hydrothermal-alteration related.
North Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the Company has produced additional bonanza-grade drilling intercepts and expanded the Deep Feeder Zone 500 by increasing the vertical extent of the URW3 Lode by at least 180 m at its high-grade Tuvatu Alkaline Gold Project in Fiji.
The results from these holes confirm a significant increase in the vertical extension and continuity of the URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone. The new drill intercepts, in conjunction with results from the previously drilled TUG-138 drill hole, correspond to a significant increase in grade with depth, as numerous bonanza-grade intercepts return gold assay values ranging from 100-800 g/t gold. Additionally, this drilling confirms an increase in the vertical extent of this distinct portion of the 500 zone feeder by at least 180 m. The high-grade feeder zone remains open at depth.
Overall, the drill results reported here are consistent with a persistent, substantial upside being realized at Tuvatu resulting from the aggressive deep drilling adopted by the company since the initial discovery of the deep feeder zone by hole TUDDH-500, in July of 2020.
Highlights:
An increase of at least 180 m in the vertical extent of the URW3 lode as defined by bonanza grade intercepts
Multiple high-grade intercepts including from TUG-149 including 12.89 g/t Au over 12.9 m from 254.4 m, 84.61 g/t Au over 3.9 m from 318.6 m, and 48.65 g/t Au over 5.4 m from 423.3 m
Definition of a new portion of deep, high-grade feeder material that is separate from, and parallel to, the high-grade zone previously defined by TUG-141/TUDDH-601/TUDDH-608
Select high-grade intercepts
Hole ID
From (m)
To (m)
Intercept (m)
Au g/t
TUG-149
254.4
267.3
12.9
12.89
including
259.2
259.5
0.3
134.97
318.6
322.5
3.9
84.61
including
321.3
321.6
0.3
536.50
321.6
321.9
0.3
530.60
423.3
428.7
5.4
48.65
including
426.0
426.3
0.3
802.47
TUDDH-613
529.0
529.3
0.3
108.52
TUDDH-616
624.2
631.7
7.5
9.43
including
624.2
626.6
2.4
12.11
and
627.2
628.7
1.5
23.59
which includes
627.5
627.8
0.3
63.86
Technical advisor to the Company, Dr. Quinton Hennigh commented: “This drilling is leading us closer and closer to the main conduits of this remarkable high-grade gold system. Without question, URW3 is turning into a big branch of the ‘tree.’ The junction between it and the rest of the 500 Zone looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we chase this down with further drilling, I think it could lead us to parts of the system in which considerable gold was deposited. We must keep drilling.“
Drill holes TUDDH-613 and 616, and TUG-149 were designed to follow up the previously announced discovery of the very high-grade zone of Au mineralization discovered by hole TUG-141 (Read June 6, 2022 News Release), and subsequently followed up by holes TUDDH-601 (Read August 15, 2022 News Release), and TUDDH-608 (Read Nov. 7, 2022 News Release). Holes TUG-149, TUDDH-613, and TUDDH-616 all intersected a distinct zone, located approximately 60 m to the west of the TUG-141 structural corridor, that corresponds to the down-dip projection of the URW3 lode (Figure 1). The substantial bonanza-grade intercepts (Figure 2) in these drill holes, along with the high-grade intercepts in a previously reported hole TUG-138 (Read June 6, 2022 News Release) of 23.14 g/t Au over 3.0 m including 118.6 g/t Au over 0.3 m, collectively define a significant vertical extension to URW3 of at least 180 m.
Sr. Vice-President of Exploration, Sergio Cattalani states: “This is yet another major advance in our continuing efforts to follow and delineate what is increasingly understood to be the principal high-grade feeder at Tuvatu. While we believe we are rapidly defining major portions of the feeder structures, we are also confident that we are in no way near its base. This feeder is developing into a bonanza-grade zone defined by multiple major channel-ways that appear to coalesce. With the TUG-141/TUDDH-601/608 zone, and now the URW3 zone, we have at least two, distinct but likely interconnected corridors of continuous high-grade mineralization to follow up. We’re just getting started…“
Figure 1 below represents a 15 m thick longitudinal section along the dip-extent of the URW3 lode, and illustrates the effect of TUG-149, TUDDH-613, and TUDDH-616 on what appears to be the downward extension of this important structure. The TUDDH-613 and TUDDH-616 traces are relatively short because the holes are oblique to the section. TUG-149 appears as a longer continuous trace as it remained at a very low angle to the dip of the URW3 lode. This is also reflected by the long interval of 12.9m of 12.89 g/t Au from 254.4-267.3m depth. TUG-138 (red diamonds) was a pre-existing hole, but in light of the most recent drill results, is now interpreted to also form part of the downward extension of the URW3 lode.
Figure 1. Longitudinal section, 15 m in thickness in the plane of the URW3 lode (striking N007°, dipping -79°SE). Red dots represent new intercepts reported here; Red diamonds represent intercepts previously reported by hole TUG-138. Photos of selected intercepts above in Figure 2.
Figure 2:Plate A: ladder-style vein at low angle to core axis, TUG-149: 251.4m, 35.36 g/t Au; Plate B: close-up view of mineralization consisting of euhedral pyrite and sphalerite in a matrix consisting of a very fine mixture of silica and dark brown pyrite, TUG-149: 259.5m, 134.97 g/t Au; Plate C: coarse VG on edge of quartz-pyrite veinlet, TUG-149: 321.6m, 536.5 g/t Au; Plate D: very coarse VG in quartz-pyrite veinlet, TUG-149: 426.1m, 802.5 g/t Au; Plate E: ladder-style quartz-pyrite vein, TUDDH-616: 605.5m, 17.10 g/t Au; Plate F: edge of dark silica-pyrite hydrothermal breccia vein, TUDDH-616: 615.5m, 24.89 g/t Au; Plate G: very coarse crystalline and wire VG in a vug along a quartz-pyrite vein, TUDDH-616: 627.5m, 63.86 g/t Au; Plate H: close-up view of the coarse crystalline and wire gold in same sample as Plate G, photographed using a field binocular microscope.
