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Junior Mining Lion One Metals

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

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:
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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

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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

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/113121

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Reports Additional High-Grade Intercepts from Infill Drilling at Tuvatu Gold Project, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from the infill drill and re-sampling 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 gold project in Fiji.

  • 5,615m of infill drilling completed in 30 holes (~70% of the proposed program)
  • 600 additional data points generated from infill resampling of 12 historic holes

Highlights from near-surface infill drilling and re-sampling include:

20.61 g/t Au over 7.50m inc. 89.03 g/t Au over 1.50m, and 227.3 g/t Au over 0.30m from TUDDH545
21.34 g/t Au over 2.50m inc. 38.25 g/t Au over 1.30m, and 52.27 g/t Au over 0.30m from TUDDH548
33.52 g/t Au over 2.40m inc. 185.60 g/t Au over 0.40m from TUDDH553
9.13 g/t Au over 2.59m inc. 74.58 g/t Au over 0.30m from resampling of historic hole TUDDH362

TUDDH541

  • 4.61 g/t Au over 4.23m from 112.6-116.83m, including
    • 14.35 g/t Au over 1.20m from 115.63-116.83, which includes
    • 33.85 g/t Au over 0.30m from 116.23-116.53m
  • 7.09 g/t Au over 0.60m from 124.63-125.23m, including
    • 12.82 g/t Au over 0.30m from 124.93-125.23m

TUDDH544

  • 8.27 g/t Au over 0.30m from 24.65-24.95m
  • 5.46 g/t Au over 2.90m from 34.6-37.5m, including
    • 16.75 g/t Au over 0.50m from 34.9-35.4m, and
    • 7.83 g/t Au over 0.60m from 36.6-37.2m
  • 9.21 g/t Au over 0.30m from 50.85-51.15m
  • 18.62 g/t Au over 0.30m from 65.93-66.23m
  • 9.44 g/t Au over 0.60m from 68.32-68.92m, including
    • 13.45 g/t Au over 0.30m from 68.32-68.62
  • 11.21 g/t Au over 0.30m from 147.23-147.53

TUDDH545

  • 20.61 g/t Au over 7.50m from 123.6-131.1m, including
    • 7.97 g/t Au over 1.00m from 123.6-124.6m, and
    • 8.97 g/t Au over 0.90m from 125.6-126.5m, and
    • 89.03 g/t Au over 1.50m from 128.3-129.8m, which includes
    • 227.30 g/t Au over 0.30m from 128.3-128.6m, and
    • 10.48 g/t Au over 0.30m from 128.6-128.9, and
    • 39.01 g/t Au over 0.30m from 128.9-129.2m, and
    • 99.42 g/t Au over 0.30m from 129.2-129.5m, and
    • 68.95 g/t Au over 0.30m from 129.5-129.8m
  • 9.88 g/t Au over 0.30m from 130.8-131.1m
  • 9.38 g/t Au over 1.00m from 137.6-138.6m

TUDDH546

  • 10.16 g/t Au over 1.20 from 104.2-105.4m, including
    • 39.33 g/t Au over 0.30m from 104.2-104.5m

TUDDH547

  • 13.47 g/t Au over 0.30 from 104.5-104.8m

TUDDH548

  • 9.82 g/t Au over 0.30 from 82.6-82.9m
  • 18.74 g/t Au over 0.30m from 101.6-101.9m
  • 6.41 g/t Au over 1.50m from 106.2-107.7m, including
    • 26.34 g/t Au over 0.30m from 106.2-106.5m
  • 15.37 g/t Au over 0.30m from 110.4-110.7m
  • 21.34 g/t Au over 2.50m from 120.85-123.35m, including
    • 38.25 g/t Au over 1.30m from 121.75-123.05m, which includes
    • 52.27 g/t Au over 0.30m from 121.75-122.05m, and
    • 21.13 g/t Au over 0.30m from 122.05-122.35m, and
    • 53.82 g/t Au over 0.30m from 122.35-122.75m, and
    • 20.58 g/t Au over 0.30m from 122.75-123.05m

