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Lion One Announces Purchase of 2 Additional Drill Rigs and Doubles the Sampling Capacity of Its Assay Lab at Tuvatu, Fiji

Post author By admin
Post date March 1, 2022

North Vancouver, British Columbia–(Newsfile Corp. – March 1, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce plans to expand its drilling and sampling capacity through the purchase of two additional drill rigs and expansion of its laboratory serving the Company’s fully permitted high grade Tuvatu Alkaline Gold Project in Fiji.

TWO NEW DEEP CAPACITY RIGS PURCHASED FOR TOTAL OF 8 DRILL RIGS IN TUVATU FLEET
CAPACITY OF LION ONE LABORATORY TO EXCEED 12,000 SAMPLES PER MONTH

Lion One’s Senior Vice-President Exploration Sergio Cattalani commented, “Our best performing rigs have been two Canadian-made rigs, readily convertible from electric to diesel powerpacks, delivering an enviable average combined, drilling production rate of approx. ~CAD$43 per meter, exclusive of analytical cost.”

Phase 2 of the infill drilling program now underway will keep 3 rigs busy for the remainder of the 2022 exploration season. Ongoing deep target testing at Tuvatu will continue to rely on at least one surface and one underground rig, and with the dry season around the corner, some rig capacity will be required for testing of regional targets. Access to two additional rigs will provide the project with complete flexibility to deploy these high-performance rigs both underground and on surface, either at Tuvatu or on regional targets, or both, as required by our aggressive exploration and infill drill programs. Delivery is expected to take approximately 12 weeks.

The Company is also pleased to announce that the on-site analytical laboratory will be expanded to better meet its combined exploration drilling and underground development needs moving forward. The lab expansion will consist of new furnaces, including one additional 50 X 7A electrical cupellation furnace, an LPG-fuelled fusion furnace, a new 50-pot pouring system, and a new sample drying oven. Modifications to the lab itself include the addition of an LPG tank, construction of a concrete plinth and installation of underground gas lines, as well as various electrical upgrades, galvanized ducting, range hood and final installation and testing of all new equipment.

Prior to the projected expansion, the lab was operating on two 8-hour shifts, on a 5-days per week basis. An incremental expansion beginning with the sample preparation sector of the laboratory has been ongoing for the last several weeks, adding staff as required to move to 24-hour/day operation. The proposed full expansion will affect both the sample preparation and the analytical phases, aiming to ultimately operate both sectors of the laboratory on a 3-shift, 24/7 basis.

The projected increase in sample throughput of this expansion is 8400 samples/month in sample preparation, which represents a >260% increase from the 3200 samples/month throughput prior to expansion. In the analytical sector, the increase in sample throughput following the deployment of new 60 pot furnaces and a 24/7 operational basis is expected to yield an estimated 12,600 samples/month, representing a 315% increase over the 4000 samples/month throughput prior to expansion. Installation and commissioning of all new equipment and a full expansion of the laboratory to full-time 24/7 operation is expected to be completed by late March 2022.

Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).

About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA,” dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About 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 volcanic edifice of alkaline affinity. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115194

Lion One Metals Precious Metals

Lion One Reports Additional High Grade Intercepts, Completes Phase 1 Infill Drill Program at Tuvatu, Fiji

Post author By admin
Post date February 23, 2022

North Vancouver, British Columbia–(Newsfile Corp. – February 23, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is very pleased to announce additional results from its recently completed Phase 1 infill drill program on the Zone 2 portion of the Tuvatu high-grade alkaline Au deposit located on the island of Viti Levu in Fiji. The infill program began in June, 2021 and was completed last week with the termination of hole TUDDH576, bringing the total drilled to 7475.2m and total drill core resampled to 955.4m, for a program total of 8430.6m.

– 7475m of drilling completed in 42 holes and 955m of resampling of 28 historic drillholes as part of Phase 1 infill program

Top Intercepts from Latest Infill Drilling Include

77.11 g/t Au over 3.90m from 30.8-34.7m, inc. 162.22 g/t Au over 1.8m from TUDDH 571
12.56 g/t Au over 7.80m from 87.1-94.9m, inc. 54.43 g/t Au over 1.2m from TUDDH 572
16.08 g/t Au over 7.80m from 30.1-37.9m, inc. 62.22 g/t Au over 1.8m from TUDDH 573
15.10 g/t Au over 3.60m from 121.1-124.7m, inc. 95.06 g/t Au over 0.3m from TUDDH 575

Infill Drilling Program

The consistent bonanza-grade results from many of the drill holes that are part of the Phase 1 infill drill program continue to suggest higher-than-expected continuity of high-grade mineralization as well as higher absolute grades between modelled lodes (Figure 1, Table 1). Analysis of historic drill core material to eliminate sample gaps in areas where the current resource model lacked adequate data density has also yielded positive results, and in several instances, gold grades well above the resource average (Table 2). These factors should result in additional ounces in the portion of the deposit earmarked for earliest production. The re-modelling of Zone 2 lodes will begin as soon as all new data has been received and compiled and all holes have been properly surveyed.

The next (Phase 2) infill program planned for ~5000m of diamond drilling from surface and ~2500m of grade control diamond drilling from underground is aimed at upgrading the resource database in Zone 5 which is scheduled for production within the initial 3 years of operation. This second infill drill program began February 17, 2022 with drill hole TUDDH577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.

Highlights from Latest Phase 1 Infill Drilling Results

TUDDH570

16.13 g/t Au over 0.5m from 132.1-132.6m
39.36 g/t Au over 0.3m from 142.0-142.3m
8.99 g/t Au over 3.6m from 154.0-157.6m, including

11.79 g/t Au over 0.9m from 155.2-156.1m,

30.28 g/t Au over 0.6m from 157.0-157.6m,

TUDDH571

77.11 g/t Au over 3.90m from 30.8-34.7m, including

162.22 g/t Au over 1.8m from 30.8-32.6m, which includes

179.0 g/t Au over 0.3m from 30.8-31.1, and

61.86 g/t Au over 0.3m from 31.1-31.4m, and

210.3 g/t Au over 0.3m from 31.4-31.7m, and

190.0 g/t Au over 0.3m from 31.7-32.0m, and

261.0 g/t Au over 0.3m from 32.0-32.3m, and

71.13 g/t Au over 0.3m from 32.3-32.6m, and including

16.96 g/t Au over 0.3m from 34.4-34.7m

TUDDH572

12.56 g/t Au over 7.80m from 87.1-94.9m, including

54.43 g/t Au over 1.2m from 87.1-88.3m, which includes

19.67 g/t Au over 0.3m from 87.1-87.4m, and also includes

196.0 g/t Au over 0.3m from 88.0-88.3m, and also includes

16.04 g/t Au over 1.5m from 89.8-91.3m, which includes

34.92 g/t Au over 0.6m from 89.8-90.4m

26.19 g/t Au over 0.6m from 105.1-105.7m, including

21.39 g/t Au over 0.3m from 105.1-105.4m, and

30.97 g/t au over 0.3m from 105.4-105.7m

TUDDH573

9.98 g/t Au over 1.60m from 27.5-29.1m, including

16.54 g/t Au over 0.9m from 27.5-28.4m, which includes

31.58 g/t Au over 0.3m from 27.8-28.1m

16.08 g/t Au over 7.80m from 30.1-37.9m, including

62.22 g/t Au over 1.8m from 35.5-37.3m, which includes

89.02 g/t Au over 0.3m from 35.5-35.8m, and

52.18 g/t Au over 0.3m from 35.8-36.1m, and

201.0 g/t Au over 0.3m from 36.1-36.4m

10.70 g/t Au over 0.6m from 269.9-270.5m, including

15.41 g/t Au over 0.3m from 269.9-270.2m

TUDDH574

11.19 g/t Au over 0.3m from 81.2-81.5m
29.53 g/t Au over 0.9m from 106.1-107.0m, including

21.11 g/t Au over 0.3m from 106.1-106.4m, and

33.74 g/t Au over 0.6m from 106.4-107.0m

TUDDH575

12.07 g/t Au over 0.3m from 77.3-77.6m
16.11 g/t Au over 0.6m from 109.7-110.3m, including