Table 1: Includes the location and other information for listed DDH holes
HOLE ID
EASTING
NORTHING
ELEVATION
AZIMUTH
DIP
DEPTH (M)
TUG-149
1876438
3920584
115.1
115.0
-77.0
in progress
TUDDH-613
1876280
3920472
286.3
90.0
-68.0
869.90
TUDDH-616
1876280
3920472
286.3
92.0
-71.0
767.70
Table 2: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are displayed in red. Intervals > 9.0 g/t Au or longer than 1.2 m are displayed in bold.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
TUG-149
187.5
188.1
0.6
0.86
208.5
208.8
0.3
0.72
236.1
237.0
0.9
1.85
245.4
248.1
2.7
1.49
251.1
252.0
0.9
13.77
including
251.4
251.7
0.3
35.36
254.4
267.3
12.9
12.89
including
255.0
255.3
0.3
5.60
including
255.9
256.2
0.3
44.14
including
256.2
256.5
0.3
59.64
including
256.8
257.1
0.3
17.64
including
257.1
257.4
0.3T
33.17
including
257.4
257.7
0.3
17.41
including
257.7
258.0
0.3
46.76
including
258.0
258.3
0.3
29.45
including
259.2
259.5
0.3
134.97
including
259.5
259.8
0.3
15.90
including
259.8
260.1
0.3
5.86
including
260.1
260.4
0.3
60.19
including
260.4
260.7
0.3
21.32
including
261.3
261.6
0.3
14.55
including
261.6
261.9
0.3
7.95
312.0
313.5
1.5
16.02
including
312.6
312.9
0.3
60.03
including
312.9
313.2
0.3
12.02
including
313.2
313.5
0.3
6.60
315.0
315.6
0.6
1.72
318.6
322.5
3.9
84.61
including
318.9
319.2
0.3
7.48
including
321.3
321.6
0.3
536.50
including
321.6
321.9
0.3
530.60
including
321.9
322.2
0.3
5.32
353.1
353.4
0.3
0.59
359.4
360.0
0.6
5.26
including
359.4
359.7
0.3
8.89
390.3
390.6
0.3
0.53
393.6
393.9
0.3
0.58
394.8
395.7
0.9
0.71
401.7
402.3
0.6
0.87
419.7
420.0
0.3
1.93
423.3
428.7
5.4
48.65
including
424.8
425.1
0.3
5.53
including
425.1
425.4
0.3
5.26
including
425.7
426.0
0.3
17.53
including
426.0
426.3
0.3
802.47
including
426.6
426.9
0.3
6.31
including
426.9
427.2
0.3
7.05
including
427.8
428.1
0.3
18.01
432.3
432.9
0.6
0.58
441.0
441.3
0.3
9.20
486.4
490.6
4.2
8.96
including
487.0
487.3
0.3
7.22
including
487.9
488.2
0.3
5.88
including
488.2
488.5
0.3
10.33
including
489.1
489.4
0.3
7.67
including
489.4
489.7
0.3
49.97
including
489.7
490.0
0.3
35.57
hole still in progress
TUDDH-613
35.5
36.1
0.6
0.59
37.0
37.9
0.9
0.78
160.4
161.0
0.6
1.38
452.2
452.5
0.3
0.68
529.0
529.3
0.3
108.52
531.1
532.0
0.9
0.82
535.6
543.1
7.5
2.76
including
539.8
543.1
3.3
5.45
which includes
540.7
541.3
0.6
25.10
551.2
554.2
3.0
8.39
including
551.2
552.1
0.9
5.02
including
552.1
552.7
0.6
11.67
including
553.3
553.9
0.6
9.36
including
553.9
554.2
0.3
24.54
580.0
580.9
0.9
0.50
594.6
596.1
1.5
0.65
627.4
631.9
4.5
0.96
633.7
634.0
0.3
0.71
755.0
755.3
0.3
0.51
TUDDH-616
36.8
37.7
0.9
0.70
604.6
607.9
3.3
2.99
including
605.2
606.1
0.9
8.65
which includes
605.2
605.5
0.3
17.10
614.8
617.6
2.8
5.73
including
615.1
616.4
1.3
11.55
which includes
615.4
615.7
0.3
24.89
618.8
620.3
1.5
3.91
including
618.8
619.4
0.6
7.61
624.2
631.7
7.5
9.43
including
624.2
626.6
2.4
12.11
including
627.2
628.7
1.5
23.59
which includes
627.2
627.5
0.3
37.09
and also includes
627.5
627.8
0.3
63.86
including
629.9
631.1
1.2
3.43
633.5
634.7
1.2
16.76
including
634.1
634.7
0.6
29.54
636.5
637.1
0.6
0.59
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. The drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high-grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – November 15, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) provides compelling evidence of multiple mineralized centers within the Navilawa Caldera. A high-grade drill result (15.04 g/t Au over 0.3m) returned from diamond drill hole TUDDH-614 complements the regional high-grade gold discovery, first identified by surface sampling (13.27 g/t Au over 4.0m, Figure 3, Figure 4), at the Batiri Creek Lode Complex (“BCLC”) located 2.0 km NE adjacent to the Company’s 100% owned, fully permitted Tuvatu Alkaline Gold Project.
The broad, steeply-dipping BCLC was discovered by benching and surface channel sampling in August of this year as part of a continuing regional exploration program (August 29 2022 News Release Announcing Batiri Creek Discovery). This ongoing program includes multiple surface sampling techniques including BLEG (Figure 1) and has yielded a host of peripheral, high-grade, mineralized centers adjacent to the Tuvatu mine.
Several such occurrences (Figure 2) have been identified in addition to the BCLC which are generally characterized by multi cm-scale vein swarms making up narrow lodes. It is believed by Lion One’s geologic team that these narrow lodes represent the uppermost expression of stronger, wider gold lodes at depth. Narrow lodes at the BCLC can be thought of as the uppermost fractures that converge and coalesce at depth to form a larger feeder system. The BCLC’s elevation is approximately 150m above the elevation of Tuvatu, thus more of the uppermost part of the mineralized fracture system may be preserved here. Interestingly, these lodes are often situated along the lithological contact between monzonite and andesite, a setting like that of the deep high-grade feeder (500 Zone) below the currently identified resource at Tuvatu. Given that the BCLC is more than 2.0 km NE of the Tuvatu lode system, it is believed that these lodes formed from a zone of upwelling fluids that is unique and entirely independent from those at Tuvatu.
Batiri Creek Lode Complex Surface and Drill Results:
DDH TUDDH-614 Results, Batiri Lode:
TUDDH-614: Azimuth: 272°, Dip:- 45°, TD: 171.9m, Elevation: 328.1m – 1.81 g/t Au over 0.3m from 102.3 to 102.6m – 15.04 g/t Au over 0.3m from 118.3 to 118.6m
Surface Channel Samples: “Batiri” Lode (CH3047-CH3048) (Figure 3) – 13.27 g/t Au over 4.0m at surface including: Including: 36.10 g/t Au over 1.0m and Including: 17.91 g/t Au over 0.80m
Surface Channel Samples, Other Batiri Lodes: – 2.63 g/t Au over 1.0m from channel CH2765 – 3.32 g/t Au over 0.3m from channel CH2834 – 3.54 g/t Au over 0.3m from channel CH2789 – 3.42 g/t Au over 0.4m from channel CH2946 – 3.32 g/t Au over 1.0m from channel CH3073
Lion One technical advisor Quinton Hennigh stated, “Tuvatu and the wider Navilawa Caldera are part of a classic alkaline gold system. As we know, from geologically comparable world-class systems, such as Porgera in PNG or Cripple Creek in Colorado, these kinds of deposits are not isolated and there is potential for multiple zones of mineralization each associated with a plume of upwelling hydrothermal fluids. The discovery at the BCLC represents a prospective zone where increasingly thick Tuvatu type lodes may be found at moderate levels below the current erosional surface. Although early rains limited Lion One’s ability to drill more extensively at BCLC this season, TUDDH-614 yielded a solid high-grade intercept that might be telling us there is a bigger prize below. Lion One will return to expand the drill program at BCLC as well as other regional targets at the onset of the next dry season.
Figure 1. Target-rich environment with world-class BLEG results from the Navilawa Caldera.
Figure 4a: Plan map of Batiri Creek surface benching, channel sampling, and TUDDH-614.bTUDDH-614 (drill collar in map) is drilled at 272 degrees from E to W beneath the surface location of high-grade channel samples (all >0.5 g/t Au surface channel samples are indicated on the map).
Figure 4b: Benching at Batiri Creek Lode Prospect. Map to show >0.5g samples along Batiri Creek bench and the drill trace of TUDDH-614. Note the high-grade Au samples in drill core; 1.81 g/t Au over 0.3m from 102.3 to 102.6m and 15.04 g/t Au over 0.3m from 118.3 to 118.6m are 95m below the surface hit. This newly drilled lode is on strike within the NE-trending structural corridor that hosts some of the principal UR lodes at the Tuvatu gold deposit.
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from hole TUDDH 608 as part of its ongoing deep drill program in definition of the “500” zone. Exceptional results include 23.7 meters (m) averaging 17.52 g/t gold with a horizontal true width of 10.4m. Mineralized intervals are inclusive of several bonanza-grade intercepts. This hole is consistent with Lion One’s geological model of a robust Alkalic gold system with increasing gold grade at depth.
