Category: Lion One Metals

Lion One Discovers Broad Zone of Narrow Gold Lodes at Batiri Creek, Located 2km NE Adjacent to the Tuvatu Gold Mine in Fiji

Post author By admin
Post date November 15, 2022

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.

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Note: Tuvatu Mine and Batiri Creek prospect (location of Batiri Vein Complex, >2.0 km NE of Tuvatu)

Figure 2. Map showing surface channel sampling at Batiri Vein relative to the Tuvatu Gold Deposit

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Figure 3. Photograph and channel sampling results of “Batiri” Lode (channel CH3047-3048)

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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).

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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.

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About Tuvatu

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

Qualified Person

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

QAQC Procedures

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited

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

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

“Walter Berukoff“, Chairman and CEO

Contact Investor Relations

Toll Free (North America) Tel: 1-855-805-1250 Email: info@liononemetals.com

Website: www.liononemetals.com

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144280

Tags #InvestingInBatteryMetals, #JuniorMining, #MauriceJackson, #MilesFranklin, #PreciousMetals, #Tuvatu, #WalterBerukoff, LIO, Lion One Metals, maurice jackson, proven and probable, Quinton Hennigh

Junior Mining Lion One Metals Precious Metals

Lion One Intersects 17.52 g/t Gold over 23.7m in Deep Zone 500 Drilling at Tuvatu Alkaline Gold Project in Fiji

Post author By admin
Post date November 7, 2022

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).

These results are part of ongoing exploration, infill, and grade-control drill programs. They complement the excellent results obtained by both the metallurgical and infill drill programs completed earlier this year and reported on October 4, 2022 Lion One Drills Exceptional High-Grade Intersections as Part of Metallurgical Drill Program, and February 23, 2022 Lion One Reports Additional High-Grade Intercepts, Completes Phase 1 Infill Drill Program at Tuvatu. The additional results from this on-going program reported here will be applied to the ongoing remodeling of the Tuvatu orebody that will inform the resource update and PEA scheduled for Q1 2023.

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

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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.

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Figure 3: TUDDH 608. Visible gold at 571.5m. Grade: 17.03 g/t Au

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Figure 4: TUDDH 608. Mineralized Andesite core at 596.7-597.9m. Grade: 85.41 g/t Au over 1.2m

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Figure 5: TUDDH 608. Gold-bearing mm scale veins at 599.5m. Grade: 36.39 g/t Au

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Figure 6: TUDDH 608. Gold-bearing veins at 600.5m. Grade: 21.69 g/t Au

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Figure 7: TUDDH 608. Gold-bearing mm-scale veins at 600.8m. Grade: 13.54 g/t Au

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Figure 8: TUDDH 608. Visible gold at 602.6-603.0m within mm-scale vein. Grade: 80.02 g/t Au

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Figure 9: TUDDH 608. High-grade material hosted within mm-scale ladder vein at 606.5m. Grade: 54.54 g/t Au

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Figure 10: TUDDH 608. Visible gold in cut core. Grade: 45.02 g/t Au

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Qualified Person

QAQC Procedures

About Lion One Metals Limited

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

“Walter Berukoff“
Chairman and CEO

For further information
Contact Investor Relations

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143271

Tags #InvestingInCopper, #JuniorMining, #LIO, #LionOneMetals, #MauriceJackson, #ProvenAndProbable, #Tuvatu, #WalterBerukoff, Alkaline Deposit, Quinton Hennigh

Junior Mining Lion One Metals Precious Metals

Lion One Drills Exceptional High-Grade Intersections as Part of Metallurgical Drill Program

Post author By admin
Post date October 4, 2022

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.”