26.24 g/t Au over 0.3m from 110.0-110.3m

5.99 g/t Au over 10.50m from 114.2-124.7m, including

18.53 g/t Au over 1.80m from 119.6-121.4m, and

15.10 g/t Au over 3.60m from 121.1-124.7m, which include

95.06 g/t Au over 0.3m from 121.1-121.4m, and

55.71 g/t Au over 0.3m from 124.4-124.7m

Figure1: Schematic vertical section showing selected infill drilling, Tuvatu. Some of the drillholes shown are off section (e.g. TUDDH571 is N of section, and TUDDH 568 is S of section) and are projected onto the section for clarity.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2178/114492_f9f1259c345cc90f_001full.jpg

Table 1: Drilling Intervals >0.5 g/t Au Reported (intervals > 3.0 g/t Au cutoff and wider than 2.0m are bolded)

Hole ID	From (m)	To (m)	Interval (m)	Grade (g/t Au)
TUDDH-567	62.9	65.8	2.9	2.13
including	64.1	64.4	0.3	7.85
	67.0	67.6	0.6	0.5
	69.4	70.0	0.6	1.49
	72.1	72.8	0.7	2.25
	78.3	78.6	0.3	0.76
	79.9	84.8	4.9	1.59
including	83.5	83.8	0.3	5.03
	88.1	92.2	4.1	0.89
	93.4	97.3	3.9	0.62
	103.1	103.7	0.6	1.13
	106.1	107.3	1.2	2.32
	110.0	112.5	2.5	6.09
including	111.9	112.5	0.6	21.28
	115.3	116.2	0.9	5.43
	136.1	137.3	1.2	2.87
TUDDH-568	no significant results
TUDDH-569	58.3	59.2	0.9	6.12
including	58.8	59.2	0.4	8.9
	78.4	78.7	0.3	1.78
	82.0	82.6	0.6	0.93
	93.1	93.7	0.6	6.79
	101.8	103.0	1.2	0.96
	105.4	106.9	1.5	0.82
	132.4	134.4	2.0	3.64
including	133.6	134	0.4	15.78
	155.9	156.3	0.4	1.32
TUDDH-570	33.5	35.2	1.7	1.71
	39.7	40.4	0.7	12.78
	41.6	42.2	0.6	2.53
	46.0	49.9	3.9	1.41
	53.5	56.4	2.9	0.89
	60.3	60.9	0.6	0.95
	65.4	66.0	0.6	1
	72.7	73.3	0.6	3.51
	84.4	84.7	0.3	3.29
	88.1	90.5	2.4	0.72
	91.7	95.8	4.1	1.35
	99.3	99.6	0.3	0.68
	102.6	104.4	1.8	1.21
	107.0	114.7	7.7	4.09
including	110.1	110.8	0.7	15.96
including	111.1	111.7	0.6	6.87
also including	113.8	114.7	0.9	6.26
	115.9	117	1.1	3.41
	118.8	121.3	2.5	4.8
including	118.8	119.1	0.8	13.17
which also includes	119.1	119.6	0.5	15.87
	130.0	132.6	2.6	6.4
including	130.0	130.9	0.9	9.3
including	132.1	132.6	0.5	16.13
	135.6	136.5	0.9	0.86
	137.7	143.5	5.8	3.13
including	142.0	142.3	0.3	39.36
	147.5	149.3	1.8	0.77
	151.4	152.3	0.9	2.62
including	151.4	151.7	0.3	5.54
	154.0	157.6	3.6	8.99
including	154.0	154.3	0.3	7.3
and including	155.2	156.1	0.9	11.79
which also includes	157.0	157.6	0.6	30.28
	161.5	163.6	2.1	4.38
including	161.5	162.1	0.6	7.49
including	162.7	163.0	0.3	9.59
	165.1	166.3	1.2	1.44
TUDDH-571	30.8	34.7	3.9	77.11
including	30.8	32.6	1.8	162.22
including	30.8	31.1	0.3	179.0
including	31.1	31.4	0.3	61.86
including	31.4	31.7	0.3	210.3
including	31.7	32.0	0.3	190.0
including	32.0	32.3	0.3	261.0
including	32.3	32.6	0.3	71.13
including	34.4	34.7	0.3	16.96
	75.5	76.1	0.6	0.64
TUDDH-572	29.8	30.4	0.6	0.85
	35.5	36.1	0.6	5.1
	37.3	42.4	5.1	0.58
	44.2	47.2	3	4.94
including	44.2	45.4	1.2	8.04
which includes	44.2	44.5	0.3	20.4
	48.4	49.6	1.2	0.61
	63.4	63.7	0.3	2.75
	66.1	67.3	1.2	0.55
	73.6	75.4	1.8	1.13
	82.6	83.2	0.6	5.66
including	82.6	82.9	0.3	7.85
	85.0	85.3	0.3	6.78
	87.1	94.9	7.8	12.56
including	87.1	88.3	1.2	54.43
which includes	87.1	87.4	0.3	19.67
and	88.0	88.3	0.3	196.0
and also includes	89.8	91.3	1.5	16.04
which includes	89.8	90.4	0.6	34.92
	103.3	106.6	3.3	5.86
including	105.1	105.7	0.6	26.18
which includes	105.1	105.4	0.3	21.39
and includes	105.4	105.7	0.3	30.97
	121.9	122.2	0.3	0.51
	128.2	128.5	0.3	0.5
TUDDH-573	7.4	8.3	0.9	0.7
	10.2	10.5	0.3	2.44
	12.6	16.55	3.95	0.62
	23.0	23.3	0.3	0.52
	27.5	29.1	1.6	9.98
including	27.5	28.4	0.9	16.54
which also includes	27.8	28.1	0.3	31.58
	30.1	37.9	7.8	16.08
including	35.5	37.3	1.8	62.22
including	35.5	35.8	0.3	89.02
including	35.8	36.1	0.3	52.18
which also includes	36.1	36.4	0.3	201.0
	41.5	43.0	1.5	5.05
including	41.5	41.8	0.3	8.86
	51.7	52	0.3	2.14
	58.7	59.9	1.2	1.62
	185.3	185.6	0.3	6.68
	205.4	206.9	1.5	4.06
including	206.6	206.9	0.3	9.2
	216.5	217.4	0.9	0.8
	225.5	225.8	0.3	6.34
	249.0	249.3	0.3	2.06
	269.9	271.7	1.8	4.23
including	269.9	270.5	0.6	10.7
which includes	269.9	270.2	0.3	15.41
TUDDH-574	23.3	24.2	0.9	0.58
	41.0	43.7	2.7	1.66
	49.1	50.6	1.5	2.62
	59.3	59.6	0.3	1.33
	70.1	71.3	1.2	2.78
	81.2	81.5	0.3	11.19
	92.9	93.2	0.3	3.69
	106.1	107.0	0.9	29.53
including	106.1	106.4	0.3	21.11
and	106.4	107.0	0.6	33.74
TUDDH-575	32.3	32.6	0.3	0.66
	33.8	34.1	0.3	0.76
	41.9	44.3	2.4	1.29
including	41.9	42.2	0.3	4.74
and	42.5	43.1	0.6	0.56
and	43.4	43.7	0.3	0.62
and	44.0	44.3	0.3	0.75
	46.4	47.0	0.6	0.68
	48.2	48.5	0.3	0.55
	66.5	67.1	0.6	0.53
	77.0	79.1	2.1	2.18
including	77.0	77.3	0.3	0.57
and	77.3	77.6	0.3	12.07
	78.5	78.8	0.3	1.00
	78.8	79.1	0.3	0.83
	83.6	83.9	0.3	3.30
	85.1	86.3	1.2	1.63
	90.2	90.5	0.3	1.19
	99.2	99.8	0.6	0.79
	106.1	107.0	0.9	3.42
including	106.1	106.4	0.3	4.08
and	106.4	106.7	0.3	1.93
and	106.7	107.0	0.3	4.24
	109.1	110.3	1.2	8.39
including	109.1	109.4	0.3	0.54
and	109.4	109.7	0.3	0.79
and	109.7	110.0	0.3	5.97
and	110.0	110.3	0.3	26.24
	114.2	124.7	10.5	5.98
including	114.2	114.5	0.3	1.32
and	115.4	115.7	0.3	4.35
and	116.0	116.3	0.3	0.50
and	117.2	117.5	0.3	1.08
and	117.5	117.8	0.3	3.30
and	118.7	119.0	0.3	0.52
and	119.6	121.4	1.8	18.53
which includes	119.6	119.9	0.3	6.94
and includes	119.9	120.2	0.3	4.59
and includes	120.2	120.5	0.3	4.45
and includes	121.1	121.4	0.3	95.06
or	121.1	124.7	3.6	15.1
which includes	121.1	121.4	0.3	95.06
and includes	121.7	122.0	0.3	0.57
and includes	122.0	123.2	1.2	2.77
and includes	123.2	123.5	0.3	3.05
and includes	123.5	123.8	0.3	0.73
and includes	123.8	124.4	0.6	7.47
and includes	124.4	124.7	0.3	55.71
	129.5	131.3	1.8	1.21
including	129.5	130.1	0.6	2.81
and	131.0	131.3	0.3	0.67
	132.5	132.8	0.3	4.97
	135.5	135.8	0.3	0.93
	137.6	137.9	0.3	1.41
	143.3	144.5	1.2	1.59
including	143.3	143.6	0.3	1.05
and	143.6	144.2	0.6	1.97
and	144.2	144.5	0.3	1.35
	162.2	162.5	0.3	1.45
TUDDH-576	22.9	23.5	0.6	1.49
	25.0	25.6	0.6	0.63
	29.2	29.5	0.3	1.1
	36.7	38.5	1.8	8.25
including	36.7	37.0	0.3	2.60
and	37.0	37.6	0.6	0.56
and	37.6	38.5	0.9	15.26
	39.7	40.0	0.3	0.57
	43.0	44.2	1.2	0.77
including	43.0	43.6	0.6	0.55
and	43.6	44.2	0.6	0.98