Highlights
A deep high-grade intercept of 17.52 g/t Au over 23.7m with 10.4m true width from TUDDH 608 Targeting intersection of TUG 141(20.86 g/t Au over 76.9m) and TUDDH 601(12.22 g/t Au over 54.9m) Structural interpretation for a deep high grade feeder system taking shape in Zone 500
TUDDH 608 – select high grade intercepts
From m
To m
Intercept m
Grade g/t Au
594.5
618.2
23.70
17.89
594.5
614.1
19.60
21.16
596.7
603.1
6.40
42.58
596.7
597.9
1.20
85.10
599.8
600.4
0.60
108.31
Lion One Senior Vice President Exploration Sergio Cattalani commented “By drilling at a high angle across the TUG 141 (20.86 g/t gold over 76.9m) / TUDDH 601 (12.22 g/t Au over 54.9m) high-grade zone, TUDDH 608 was able to provide valuable information on the width and continuity of this zone. The outstanding results obtained of 17.52 g/t gold over 23.7m corresponds to a horizontal true width of 10.4m, which is approximately seven times the estimated average mining width, and at a grade that is nearly twice the average grade of the existing resource. The significance of this zone and its likely contribution to the increase in overall contained ounces cannot be overstated, as the extent of this zone may be much greater than previously thought. We are currently drilling several additional holes to test the possible plunge extent estimated by oriented core structural measurements. We will continue to report additional results as they become available.”
Hole TUDDH 608 (azimuth: 089°, dip: -64°), drilled from west to east, was designed drill across the high-grade zone identified in two directions by TUG 141 and TUDDH 601 (Figures 1, 2). With the completion of TUDDH 608 we can now better understand the true horizontal width and potential volume of the bonanza-grade feeder zone. The results are outstanding with 23.7m drilled width at 17.5 g/t gold, including 19.6m of 20.7 g/t gold (Figures 3-10). The horizontal true width of the zone at the drilled location is 10.4m (Figure 1). Lion One regards the confirmation of the high-grade feeder zone initially identified by TUG 141 and TUDDH 601 as transformational in that it confirms both continuity and implies extensive volume of the mineralized feeder zone below the current resource. Mineralization in TUDDH 608 extends from 594.5m to 618.2m (Table 1).
Lion One CEO Walter Berukoff commented “We look forward to further definition of the “Jewel box” dilatational feeder zone that we have been drilling out beneath the existing resource starting from surface at Tuvatu. This hole provides outstanding results for us as it continues to lend credence and proof-of-concept to the thesis of a deeper, very high-grade, feeder-style zone at depth. We continue to add enormous value to the mine as well as the critical exploration upside with the drill bit. We are defining what looks to be the next major high-grade discovery and world-class gold deposit right here in Fiji. We look forward to further results in very near future.”
Assay Data for TUDDH 608
Drill Hole
Easting
Northing
Elevation
Azimuth
Dip
Length (m)
TUDDH 608
1876280.4
3920472.4
286.5
89
-64
678.1
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH 608
38.0
38.6
0.6
1.04
263.8
264.4
0.6
0.79
285.1
285.7
0.6
0.69
493.6
493.9
0.3
3.08
503.2
510.0
6.8
2.45
Including
506.7
507.3
0.6
10.50
511.2
515.7
4.5
1.45
517.8
518.1
0.3
1.09
519.3
523.2
3.9
1.50
557.1
557.7
0.6
9.09
Including
557.1
557.4
0.3
11.65
Including
557.4
557.7
0.3
6.52
559.2
559.8
0.6
3.03
571.4
572.6
1.2
9.42
Including
571.4
572.0
0.6
17.03
Including
572.0
572.6
0.6
1.80
576.5
577.4
0.9
0.51
594.5
618.2
23.7
17.89
Which Includes
594.5
614.1
19.6
21.16
Also Including
596.7
603.1
6.4
42.58
Including
596.7
597.9
1.2
85.10
Including
597.9
598.6
0.7
9.42
Including
598.6
598.9
0.3
8.38
Including
598.9
599.2
0.3
11.44
Including
599.2
599.5
0.3
6.98
Including
599.5
599.8
0.3
36.39
Including
599.8
600.4
0.6
108.31
Including
600.4
600.7
0.3
21.69
Including
600.7
601.7
1.0
13.54
Including
601.7
602.2
0.5
23.21
Including
602.5
603.1
0.6
80.02
and
603.1
603.7
0.6
7.05
Including
603.7
604.0
0.3
11.98
Including
606.0
606.6
0.6
54.54
Including
606.6
607.2
0.6
12.00
Including
607.2
607.8
0.6
8.30
Including
607.8
608.4
0.6
29.57
Including
609.3
609.6
0.3
24.31
Including
610.2
610.8
0.6
10.85
Including
610.8
611.1
0.3
7.54
Including
611.4
612.1
0.7
45.02
Including
612.1
612.9
0.8
13.31
and
612.9
613.8
0.9
0.54
and
613.8
614.1
0.3
1.87
and
614.1
616.1
2.0
<0.5
616.1
618.2
2.1
4.26
Including
616.1
616.7
0.6
11.72
Including
616.7
617.5
0.8
1.87
Including
617.5
618.2
0.7
0.59
670.2
670.5
0.3
1.05
Figure 1: Tuvatu Alkalic gold mine. Blue shapes are areas of known mineralization that define the current resource. Note the trifecta of holes that delineate, in 3 different orientations, the 10.4m true width of the “Jewel Box” high-grade zone (Brown =>10 g/t Au) which occurs within the larger high-grade 500 feeder zone
Figure 2: Closer view of the lower portion of Figure 1, depicting theorientation of selected drill holes that define a coherent high-grade portion within the high-grade 500 Zone mineralization entirely below the current resource.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“ Chairman and CEO
For further information Contact Investor Relations
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
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North Vancouver, British Columbia–(Newsfile Corp. – October 4, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce assay results from recent wide-diameter (PQ) core drilled for metallurgical test work at its Tuvatu Gold Project in Fiji.
These results complement the excellent results obtained by the infill drill program completed earlier this year and reported on February 23, 2022 (Lion One Reports Additional High Grade Intercepts, Completes Phase 1 Infill Drill Program at Tuvatu – Lion One Metals). The additional results provided by the metallurgical drill program reported here will be applied to the ongoing remodelling of the Tuvatu orebody that will inform the resource update scheduled for Q1 2023. Results of the metallurgical study that will be based on the material provided by this drilling program will be reported as they are received.