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2178/139412_3c08c4f0d449dba2_001.jpg

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.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/139412_3c08c4f0d449dba2_001full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2178/139412_3c08c4f0d449dba2_002.jpg

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.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/139412_3c08c4f0d449dba2_002full.jpg

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

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

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

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

Tags #JuniorMining, #MauriceJackson, #ProvenAndProbable

Energy Junior Mining Lion One Metals Precious Metals

Lion One Closes C$13.36 Million “Bought Deal” Public Offering of Units

Post author By admin
Post date September 28, 2022

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

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

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

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138668

Tags #JuniorMining, #LIO, #LionOneMetals, #MauriceJackson, #PreciousMetals, #ProvenAndProbable, #QuintonHennigh, #Tuvatu, #WalterBerukoff, maurice jackson, proven and probable

Junior Mining Lion One Metals Precious Metals

Lion One Announces C$12.5 Million ‘Bought Deal’ Public Offering Units

Post author By admin
Post date September 20, 2022

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

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

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

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

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

Tags #JuniorMining, #LIO, #MauriceJackson, #PreciousMetals, #ProvenAndProbable, #WalterBerukoff, LIO, Quinton Hennigh

Junior Mining Lion One Metals Precious Metals

Lion One Reports 19.60m at 21.16 G/t Au Including 16.20m at 25.28 G/t Au in Drillhole TUDDH-608, Expanding the TUG-141 High-Grade Zone at Tuvatu, Fiji

Post author By admin
Post date September 15, 2022

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.”

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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).

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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

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

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

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

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

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Tags #JuniorMining, #LIO, #MilesFranklin, #PreciousMetals, #ProvenAndProbable, #Tuvatu, #WalterBerukoff, Lion One Metals, maurice jackson, proven and probable, Quinton Hennigh

Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One Announces New High-Grade, Near-Surface Gold in Drill Results from Phase 2 Infill Program at Tuvatu, Fiji

Post author By admin
Post date September 8, 2022

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

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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).

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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.

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https://images.newsfilecorp.com/files/2178/136388_figure8.jpg

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136388

Tags #JuniorMining, #MauriceJackson, #MilesFranklin, #PreciousMetals, #ProvenAndProbable, #Tuvatu, #WalterBerukoff, LIO, Lion One Metals, Quinton Hennigh

Junior Mining Lion One Metals Precious Metals

Lion One Announces New Regional Gold Discovery 2km Northeast of Tuvatu

Post author By admin
Post date August 29, 2022

Batiri Creek Vein: Surface Channel Sample Returns 13.27 g/t Au over 4.0m

North Vancouver, British Columbia–(Newsfile Corp. – August 29, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce a new regional high grade gold discovery, the Batiri Creek Vein, located in the Navilawa Caldera 2 km northeast of the Company’s 100% owned, fully permitted Tuvatu Alkaline Gold Project in Fiji.

The Batiri Vein discovery is credited to the Lion One Fiji exploration team’s regional benching and surface sampling program targeting new gold bearing systems in under-explored regions peripheral to Tuvatu in the surrounding Navilawa Caldera.

The new structure is characterized by an intense zone of veining on a lithological contact between monzonite and andesite, with two significant N-S and NE-SW oriented structural intersections. The lithological contact and structural intersections observed in the Batiri Vein are comparable to the lithological contact and structural intersections observed from deep extensional drilling in the 500 Zone below the Tuvatu resource where Lion One recently reported the longest and highest-grade intercepts yet recovered at Tuvatu, including 20.86 g/t Au over 75.90m from TUG 141 (see NR dated June 6, 2022) and 12.22 g/t Au over 54.90m including 20.10m @ 23.03 g/t Au from TUDDH 601 (see NR dated Aug. 15, 2022).

Highlight intercepts from surface benching/channel sampling program include:

Surface Channel: Batiri Vein (CH3047-CH3048)

13.27g/t Au over 4.0m at surface including:
- 36.10 g/t Au over 1.0m and
- 17.91 g/t Au over 0.80m

https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Fiji%253BCompany%253BLion%253BGold%253BExploration_Team%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522062b90fc-e6b1-3cc2-9f8a-e0ee2c46d5bb%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Other results from the Batiri Vein include:

Channel CH2765 with 2.63g/t Au over 1.0m
Channel CH2834 with 3.32g/t Au over 0.3m
Channel CH2789 with 3.54g/t Au over 0.3m
Channel CH2946 with 3.42g/t Au over 0.4m
Channel CH3073 with 3.32g/t Au over 1.0m

Lion One is planning a regional drill program for the Batiri Vein target. The Company now has eight drill rigs, with the pending delivery of the latest two rigs expected around mid-September. The Company currently has two drilling programs underway, including Zone 5 infill drilling on the Tuvatu resource, and deep extensional drilling in Zone 500 below the Tuvatu resource. The Company has now drilled approximately 6,100 meters, about 75% of the planned infill drilling on Zone 5 and expects to announce the results from previously unreleased holes in the near future.

Lion One CEO Walter Berukoff further stated, “The new discovery at surface on the Batiri Vein is very encouraging and I congratulate the regional exploration team for their persistence. While the Tuvatu Gold Project is the core of our development, any new discoveries in the immediate vicinity potentially play a part in the development of a high-grade gold mine. We look forward to following this up with drilling in the near future.”

Figure 1. Photograph and channel sampling results of Batiri Vein (channel CH3047-3048)

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/135128_0f43ecec44429b03_001full.jpg

Channel ID	Sample ID	North	East	Azimuth	Dip	Interval (m)	Gold (g/t)
CH2765	TUS018561	3922198	1877370	90	0	1.00	2.63
CH2789	TUS018718	3922222	1877504	275	0	0.30	3.54
CH2834	TUS019089	3921956	1877605	160	30	0.30	3.32
CH3073	TUS020638	3922347	1878124	150	0	1.00	3.32
CH2946	TUS019741	3921886	1877731	130	0	0.40	3.42
CH3047/3048		3922281	1878078	120	0	4.00	13.67
including	TUS020444	3922281	1878078	120	0	1.00	36.10
	TUS020446			115	0	0.80	1.14
	TUS020447			115	0	0.80	17.91
	TUS020448			115	0	0.80	2.05

Table 1: Batiri Bench Channel Samples (Grid = Fiji Map Grid WGS72) Survey handheld GPS with accuracy +-8m. Pending survey pick up with differential GPS.

Figure 2. Map showing surface channel sampling at Batiri Vein relative to the Tuvatu Gold Deposit

To view an enhanced version of Table 2, please visit:
https://images.newsfilecorp.com/files/2178/135128_0f43ecec44429b03_002full.jpg

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 channel sampling, drilling, testing, and analyses. For Channel Sampling, Company geologists first map the bench, and then measure and mark-up sample intervals based on geological structure. 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

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135128

Tags #JuniorMining, #MauriceJackson, #ProvenAndProbable

Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One & the Curse of Rich Projects

Post author By admin
Post date August 19, 2022

Bob Moriarty
Archives
Aug 19, 2022

Lion One (LIO-V) came out with a press release in early June that shot the shares from $1.04 to $1.67 in less than a week. Obviously the results were excellent. Most of the people who read it appreciated it for what it was. One of the clowns who posts on CEO.CA maintained that the company was only finding high-grade but narrow intercepts and didn’t believe it could be put into production.

So I posted a piece on June 7th and showed Mr. Doom and Gloom a map of Fiji showing the seven million ounces of production from the Vatukoula gold mine only forty km to the North East. The deposits might as well be identical. Same age, same grades and thickness, same type deposit.

The uptick didn’t last long. The shares came off their high and dropped to a low of $1.17 in early July before climbing a little. Gold shares seem to have lost their luster. Right now it really looks like everyone hates gold and gold shares.

That is wonderful news for investors.

But first I want to talk about something that I have been tempted to discuss in one or more of the interviews I have been doing lately. It doesn’t have anything to do with investing but it’s a lifestyle change I learned almost fifty years ago when I worked at Electronic Data Systems. That’s the company that made Ross Perot a billionaire.