Table 2: Summary of results from selected sample gap intervals from historic drill core

Hole ID	From (m)	To (m)	Interval (m)	Grade (g/t Au)
TUDDH-212	448.1	448.4	0.30	1.25
TUDDH-225	52.70	53.35	0.35	14.10
	54.25	54.85	0.60	1.06
	89.0	89.6	0.60	0.71
	91.1	92.0	0.90	10.98
	94.3	94.6	0.30	3.22
	102.0	103.4	1.40	0.68
TUDDH-356	60.05	60.35	0.30	0.61
	72.2	72.5	0.30	4.21
	77.6	77.9	0.30	0.53
	81.5	82.26	0.76	1.81
TUDDH-362	84.81	85.11	0.30	0.56
	85.41	85.71	0.30	0.69
	85.71	86.01	0.30	1.47
	86.31	86.61	0.30	74.58
	86.91	87.4	0.49	0.53
TUDDH-408	43.23	43.74	0.51	0.54
	44.65	45.25	0.60	1.28
	79.27	79.87	0.60	2.21
	79.87	80.47	0.60	1.80
TUDDH-410	73.2	73.8	0.60	3.38
	118.2	118.8	0.60	1.81
TUDDH-525	466.6	466.9	0.30	0.95
TUDDH-539	131.1	131.7	0.60	6.88
TUDDH-540	62.93	63.23	0.30	4.22
	64.6	64.9	0.30	0.61
	64.9	65.2	0.30	3.87
	69.8	70.4	0.60	2.20
	77.3	77.6	0.30	0.97
	90.7	91.0	0.30	4.11

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

Hole No	Coordinates (Fiji map grid)	RL	final depth	dip	azimuth
	N	E		m		(TN)
TUDDH567	3920779	1876395	219.9	183.8	-40	255
TUDDH568	3920686	1876364	255.1	112.9	-75	258
TUDDH569	3920779	1876396	219.9	191.7	-69	252
TUDDH570	3920780	1876396	220.0	233.3	-44	270
TUDDH571	3920932	1876510	236.1	847.6	-62	147
TUDDH572	3920779	1876396	219.9	203.5	-60	270
TUDDH573	3920796	1876351	209.7	779.2	-66	131
TUDDH574	3920779	1876396	219.9	182.6	-70	270
TUDDH575	3920779	1876396	219.9	164.3	-47	285
TUDDH576	3920779	1876396	219.9	200.5	-60	285
TUDDH577	3920435	1876513	348.0	in progress	-40	270

TUDDH-212	3920664	1876757	281.3	600.5	-58	245
TUDDH-225	3920737	1876336	222.8	300.3	-60	330
TUDDH-356	3920760	1876260	205.5	112.9	-61	010
TUDDH-362	3920775	1876303	219.6	132.0	-65	360
TUDDH-408	3920767	1876337	225.0	140.6	-70	330
TUDDH-410	3920731	1876309	228.9	143.6	-65	340
TUDDH-525	3920796	1876351	209.4	350.6	-57	123
TUDDH-539	3920733	1876297	225.1	186.2	-72	004
TUDDH-540	3920733	1876297	225.1	168.2	-60	001

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About 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 volcanic edifice of alkaline affinity. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114492

Tags #LIO, #LionOneMetals, #MauriceJackson, #Tuvatu, #WalterBerukoff, Proven and Proabble

Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Settles Barrick Litigation

Post author By admin
Post date February 18, 2022

Vancouver, British Columbia–(Newsfile Corp. – February 18, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company“, or “EMX“) is pleased to announce that its wholly-owned subsidiary, Bullion Monarch Mining, Inc., (“Bullion”) has reached a settlement with Barrick Gold Corporation (“Barrick”) and Barrick affiliates and subsidiaries (“Barrick Entities”) with respect to Bullion’s claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick will pay Bullion US$ 25 million, of which US$ 6.175 million is owed as payment of the contingency fee to Bullion’s Reno, Nevada lawyers. The settlement of the lawsuit does not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Turf and other underground gold mining operations, which will continue to be paid.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, as well as on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
Ibelger@EMXroyalty.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transaction, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors. It is possible EMX may not complete the transaction, as a result of failure to fulfill conditions of closing, unavailability of financing or for other reasons EMX cannot anticipate at this time.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Executes Agreement to Sell the Mo-i-Rana VMS Belt in Norway

Post author By admin
Post date February 17, 2022

Vancouver, British Columbia–(Newsfile Corp. – February 17, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an agreement on February 14, 2022 to sell its Mo-i-Rana volcanogenic massive sulfide (“VMS“) project in Norway (the “Project“) to Mahvie Minerals AB (“Mahvie“), a private Swedish Company. In return for the transfer of the Project to Mahvie, the agreement provides EMX with a 9.9% equity interest in Mahvie, annual advance royalty payments, 2.5% Net Smelter Return (“NSR“) royalty interests, work commitments, and other considerations. In conjunction with the Mo-i-Rana transaction, Mahvie intends to establish a public listing on one of the Nordic exchanges. This is anticipated sometime in Q2, 2022.

The Mo-i-Rana VMS belt was acquired by EMX in 2021 (see EMX News Release dated April 6, 2021). This VMS belt is situated in central Norway and contains numerous polymetallic (zinc-lead-copper-silver-gold) occurrences and historical mines (see Figures 1 and 2). Over 200 mines and prospects with VMS and carbonate replacement (“CRD“) styles of mineralization are located within the Mo-i-Rana project area, including ten former producing mines.

EMX and Mahvie will work together to explore the Project, where considerable exploration upside exists at many of the historical occurrences and mines. Much of the historical exploration work was done at a time when VMS models were only poorly understood and only limited portions of the nine individual VMS horizons that exist in the belt have been tested to date. Additionally, most historical drilling was shallow (i.e., less than 100 meters) and clustered around the historical mine workings. EMX and Mahvie will apply modern exploration methods and deposit models to seek additional discoveries in the belt.

Commercial Terms Overview. Via an arm’s length transaction, Mahvie will acquire a 100% interest in the EMX subsidiary company that controls the Project, subject to the following terms:

Upon closing, EMX will receive 75,000 Norwegian Krone (approximately US$8,500 at current exchange rates) in cash and 9.9% of the issued and outstanding shares of Mahvie Minerals AB.
EMX will receive a 2.5% NSR royalty interest in the Project. On the sixth anniversary after closing, Mahvie has the option to purchase 0.5% of the NSR on the Project by paying EMX US$1,500,000.
EMX will receive annual advance royalty (“AAR“) payments of US$25,000 for the Project commencing on the third anniversary of the closing, with the AAR payment increasing by US$5,000 per year until reaching US$100,000.
A financial instrument will be put in place that allows EMX to maintain its 9.9% interest in Mahvie until a total of 25,000,000 Swedish Kronor (approximately US$2.7 million at current exchange rates) has been raised by Mahvie.
A payment of US$500,000, payable in cash or shares of Mahvie, will be made to EMX upon the completion of a Prefeasibility or Feasibility study.
To maintain its interest in the Project, Mahvie will also: (i) spend a minimum of US$200,000 on the Project by the first anniversary of the agreement and (ii) spend aggregate of US$1,000,000 by the third anniversary of the agreement or complete a minimum of 2,000 meters of drilling on the Project.