Highlight intercepts include:
TUDDM-001 intersecting the URW1 mineralized vein:
14.96 g/t Au over 24.0m from 81.8-105.8m including:
– 105.19 g/t Au over 0.3m from 86.9-87.2m
– 18.67 g/t Au over 0.6m from 91.4-92.0m
– 19.43 g/t Au over 0.6m from 93.2-93.8m
– 26.59 g/t Au over 0.9m from 95.6-96.5m
– 14.80 g/t Au over 0.6m from 96.5-97.1m
– 23.43 g/t Au over 0.6m from 97.1-97.7m
– 13.63 g/t Au over 0.6m from 97.7-98.3m
– 33.76 g/t Au over 0.6m from 98.3-98.9m
– 22.36 g/t Au over 0.6m from 98.9-99.5m
– 6.04 g/t Au over 0.9m from 99.5-100.4m
– 78.64 g/t Au over 2.4m from 103.4-105.8m which includes:
– 9.44 g/t Au over 0.6m from 104.6-105.2m
– 297.70 g/t Au over 0.6m from 105.2-105.8m
TUDDM-003 intersecting the URW1 mineralized vein:
65.13 g/t Au over 3.2m from 78.8-82.0m including:
– 98.88 g/t Au over 2.1m from 78.8-80.9m which includes:
– 58.18 g/t Au over 0.3m from 78.8-79.1m
– 624.81 g/t Au over 0.3m from 79.1-79.4m
23.27 g/t Au over 3.3m from 118.9-122.2m including
– 50.67 g/t Au over 1.5m from 118.9-120.4m which includes:
– 19.49 g/t Au over 0.9m from 118.9-119.8m
– 97.45 g/t Au over 0.6m from 119.8-120.4m
TUDDM-004 intersecting the SKL and URW1 mineralized veins:
260.44 g/t Au over 0.3m from 55.7-56.0m
213.52 g/t Au over 0.9m from 56.6-57.5m
40.08 g/t Au over 0.9m from 78.2-79.1m
10.03 g/t Au over 3.0m from 130.6-133.6m including:
– 59.82 g/t Au over 0.3m from 130.6-130.9m
– 11.39 g/t Au over 0.3m from 130.9-131.2m
– 13.64 g/t Au over 0.3m from 131.2-131.5m
TUDDM-005 intersecting the Murau (M) mineralized vein:
9.30 g/t Au over 5.4m from 127.7-133.1m including:
– 31.56 g/t Au over 0.6mfrom 128.9-129.5m
– 14.99 g/t Au over 1.2mfrom 129.5-130.7m
– 6.08 g/t Au over 0.9mfrom 132.2-133.1m
22.80g/t Au over 1.5m from 140.3-141.8m including:
– 9.55 g/t Au over 0.3m from 140.6-140.9m
– 10.54 g/t Au over 0.3m from 140.9-141.2m
– 58.59 g/t Au over 0.3m from 141.2-141.5m
– 32.03 g/t Au over 0.3m from 141.5-141.8m
TUDDM-006 intersecting the Murau (M) Lodes
9.87g/t Au over 3.9m from 141.8-145.7m including:
– 10.01g/t Au over 1.2mfrom 141.8-143.0m
– 13.74g/t Au over 0.6m from 143.3-143.9m
– 13.49g/t Au over 1.2m from 144.5-145.7m
All six metallurgical drill holes were drilled from surface using wide diameter PQ core (85mm) between June 6 and August 10, 2022. The purpose of the program was to collect samples from areas scheduled for mining in the first 3 years of development. These assays presented are a result of one eighth split core, with the remaining seven eighths being sent to Bureau Veritas metallurgical laboratory in Vancouver, Canada for test work to assist in the design of optimised recoveries. As this is a metallurgical program, the holes were designed to intersect some vein sets at an oblique angle in-order to maximise mineralized sample recovery and as such, while drill widths does not necessarily represent true widths, the results provide information on the continuity of Au grades. The URW1 lode is interpreted to strike north-south and dip steeply east and has a true width of approximately 1 to 7 metres. The Murau lodes are interpreted to strike east-west with a moderate southerly dip with multiple lodes of true-width between 0.3 and 4 metres. The SKL lodes are dip subhorizontally, with true-widths of between 0.3 and 1 metre.
Lion One CEO Walter Berukoff commented, “These latest results underscore the continuous, high-grade nature of the mineralization at Tuvatu. Each batch of drill results adds enormous value to the project in both addition of ounces to the total metal budget as well as clarification of important upside potential.”
Figure 1. Image from Leapfrog software long-section view west showing select results from metallurgical drilling campaign. The Murau (red) and SKL lode (purple) orientations are projected on to section.
Figure 2. Image from Leapfrog software plan view showing select results from metallurgical drilling campaign. The general outline of the Murau (red) and SKL lode (purple) is projected onto the plan.
Table 1: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are shown in red, and intervals > 9.0 g/t Au or longer than 1.2m are bolded.
Hole ID
From (m)
To (m)
Interval
Metres
Lode
TUDDM-001
62.0
62.9
0.9
0.58
SKLW7
TUDDM-001
70.4
71.3
0.9
0.78
SKLW8
TUDDM-001
76.4
77.3
0.9
1.04
Undefined
TUDDM-001
79.4
80.6
1.2
1.56
SKLW12
TUDDM-001
81.8
105.8
24.0
14.96
URW1
Incl.
86.9
87.2
0.3
105.19
URW1
Incl.
91.4
92.0
0.6
18.67
URW1
Incl.
93.2
93.8
0.6
19.43
URW1
Incl.
95.6
96.5
0.9
26.59
URW1
Incl.
96.5
97.1
0.6
14.80
URW1
Incl.
97.1
97.7
0.6
23.43
URW1
Incl.
97.7
98.3
0.6
13.63
URW1
Incl.
98.3
98.9
0.6
33.76
URW1
Incl.
98.9
99.5
0.6
22.36
URW1
Incl.
99.5
100.4
0.9
6.04
URW1
Incl.
103.4
105.8
2.4
78.64
URW1
Which Incl.
104.6
105.2
0.6
9.44
URW1
and incl.
105.2
105.8
0.6
297.70
URW1
TUDDM-001
107.3
112.4
5.1
4.40
URW1
Incl.
107.3
107.9
0.6
17.00
URW1
Incl.
107.9
108.5
0.6
5.63
URW1
TUDDM-001
122.9
123.8
0.9
6.07
M7
Incl.
122.9
123.5
0.6
6.12
M7
Incl.
123.5
123.8
0.3
5.96
M7
TUDDM-002
11.5
19.4
7.9
0.93
ME1
TUDDM-002
23.0
23.3
0.3
2.93
ME1
TUDDM-002
24.8
26.6
1.8
1.31
ME1
TUDDM-002
28.7
29.0
0.3
1.11
ME1
TUDDM-002
30.8
36.2
5.4
3.29
SKLW6
Incl.
33.2
33.5
0.3
19.60
SKLW6
Incl.
33.5
34.1
0.6
6.03
SKLW6
TUDDM-002
40.1
41.0
0.9
1.45
SKLW7
TUDDM-002
47.6
48.2
0.6
1.55
SKLW8
TUDDM-002
51.2
51.5
0.3
14.26
SKLW9
TUDDM-002
55.1
55.7
0.6
0.84
SKLW9
TUDDM-002
59.0
59.6
0.6
3.71
SKLW9
Incl.
59.3
59.6
0.3
5.15
SKLW9
TUDDM-002
61.1
61.7
0.6
0.89
SKLW9
TUDDM-002
64.7
72.6
7.9
2.39
URW1
Incl.
65.6
66.2
0.6
6.76
URW1
Incl.
67.7
68.0
0.3
5.81
URW1
Incl.
69.8
70.1
0.3
5.14
URW1
TUDDM-002
75.3
75.6
0.3
1.66
M8
TUDDM-002
78.9
81.5
2.6
4.83
M8
Incl.
79.7
80.3
0.6
6.75
M8
Incl.
80.3
80.9
0.6
6.71
M8
TUDDM-002
84.2
86.3
2.1
4.24
M8
Incl.
84.2
84.5
0.3
11.91
M8
Incl.
84.5
84.8
0.3
7.41
M8
Incl.
84.8
85.1
0.3
5.17
M8
TUDDM-002
97.8
98.4
0.6
0.81
M9
TUDDM-002
101.1
101.7
0.6
1.71
M9
TUDDM-003
8.6
10.4
1.8
2.52
Undefined
Incl.
9.5
9.8
0.3
6.76
Undefined
TUDDM-003
12.2
13.1
0.9
0.73
Undefined
TUDDM-003
14.3
16.1
1.8
0.64
Undefined
TUDDM-003
17.6
17.9
0.3
0.82
Undefined
TUDDM-003
19.4
20.0
0.6
0.69
Undefined
TUDDM-003
23.6
23.9
0.3
1.43
Undefined
TUDDM-003
26.3
35.9
9.6
2.47
ME1
Incl.
31.7
32.0
0.3
6.79
ME1
Incl.
34.1
34.4
0.3
45.68
ME1
TUDDM-003
37.1
42.3
5.2
0.61
SKLW6
TUDDM-003
45.6
47.1
1.5
0.89
SKLW8
TUDDM-003
49.1
49.7
0.6
2.34
SKLW8
TUDDM-003
50.9
55.1
4.2
2.84
SKLW9
Incl.
51.5
51.8
0.3
5.16
SKLW9
Incl.
54.2
54.5
0.3
7.39
SKLW9
TUDDM-003
65.9
67.4
1.5
0.65
SKLW9
TUDDM-003
71.0
73.4
2.4
9.74
URW1
Incl.
71.6
72.2
0.6
5.00
URW1
Incl.
72.2
72.8
0.6
14.41
URW1
Incl.
72.8
73.4
0.6
16.77
URW1
TUDDM-003
78.8
82.0
3.2
65.13
URW1
Which Incl.