TUDDH553

  • 7.84 g/t Au over 0.90m from 26.0-26.9m
  • 33.52 g/t Au over 2.40m from 173.4-175.8m, including
    • 185.60 g/t Au over 0.40m from 174.5-174.9m

Highlights from infill resampling of historic drilling include:

  • 6.78 g/t Au over 3.50m from 91.1-94.6m, including
    • 8.43 g/t Au over 2.70m from 91.1-93.8m, including
    • 10.98 g/t Au over 0.90m from 91.1-92.0m in TUDDH225
  • 9.13 g/t Au over 2.59m from 84.81-87.4m, including
    • 74.58 g/t Au over 0.30m from 86.31-86.61m in TUDDH362
  • 1.81 g/t Au over 0.60m from 118.2-118.8m in TUDDH410
  • 6.88 g/t Au over 0.60m from 131.1-131.7m in TUDDH539

Infill Drilling and Resampling Program
In addition to the recently reported expansion of the high-grade 500 Zone underlying the Tuvatu resource, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program. The ~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 5,615m of diamond drilling over 30 holes have been completed, with ~30% of the proposed program remaining. Concurrently, a program of resampling of unsampled intervals from historic drill holes in has been initiated with the resampling of 12 holes completed to date (23 holes planned), representing ~50% of the planned resampling program, and thus far generating ~600 additional samples in areas where data was considered sparse. The additional data generated was generated in Lion One’s own assay laboratory in Nadi and will add significant new high-grade intercepts to the resource earmarked for early production.

Final results received to date from holes drilled as part of the infill program are for 7 holes only (TUDDH541-553). All results for holes TUDDH554-562 remain pending. Figure 3 shows some of the coarse visible gold intersected as part of the infill drilling program. Photographs shown are from drill holes for which analytical results are still pending. A complete set of results for all previously unreported drill holes which form part of the infill drill program is included as Table 1.

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. With the wet season starting in Fiji, the regional drill program requiring access to remote parts of the Navilawa caldera has seen a planned interruption, and is scheduled to resume in early 2022.

Deep Feeder Zone 500 – additional update
An update of results obtained from the ongoing deep drilling of the high-grade 500 Zone feeder zone is also provided at this time. Additional results, as yet unreported, from ongoing drilling of the 500 Zone include: 17.43 g/t Au over 1.5m from downhole depth of 643.1-644.6m from hole TUDDH544-W1.

There are currently 3 drill holes targeting the 500 Zone. Results of these will be reported as they become available.

Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization continues to be defined both in the near-surface portion of the deposit, as well as in the expanding deep feeder Zone 500. The additional data generated by the infill drilling and resampling programs will greatly enhance our understanding of the geometry of the veins, and raise the level of confidence needed, ahead of Lion One’s near-term underground development at Tuvatu. Our objective remains to work toward a near-term modest production start, concomitant with an aggressive exploration program aimed at the continued expansion of deep bonanza-grade resources for the eventual scaled-up development of a larger and richer resource base.”



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.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_001full.jpg



Figure 2: Left) schematic cross-section across the northern part of Tuvatu showing the location of some of the drill holes that have been resampled, 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.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_002full.jpg