Mo-i-Rana VMS Belt. VMS and CRD style polymetallic deposits are developed in the Rana-Hemmes metallogenic region of Norway, which is also host to the prolific Rana Gruber iron mines as well as the nearby Bleikvassli Zn-Pb-Cu-Ag deposit, an EMX royalty property (see Figure 1). This metallogenic area represents a tectonically displaced continuation of the Cambrian-Ordovician VMS belts in northeastern North America, which includes the Buchans and Bathurst VMS camps in eastern Canada, and also the Avoca VMS district in Ireland. As such, this represents one of the more prolific VMS belts in the world in terms of total production from its various mining districts, albeit now tectonically displaced and occurring along opposite sides of the Atlantic Ocean.

The most notable historical producer within the Project area is the Mofjell Mine (the core of which remains covered by state-owned mining licenses) which produced 4.35 million tonnes at 3.61% Zn, 0.71% Pb, and 0.31% Cu from 1928-1987^[1]. The deposit consists of three rod-shaped elongate VMS lenses, approximately 100 meters wide that extend for lengths of up to 2.8 kilometers. Just prior to mine closure, high gold and silver grades were discovered as disseminations in wall rocks within the historical mine workings (such as 2.8 meters averaging 3.88 g/t gold and 44.3 g/t silver in underground drill hole DD1313 and 3.7 meters averaging 2.30 g/t gold and 75.7 g/t silver in underground drill hole DD781A; true widths unknown^[2]) but were never followed up^[3]. This underscores the potential for additional discoveries of precious-metal enriched zones of mineralization in the belt.

In 2008, a partnership between industry, the Norwegian Geological Survey (NGU) and the local county administration was formed to investigate additional potential in the Mo-i-Rana belt. This effort generated high resolution airborne geophysical data sets, as well as district scale mapping and geochemical sampling campaigns carried out by the NGU. These represent key data sets that EMX and Mahvie intend to utilize for further advancement of the Project.

More information on the Project can be found at www.EMXroyalty.com.

Comments on Sampling, Assaying and Adjacent Properties. Samples and geochemical assays mentioned in this news release are reported by Norwegian Geologic Survey. EMX has not performed sufficient work to verify the Project’s historical drill results or production data, but considers this information as reliable and relevant based upon the Company’s reviews of data from multiple independent sources. Additional drilling and sampling would be required to confirm these results.

The Mofjell Mine and other nearby mines and deposits discussed in this news release provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the Company’s Project hosts similar mineralization.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, as well as on the Frankfurt Exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@emxroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Figure 1: Location map for the Mo-i-Rana VMS belt in Norway.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1508/114046_d2f35c60d4c96a3a_002full.jpg

Figure 2: Geology, Mineral Occurrences and Historic Mines in the Mo-i-Rana VMS belt

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1508/114046_d2f35c60d4c96a3a_003full.jpg

^[1] Bjerkgård, et. al (2013). The Mofjell Project: Summary and conclusions. NGU (Norwegian Geological Survey) Report 2013.048.

^[2] Bergverkselskapet Nord-Norge A/S, 1987. As Reported by Directorate of Mining Norway. The historical drilling was completed by Bergverkselskapet Nord-Norge A/S, 1987 and archived by the NGU. EMX believes these results to be reliable and relevant.

^[3] Bjerkgård, et al (2001). Ore Potential with emphasis on gold in the Mofjellet deposit, Rana, Nordland, Norway. NGU Report 2001.050.

Tags #DavidCole, EMX, EMX Royalty, maurice jackson, proven and probable, Scott Close

Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Assigns Arizona Exploration Permit to Arizona Sonoran Copper Company in Return for Cash and Royalty Payments

Post author By admin
Post date February 10, 2022

Vancouver, British Columbia–(Newsfile Corp. – February 10, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution, by its wholly-owned subsidiary Bronco Creek Exploration Inc., of an Assignment and Assumption agreement as well as a Royalty Agreement (the “Agreements”) for transfer of EMX’s Arizona State Exploration Permit (“Permit”) to Cactus 110 LLC, a wholly-owned subsidiary of Arizona Sonoran Copper Company, Inc. (“ASCU”). EMX’s Permit covers a portion of the Parks Salyer copper target, located approximately 1,500 meters southwest of the historic Sacaton open pit copper mine. Sacaton was previously operated by Asarco from 1972-1984 and is now being developed by ASCU and is known as the Cactus Project. The Agreements provide EMX with a one-time cash payment for the assignment of its rights under a State of Arizona Exploration Permit as well as a 1.5% net smelter return (“NSR”) royalty interest, work commitments, annual advance royalty payments, and certain milestone payments. EMX is pleased to see the Permit advance with ASCU as it continues to advance activities at its Cactus project.

Commercial Terms Overview. (All dollar amounts in USD) Pursuant to the Agreements, ASCU will assume all rights under EMX’s Arizona State Exploration Permit by making payments of $5,000 upon execution and $195,000 upon transfer and registration of the Permit to Cactus 110 LLC (“Registration Date”). EMX will retain a 1.5% NSR royalty interest on the Permit. ASCU may buy back one percent (1%) of the royalty for a payment of $500,000 to EMX. EMX will receive annual advance royalty (“AAR”) payments of $50,000. The AAR payments cease upon commencement of commercial production and can be bought out at any time for a payment of $1,000,000. ASCU will make milestone payments of $1,500,000 upon declaration of a mineral resource containing 100 million pounds or more of copper and another payment of $1,500,000 upon further declaration of an additional 100 million pounds of copper contained in a resource. In the two years following the Registration Date, ASCU will make yearly exploration expenditures totaling $2,000,000 prior to the first anniversary and a cumulative total of $4,000,000 prior to the second anniversary.

Parks Salyer Permit Overview. EMX’s Parks Salyer Permit is located approximately 5 kilometers northwest of the city of Casa Grande, and approximately 900 meters southwest of the historic Sacaton open pit copper mine in central Arizona. Sacaton is a porphyry copper-molybedenum deposit within the Laramide arc in the southwestern U.S. The Parks Salyer Permit is comprised of one State of Arizona Exploration Permit totaling 158 acres and covers a portion, roughly one third of the poorly drill defined Parks Salyer copper target area. The target lies beneath post-mineral gravels and contained within a fault-bounded horst block, and has potential for supergene enriched copper and hypogene sulfide mineralization. The target is supported by historic induced polarization geophysical surveys and drilling within and adjacent to the EMX royalty ground.

More information on the Parks Salyer Permit can be found at www.EMXroyalty.com.

Comments on Adjacent Properties. The nearby Sacaton mine provide geologic context for EMX’s Project, but this is not necessarily indicative that the Project hosts similar tonnages or grades of mineralization.

Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, as well as on the Frankfurt Exchange under the symbol “6E9.” Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@emxroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Forward-Looking Statements

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Figure 1. Location map of the EMX Parks Salyer Permit.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1508/113313_482238bf74662855_002full.jpg

Tags #EMX, #EMXRoyalty

Junior Mining Lion One Metals

Lion One Reports Engineering and Development Progress at the Tuvatu Alkaline Gold Project in Fiji

Post author By admin
Post date February 8, 2022

North Vancouver, British Columbia–(Newsfile Corp. – February 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide the following progress report for the engineering and development of the Company’s fully permitted high grade Tuvatu Alkaline Gold Project located on the island of Viti Levu in Fiji.

Highlights

Production permits are in place for underground gold mining operations
Engineering and procurement of gold recovery plant is underway
Development of second underground access portal is underway
Mobile crushing unit has been ordered, built, and is now being shipped to mine site
Majority of required mining equipment has been shipped and delivered to mine site
Contracts for water, power, tailings, explosives, and communications secured or in progress
ERP implementation underway for accounting, supply chain, cost control, and inventory

Mill Design & Construction

Lion One has designed a scalable milling facility with installation anticipated by Q3 2023, for initial gold production by the end of Q4 2023. The mill has been designed with a scalable capacity to be expandable from the initial planned production rate of 300 tonnes per day (tpd) for approximately 24,000 ounces of gold per year, ramping up to potentially 1,200 tpd.

For more information read the Metallurgical Overview and Process Description below.

Underground Development & Mining

Lion One has commenced development of the portal for underground access #2 and expects to commence underground development at a projected rate of 2m per day during the current quarterly period.