78.8
80.9
2.1
98.88
URW1
Incl.
78.8
79.1
0.3
58.18
URW1
Incl.
79.1
79.4
0.3
624.81
URW1
Incl.
79.4
79.7
0.3
6.20
URW1
TUDDM-003
91.9
93.1
1.2
1.00
URW1
TUDDM-003
95.2
98.9
3.7
4.89
M4
Incl.
95.2
95.8
0.6
12.44
M4
Incl.
97.6
97.9
0.3
18.60
M4
TUDDM-003
101.0
106.4
5.4
4.17
M5
Incl.
101.0
102.2
1.2
9.01
M5
Incl.
103.1
103.7
0.6
10.33
M5
Incl.
103.7
104.3
0.6
5.52
M5
TUDDM-003
118.9
122.2
3.3
23.29
M7
Which Incl.
118.9
120.4
1.5
50.67
M7
Incl.
118.9
119.8
0.9
19.49
M7
Incl.
119.8
120.4
0.6
97.45
M7
TUDDM-003
132.1
133.3
1.2
1.13
M7
TUDDM-004
8.6
8.9
0.3
1.22
M7
TUDDM-004
10.1
10.7
0.6
0.71
M7
TUDDM-004
12.5
16.7
4.2
0.42
M7
TUDDM-004
17.9
18.2
0.3
2.19
M7
TUDDM-004
19.4
22.1
2.7
1.85
M7
Incl.
19.7
20.0
0.3
6.95
M7
TUDDM-004
23.3
23.9
0.6
0.99
M7
TUDDM-004
26
29.6
3.6
0.78
ME1
TUDDM-004
31.1
36.8
5.7
1.11
ME1
TUDDM-004
38.6
39.8
1.2
0.77
Undefined
TUDDM-004
43.4
44.0
0.6
0.56
SKLW6
TUDDM-004
55.7
56.0
0.3
260.44
SKLW8
TUDDM-004
56.6
57.5
0.9
213.52
SKLW8
TUDDM-004
64.7
68.6
3.9
0.85
Undefined
TUDDM-004
78.2
79.1
0.9
40.08
SKLW10
TUDDM-004
83.0
83.9
0.9
1.40
Undefined
TUDDM-004
85.7
86.9
1.2
21.10
SKLW11
Incl.
86
86.9
0.9
26.72
SKLW11
TUDDM-004
89.6
92.3
2.7
3.13
Undefined SKL
Incl.
91.7
92.0
0.3
10.05
Undefined SKL
Incl.
92.0
92.3
0.3
11.03
Undefined SKL
TUDDM-004
95.9
101.2
5.3
4.13
Undefined SKL
Incl.
96.4
97.0
0.6
9.28
Undefined SKL
Incl.
97.0
97.6
0.6
6.87
Undefined SKL
Incl.
100.6
101.2
0.6
7.30
Undefined SKL
TUDDM-004
112.9
114.4
1.5
14.14
Undefined SKL
Incl.
112.9
113.2
0.3
22.61
Undefined SKL
Incl.
113.2
113.5
0.3
11.88
Undefined SKL
Incl.
113.5
114.4
0.9
12.07
Undefined SKL
TUDDM-004
116.2
117.4
1.2
0.95
Undefined SKL
TUDDM-004
121.6
122.5
0.9
4.02
Undefined SKL
TUDDM-004
124.9
125.5
0.6
6.02
URW1
Incl.
125.2
125.5
0.3
11.51
URW1
TUDDM-004
128.5
129.1
0.6
1.09
URW1
TUDDM-004
130.6
133.6
3.0
10.03
URW1
Incl.
130.6
130.9
0.3
59.82
URW1
Incl.
130.9
131.2
0.3
11.39
URW1
Incl.
131.2
131.5
0.3
13.64
URW1
TUDDM-004
136.3
136.9
0.6
2.80
URW1
TUDDM-004
153.0
153.6
0.6
9.79
URW1
TUDDM-005
74.3
79.7
5.4
1.69
M1
Incl.
77.3
77.6
0.3
11.66
M1
TUDDM-005
80.9
83.0
2.1
5.89
M2
TUDDM-005
85.7
86.9
1.2
1.85
M3
TUDDM-005
105.5
106.4
0.9
8.84
M4
TUDDM-005
123.8
126.5
2.7
10.98
M8
Incl.
124.4
124.7
0.3
8.51
M8
Incl.
125.9
126.2
0.3
64.21
M8
Incl.
126.2
126.5
0.3
18.15
M8
TUDDM-005
127.7
133.1
5.4
9.30
M8
Incl.
128.9
129.5
0.6
31.56
M8
Incl.
129.5
130.7
1.2
14.99
M8
Incl.
132.2
133.1
0.9
6.08
M8
TUDDM-005
136.7
139.1
2.4
11.50
M9
Incl.
138.2
138.5
0.3
50.06
M9
Incl.
138.5
138.8
0.3
16.66
M9
Incl.
138.8
139.1
0.3
10.14
M9
TUDDM-005
140.3
141.8
1.5
22.80
M10
Incl.
140.6
140.9
0.3
9.55
M10
Incl.
140.9
141.2
0.3
10.54
M10
Incl.
141.2
141.5
0.3
58.59
M10
Incl.
141.5
141.8
0.3
32.03
M10
TUDDM-006
56.3
56.6
0.3
0.53
M10
TUDDM-006
93.2
95.6
2.4
4.20
M3
Incl.
94.4
95.6
1.2
6.30
M3
TUDDM-006
98.9
99.5
0.6
9.06
M4
Incl.
99.2
99.5
0.3
15.96
M4
TUDDM-006
113.9
114.8
0.9
3.39
M5
TUDDM-006
136.7
138.5
1.8
3.64
M8
Incl.
137.3
138.5
1.2
5.12
M8
TUDDM-006
141.8
145.7
3.9
9.87
M9
Incl.
141.8
143.0
1.2
10.01
M9
Incl.
143.3
143.9
0.6
13.74
M9
Incl.
144.5
145.7
1.2
13.49
M9
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
E
N
m
(TN)
TUDDM-001
1876337
3920739
227.2
151.4
-90
–
TUDDM-002
1876348
3920796
209.5
112.4
-76
219
TUDDM-003
1876350
3920793
206.7
159.4
-59
197
TUDDM-004
1876352
3920798
209.7
154.2
-59
180
TUDDM-005
1876335
3920737
227.3
173.6
-69
304
TUDDM-006
1876335
3920738
227.2
180.1
-59
302
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 analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed 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. For samples with multiple fire assay runs, the average of duplicate runs is presented. 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 analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – September 28, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that it has closed its previously announced bought deal offering of 17,348,000 units (the “Units“) (including 1,108,0000 Units issued pursuant to Eight Capital and Canaccord Genuity Corp.’s (together, the “Underwriters“) partial exercise of the over-allotment option granted to the Underwriters) at a price of $0.77 per Unit for gross proceeds of $13,357,960 (the “Offering“).
Each Unit consists of a common share of the Company (each, a “Common Share“) and one-half (1/2) of one common share purchase warrant (each whole common share warrant, a “Warrant“) to purchase a Common Share at a price of $1.05 for a period of 36 months following the closing date of the Offering. In the event that the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSX-V“), or such other principal exchange on which the Common Shares are then trading, is greater than $1.75 for a period of twenty consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving written notice to the holder thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
Pursuant to the Offering the Company issued 1,040,880 compensation warrants (the “Compensation Warrants“) to the Underwriters. Each Compensation Warrant is exercisable to purchase a Common Share at a price of $0.77 for a period of 36 months following the closing date of the Offering.
The net proceeds from the Offering will be used for exploration and development of the Company’s Tuvatu Gold Project.