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

Drill HoleFrom (m)To (m)Interval (m)Au (g/t)
TUDDH54152.5454.552.011.12
59.0059.400.402.24
63.4063.700.301.32
69.0070.781.781.06
109.95110.250.302.50
112.60116.834.234.61
including115.63116.831.2014.35
including116.23116.530.3033.85
118.30118.600.301.02
120.00123.503.803.27
including122.30123.501.205.71
124.63125.230.607.09
including124.93125.230.3012.82
127.20130.203.000.87
including129.90130.200.306.69
TUDDH-54273.0073.600.600.75
78.1078.400.300.73
79.8081.501.701.65
83.6083.900.300.87
91.9094.702.801.36
TUDDH-54574.6075.601.003.38
79.6080.200.603.23
81.6083.602.001.4
108.10108.400.305.36
123.60131.107.5020.61
including123.60124.601.007.97
and125.60126.500.908.97
and128.30129.801.5089.03
including128.30128.600.30227.3
and128.60128.900.3010.48
and128.90129.200.3039.01
and129.20129.500.3099.42
and129.50129.800.3068.95
and130.80131.110.309.88
137.60138.601.009.38
TUDDH-54680.5081.701.202.53
97.8099.601.801.64
104.20105.401.2010.16
including104.20104.500.3039.33
109.20109.500.303.76
113.20113.500.300.92
115.90117.401.501.04
120.50123.302.800.85
including123.00123.300.303.93
60.2060.500.301.61
66.6067.200.601.3
68.4069.000.601.35
TUDDH-54770.4071.000.602.67
76.3077.200.901
87.1088.901.801.13
91.6092.500.901.59
94.3099.705.401.96
including94.3095.200.905.19
97.0099.702.701.08
104.50104.800.3013.47
107.00107.900.903.96
110.30111.200.900.52
115.70118.102.400.72
TUDDH-54882.6082.900.309.82
99.20100.401.201.15
101.60101.900.3018.74
106.20107.701.506.41
including106.20106.500.3026.34
110.40110.700.3015.37
113.90115.301.401.16
118.45118.750.304.31
120.85123.352.5021.34
including121.75123.051.3038.25
including121.75122.050.3052.27
and122.05122.350.3021.13
and122.35122.750.4053.82
and122.75123.050.3020.58
74.1074.400.304.69
TUDDH-55326.0026.900.907.84
108.50109.501.000.79
115.80120.104.301.42
173.40175.802.4033.5
including174.50174.900.40185.6
179.90180.500.601.91
TUDDH544W1 (500 Zone)643.10644.601.5017.43
including643.10643.400.305.10
and643.40643.700.3075.55
and643.70644.000.304.05

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

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUDDH544, 544W13920795.61876350.7209.7758.5-65.0°132°
TUDDH5413920733.61876296.8225.1165.6-49.0°002°
TUDDH5423920845.31876170.4166.6150.5-7.0°139°
TUDDH5453920732.51876296.8225.1191.6-80°10°
TUDDH5463920734.11876298.1225.1170.5-49°13°
TUDDH5473920733.81876298.0225.1173.5-61°17°
TUDDH5483920733.41876297.9225.2200.7-73°15°
TUDDH5533920724.81876385.5237.0206.4-74°274°
TUDDH5623920723.31876385.5237.0244.2-70°248°
TUDDH5633920796.31876351.1209.7in progress-63°121°



Figure 3: A) Photo of a portion of uncut drill core from TUDDH563, one of the infill drill holes, showing coarse visible goldat 13.60m depth. Analytical results pending. B) Photo of a portion of uncut drill core from TUDDH562, one of the infill drill holes, showing coarse visible goldat 165.0m depth. C) Same interval as B after cutting. Analytical results pending.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_003full.jpgABC

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).

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, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 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 alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

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

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

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

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

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Junior Mining Lion One Metals

Buying Lion One is Like Stealing

Archives
Nov 15, 2021

I make it crystal clear in my investment books Nobody Knows Anything and Basic Investing in Resource Stocks that there is no magic to investing if you follow a reasonable set of rules. As I have so accurately pointed out just recently, predicting the future of any price movement can be fraught with problems. However looking at a map to see just where you are today is easy and important.

We had a low in gold, silver and the resource stocks right at the end of September. Since then the DSI has gone higher, the XAU over gold is higher and the Gold Miners Percentage Index is higher. All indicated a turn about six weeks ago. We can’t know when the metals and shares will top but those indicators will show us sentiment with great accuracy. That is just as true at tops as it is at bottoms. There is a lot of free information available that anyone can use to navigate their way through shoal waters.

(Click on images to enlarge)

There are other factors to the value of a particular stock than just the price of the commodity. We have entered the annual tax loss silly season where pissed off investors dump the shares they own that have gone down the most in order to claim the tax loss credit. It’s a lot like stealing because in their quest to unload unloved investments they often dump good stocks that will regain their prior price by February or March of the next year. Tax loss silly season begins now and will run until almost Christmas.