Several recent news releases have highlighted a number of high-grade intercepts (See Recent Infill Drilling Results below) that occur in very close proximity to planned underground infrastructure, indicating that a number of high-grade lodes are immediately accessible and can be included in the initial mine plan. Lion One anticipates to be driving through these lodes as early as Q2 2022.

Dual-Track Advancement Strategy

Concomitant with the mine development plan being undertaken, Lion One continues to pursue aggressive exploration drilling of newly defined feeder targets in proximity to the Tuvatu resource, including the prolific 500 Zone, as well as regional targets within the ~6 km Navilawa caldera.

Lion One has an exceptional team to lead this effort led by Wally Berukoff, CEO, Patrick Hickey, COO and Sergio Cattalani, SVP Exploration.

Lion One’s Chief Operating Officer Patrick Hickey commented, “Lion One is committed to building a mine at Tuvatu and we are progressing with design of the processing facilities and development of Tuvatu decline #2, with the objective of initiating production by late 2023. At its current resource grade of over 8 g/t Au, Tuvatu has the potential to become one of highest grade gold mines in the world, while ongoing exploration demonstrates significant potential for identifying a large alkaline gold system within the Navilawa Caldera”.

Metallurgical Overview

Lion One has conducted and reviewed extensive metallurgical test work at numerous accredited laboratories between 1997 and 2020, including mineralogy studies, comminution tests, gold recovery tests and cyanide detoxification tests. The results of this work have defined the optimum recovery process to achieve an average gold recovery of 87.5% as reported in the September 25, 2020, Preliminary Economic Assessment Update. Recent metallurgical test work conducted by Met-Solve Laboratories has indicated potential recoveries in excess of 90% are possible using the proposed process. The metallurgical test results indicate that the Tuvatu mineralization is amenable to a combined process of gravity concentration with intensive cyanidation and carbon in pulp (“CIP”) cyanidation. Further refinements to the plant will be made once the detail engineering and procurement commences.

Figure 1: conceptual process plant design and site layout

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_001full.jpg

Process Description

Run-of-Mine (“ROM”) material will be trucked from underground and onto the mill feed surge stockpiles or directly into the crushing plant feed pocket. The crushing plant will consist of two stages of crushing including an open circuit primary jaw crusher and a closed-circuit secondary cone crusher. The feed pocket will have a 350mm-by-350mm stationary grizzly to protect the jaw crusher from oversized feed. The cone crusher will be fed by one of two double deck screens. One screen will be dedicated to sizing ore and the second screen will be used to produce aggregate. The double-deck screen undersize, with a particle size of 80% passing approximately 8 to 10mm, will be conveyed to the mill feed surge bin, which will provide a live capacity of 300t of the mill feed, or the equivalent of 24 hours of mill operation. Two vibrating feeders, together with the primary ball mill feed conveyor, will be installed underneath the surge bin. Each of the feeders can provide the full feed rate if one of the feeders requires unplanned maintenance. All the feeders will be equipped with variable frequency drive (“VFD”) control to adjust the reclaim rate. Normally only one feeding system will be in operation.

The integrated comminution circuits, including the two-stage grinding circuit, will grind the 8 to 10mm feed to a grind size of 80% passing (P₈₀) 60 to 65μm. Both mills will discharge the ground ore into a common pump box and sent to a vibrating screen. The 2 mm plus oversized particles will report back to the secondary ball mill for further grinding. Undersized particles from the vibrating screen will be treated by a primary gravity concentrator. The gold concentrate from the primary gravity concentrator will be treated by an intensive cyanide leaching reactor. The pregnant gold solution from reactor will be pumped to the on-site absorption-desorption-recovery (“ADR”) plant with a dedicated electrowinning (“EW”) cell to produce a gold rich sludge to be fed into an electric furnace to produce gold doré.

The tailings from the primary gravity concentrator will be further separated by a hydrocyclone. The oversize from the hydrocyclone will report back to the secondary grinding mill. The overflow containing fines will be treated by a continuous gravity concentrator. The approximately 1.0 to 1.8t/h gravity concentrate from the continuous gravity concentrator will pumped to the CIP cyanide leach tanks while the tailings will be thickened from 35% w/w solids to 45% w/w solids. The thickener underflow will be pumped to an aerated pre-treatment tank prior to entering the CIP circuit. This process utilizes gravity separation for 100% of the ore instead of the conventional 33%. Since the Tuvatu mineralization contains variable quantities of large and very small free gold, this process optimizes overall gold recovery.

The standard CIP cyanide circuit will operate at 45% w/w solids with the carbon being loaded countercurrent to the flow of the pulp. The gold loaded carbon will be transferred to the ADR plant for desorption and recovery. The leaching tanks, buffer tank and associated pumps will be located in a concrete tank farm. The reagent storage and mixing facilities will be located adjacent to the CIP circuit.

The Project will employ an alkaline, non-cyanide stripping and EW process. The pressurized elution vessel for the CIP circuit will operate at approximately 0.5MPa at 150˚C and have dedicated EW cell located adjacent to the dedicated intensive leach EW cell. After the ADR system is shut down and the system pressure is reduced to atmospheric pressure, the gold rich sludge will be washed from the steel cathodes and collected. The gold sludge will be dried and mixed with gold flux prior to melting in an electric furnace at approximately 1,200 to 1,300°C to produce gold doré. The gold doré will be stored in a secure vault within a secure and supervised area.

The leach residue from the carbon safety screen in the CIP circuit will flow by gravity to a residual cyanide detoxification system where Weak Acid Dissociable (“WAD”) cyanide will be destroyed using the SO2/air process. The circuit will consist of two mechanically agitated tanks, each with a capacity to handle the full slurry flow for a retention time of approximately 75 minutes. The arrangement will provide sufficient detoxification capacity if one of the two tanks require unplanned maintenance. The reagents used will include hydrated lime, sodium metabisulphite, and copper sulphate. After detoxification, the tailings slurry will be pumped to high-rate thickener. The residue will be thickened to approximately 50 to 55% w/w solids. Diluted flocculant solution will be added to the thickener to assist the thickening process. The thickener underflow will be pumped to two filter presses for dewatering to approximately 10 to 12% w/w solids. The filtered tailings cake will be loaded into lined dump trucks for transporting to the Tailings Storage Facilities (“TSF”) approximately 3.5km from the plant site. Engineering of the TSF has been completed for the first year of operation with subsequent TSF construction planned the following year after start-up.

It is necessary for Lion One to provide all electrical power to the mine site. The proposed new main power plant is five 800kW diesel powered generators with 4 in operation and 1 on standby. The 2 existing 900kVA diesel generators for underground development will be relocated to the main power plant. The combined power output will be 4,660kW (with one 800kW standby) to run both the underground mining operation and the process plant. The Company is also investigating the installation of a hybrid power plant consisting of a combination of solar and diesel generation to maintain a constant and stable supply of 4,660kW at any time within 24 hours a day.

Photo 1: design for portal of underground access no. 2

To view an enhanced version of Photo 1, please visit:
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Photo 2: blasting for development of underground access no.2

To view an enhanced version of Photo 2, please visit:
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Recent Infill Drilling Results

Reported Jan. 25, 2022: 359.8 g/t Au over 1.8m, including 1,616 g/t Au over 0.4m
Reported Nov. 30, 2021: 33.52 g/t Au over 2.4m from 173.4m inc. 185.6 g/t Au over 0.4m
20.61 g/t Au over 7.5m from 126.6m inc. 89.03 g/t Au over 1.5m, and 227.3 g/t Au over 0.3m
21.34 g/t Au over 2.5m from 120.85m inc. 38.25 g/t Au over 1.3m, and 52.27 g/t Au over 0.3m
Reported Sept. 7, 2021: 10.24 g/t Au over 8.48m inc. 33.26 g/t Au over 2.44m from 111.2m, and 13.49 g/t Au over 3.3m from 115.4m

The current mineral resource estimate for the Tuvatu project comprises 1,007,000 tonnes Indicated at 8.48 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 Company advises that it has not based its current mine development plan on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Bill Witte, P. Eng, who is a Qualified Person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101).

About Tuvatu

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113121

Tags #WalterBerukoff, LIO, Lion One Metals, Quinton Hennigh

Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Royalty Corporation suspends filing of Notice of Arbitration to Zijin Mining Group Ltd.