EDS made Perot a billionaire within two weeks of the company going public in 1968. He was the first of the billionaires created by taking a company public. When Perot took EDS public only three people made over $1 million. Perot, his secretary and his number 2 man. The company that created the largest number of millionaires was Microsoft. Anyone working there for over five years had picked up enough options by 2000 to be a millionaire. So Perot made the least number of rich employees and Bill Gates made the most.

Perot was a squid; he attended the Naval Academy and served as a line officer in the Navy before leaving the service and going to work with IBM in 1957 selling mainframe computers. In 1962 he formed EDS that made his fortune for him. Perot actually never operated a computer and never wrote a line of code. But he did understand the potential of the machine.

EDS hired me in 1971. We all went through training in Dallas before launching off to whatever contracts EDS had providing computer services. Perot came up with a lot of interesting approaches to life.

The most valuable to me was the concept of how to get a lot of things done. A lot of people who actually believe they are organized will make a list of things they want to do and figure out when it will be convenient to do them.

Don’t ever do things when they are convenient. You will never accomplish very much.

Do things when they are inconvenient.

And the more inconvenient the better. That sounds counter intuitive much like investing in stocks when people hate them but it actually works in real life in both cases.

You see, no matter what you want to do, a lot of the time, in fact most of the time; it’s just inconvenient to do something. There are a lot more inconvenient times to do things than convenient times. So you will accomplish a lot more by doing them when they are a pain in the ass to do. They might never become convenient.

Lion One announced another set of great assays at their Tuvatu Gold mine in Fiji on the 12th of August. Since then the shares have dropped 16%. That’s simply nuts or the assays did nothing more than create a liquidity event. Tuvatu is 100% owned with no NSR.

Lion One came out with a 43-101 back in June of 2014 showing slightly over 910,000 ounces of gold at a 1.0-gram cutoff. They have done a lot of drilling and intercepts since. Remember their neighbor 40 km away has already produced seven million ounces of gold and has another four million identified.

But rich projects require a lot of money and a lot of time to advance. Lion One is drilling for expansion of their resource at the same time they are doing mine planning for their mill scheduled to be into production in Q4 of 2023.

Lion One is my biggest single position. I have an average cost of $1.18 and as of today it trades at $1.16. But I only know half a dozen stocks that have the market cap potential of Lion One and it is by far the cheapest in relative terms. The company has excellent management and technical team. They have their own lab on site supporting the six drill rigs turning.

Lion One is an advertiser. I am a shareholder and just as biased as I can be so do your own due diligence.

Lion One Metals
LIO-V $1.16 (Aug 18, 2022)
LOMLF OTCQX 156.4 million shares
Lion One website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Tags #321Gold, #BobMoriarty, #JuniorMining, #LionOneMetals, #MauriceJackson, #ProvenAndProbable, #QuintonHennigh, #WalterBerukoff, LIO

Energy Junior Mining Lion One Metals Precious Metals

Lion One Confirms High-Grade Gold Feeder Zone at Tuvatu, Fiji with TUDDH-601 Returning 54.9m of 12.22 g/t Au Including 20.10m of 23.03 g/t Au

Post author By admin
Post date August 15, 2022

North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from ongoing follow-up drilling to the previously reported high-grade intercept of 75.90m of 20.86 g/t Au in TUG-141 (June 6, 2022 NR), at its Tuvatu Alkaline Gold Project in Fiji.

Results for the first two diamond drill holes carried out as follow-up drilling from the significant new feeder zone mineralization in TUG-141 and reported on June 6, 2022 have been received and compiled. TUDDH-601 was drilled from surface at -85° and was designed to further test the high-grade zone encountered in TUG-141, and TUG-145 was drilled from the same underground collar location as TUG-141, collared at 3° steeper, and designed to test directly below the TUG-141 drill trace (Figure 1). TUG-145 drifted to the west and lifted more than expected.