In addition, when markets are at new lows, volume dries up and often you have to make an appointment to give shares away. And there is the issue of stocks that investors have simply given up on because the companies made the cardinal mistake of boring shareholders.

Lion One Metals (LIO-V) made the mistake of doing all of those. Think of it as a trifecta of mining. Our saga really began in March of 2019 when Chairman and CEO Wally Berukoff appointed Quinton Hennigh as a technical advisor to Lion One. The shares were bouncing along at $.35 after years of quiet but slow progress on the 100% company owned gold project in Fiji.

Quinton started off with a surprising announcement. What they thought of as an epithermal gold system of limited potential in spite of the already defined 43-101 of over 900,000 ounces of gold wasn’t that at all. It wasn’t epithermal limited in size and grade; it was a far richer and more valuable alkaline gold system. All the company needed to do was to drill deeper.

Lion One did and in 2020 came up with results of 55 g/t Au over 12.7 meters in hole DDH 500 and 85.7 g/t Au over 3.3 meters driving the price of shares up to $2.67. Wisely, Wally went to the financing markets and raised over $65 million to begin construction of the mill and for further resource definition. But Covid began to take its toll even if we now realize what we call Covid is no more than a bad flu.

The managing director for Lion was operating out of Perth in Western Australia. Since the country had a long experience with being a prison colony they slammed the cell doors and imprisoned their entire population in order to fight a bad flu. He couldn’t leave Australia and no one could enter Fiji.

Of all of the bad events that can transpire with a junior resource company the worst is to bore shareholders. Even though the company bought new drills and had them shipped to Fiji they have no professional mining engineers or exploration geologists on site to supervise the local crews. And to be kind, Fiji is not Ontario or Nevada or even Mexico or Peru in terms of mining expertise.

On a regular but slow basis Lion One would announce drill results. In January of 2021 they announced 2.24 meters of 13.31 g/t Au along with 3.47 meters of 20.71 g/t gold. A month later on February 3rd they released results of 12.45 meters of 21.31 g/t Au and 3 meters of 114 g/t gold. March brought an announcement of two additional drill rigs being delivered. May brought excellent results from three more holes including 1.2 meters of 13.74 g/t Au near surface, 6 meters of 9.11 g/t Au and 6.47 meters of 17.9 g/t gold.

By now the company was up to a total of six drill rigs operational but was beginning to run out of the bandwidth of trying to operate remotely from Perth. Wisely, Wally made the decision to bring in some professional staff to be on site to move the company forward to production as the plan had been all along. That plan ran into the Covid stupidity. It took until August of 2021 to get Patrick Hickey into Fiji as COO and Sergio Cattalani in place as SVP for Exploration.

I’d like to say everything went smoothly but if I did, I would be lying. It took months for Fiji to open up and then the pair had to remain in quarantine for two weeks. Literally they only started cleaning up what was basically your garden-variety mess in September.

They found a lot of issues. One of the most interesting was that a lot of the core clearly was mineralized but had never been assayed not withstanding the fact that Lion One owns the lab. Lion One had good people on site but trying to plan for construction of a mine and mill takes time and requires professional supervision. It is now in place and they are moving forward.

On November 2nd they came up with another press release showing excellent numbers including 3.9 meters of 33.4 g/t Au and 0.3 meters of 65 g/t Au and 0.3 meters of 112 g/t gold, with 0.6 meters of 48.7 g/t Au and 0.6 meters of 33.06 g/t Au. Clearly Lion One has the gold. It is high grade and there is a lot of it. The lookalike Vatukoula Gold Mine is located only 40 km from Tuvatu. Vatukoula has resources remaining of 4 million ounces of gold and has produced 7 million ounces already. Tuvatu has a similar footprint and every indication of similar grade and quantity of gold.

Wally’s plan all along has been to construction a 350 TPD mill using the existing near surface resource to produce 100,000 ounces of gold a year. As of today the company has a market cap of $151 million CAD with a total of $54 million in cash. Lion One has more than enough money to continue the six-drill rig exploration and development drill program and to move the plan for the mill into high speed.