The Offering was made by way of prospectus supplement dated September 22, 2022 (the “Prospectus Supplement“) to the Company’s base shelf prospectus dated May 13, 2022. Distribution of the Units issued pursuant to the Offering was insufficient to meet the TSX-V’s requirements for the listing of the Warrants so the Company has accordingly not applied to list the Warrants on the TSX-V.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release. This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the use of proceeds from the Offering, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NORTH VANCOUVER, British Columbia, Sept. 20, 2022 (GLOBE NEWSWIRE) —
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that it has entered into an agreement with Eight Capital and Canaccord Genuity Corp., as co-lead underwriters and joint bookrunners (the “Underwriters“), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis,16,240,000 units of the Company (the “Units“) at a price of C$0.77 per Unit (the “Issue Price”), for total gross proceeds of C$12,504,800 (the “Offering“).
Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$1.05 for a period of 36 months from the closing date of the Offering.
If, following the closing of the Offering, the volume weighted average trading price of the Common Shares on the principal exchange on which the Shares are listed for any 20 consecutive trading days equals or exceeds C$1.75, the Company may, upon providing written notice to the holders of Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice
In addition, the Company has agreed to grant the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part, for a period of 30 days after the closing of the Offering, to purchase up to an additional 15% of the number of Units sold pursuant to the Offering, on the same terms as the Offering, to cover over-allotments and for market stabilization purposes.https://embed.fireplace.yahoo.com/embed
The net proceeds from the sale of the Units will be used for exploration and development of the Company’s Tuvatu Gold Project, as well as working capital and general corporate purposes.
The Units will be offered by way of a prospectus supplement (the “Prospectus Supplement”) to the Company’s base shelf prospectus dated May 13, 2022. The Prospectus Supplement will be filed in Alberta, British Columbia and Ontario and, together with the related base shelf prospectus, will be available on SEDAR at www.sedar.com.
Closing of the Offering is expected to take place on or about September 28, 2022 and is subject to certain conditions including, but not limited to the receipt of all applicable regulatory approvals including approval of the TSX Venture Exchange.
The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff” Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – September 15, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from drillhole TUDDH-608 a direct follow-up to the TUG-141/TUDDH-601 high-grade zone discovery at its fully permitted Tuvatu Alkaline Gold Project in Fiji.
TUDDH-608 intersected:
19.60m at 21.16 g/t Au from 594.5-614.1m, which includes a zone of 16.20m at 25.28 g/t Au from 596.7-612.9m.
The dip of this hole at this depth was approximately 60° equating to a true horizontal width of 11.85m.
TUDDH-608 was drilled from surface at an azimuth of approximately N090°E, aimed at intersecting the TUG-141/TUDDH-601 high-grade zone at a high angle to determine the true width of the high-grade zone at this location.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522wiki_topics%2522%253A%2522Lion%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25229b04419e-750c-3224-9125-6febee8bd22b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Figure 1 show the trace of TUDDH-608 and its location relative to the current interpretation of the TUG-141/TUDDH-601 high-grade dilation zone, and indicates that TUDDH-608 intersected high-grade Au mineralization approximately 20m north of subvertical hole TUDDH-601, and 15m below the discovery hole TUG-141. The trace of the currently drilling TUG-147 drillhole, designed to intersect the high-grade mineralized zone an additional 90 to the north of TUDDH-608 is also shown on Figure 1. TUG-147 is expected to cross the target rocks in the next 7-10 days.
Figure 2 includes some photos of the mineralization intersected by hole TUDDH-608. All results >0.5 g/t Au are summarized below in Table 1.
Lion One Sr. Vice-President of Exploration Sergio Cattalani, stated “This is yet another exceptional set of results from the ongoing drilling of the high-grade zone defined by the previous drill holes TUG-141 and TUDDH-601. Our current interpretation of this portion of the 500 Zone feeder is that of a wide zone of dilation associated with the interplay of major structural corridors (UR1 and UR4) and the main lithological contact between monzonite and andesite that has the potential to extend for tens to hundreds of meters both vertically and along the NS direction. True widths exceeding 10m at the narrower apex of this dilational zone suggest a significant increase in gold ounces once this zone has been adequately drilled off, and this, independent of the rest of the extensive vertical 500 zone feeder that is known to exceed 1100m in vertical extent. We will continue to expand this critical zone of high-grade mineralization with ongoing drilling both from surface as well as from the underground decline.”
Figure 1: Oblique views looking N320° and down 45° (A) and looking N060° and down 20° (B) of a 100m thick horizontal slice of the UR1-UR4 high-grade mineralized zone. Yellow trace is the projected trace of TUG-147 (in progress).
Figures 2: Photos from TUDDH-608 drill core, as follows: A) 571.5m, 17.03 g/t Au; B) 601.9m, 23.21 g/t Au; C) 599.5m, 108.31 g/t Au; D) 606.5m, 54.54 g/t Au; E) 611.8m, 45.02 g/t Au; F) close-up of cut core from photo E showing VG.
Table 1: Drilling intervals for diamond drill hole TUDDH-608 returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded).
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-608
38.0
38.6
0.6
1.03
263.8
264.4
0.6
0.71
285.1
285.7
0.6
0.69
493.6
493.9
0.3
3.07
503.2
510.0
6.8
2.45
Incl.
506.7
507.3
0.6
10.49
511.2
515.7
4.5
1.45
517.8
518.1
0.3
1.08
519.3
523.2
3.9
1.49
557.1
557.7
0.6
9.08
Incl.
557.1
557.4
0.3
11.64
Incl.
557.4
557.7
0.3
6.51
559.2
559.8
0.6
3.02
571.4
572.6
1.2
9.41
Incl.
571.4
572.6
0.6
17.02
576.5
577.4
0.9
0.51
594.5
618.2
19.6
21.16
Incl.
596.7
597.9
1.2
85.09
Incl.
597.9
598.6
0.7
9.42
Incl.
598.6
598.9
0.3
8.38
Incl.
598.9
599.2
0.3
11.44
Incl.
599.2
599.5
0.3
6.98
Incl.
599.5
599.8
0.3
36.39
Incl.
599.8
600.4
0.6
108.31
Incl.
600.4
600.7
0.3
21.69
Incl.
600.7
601.7
1.0
13.54
Incl.
601.7
602.2
0.5
23.39
Incl.
602.2
602.5
0.3
0.72
Incl.
602.5
603.1
0.6
80.01
Incl.
603.1
603.7
0.6
7.05
Incl.
603.7
604.0
0.3
11.97
Incl.
604.0
604.6
0.6
3.09
Incl.
604.6
605.2
0.6
2.93
Incl.
605.2
606.0
0.8
1.41
Incl.
606.0
606.6
0.6
54.53
Incl.
606.6
607.2
0.6
11.99
Incl.
607.2
607.8
0.6
8.30
Incl.
607.8
608.4
0.6
29.56
Incl.
608.4
609.3
0.9
1.34
Incl.
609.3
609.6
0.3
24.31
609.6
610.2
0.6
2.61
Incl.
610.2
610.8
0.6
10.85
Incl.
610.8
611.1
0.3
7.54
611.1
611.4
0.3
2.90
Incl.
611.4
612.1
0.7
45.02
Incl.
612.1
612.9
0.8
13.31
612.9
613.8
0.9
0.54
613.8
614.1
0.3
1.87
616.1
618.2
2.1
4.25
Incl.
616.1
616.7
0.6
11.72
670.2
670.5
0.3
0.97
Table 2: Survey details of diamond drill holes referenced in this release. Previously released drill holes are not included here.
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-608
1876280
3920472
286.51
678.1
-64
089
TUG-147
1876435
3920584
116
in progress
-75
099
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 analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed 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. For samples with multiple fire assay runs, the average of duplicate runs is presented. 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 analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – September 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from 20 additional drill holes, as part of ongoing infill drilling at its high-grade, fully permitted Tuvatu Alkaline Gold Project in Fiji.
Drill results for 20 holes totalling approximately 3,900m of diamond drilling in Zone 5 cover a portion of the Tuvatu gold project, part of the Navilawa volcanic caldera which is host to numerous gold occurrences. outcropping mineralization, as well as the high-grade Tuvatu Alkaline gold deposit.