Highlight intercepts from holes TUDDH-601 and TUG-145 include:

TUDDH-601

26.20 g/t Au over 1.20m from 165.7-166.9m;
115.42 g/t Au over 1.80m from 252.4-254.2m;
12.22 g/t Au over 54.90m from 576.1-631.0m, including
– 23.02 g/t Au over 20.10m from 576.1-596.2m, which includes 29.24 g/t Au over 15.6m;
– 8.09 g/t Au over 20.70m from 602.5-623.2m, which includes 9.25 g/t Au over 7.80m and 15.03 g/t Au over 5.40m

TUG-145

6.72 g/t Au over 15.30m from 110.4-125.7m, including
– 41.16 g/t Au over 1.20m from 117.3-118.5m;
20.38 g/t Au over 0.90m from 278.7-279.6m;
28.68 g/t Au over 1.80m from 305.4-307.2m;
4.69 g/t Au over 10.20m from 357.9-368.1m, including
– 9.58 g/t Au over 1.20m from 358.8-360.0m,
– 6.99 g/t Au over 1.20m 362.1-363.3m, and
– 8.41 g/t Au over 1.50m from 363.9-365.4m
17.80 g/t Au over 0.30m from 405.9-406.2m;
8.73 g/t Au over 6.00m from 424.2-430.2, including
– 31.94 g/t Au over 1.20m from 426.3-427.5m
18.15 g/t Au over 0.60m from 598.5-599.1m

TUDDH-601 drilled from surface, was a near-vertical drill test of the high-grade gold zone encountered by TUG-141. TUDDH-601 is estimated to have drilled to within <2m of TUG-141. This test indicates that high-grade mineralization corresponding to that in TUG-141 is indeed hosted primarily by altered andesite rather than adjacent monzonite. High-grade mineralization, 54.9m of 12.22 g/t Au, was first intersected at a downhole depth of 576.1m continuing virtually uninterrupted to a downhole depth of 631.0m (Figure 2). Only one low-grade interval, hosted by monzonite and measuring 6.3m long was intersected. Above this low-grade interval, 23.02 g/t Au over 20.1m was encountered including 29.24 g/t Au over 15.60m, and below, 8.09 g/t Au over 20.7m, including 15.03 g/t Au over 5.40m and 9.25 g/t Au over 7.80m, respectively (Figure 3).

TUG-145 represented an inclined hole 3° steeper than TUG-141, drilled from the same underground collar location (Table 2 below). The hole drifted west and lifted such that the effective distance between TUG-141 and TUG-145 was approximately 21m at the 600m depth mark, with TUG-145 west of TUG-141. While TUG-141 drilled out of the less favourable monzonite and into the favourable andesite at approximately 390m depth, TUG-145 remained in monzonite until a depth of approximately 600m, indicating a southward shift of this lithological contact at this location, as illustrated schematically in Figure 4. It is thought that the monzonite to andesite contact recorded by TUG-141, is shifted south along a N-S structure, likely UR1, and that the high-grade continuous mineralization recorded by TUG-141 is largely focussed on the andesite side (east side) of this contact. Therefore, Lion One believes that the lithological contact between monzonite and andesite forms a primary control on high-grade mineralization at this location, and that the projection of this contact to depth as well as along strike, represents a first-order target for further follow-up drilling.

The next two planned follow up holes to TUG-141 are shown on Figure 5 below. One hole from surface, already underway as TUDDH-608, was collared at a planned azimuth of N089° and dip of -65°, targeting the high-grade intercept in TUG-141, and a second hole will collar from underground, approximately 180m further south along the decline from the TUG-141 and 145 collars, and target the same high-grade intercept at a planned azimuth of N139° and dip of -66°. The combination of these two holes should provide good information on the potential width and possible down plunge extent of the TUG-141/TUDDH-601 high-grade zone, which should allow for a realistic estimate of the volume, and hence contained Au ounces, in this zone. Additional follow-up holes are being planned as well.

Lion One technical advisor Quinton Hennigh stated, “As we drill more, the geologic setting of this important feeder zone is coming into clarity. It occurs at a major structural intersection where the north-south-trending UR1 & 2 lodes meet the northeast-trending UR4 & 5 lodes. Importantly, high-grade mineralization appears to be focussed within andesite host rocks just outboard from the contact with less favourable monzonite. With this understanding, we believe that further high-grade can be pursued along this contact at depth. The team is currently lining up more holes to test this extension.”