The government of Fiji wants the mine to go into production. The potential tax revenue is an important part of their financial plan for the future. Investors want to see concrete action on the part of exploration and the start of construction for the long promised mill. Wally has 100% ownership of the project, a boatload of cash that makes the company more of a bank than a mining junior and two highly experienced mining professionals in position to move this puppy to production. It’s time for the company to shit or get off the pot.

I know of no company with a resource as real as Lion One’s and the cash they have on hand that is selling for pennies. Lion One has derisked the project. A move to production would convince investors that instead of what is probably $100 an ounce CAD today, the company would really be worth a whole lot more. Wally is in a position to ride the wave of gold higher to a multi-billion dollar market cap. He’s done it twice before and this is a whole lot better potential.

Lion One is an advertiser. The company is actually my largest share position in spite of having moved to a new low. I was buying shares in the open market as recently as Friday. I would love to see the company in production. I know a lot of investors feel the same way. Once in production the majors are going to be on this like white on rice. There will be a bidding war for the company when they actually begin to put the plan into operation.

Do your own due diligence.

Lion One Metals
LIO-V $.97 (Nov 12, 2021)
LOMLF OTCQX 156 million shares
Lion One website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Junior Mining Lion One Metals

Lion One Reports New High-Grade Intercepts to Expand Deep Feeder Zone 500 at Tuvatu, Fiji

  • North Vancouver, British Columbia–(Newsfile Corp. – November 2, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce further high-grade intercepts from two recently completed drillholes as part of ongoing deep extensional step-out drilling from the Company’s 100% owned Tuvatu gold project in Fiji.
  1. – DEEP FEEDER ZONE 500 NOW EXTENDS OVER 300M VERTICALLY AND 150M LATERALLY
  2. – WEIGHTED AVERAGE GRADE OF 23 G/T Au FROM ZONE 500 MINERALIZED INTERCEPTS 2.6 X HIGHER THAN AVERAGE GRADE OF RESOURCE
  3. – ZONE 500 CONNECTS WITH BASE OF EXISTING RESOURCE AT APPROX. 470M DEPTH
  4. – DRILLED EXTENT OF TUVATU SYSTEM INCREASED BY 53% TO APPROX. DEPTH OF 720M

Drill highlights include:

33.40 g/t Au over 3.90m from downhole depth of 629.30m from TUDDH544-W2
– including 105.0 g/t Au over 0.30m from 629.6m,
65.0 g/t Au over 0.30m from 630.2m, and
112.0 g/tAu over 0.30m from 631.1m

48.74 g/t Au over 0.6m from downhole depth of651.50m, and
33.06 g/t Au over 0.6m from downhole depth of 658.2m, from hole TUDDH544-W1

Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization in Deep Feeder Zone 500 has now been demonstrated to extend over an area approximately 150m along strike and 300m vertically with an overall calculated weighted average grade of >23 g/t Au; Zone 500 mineralisation will add significantly to the overall Au inventory of the Tuvatu orebody. Furthermore, an improved understanding of the orientation of the 500 Zone now allows us to connect this high-grade feeder to the base of the existing resource. We continue to plan additional drilling to test the lateral and vertical extents of this zone which remains open in all directions.”

Deep Feeder Zone 500

These most recent intercepts reported above are believed to be the continuation of the interpreted deep feeder structure that encountered 55.43 g/t Au over 12.70m in TUDDH500 (see July 24, 2020 News Release), 55.44 g/t Au over 2.30m in TUDDH533 (see July 26, 2021 News Release), and 24.92 g/t Au over 3.70m in TUG-135 (see September 7, 2021 News Release), among many others.

Deeper Feeder Zone 500, cont.

This important gold-bearing structure has now been intersected by multiple holes, including TUDDH500, 500W1, 500W2, TUDDH533, 533W1, TUDDH528, TUDDH517, 517W1, TUDDH514, 514W1, TUDDH544W1, TUDDH544W2, TUG135, and TUG136 (results pending; see Figures 1, 2). At 33.40 g/t Au over 3.90m, the intercept reported here from TUDDH544W2 represents one of the best overall downhole intercepts to date, for holes drilled at a high angle to the 500 Zone structure. Figure 3 shows a photo of visible gold from a portion of this intercept.