Post author By admin
Post date January 27, 2022

Vancouver, British Columbia–(Newsfile Corp. – January 27, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company“, or “EMX“) reports that it has suspended the filing of its Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) and its wholly owned subsidiary, Nevsun Resources Ltd. (“Nevsun”) pursuant to the Net Smelter Returns Royalty Agreement dated March 16, 2010 by and between Reservoir Capital Corp. (of which Nevsun is a successor in interest), and Euromax Resources Ltd (EMX is the acquirer of Euromax Resources Ltd’s royalty interest) (the “Royalty Agreement”). EMX announced its intention to file a Notice of Arbitration in its news release of December 17, 2021, as a result of a dispute with Zijin regarding the royalty rate under the Royalty Agreement described in such news release.

EMX has suspended the filing as it has commenced discussions with Zijin with the goal of reaching a mutually acceptable resolution. As the outcome of such discussions are uncertain at this stage, EMX reserves its right to protect its royalty interests as it deems necessary which may include the future filing of a Notice of Arbitration which has been prepared. However, at this time, EMX continues to pursue an amicable and mutually acceptable resolution with Zijin.

Timok Project Overview. The Timok Project’s Cukaru Peki deposit consists of a higher level body of high-grade, epithermal-style copper-gold mineralization referred to as the Upper Zone project, and a deeper body of porphyry-style copper-gold mineralization known as the Lower Zone project. Prior to its acquisition by Zijin, a Pre-Feasibility Study (“PFS”) of the Upper Zone and resource estimate of the Lower Zone was completed by previous owner Nevsun, which was filed in August 2018 under Nevsun’s profile on SEDAR. EMX used the aforementioned PFS as the basis for its NI 43-101 Technical Report – Timok Copper-Gold Project Royalty, Serbia dated July 30, 2021 and EMX is unaware of any new, publicly available material scientific or technical information that would make Nevsun’s previous disclosures regarding the PFS inaccurate or misleading.

Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed, verified, and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX, as well as on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
Ibelger@EMXroyalty.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements include statements regarding the payment of the royalty under the Royalty Agreement, the royalty rate, the outcome of any discussions, dispute or arbitral proceedings between EMX and Zijin and any other steps or actions taken by EMX to protect its rights, including any future filing of the Notice of Arbitration,, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. We are under no obligation to update any forward-looking statements except as required under applicable securities laws. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2021 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov. info

Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Options the Robber Gulch Gold Project in Idaho to Ridgeline

Post author By admin
Post date January 26, 2022

Vancouver, British Columbia–(Newsfile Corp. – January 26, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution, by its wholly-owned subsidiary Bronco Creek Exploration Inc., of an exploration and option agreement (the “Agreement”) for the sale of the Robber Gulch gold project (“Project”) in Idaho to Ridgeline Exploration Corporation, a wholly-owned subsidiary of Ridgeline Minerals Corp. (TSX-V: RDG) (“Ridgeline”). The Agreement provides EMX with cash payments, share payments, and work commitments during Ridgeline’s earn-in period, and upon earn-in a retained 3.25% net smelter return (“NSR”) royalty interest, annual advance royalty payments, and certain milestone payments.

Robber Gulch is a Carlin-style gold property acquired by EMX in 2019 and then optioned to a third party in 2020 that completed work programs consisting of geological mapping, soil and rock chip geochemical sampling, trenching, and a reconnaissance drill program. This previous work confirmed several key gold zones that were delineated by coincident geochemical anomalies and prospective geology. The drill testing was limited in scope and in EMX’s judgement did not adequately test the target zones. The Project reverted back to 100% EMX control in Q3, 2021.

The Robber Gulch Agreement with Ridgeline represents EMX’s execution of the seventh option agreement for Idaho gold projects since 2020. Ridgeline is also advancing the Company’s Swift and Selena royalty properties in Nevada. Robber Gulch is a key example of the royalty generation aspect of EMX’s business model, whereby prospective ground was identified, acquired inexpensively via staking open ground, and then partnered for exploration advancement at no additional cost to EMX.

Commercial Terms Overview. Pursuant to the Agreement, Ridgeline can earn 100% interest in the Project by (all dollar amounts in USD): (a) making execution and option payments totaling $750,000 over a five year option period, (b) delivering 150,000 shares of Ridgeline Minerals Corp. to EMX by the second anniversary of the Agreement, and (c) completing $650,000 in exploration expenditures before the fifth anniversary of the Agreement.

Upon Ridgeline’s option exercise and earn-in, EMX will retain a 3.25% NSR royalty interest on the Project. Ridgeline may buy back up to a total of one percent (1%) of the royalty by first completing an initial half-percent (0.5%) royalty buyback for a payment of $1,500,000 to the Company prior to the third anniversary of the option exercise. If the first buyback is completed, then the remaining half-percent (0.5%) of the royalty buyback can be purchased anytime thereafter for a payment of $2,000,000 to the Company. Ridgeline will also make annual advance royalty (“AAR”) payments of $50,000 that increase to $75,000 upon completion of a Preliminary Economic Assessment (“PEA”) or internal study termed an Order of Magnitude Study (“OMS”), the details of which are defined in the terms of the Agreement. The AAR payments cease upon commencement of commercial production. In addition, Ridgeline will make Project milestone payments consisting of: (a) $250,000 upon completion of a PEA, (b) $500,000 upon completion of the earlier of a Prefeasibility or Feasibility Study, and (c) $1,000,000 upon a positive Development Decision.

Robber Gulch Overview. The Robber Gulch Project is located 30 kilometers south of Burley, Idaho and consists of 117 unpatented lode mining claims covering approximately 9.3 square kilometers. Carlin-style mineralization is hosted in Pennsylvanian to Permian age silty limestones and calcareous siliciclastics that are exposed within erosional windows beneath post-mineralization volcanic rocks. The Robber Gulch geological environment is similar to that at the Black Pine project ~90 kilometers to the southeast.

Previous work on the Project defined two main corridors of gold mineralization along the crest of a gently sloping ridge where prospective Paleozoic host rocks outcrop. Much of the remainder of the property is covered by shallow soil. A 2020 geochemical sampling program (conducted by previous partner Gold Lion Resources) identified robust 1,000 by 550 meter and 850 by 600 meter gold-in-soil anomalies¹. Numerous lower level gold-in-soil anomalies are scattered across the property within an overlying sequence of less prospective host rocks.

Trenching across portions of the soil anomalies further defined priority oxide gold targets, including a trench interval of 189 meters averaging 0.43 g/t gold, with a higher grade sub-interval of 0.88 g/t gold over 45 meters. Historical drilling intercepted 57.9 meters (from 21.3 to 79.2 m) averaging 0.34 g/t gold, including 12.2 meters averaging 0.90 g/t gold (hole bottomed in 0.32 g/t gold)². The last hole of Gold Lion’s 2021 program terminated prematurely in bedrock at 6.1 meters depth, and averaged 1.46 g/t gold across the drilled interval. True widths from the trenching and drilling are unknown.

EMX regards Robber Gulch as a highly prospective gold property within an emerging Carlin-style gold region in southern Idaho. The Company looks forward to the Ridgeline team advancing the Project with the knowledge gained from successfully exploring Carlin-style gold systems in Nevada.

More information on the Project can be found at www.EMXroyalty.com.

Comments on Sampling, Assaying and Adjacent Properties. EMX has not performed sufficient work to verify the Project’s historical drill results, but considers this information as reliable and relevant based upon the Company’s independent field work and reviews of data from multiple sources.

The geochemical and trench results in this news release from previous partner Gold Lion Resources were sampled and assayed according to industry standard procedures, and reported according to NI 43-101 requirements. EMX believes that these results are reliable and relevant. All trench samples were logged and sampled by Gold Lion personnel. Certified reference material standards, blanks and pulp duplicates were inserted at a ratio of approximately two in every 10 trench samples. Rock samples were collected as continuous 2 to 3-metre-long chip samples along the entire length of the trenches. An effort was made to collect an even volume of bedrock along each interval in order to minimize bias in the chip sampling.

All rock samples were sealed in poly bags and were transported to MS Analytical’s laboratory in Langley, B.C., by Gold Lion personnel for preparation and analysis. Sample preparation was completed by crushing the entire sample to 70% passing -2mm, riffle splitting off 1 kilogram and pulverizing the split to better than 85% passing 75 microns. Using a 30 gram sub-sample, the gold values are determined by the fire assay method, with atomic absorption finish (code FAS-111), which reports results in parts per million (ppm) (equivalent to grams per tonne (g/t)). Using a 0.5 grab sub-sample, the remaining analytes were determined by multi-element ICP-AES with an aqua regia digest (code ICP-130). Representative samples from RG-TR-20-03 were re-analyzed by Cyanide Leach (code AU-CN00) with a AAS finish. A range of samples from low (0.149g/t) to high grade gold (1.502g/t Au; determined by FAS-111) were selected to represent a range of mineralized samples from the trenching program for reanalysis by Cyanide Leach. All analytical results are verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.