Lion One CEO Walter Berukoff further stated, “The spectacular discovery previously announced as the result of drilling hole TUG-141 has been confirmed by follow-up drilling in hole TUDDH-601. The positive confirmation of the longest high-grade intercept yet recorded at Tuvatu gives us further confidence that we are just now beginning to unlock the true potential of the 500 Zone high-grade feeder. The persistent success of our systematic drilling programs at Tuvatu underscores the significance of Tuvatu as a potentially multi-million ounce, world-class high-grade Au deposit.”

Figure 1. Image from Leapfrog software showing the modeled lodes representing the Tuvatu resource in semi-transparent gray with the traces of drill holes TUG-141, TUG-145 drilled from the same location along the exploration decline, and TUDDH-601 drilled at a dip of -85° from surface. Lower image overlays the mineralized intervals as colored discs that reflect grade (see Figure 3 caption for grade scale).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133850_lionone_fig1.png

Figure 2. A) TUDDH-601 at 579.7m showing pervasively altered andesite grading 142.33 g/t Au; B) close-up of photo A; C) TUDDH-601 at 580.0m grading 108.99 g/t Au; D) close-up of photo C.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133850_lionone_fig2.png

Figure 2 contd. E) TUDDH-601 at 580.2m qtz-py hydrothermal bx vein grading 140.99 g/t Au; F) close-up of photo A; G) TUDDH-601 at 583.5m showing hydrofractured qtz-py vein grading 4.73 g/t Au; H) TUDDH-601 at 593.9m showing coarse visible gold in qtz-py veining grading 230.37 g/t Au.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133850_lionone_fig2cont.png

Figure 2 contd. I) TUDDH-601 at 592.2m showing very fine py-VG veins in pervasively altered andesite grading 33.77 g/t Au; J) close-up of photo I; K) TUDDH-601 at 609.0m qtz-py-roscoelite vein grading 10.49 g/t Au; L) TUDDH-601 at 610.8m qtz-py vein grading 20.31 g/t Au.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133850_lionone_fig2cont2.png

Figure 2 contd. M) TUDDH-601 monzonite-andesite contact at 617.0m grading 5.48 g/t Au; N) TUDDH-601 at 617.8m qtz-py vein in bleached andesite grading 11.67 g/t Au; O) TUDDH-601 at 621.5m qtz-py vein in bleached andesite grading 2.54 g/t Au; P) TUDDH-601 at 628.3m qtz-py vein in sercitized andesite grading 20.14 g/t Au.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133850_lionone_fig2cont3.png

Figure 3. Vertical section looking West of the mineralized intervals in TUG-141 and TUDDH-601 that were drilled in essentially the same plane. Grades in ppm Au shown as colored discs are as follows: 0.1-0.2, blue; 0.2-0.3, light blue; 0.3-0.5, green; 0.5-1.0, yellow; 1-3, orange; 3-10, red; >10, fuschia.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133850_1ce6c2b80467589e_063full.jpg

Figure 4. Schematic diagram of a horizontal plan at approximately RL= -260m illustrating the interpreted interplay between mineralized lodes and lithologic contact between monzonite (pink) and andesite (green), in the area of the TUG-141 high-grade discovery. The NE-trending monzonite-andesite contact is shifted to the south along UR1 at the location of the mineralization intersected by drill holes TUG-141 and TUDDH-601. Lodes UR1-UR2 pair appears to merge together at depth, with the NS-oriented lodes intersected by the NE-SW UR4 lode.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133850_1ce6c2b80467589e_064full.jpg

Figure 5. Figure looking North and down 45° showing the next two planned drill holes (yellow) testing the high-grade zone discovery of TUG-141. Planned hole 1 from surface which has started drilling as TUDDH-608 will test the width of the zone; planned hole 2 from the underground decline is scheduled to begin drilling soon and will test for possible down plunge extent.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133850_1ce6c2b80467589e_065full.jpg