The growing number of intercepts has allowed for a remodeling of the 500 Zone structure such that the current best-fit orientation of the 500 Zone is now modelled with an azimuth of N060° and a dip of -88°, with all of the high-grade intercepts from the boreholes listed above captured by an approximately 25m wide envelope. This revised model for the 500 Zone structure connects the 500 Zone to the Tuvatu orebody at a depth of approximately -150m RSL by way of two historic drillholes (TUDDH212, previously interpreted as the base of UR2 lode; and TUG110, previously interpreted as part of the URW3 lode) which occur in the lowermost portion of the existing resource model. This portion of the orebody remains significantly under-drilled.

Based on only the few, currently reported number of intercepts, the 500 Zone as defined above has a calculated weighted average thickness of approximately 2.75m and a calculated weighted average grade of 23.31 g/t Au, or approximately 2.6X the average grade of the current Tuvatu resource it underlays. At present, it represents an approximate increase in contained Au ounces of >25% (uncategorized) over the existing resource. It is increasingly clear that the current Tuvatu resource represents only a fraction of a much larger and considerably more extensive, high-grade Au deposit for which additional drilling is warranted to further define its full extent.

Resignation of Company Director

The Company also announces the resignation of Stephen Mann from the Board of Directors. The Company thanks Mr. Mann for his service to the Company as board member since 2012 and wishes him well in his future endeavors.



Figure 1: Longitudinal section oriented at N060°, -88°E of the 500 Zone high-grade feeder structure showing block model and selected drill Intercepts. The grid is 300m, the darker yellow is current indicated resource and the lighter yellow is current inferred resource. Dots indicate modelled pierce points for existing drill intercepts defining the 500 Zone (green=recently completed; orange=previously reported; open=within current resource).

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/101660_d0a22f99342c886b_001full.jpg



Figure 2: Detail of Figure 1. The grid is 100m; intercepts are expressed as g/t Au over downhole width in metersDots indicate modelled pierce points for existing drill intercepts defining the 500 Zone (green=recently completed; orange=previously reported; white=within current resource).

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/101660_d0a22f99342c886b_002full.jpg

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

Drill HoleFrom (m)To (m)Interval (m)Au (g/t)
TUDDH544W1 (incomplete)643.7644.60.92.17
incl.643.7644.00.34.05
651.5652.10.646.79
incl.651.5651.80.356.74
and651.8652.10.336.83
658.2658.80.633.06
incl.658.2658.50.35.11
and658.5658.80.361.0
TUDDH544W2573.2575.32.16.69
incl.574.1575.00.914.67
and574.4574.70.332.83
577.1578.31.27.45
incl.577.1577.40.312.69
and577.4577.70.35.99
and577.7578.00.38.57
and578.0578.30.32.23
579.5579.80.325.56
629.3633.23.9033.40
incl.629.3629.60.325.0
and629.6629.90.3105.0
and630.2630.50.365.0
and630.5630.80.319.0
and630.8631.10.35.67
and631.1631.40.3112.0
and631.4631.70.345.0
and632.3632.90.63.47
and632.9633.20.350.0

Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)

Hole NocoordinatesRLfinal depthdipazimuth
NEm(TN)
TUDDH544W13920795.61876350.7209.7758.50-65.04°132.06°
TUDDH544W23920795.61876350.7209.7926.8-65.04°132.06°



Figure 3: Photo of a portion of uncut drill core from TUDDH544W2, showing coarse visible gold and pyrite. This 30cm sample returned 112 g/t Au from 631.1-631.4m.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/101660_lionbayfigure3.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 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. 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).

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, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 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 alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

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

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

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

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

Lion One Metals Limited

Categories
Breaking Junior Mining Lion One Metals Precious Metals

Lion One Adds Numerous High-Grade Intercepts near Surface and Expands Deep Feeder Zone 500, Tuvatu, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – September 7, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce further high grade intercepts from ongoing deep extensional step-out drilling and near-surface infill drilling from the Company’s 100% owned Tuvatu gold project in Fiji.