The drill program represents a significant improvement to the extent of known mineralization; additions are highlighted in blue in Table 1. The main orebody (Figure 1), is scheduled to enter production in Q2 of 2023. Its dimensions and continuity are further defined and expanded with the infill program which adds to the 11 earlier holes in Zone 5 (Lion One news release: May 31, 2022). The additional data outlines high-grade to bonanza-grade mineralized lode swarms <100m from surface. Vein-hosted mineralization remains open along strike and at depth. Lion One is upgrading its resource model which is expected to be significantly improved by this round of drill results. The mineralization reported here is a significant development which is expected to upgrade the resource model, as it represents a critical addition of gold mineralisation to the resources model that grades well above the average resource grade, at relatively shallow levels. As a result, the newly identified mineralization will enhance the economic model, likely upgrading the production stream at Tuvatu.
Top Intercepts include:
20.59 g/t Au over 3.9m from 98.4-102.3m, including 52.89 g/t Au over 1.5m, including 171.5 g/t Au over 0.3m, and 79.18 g/t Au over 0.3m from TUG-144
12.22 g/t Au over 3.3m from 54.9-58.2m, including 32.08 g/t Au over 0.6m, 24.08 g/t Au over 0.6m from TUG-143
56.90 g/t Au over 1.8m from 144.6-146.4m, including 163.19 g/t Au over 0.6m from TUDDH-604
35.98 g/t Au over 1.8m from 53.0-54.8m, including 194.00 g/t Au over 0.3m from TUDDH-609
9.13 g/t Au over 3.3m from 60.3-63.6m, including 44.85 g/t Au over 0.6m from TUG-146, as well as 8.15 g/t Au over 5.1m from 97.5-102.6m, including 19.70 g/t Au over 1.8m from 99.3-101.7 including 13.28 g/t Au over 0.6, 11.73 g/t Au over 0.6m, and 34.08 g/t Au over 0.6m also from TUG-146
9.33 g/t Au over 1.5m from 10.5-12.0m, including 37.42 g/t Au over 0.3m from TUG-144
7.14 g/t Au over 3.0m from 107.5-110.5m, including 28.56 g/t Au over 0.3m, 10.54 g/t Au over 0.3m, and 28.74 g/t Au over 0.3m from TUDDH-591
6.80 g/t Au over 4.2m from 92.1-96.3m including 10.39 g/t Au over 0.3m, 24.57 g/t Au over 0.6m, and 9.62 g/t Au over 0.6m from TUDDH-596
17.85 g/t Au over 0.6m from 127.9-128.5m including 26.79 g/t Au over 0.3m, 5.52 g/t Au over 2.7m from 161.8-164.5m incl. 36.81 g/t Au over 0.3m from TUDDH-605
Results are summarized below in Table 1, with vertical sections including all of the newly reported drill holes presented as Figures 2-8. Highlighted in blue on Table 1 are drill intercepts outside of the mineralized lodes that define the existing resource model. Each additional intercept will likely add width, grade, and continuity to the resource in the near-surface portion of the Tuvatu orebody.
Lion One Drilling Programs in Progress Lion One reports that in addition to its Zone 5 infill drilling it is progressing with deep extensional drilling on the 500 Zone, where TUDDH-608, targeting the high-grade intersection of TUG-141 and TUDD-601, has been terminated at a depth of 678.1m. Visible veining and sulphide mineralization has been recorded from approximately ~530m to 645m depth along the drill hole. Assay results for TUDDH-608 have been commissioned from the Lion One Lab with preliminary results expected soon. Drilling on TUG-147 from the underground decline, targeting the same dilational zone further to the north and deeper has also commenced this week.
The Company has also mobilized a drill rig 2km northeast of Tuvatu to test the Batiri Creek occurrence, the new regional discovery in the Navilawa Caldera (see news release dated August 29, 2022), and underground development continues toward the near-surface Zone 2 of the Tuvatu resource with the No. 2 decline having advanced >80m. Finally, results from a separate batch of 6 PQ diameter diamond drill holes aimed at collecting a 300 kg composite sample for metallurgical testing of Zone 2 mineralization have also been received and compiled. The company will continue to provide further progress updates and results on these activities.
Lion One CEO, Walter Berukoff, stated, “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model. The high-grade near-surface infill results, along with the continuing success of the deep-drilling program, underscores the potential of Tuvatu to be a multi-million-ounce, high-grade Au producer. Lion One is well positioned to continue advancing all three tiers of our exploration strategy: ongoing, near-surface infill drilling; extensions of deep, high-grade feeder targets, and from our pipeline of regional targets in the surrounding Navilawa caldera.”
Infill Drilling Program Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1) in mid-February 2022, adding over 8,400m of new data from drill core, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from 20 previously unreported drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8,200m of diamond drilling from surface and underground, and which is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody. The Phase 2 program as planned includes 30 holes totalling 5,475m carried out from 4 separate drill stations at surface, and 35 holes totalling 2,695m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022, with drill hole TUDDH-577, and is expected to require 8-9 months of drilling using three rigs (two from surface and one from underground) to complete.
Results from the initial approximately 6,200m of drilling in Zone 5, represent approximately 75% of the planned program total, indicating and indeed confirming consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource, as well as new high-grade mineralization that was not identified prior to this drill program (Table 1, highlighted), and therefore not included in the current resource model.
Numerous high-grade mineralized intervals occur outside of existing modelled lodes. These notably include 35.98 g/t Au over 1.8m which includes a bonanza grade intercept of 194.00 g/t Au from a downhole depth of only 53.0m in hole TUDDH-609, as well as 19.70 g/t Au over 1.8m from only 99.3m downhole depth in hole TUG-146. These additional near-surface intercepts will add significantly to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent grey), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figures 2-8: Composite vertical sections through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (labelled) and the traces of the infill drilling reported in this release (drill holes are labelled). Grade legend is as follows: orange = >3g/t Au; red = >10 g/t Au; magenta = >30 g/t Au. All figures are at the same scale with views as indicated.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-589
19.1
19.4
0.3
0.91
85.1
85.4
0.3
0.81
89.6
91.4
1.8
1.44
113
113.6
0.6
17.33
170.9
171.2
0.3
7.36
209.3
209.6
0.3
0.96
210.8
224
13.2
3.79
Incl.
213.2
213.5
0.3
17.03
Incl.
213.8
214.1
0.3
7.85
Incl.
215.6
215.9
0.3
7.17
Incl.
216.5
216.8
0.3
11.41
Incl.
218
218.3
0.3
33.30
Incl.
222.5
222.8
0.3
7.21
Incl.
223.7
224
0.3
15.34
TUDDH-591
73.4
74.0
0.6
1.04
102.3
102.6
0.3
9.28
103.7
104.6
0.9
0.93
106.1
106.6
0.5
2.01
107.5
110.5
3.0
7.14
Incl.
107.5
107.8
0.3
28.56
Incl.
108.1
108.4
0.3
10.54
Incl.
109.0
109.3
0.3
28.74
112.0
112.6
0.6
0.73
113.2
113.5
0.3
0.84
117.7
118.6
0.9
2.02
126.3
127.8
1.5
1.29
129.0
130.2
1.2
0.65
132.9
134.1
1.2
0.88
142.7
143.6
0.9
1.71
TUDDH-592
14.6
14.9
0.3
1.83
18.5
18.8
0.3
0.55
75.2
75.5
0.3
0.55
101.6
102.2
0.6
15.24
147.5
148.7
1.2
0.74
158.9
159.2
0.3
7.76
184.1
184.7
0.6
8.32
Incl.
184.4
184.7
0.3
10.36
TUDDH-593
9.9
11.7
1.8
4.49
Incl.