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 (m)	Grade (g/t Au)
TUDDH-601	165.7	166.9	1.2	26.20
Incl.	165.7	166.3	0.6	13.38
Incl.	166.3	166.9	0.6	39.01
	168.1	171.7	3.6	1.00
	190.3	190.6	0.3	4.21
	252.4	254.2	1.8	115.42
Incl.	252.4	252.7	0.3	26.29
Incl.	252.7	253.3	0.6	159.98
	284.8	286.3	1.5	2.37
	362.8	363.4	0.6	1.61
	474.1	474.4	0.6	7.29
Incl.	474.1	474.4	0.3	5.88
Incl.	474.4	474.7	0.3	8.69
	569.8	570.4	0.6	1.49
	576.1	596.2	20.1	23.02
Incl.	579.4	579.7	0.3	142.60
Incl.	579.7	580.0	0.3	109.00
Incl.	580.0	580.3	0.3	140.90
Incl.	580.3	580.6	0.3	263.40
Incl.	580.6	580.9	0.3	74.33
Incl.	580.9	581.2	0.3	25.89
Incl.	581.8	582.4	0.6	18.52
Incl.	583.9	584.2	0.3	5.03
Incl.	585.7	586.3	0.6	9.59
Incl.	586.3	586.6	0.3	9.43
Incl.	586.6	586.9	0.3	15.49
Incl.	586.9	587.2	0.3	18.06
Incl.	587.2	587.8	0.6	5.35
Incl.	588.1	588.7	0.6	39.23
Incl.	588.7	589.0	0.3	7.13
Incl.	589.0	589.6	0.6	26.15
Incl.	591.4	592.0	0.6	10.80
Incl.	592.0	592.6	0.6	33.77
Incl.	592.6	593.2	0.6	10.94
Incl.	593.2	593.5	0.3	28.67
Incl.	593.5	593.8	0.3	32.64
Incl.	593.8	594.1	0.3	230.40
Incl.	594.4	594.7	0.3	18.26
Incl.	594.7	595.0	0.3	50.32
	598.0	600.7	2.7	0.50
	602.5	623.2	20.7	8.09
Incl.	603.1	603.7	0.6	21.52
Incl.	603.7	604.3	0.6	9.40
Incl.	606.1	606.7	0.6	20.45
Incl.	606.7	607.3	0.6	10.48
Incl.	607.3	607.9	0.6	19.67
Incl.	608.5	608.8	0.3	20.64
Incl.	608.8	609.4	0.6	10.49
Incl.	609.4	609.7	0.3	5.74
Incl.	610.6	610.9	0.3	20.31
Incl.	612.7	613.0	0.3	19.61
Incl.	613.0	613.3	0.3	120.91
Incl.	613.6	613.9	0.3	7.67
Incl.	613.9	614.2	0.3	12.69
Incl.	614.2	614.8	0.6	12.29
Incl.	615.1	615.7	0.6	11.67
Incl.	615.7	616.3	0.6	9.65
Incl.	616.9	617.5	0.6	5.48
Incl.	617.5	618.1	0.6	11.67
Incl.	620.8	621.1	0.3	5.14
	625.9	631.0	5.1	8.37
Incl.	626.8	627.1	0.3	10.01
Incl.	627.7	628.3	0.6	20.14
Incl.	629.5	629.8	0.3	18.01
Incl.	630.1	630.7	0.6	24.08
	632.2	632.5	0.3	0.62
	639.1	640.6	1.5	0.58
	842	842.3	0.3	0.50