Highlights include:

10.24 g/t Au over 8.48m from downhole depth of 111.20m from TUDDH539 (near surface infill)
-incl. 33.26 g/t Au over 2.44m from 111.20m, and 13.49 g/t Au over 3.30m from 115.40m

24.92 g/t Au over 3.70m from downhole depth of 415.70m from TUG135 (Deep Feeder Zone 500)
-incl. 83.63 g/t Au over 0.30m from 415.70m, and 159.30 g/t Au over 0.30m from 417.20m

Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization in Deep Feeder Zone 500 has now been demonstrated to extend over an area approximately 150m along strike and 250m vertically, completely outside the existing resource model. We have planned additional drilling to test the lateral extent of this zone and infill the shallowest part of this zone with the base of the existing resource.”

Deep Feeder Zone 500
These most recent intercepts are believed to be the continuation of the interpreted deep feeder structure that encountered 55.43 g/t Au over 12.70m in TUDDH500 (see July 24, 2020 News Release) and 55.44 g/t Au over 2.30m in TUDDH533. Multiple new high-grade gold intercepts have been encountered in underground hole TUG135 drilled from the Tuvatu decline, as well as in hole TUDDH533W1, a wedge hole to TUDDH533 reported previously (see July 26, 2021 News Release). These include 24.92 g/t Au over 3.70m (including 159.30 g/t over 0.30m) from a downhole depth of 415.70m, 2.89 g/t Au over 2.50m from a downhole depth of 508.10m in hole TUG135, and 3.34 g/t Au over 1.80m from a downhole depth of 613.90m in hole TUDDH533W1. This same gold-bearing structure has now been intersected by multiple holes, including TUDDH500, 500W1, 500W2, TUDDH533, 533W1, TUDDH528, TUDDH517, 517W1, TUDDH514, 514W1, and TUG135 (see Figure 1). These additional deep intercepts significantly increase our degree of confidence that the Tuvatu orebody extends to considerable depth, and that it remains fully open, laterally and at depth. It is clear that the current Tuvatu resource represents but a fraction of a much larger and considerably more extensive, high-grade Au deposit for which additional drilling is warranted to further define its true extent.



Figure 1: Longitudinal Section of the UR4 Lode Showing Block Model and 2020 and selected 2021 Drill Intercepts. The grid is 100m, the bright yellow is indicated and the darker yellow is inferred. Intercepts are expressed as g/t Au over downhole width in meters.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/95575_801e4781548369e8_001full.jpg

Resource Infill/Definition Drilling
In addition to expanding the high-grade feeder zone underlying the UR4 lode, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program which will add significantly to the resource earmarked for early production. The aim of this drill program was to infill areas of low data density within parts of the resource currently categorized as Inferred. A complete set of results for all previously unreported drill holes is included as Appendix 1.

The Company is currently undertaking three tiers of drilling: 1) shallow resource infill drilling from surface and underground, 2) deep exploration drilling looking for lode extensions under the Tuvatu resource and 3) other target areas within the Navilawa caldera such as Banana Creek, 3.5 km NE of Tuvatu where drilling is underway.

Highlights from shallow infill/definition drilling include:
TUG 135: 7.53 g/t Au over 5.80m from 28.60m, incl. 13.64 g/t Au over 2.60m
TUDDH 540: 97.40 g/t Au over 1.30m from 103.90m, incl. 210.29 g/t Au over 0.60m
TUDDH 539: 10.24 g/t Au over 8.48m from 111.20m,
incl. 33.26 g/t Au over 2.44m, and 13.49 g/t Au over 3.30m
TUDDH 534: 5.52 g/t Au over 3.71m from 123.23m,
incl. 15.59g/t Au over 0.34m and 18.4 g/t Au over 0.47m
TUDDH 537: 12.23 g/t Au over 1.33m from 134.15m,
incl. 30.50 g/t Au over 0.35m, and 16.07 g/t Au over 0.35m
TUDDH 537: 6.52 g/t Au over 3.51m from 138.93m, incl. 19.46 g/t Au over 0.38m
TUDDH 538: 103.5g/t Au over 0.28m from 177.78m in TUDDH538
Note: true width of intersections have yet to be accurately determined for these numerous lodes reported in this release.