The Black Pine project referenced in this news release provides context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the Company’s Project hosts similar tonnages or grades of mineralization.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, as well as on the Frankfurt Exchange under the symbol “6E9.” Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@emxroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Forward-Looking Statements

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Figure 1. Location map of the Robber Gulch Project, Idaho.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1508/111649_0c1a673a64a1593a_002full.jpg

Figure 2: Robber Gulch Project Geology

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1508/111649_0c1a673a64a1593a_003full.jpg

Note: Soil, rock chip and trench results are from Gold Lion Resources. Annotated drill hole intercepts are historical. True widths for trench and drill results are unknown.

¹See Gold Lion Resources news releases dated June 16, and August 11, 2020.
² Exvenco Resources Inc., 1986, Internal Report on Artesian City Project, Cassia County, Idaho.

Tags #DavideCole, #EMX, #EMXRoyalty, #MauriceJackson, #ProvenAndProbable, #ScottClose

Base Metals Breaking Emx Royalty Junior Mining Precious Metals

EMX Announces Amendment and Extension to Sprott Credit Agreement

Post author By admin
Post date January 25, 2022

Vancouver, British Columbia–(Newsfile Corp. – January 25, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company“, or “EMX“). Further to its news releases dated July 29, 2021, August 17, 2021 and October 21, 2021, the Company is pleased to announce it has entered into an amendment to extend the term of the US $44,000,000 credit facility (the “Sprott Credit Facility“) entered with Sprott Private Resource Lending II (Collector), LP (“Sprott“) to December 31, 2024 in consideration for the payment of an amount equal to 1.5% of the outstanding principal amount of the Sprott Credit Facility, which shall be added to the principal amount of the Sprott Credit Facility; and to amend the voluntary prepayment rights under the Sprott Credit Facility to permit the prepayment of up to US $10,000,000 of the principal amount of the Sprott Facility at any time on or after June 30, 2023, and permit to the prepayment of the remaining principal amount of the Sprott Loan at any time on or after June 30, 2024. In addition, the Company has entered into an amendment to the postponement agreement between the Company, Sprott and SSR Mining Inc.(“SSR“) to permit the prepayment of the VTB Note (US $7,850,000 principal amount owed to SSR) prior to the repayment of the Sprott Credit Facility, provided that no event of default has occurred or is continuing under the Sprott Credit Facility.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
Ibelger@EMXroyalty.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transaction, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2021, and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Tags #DavidCole, #EMX, #EMXRoyalty, #MauriceJackson, #ProvenAndProbable, #ScottClose, #Timok

Junior Mining Lion One Metals Precious Metals

Lion One Reports Additional High Grade Results from Ongoing Infill Drill Program Including 359.8 g/t Au Over 1.8m Including 1616.0 g/t Au Over 0.4m, And 294.5 g/t Au Over 0.3m From near Surface at Tuvatu, Fiji

Post author By admin
Post date January 25, 2022

North Vancouver, British Columbia–(Newsfile Corp. – January 25, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce additional results from the infill drill program undertaken in the near-surface portion of the Tuvatu deposit. This program was designed to further strengthen the database in the portion of the deposit earmarked for earliest production, from the Company’s 100% owned Tuvatu alkaline gold project in Fiji.

– ~6735m of drilling completed in 38 holes since the start of infill program (~85% of the proposed program completed)

Highlights from near-surface infill drilling include:

TUDDH555

126.62 g/t Au over 0.70m from 133.00-133.70m, including

294.50 g/t Au over 0.30m from 133.40-133.70;

8.25 g/t Au over 2.90m from 137.60-140.50m, including

28.67 g/t Au over 0.60m from 139.10-139.70m,
15.72 g/t Au over 0.30m from 139.40-139.70m,

9.31 g/t Au over 1.70m from 145.00-146.70m, including

31.63 g/t Au over 0.40m from 145.90-146.30m

TUDDH557

17.60 g/t Au over 5.0m from 113.80-118.80m, including

125.50 g/t Au over 0.60m from 115.3-115.9m

35.63 g/t Au over 0.30m from 150.40-150.70m

TUDDH559

14.21 g/t Au over 1.20m from 119.8-121.0m;
6.23 g/t Au over 3.7m from 142.50-146.20, including

22.44 g/t Au over 0.60m from 143.1-143.7m, and
14.48 g/t Au over 0.30m from 145.6-145.9m

TUDDH562

111.40 g/t Au over 0.40 from 164.7-165.1m (Figure 3B, 3C in previous press release)

TUDDH563

20.41 g/t Au over 0.30 from 13.66-13.96m (Figure 3A in previous press release)
63.26 g/t Au over 0.30 from 52.49-52.79m
68.50 g/t Au over 0.30 from 164.55-164.85m

TUDDH565

35.64 g/t Au over 0.40m from 63.8-64.2m
359.76 g/t Au over 1.80m from 70.8-72.6m, including

1616.0 g/t Au over 0.40m from 71.1-71.5m (Figures 3-4, this release)

13.34 g/t Au over 1.70m from 92.9-94.6m, including

42.09 g/t Au over 0.40m from 93.3-93.7m

4.28 g/t Au over 5.10m from 117.3-122.4m
10.03 g/t Au over 0.60m from 141.9-142.5m, including

17.75 g/t Au over 0.30m from 142.2-142.5m

18.61 g/t Au over 0.70m from 154.8-155.5m

TUG136

16.19 g/t Au over 0.60m from 75.7-76.3m, including

30.97 g/t Au over 0.30m from 76.0-76.3m

4.71 g/t Au over 4.20m from 77.9-82.1m, including

10.76 g/t Au over 0.30m from 77.9-78.2, and
12.62 g/t Au over 0.6 from 78.5-79.1m

TUG137

16.44 g/t Au over 4.20m from 106.4-110.6m, including

26.11 g/t Au over 0.60m from 107.6-108.2m, and

22.80 g/t Au over 2.10m from 108.5-110.6m, which includes

45.35 g/t Au over 0.30m from 109.4-109.7m, and
37.40 g/t Au over 0.30m from 110.0-110.3m

Infill Drilling Program
Multiple bonanza-grade intercepts have been returned from the ongoing near-surface infill/definition drill program which is aimed at a thorough re-appraisal of the database in portions of the resource earmarked for earliest production. The current ~8000m infill drill program was initiated in June of 2021 with the aim of infilling areas of low data density within parts of the resource currently categorized as Inferred. To date, a total of ~6735m of diamond drilling over 38 holes have been completed, with ~15% of the proposed program remaining. Final results are here reported from a total of 10 holes, 7 of which were drilled specifically as part of the infill program (TUDDH555-562, 565) and three of which were drilled as part of the deep program testing the 500 Zone, but which intersected high grade mineralization in the near-surface (TUDDH563, TUG136, 137). Figures 1-3 illustrate schematically the location of drill holes reported here, and mineralized intervals relative to modelled lodes.

The exceptional grades returned from hole TUDDH565 at a downhole depth of ~71.2m, of 1616.0 g/t Au corresponds to a complex vein of centimetric width at low to moderate angle to core axis, consisting of coarse, subhedral honey sphalerite, fine skeletal marcasite and coarse visible gold in a groundmass of amorphous gray quartz. The vein also contained coarse vugs lined by clear crustiform euhedral quartz crystals and abundant delicate wire native gold. Figures 4 and 5 show some of the coarse visible gold intersected at this interval as well as other mineralogical characteristics. A complete set of results for all near-surface drill intersections reported here is included as Table 1; drill hole parameters are included as Table 2. Results from deeper drill intersections will be reported in a subsequent news release.

The Company is currently undertaking two tiers of drilling: 1) the completion of shallow resource infill drilling from surface and underground, 2) deep exploration drilling from surface and underground targeting lode extensions and additional feeders under the Tuvatu resource. Regional drill programs requiring access to remote parts of the Navilawa caldera has been interrupted during the wet season, but will resume in early 2022.

Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “Exceptionally high grade mineralization has been defined in the near-surface portion of the deposit. High grade mineralization is showing to be more consistent and appears to form wider zones with good continuity than what had been previously modelled. I am increasingly confident that once underground mining is underway, the average head grade of the ore earmarked for early production will be higher than previously modelled. The additional data generated by the infill drilling and resampling programs currently underway are indicating that portions of the orebody return higher grades over multiples of minimum mining widths that are not defined by the current resource model.

Our objective remains clear: to work toward a near-term modest production start, concomitant with an aggressive exploration program aimed at the continued expansion of bonanza-grade resources both near-surface and along defined feeder conduits at greater depths, for the eventual scaled-up development of a larger and more valuable resource.“

Figure 1:Left) schematic cross-section across the northern part of Tuvatu showing the location of some infill drill holes, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes. Note that many of the mineralized intervals do not correspond with the previously modelled lodes, suggesting the possibility of previously unrecognized mineralization.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/111473_lion%20one%20fig%201.jpg.

Figures 2, 3:Left) schematic cross-sections across the northern part of Tuvatu showing the location and selected results from some of the drill holes reported here. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/111473_lion%20one%20fig%202.jpg.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/111473_lion%20one%20fig%203.jpg.

Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff and wider than 2.0m are bolded)

Drill Hole	From (m)	To (m)	Interval (m)	Au (g/t)
TUDDH-225 (resampled)	52.7	53.7	1.0	9.62
including	52.7	53.4	0.7	14.1
TUDDH-408 (resampled)	83.7	85.7	2	6.12
including	83.7	84.3	0.6	14.2
TUDDH-555	24	24.9	0.9	0.67
	118	118.9	0.9	1.41
	133	133.7	0.7	126.62
including	133.4	133.7	0.3	294.5
	137.6	140.5	2.9	8.25
including	137.6	138	0.4	12.93
and	139.1	139.7	0.6	28.67
which includes	139.1	139.4	0.3	41.61
and	139.4	139.7	0.3	15.72
	141.8	143.1	1.3	8.56
including	141.8	142.2	0.4	12.34
and	142.5	143.1	0.6	8.81
	145	146.7	1.7	9.31
including	145.9	146.3	0.4	31.63
	150.8	151.3	0.5	0.63
TUDDH-556	124	125.2	1.2	3.23
	127.3	127.9	0.6	0.9
	147	147.4	0.4	0.59
	173.4	174	0.6	1.54
	176.7	177	0.3	2.46
TUDDH-557	102.7	104.2	1.5	1.02
	105.7	112.6	6.9	3.89
including	108	108.6	0.6	26.56
	113.8	118.8	5.0	17.6
including	115.3	115.9	0.6	125.5
including	118.2	118.8	0.6	9.69
	133.6	134.9	1.3	0.57
	144.4	144.8	0.4	2.6
	150.4	150.7	0.3	35.63
TUDDH-559	22.6	22.9	0.3	4.39
	101	101.9	0.9	1.09
	115.7	116.6	0.9	1.18
	119.8	121.0	1.2	14.21
	131.3	131.6	0.3	5.78
	135.9	138.3	1.2	4.09
including	137.7	138.3	0.6	7.42
	142.5	146.2	3.7	6.23
including	143.1	143.7	0.6	22.44
and	144.7	145.00	0.3	9.34
and	145.6	145.9	0.3	14.48
	155.4	155.7	0.3	2.99
	181.1	181.7	0.6	5.38
TUDDH-560	24.4	24.8	0.4	0.62
	144.3	144.7	0.4	1.44
TUDDH-562	42.1	42.5	0.4	5.58
	129.9	130.3	0.4	3.88
	132	132.3	0.3	2.89
	158.4	158.8	0.4	3.7
	164.7	165.1	0.4	111.4
	166.7	167.1	0.4	1.17
	218.3	218.6	0.3	1.37
TUDDH-563	13.66	13.96	0.3	20.41
	14.86	15.1	0.24	0.83
	18.8	19.1	0.3	0.57
	21.8	22.4	0.6	5.13
	25.2	26.4	1.2	1.58
	52.49	52.79	0.3	63.26
	58.1	58.5	0.4	6.48
	125.25	125.55	0.3	0.58
	164.55	164.85	0.3	68.5
	300.15	300.65	0.6	1.04
TUDDH-565	45.5	46.1	0.6	0.86
	52.8	54.3	1.5	0.52
	56.4	57.6	1.2	2.84
	59.1	61.5	2.4	1.73
	63.8	64.2	0.4	35.64
	66.6	67.8	1.2	0.59
	70.8	72.6	1.8	359.76
including	71.1	71.5	0.4	1616.0
	73.8	74.3	0.5	1.36
	75.8	79.4	3.6	2.73
	88.7	90.3	1.6	8.52
	92.9	94.6	1.7	13.34
including	93.3	93.7	0.4	42.09
	99.5	100.1	0.6	1.79
	117.3	122.4	5.1	4.28
including	119.4	120.0	0.6	7.22
	139.5	140.7	1.2	0.68
	141.9	142.5	0.6	10.03
including	142.2	142.5	0.3	17.75
	152.4	153.6	1.2	1.37
	154.8	155.5	0.7	18.61
TUG-136	3.4	4.0	0.6	0.5
	65.5	65.8	0.3	0.59
	69.4	69.7	0.3	6.34
	75.7	76.3	0.6	16.19
including	76	76.3	0.3	30.97
	77.9	82.1	4.2	4.71
including	77.9	78.2	0.3	10.76
and	78.5	79.1	0.6	12.62
and	80.6	80.9	0.3	6.57
and	81.2	81.5	0.3	7.63
	102	102.3	0.3	1.89
	103.6	103.9	0.3	0.53
TUG-137	5.0	5.7	0.70	0.5
	29.3	30.0	0.70	2.32
	106.4	110.6	4.20	16.44
including	107.6	108.2	0.60	26.11
which includes	107.6	107.9	0.30	40.65
and including	108.5	110.6	2.10	22.8
which includes	109.4	109.7	0.30	45.35
and also includes	110	110.3	0.30	37.4
	161.4	161.7	0.30	1.43
	169.3	169.6	0.30	1.97

Table 2: Survey details of diamond drill holes referenced in this release not previously reported

Hole No	Coordinates (Fiji map grid)	RL	final depth	dip	azimuth
	N	E		m		(TN)
TUDDH555	3920724.8	1876385.7	237.0	239.50	-74	274
TUDDH556	3920725.3	1876384.4	237.0	182.30	-48	285
TUDDH557	3920725.2	1876385.0	237.1	241.00	-64	284
TUDDH559	3920724.8	1876385.7	237.0	188.70	-75	270
TUDDH560	3920723.1	1876385.2	237.0	220.90	-60	240
TUDDH562	3920723.3	1876385.5	237.0	244.20	-70	248
TUDDH563	3920796.3	1876351.1	209.7	875.00	-63	121
TUDDH565	3920779.0	1876396.0	219.8	200.50	-59	253
TUG136	3920759.6	1876459.2	139.1	617.40	-58	151
TUG137	3920759.0	1876459.0	139.1	686.70	-68	163
TUDDH225	3920737.3	1876336.3	222.8	300.25	-60	330
TUDDH408	3920767.2	1876336.5	225	140.6	-65	320

Figure 4:A) Photo of a portion of uncut drill core from TUDDH565, with a vuggy quartz vein of centimetric width at 71.20m depth. This 0.40m sample returned 1616 g/t Au. B) Close-up of a portion of the vein showing subhedral sphalerite, dendritic marcasite and coarse visible gold. C) Closer view of dendritic marcasite clusters suggesting rapid growth and conditions of supersaturation, in a groundmass of amorphous gray silica.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/2178/111473_lion%20one%20fig%204.jpg.

Figure 5: Close-up views of crustiform to druzy euhedral quartz and visible wire gold that line the vugs in the TUDDH565 sample from Figure 3, above.

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/2178/111473_lion%20one%20fig%205.jpg.

Drilling and Assay Processes and Procedures
The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.

Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of all samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia for check assay determinations. All samples for all high-grade intercepts reported here are will be sent to ALS Global Laboratories for check assays shortly. 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 10g/t Au are then re-analyzed by gravimetric method. For certain high-grade samples for which results for duplicate assay are within 10% of the initial results, 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 sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).

About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 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.

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 #LIO, #LionOneMetals, #MauriceJackson, #ProvenAndProbable, #Tuvatu, #WalterBerukoff

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Category: Blog

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