TUG-145	110.4	125.7	15.3	6.72
Incl.	110.4	110.7	0.3	18.77
Incl.	110.7	111.0	0.3	6.76
Incl.	111.9	112.2	0.3	6.30
Incl.	112.2	112.5	0.3	11.30
Incl.	115.5	115.8	0.3	6.91
Incl.	115.8	116.1	0.3	6.36
Incl.	117.3	117.6	0.3	40.73
Incl.	117.6	117.9	0.3	89.51
Incl.	117.9	118.2	0.3	9.80
Incl.	118.2	118.5	0.3	28.45
Incl.	120.3	120.6	0.3	7.77
Incl.	120.6	120.9	0.3	5.01
Incl.	120.9	121.2	0.3	8.62
Incl.	121.2	121.5	0.3	5.17
Incl.	121.5	121.8	0.3	13.73
Incl.	125.1	125.4	0.3	10.43
	237.6	239.1	1.5	1.36
	262.8	263.4	0.6	3.31
Incl.	262.8	263.4	0.3	5.01
	278.7	279.6	0.9	20.38
Incl.	278.7	279.0	0.3	24.16
Incl.	279.0	279.3	0.3	35.33
	305.4	307.2	1.8	28.68
Incl.	305.4	305.7	0.3	150.76
Incl.	305.7	306.0	0.3	11.51
	357.9	368.1	10.2	4.69
Incl.	358.8	359.1	0.3	6.25
Incl.	359.1	359.4	0.3	19.46
Incl.	359.4	359.7	0.3	9.21
Incl.	360.6	360.9	0.3	5.42
Incl.	361.8	362.1	0.3	5.75
Incl.	362.1	362.4	0.3	9.15
Incl.	362.4	362.7	0.3	9.83
Incl.	363.0	363.3	0.3	7.28
Incl.	363.9	364.2	0.3	14.47
Incl.	365.1	365.4	0.3	22.39
Incl.	366.6	366.9	0.3	6.03
Incl.	367.2	367.5	0.3	11.42
	373.5	374.1	0.6	0.57
	375.3	376.8	1.5	0.83
	378.6	378.9	0.3	2.05
	380.4	381.3	0.9	1.53
	387.9	388.5	0.6	1.30
	405.9	406.2	0.3	17.8
	424.2	430.2	6.0	8.73
Incl.	424.5	424.8	0.3	5.83
Incl.	425.7	426.0	0.3	8.23
Incl.	426.0	426.3	0.3	5.26
Incl.	426.3	426.6	0.3	10.37
Incl.	426.6	426.9	0.3	34.48
Incl.	426.9	427.2	0.3	76.12
Incl.	427.2	427.5	0.3	6.81
Incl.	429.9	430.2	0.3	11.61
	452.7	453.0	0.3	1.08
	598.5	599.1	0.6	18.15
Incl.	598.5	598.8	0.3	33.68
	600.6	600.9	0.3	0.91

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-601	3920444	1876508	347.9	878.9	-85	061
TUG-141	3920759	1876459	139.2	675.0	-55	162
TUG-145	3920759	1876459	139.1	692.1	-58	161
TUDDH-608	3920472	1876281	286.4	800 planned	-65	089
planned hole 2	3920582	1876435	118.0	500 planned	-66	139

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

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133850

Tags #JuniorMining, #MauriceJackson, #ProvenAndProbable, #QuintonHennigh, #Tuvatu, #WalterBerukoff, LIO

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Category: Lion One Metals

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Lion One Drills Exceptional High-Grade Intersections as Part of Metallurgical Drill Program

Lion One Closes C$13.36 Million “Bought Deal” Public Offering of Units

Lion One Announces C$12.5 Million ‘Bought Deal’ Public Offering Units

Lion One Reports 19.60m at 21.16 G/t Au Including 16.20m at 25.28 G/t Au in Drillhole TUDDH-608, Expanding the TUG-141 High-Grade Zone at Tuvatu, Fiji

Lion One Announces New High-Grade, Near-Surface Gold in Drill Results from Phase 2 Infill Program at Tuvatu, Fiji

Lion One Announces New Regional Gold Discovery 2km Northeast of Tuvatu

Lion One & the Curse of Rich Projects

Lion One Confirms High-Grade Gold Feeder Zone at Tuvatu, Fiji with TUDDH-601 Returning 54.9m of 12.22 g/t Au Including 20.10m of 23.03 g/t Au

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