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

Drill HoleFrom (m)To (m)Interval (m)Au (g/t)
TUDDH53312.4513.651.2010.45
incl13.0013.300.3036.69
15.3515.650.302.18
17.5017.800.302.91
20.3023.803.502.72
incl20.6020.900.309.23
25.8526.150.300.89
27.4028.000.601.04
28.5728.950.380.54
30.0031.801.801.41
36.0039.003.003.47
incl37.6038.200.6010.06
162.20162.500.301.19
266.80267.400.60437.13
306.35307.351.001.20
309.35310.801.4516.14
incl310.15310.800.6531.93
335.24335.640.4012.84
370.89371.230.340.56
385.60386.000.401.10
390.79391.090.301.47
437.84438.260.420.95
439.30439.600.300.58
453.15453.600.450.67
459.25459.800.553.73
464.10464.910.811.82
487.40488.330.930.92
539.45540.300.851.33
550.06550.430.370.76
551.20551.500.300.61
575.70578.002.3055.44
incl576.68578.001.3296.13
incl577.60578.000.40221.60
TUDDH533w1536.30540.864.561.50
546.94549.442.501.85
612.10613.901.803.34
614.50614.800.300.56
TUDDH53466.6967.080.390.67
71.4071.720.324.03
90.9594.193.242.95
incl90.9591.420.477.72
and93.8094.190.3914.76
100.57100.840.270.66
120.49121.100.611.97
123.23126.943.715.52
incl124.66125.000.3415.59
and125.47125.940.4718.44
TUDDH53783.5683.900.341.91
126.57127.360.793.99
128.50129.781.284.04
134.15135.481.3312.23
incl134.15134.500.3530.50
and135.17135.480.3116.07
138.93142.443.516.52
incl142.06142.440.3819.46
144.62146.391.773.50
incl145.31145.530.2214.13
TUDDH538143.81144.240.430.68
177.78178.040.26103.50
TUDDH53986.2788.282.014.26
102.82103.140.3210.78
111.20119.688.4810.24
incl111.20113.642.4433.26
and115.40118.703.3013.49
121.65122.310.6626.55
TUDDH54097.9598.250.3079.65
103.90105.201.3097.40
incl103.90104.500.60210.29
which incl103.90104.200.3041.58
and104.20104.500.30379.00
109.20110.201.001.12
TUG1354.604.900.301.12
28.6034.405.807.53
incl29.4032.002.6013.64
66.1067.000.902.37
95.4095.700.300.69
105.10105.400.300.69
106.60107.200.6020.70
incl106.90107.200.3040.55
108.90110.701.801.37
178.20178.500.300.53
260.50261.300.801.83
263.10263.700.601.18
265.00265.300.301.84
276.40280.404.003.59
284.30285.601.301.49
288.40288.700.302.77
294.90295.200.301.26
299.55299.850.302.02
346.70350.103.403.61
374.60374.900.300.96
415.70419.403.7024.92
incl415.70416.000.3083.63
and417.20417.500.30159.30
and418.10418.400.3017.68
508.10510.602.502.89
incl508.10508.800.708.93
511.50511.900.400.56

Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)

Hole NocoordinatesRLfinal depthdipazimuth
NEm(TN)
TUDDH53339207951876351209.4818.7-60130
TUDDH533W139207951876351209.4773.8-60130
TUDDH5343920736.011876267225.83179.4-7016
TUDDH5373920735.171876267225.98206.5-8011
TUDDH53839207351876267225.98239.60-8380
TUDDH53939207311876300228.00186.20-720
TUDDH54039207311876300228.00168.20-600
TUG13539207611876454139.28underway-64.00131

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 samples with results >0.5g/t Au are sent to ALS Global Laboratories in Australia for check assay determinations. Samples for assays reported here 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. 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).

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, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 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 alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

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

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

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accepts responsibility for the adequacy or accuracy of this release.

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

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