10.5
11.1
0.6
8.98
28.2
29.4
1.2
0.54
34.5
34.8
0.3
0.69
88.5
89.7
1.2
4.31
140.1
140.4
0.3
3.50
152.7
154.2
1.5
0.78
168.9
170.4
1.5
1.42
TUDDH-594
105.0
105.3
0.3
13.10
189.9
191.1
1.2
8.01
195.0
195.3
0.3
1.80
203.4
207.6
4.2
0.85
203.4
203.7
0.3
3.67
TUDDH-595
54.9
56.1
1.2
0.64
112.2
112.8
0.6
0.85
114.0
114.3
0.3
80.65
121.8
123.9
2.1
1.61
190.2
191.1
0.9
2.20
194.4
194.7
0.3
3.75
201.3
201.6
0.3
1.31
209.7
211.5
1.8
1.88
213.6
213.9
0.3
2.18
224.4
225.9
1.5
1.46
234.9
235.5
0.6
0.52
236.7
238.2
1.5
3.19
247.5
247.8
0.3
1.10
TUDDH-596
77.1
77.4
0.3
0.8
88.8
91.2
2.4
1.35
92.1
96.3
4.2
6.8
Incl.
92.1
92.4
0.3
10.39
Incl.
93.3
93.9
0.6
24.57
Incl.
94.8
95.4
0.6
9.62
102.3
102.9
0.6
7.77
TUDDH-597
91.1
91.7
0.6
1.24
137.9
138.5
0.6
8.59
Incl.
137.9
138.2
0.3
16.50
152.9
153.5
0.6
1.37
176.6
178.4
1.8
0.81
189.5
190.4
0.9
0.55
194.9
195.8
0.9
8.89
TUDDH-598
96.7
97
0.3
0.84
139.6
140.5
0.9
1.85
144.1
144.7
0.6
9.19
170.2
173.8
3.6
4.68
Incl.
170.2
170.5
0.3
12.89
Incl.
171.4
172.6
1.2
8.37
209.5
209.8
0.3
0.65
TUDDH-600
65
65.3
0.3
0.55
73.4
77
3.6
2.66
Incl.
74
74.3
0.3
5.75
Incl.
74.9
75.2
0.3
10.95
78.8
79.4
0.6
0.96
147.8
148.7
0.9
1.26
TUDDH-602
127.4
127.7
0.3
2.73
152
153.2
1.2
0.79
182.3
182.6
0.3
1.03
209.6
210.5
0.9
3.12
Incl.
210.2
210.5
0.3
7.45
214.4
214.7
0.3
1.10
225.2
225.5
0.3
7.12
TUDDH-603
28.7
30.5
1.8
1.64
TUDDH-604
84.6
84.9
0.3
0.64
144.6
146.4
1.8
56.90
Incl.
144.6
145.2
0.6
163.19
167.1
170.7
3.6
8.75
Incl.
167.1
167.7
0.6
45.36
TUDDH-605
127.9
128.5
0.6
17.85
Incl.
127.9
128.2
0.3
26.79
Incl.
128.2
128.5
0.3
8.90
157.6
158.5
0.9
4.10
Incl.
158.2
158.5
0.3
10.21
161.8
164.5
2.7
5.52
Incl.
164.2
164.5
0.3
36.81
190
190.6
0.6
1.21
193.9
194.5
0.6
0.71
197.2
199
1.8
0.64
201.1
201.7
0.6
2.05
214
214.3
0.3
1.09
TUDDH-606
66.0
66.6
0.6
0.88
98.4
98.7
0.3
1.00
TUDDH-609
53.0
54.8
1.8
35.98
Incl.
53.9
54.2
0.3
194.0
Incl.
54.2
54.8
0.6
9.32
TUG-143
14.7
15.3
0.6
2.96
17.1
17.7
0.6
0.89
30.3
30.9
0.6
0.93
32.4
33.0
0.6
1.29
54.9
58.2
3.3
12.22
Incl.
54.9
55.5
0.6
32.08
Incl.
57
57.6
0.6
24.08
Incl.
57.6
58.2
0.6
8.82
60.9
61.2
0.3
17.23
66.6
67
0.4
2.26
67.8
68.4
0.6
1.24
71.1
73.2
2.1
0.86
74.4
74.7
0.3
7.19
80.4
80.7
0.3
2.2
89.4
89.7
0.3
8.48
TUG-144
6.9
8.4
1.5
6.82
Incl.
6.9
7.5
0.6
8.07
Incl.
7.5
7.8
0.3
9.77
10.5
12.0
1.5
9.33
Incl.
11.1
11.4
0.3
37.42
30.6
31.5
0.9
4.25
Incl.
30.6
31.2
0.6
5.77
43.5
43.8
0.3
0.9
45.6
45.9
0.3
0.9
51
51.6
0.6
0.95
52.8
54
1.2
2.03
64.2
66.6
2.4
0.81
68.4
69.9
1.5
3.93
Incl.
68.4
68.7
0.3
8.35
Incl.
69.6
69.9
0.3
11.08
75.3
76.2
0.9
1.83
77.7
78.3
0.6
0.78
84.3
86.7
2.4
1.52
93.9
95.1
1.2
8.3
Incl.
93.9
94.5
0.6
12.48
98.4
102.3
3.9
20.59
Incl.
98.4
99.9
1.5
52.89
which includes
98.4
98.7
0.3
11.35
and
99.0
99.3
0.3
171.5
and
99.6
99.9
0.3
79.18
103.8
106.8
3.0
4.76
Incl.
104.4
104.9
0.5
17.11
Incl.
105.3
105.9
0.6
5.80
115.5
115.8
0.3
0.64
119.1
121.5
2.4
1.46
TUG-146
3.3
3.6
0.3
3.86
10.8
11.4
0.6
1.73
12.9
13.5
0.6
6.30
38.4
39.3
0.9
5.48
Incl.
38.4
38.7
0.3
10.97
60.3
63.6
3.3
9.13
Incl.
60.3
60.9
0.6
44.85
68.4
70.8
2.4
1.41
97.5
102.6
5.1
8.15
which includes
99.3
101.7
1.8
19.70
Incl.
99.3
99.9
0.6
13.28
and
99.9
100.5
0.6
11.73
and
101.1
101.7
0.6
34.08
105
109.5
4.5
3.95
Incl.
106.5
107.1
0.6
8.29
Incl.
107.7
108
0.3
7.62
110.7
111
0.3
9.37
111.9
113.1
1.2
1.44
114.3
119.4
5.1
2.76
Incl.
115.5
115.8
0.3
8.27
144.3
145.2
0.9
5.59
Incl.
144.3
144.6
0.3
14.63
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
(TN)
TUDDH-589
1876513
3920435
348.5
266.6
-65
255
TUDDH-591
1876442
3920520
314.0
149.3
-65
297
TUDDH-592
1876513
3920435
348.6
221.6
-55
220
TUDDH-593
1876513
3920435
348.6
224.4
-45
220
TUDDH-594
1876527
3920502
309.6
239.3
-45
200
TUDDH-595
1876527
3920502
309.6
265.9
-56
225
TUDDH-596
1876442
3920520
314.0
132.0
-55
297
TUDDH-597
1876527
3920502
309.6
227.3
-42
200
TUDDH-598
1876527
3920502
309.6
296.3
-52
280
TUDDH-600
1876442
3920519
311.1
150.8
-71
251
TUDDH-602
1876530
3920503
309.8
251.4
-54
275
TUDDH-603
1876529
3920503
309.8
234.6
-40
290
TUDDH-604
1876529
3920503
309.9
212.4
-45
291
TUDDH-605
1876530
3920503
309.7
254.5
-57
288
TUDDH-606
1876442
3920519
311.1
142.5
-65
249
TUDDH-609
1876442
3920519
311.4
in progress
-54
250
TUG-142
3920486
1876411
102.0
85.8
-12
090
TUG-143
3920486
1876412
103.7
97.7
+30
087
TUG-144
3920486
1876411
101.3
156.3
-40
089
TUG-146
3920486
1876411
101.3
163.9
-45
089
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 analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed 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. For samples with multiple fire assay runs, the average of duplicate runs is presented. 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 analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
