I’ve written about Lion One (LIO-V) probably a dozen times over the last couple of years. They are the only junior in the world with 100% ownership of a major alkaline gold system. Their Tuvatu gold project is located in Fiji on the Pacific Ring of Fire with multiple 20 million ounces high-grade gold mines on the same structure.
With a market cap of only about $171 million CAD the market seems to value the company for only their 2018 43-101 resource estimate of just over 720,000 ounces. But the company is about to be revalued in three different ways.
First of all, the resource does not reflect an accurate count of how much gold they have. The Tuvatu Gold project is similar in size to the Vatukoula Gold Mine in production since 1938 having shipped over seven million ounces of gold. Vatukoula is about 35 km from Tuvatu on the same structure. Vatukoula still reports about 3.8 million ounces in a resource.
These alkaline gold systems have an unusual form of gold. There will be hundreds of tiny fractures in the rock where flash gold has appeared. The veins may only be a couple of centimeters but are ultra-high grade. Since they vary widely in orientation it is not possible to get a representative assay of the real grade because there is no angle that you can drill that catches all of the tiny veins. Actually in one of the latest press releases the company changed how they sample assays of greater than 10 g/t gold to more accurately reflect the real grade.
What I’m trying to say is that in spite of having spent tens of millions of dollars in drilling, the company still does not know what an accurate grade is for the gold. But the good side of that issue is that no matter how you drill and sample it, you are always showing a lower grade than actually exists. Which means regardless of what they say they have for grade, production will in almost all cases show higher values for gold. It’s a good problem to have.
Lion One reported actually starting to mine in a May press release. The company has been predicting actual milling and gold production in the 4th quarter. Chief Operating Officer Patrick Hickey has been struggling to make the 4th quarter goal. He is so far ahead of schedule that there may be some “TRIAL” gold processing in the 3rd quarter, i.e. in a month.
In that May 18th press release there was a vital visual drawing of why grade control is always inaccurate. No matter how you drill, you miss veins. Here is an image from the press release.
The official first gold pour is scheduled for Fiji Day on October 10th in conjunction with a bunch of officials from the government who are thrilled to see a 2nd gold mine getting into production in Fiji. I know of no other jurisdiction where a junior company was able to go from exploration to production with greater support from the host country.
Lion One is on the sweet spot of valuation on the Lassonde Curve as the project begins production. That will give the stock a revaluation based on the risk has been removed from the stock.
The third part of the revaluation will be when gold and gold stocks start their next bull run. I see a general market crash between now and October. It could well take the metals and resource stocks with it. But when the dust settles, gold and gold stocks are going to be the only safe haven in town. The brilliant Bob Hoye is calling for October-November to be a good time to buy shares.
At startup the company is planning on production of 300 tonnes per day. The crushing circuit can do 1,000 TPD but for now the grinding circuit is limited to about 300 TPD. The company has already stockpiled over a two-month supply of material to mill. Plans are in progress to expand production to 500 TPD by September of 2024.
Guess estimates for grade are 6-7 g/t gold for the startup phase but COO Patrick Hickey has his fingers crossed and is hoping for 10 g/t gold. I think I have an understanding of the vein swarms and how they are always undercounted in assays. I’ll climb out on a limb and suggest that they will be doing 13-15 g/t gold a lot sooner than current investors understand.
I’ll make an important comment for investors to know here. I’ve been a small part of this story since Wally brought Quinton Hennigh on board in early 2019. Wally was making progress but it wasn’t visible. Quinton offered a lot of suggestions as to how and where to drill and what changes they needed to make in terms of personnel.
Quinton realized the company needed a professional team on site. He contacted two of the leading guys in mining, Patrick Hickey and Sergio Cattalani and convinced them to come on board. Prior to their entry management was being run out of Perth in Western Australia and frankly that just didn’t work. Investors should read the press release. I am triple impressed with both of them. I shared an hour-long update with Patrick last week. He has things totally under control. He’s the most impressive mine builder I have ever talked to.
Lion One is cashed up to production as a result of the last couple of private placements. Between standard warrants and broker warrants issued with prior placements, there are about 41 million outstanding warrants at prices between $0.77 and $1.49 dated for just over two years. As the warrants are exercised, it will bring in about $53 million. I don’t see cash being a problem for the company. There are about 15 million tradable warrants at $1.25 and I suspect they will add to the liquidity of the company since it allows investors to speculate on the price of the company with a degree of leverage. They expire in November of 2025.
I was in on a call with management of Lion One a week ago after I enquired as to the status of going into production. I was very impressed with the quality of the team and the direction the company is moving. I think the price will soon reflect the quality of management and high-grade of the ore. This should be one of the lowest cost producers in the industry. The government of Fiji is solidly supportive of the company and I see no problems on the horizon at any level.
Lion One has been my largest position for a couple of years now. The company is an advertiser and I couldn’t be more biased. Do your own due diligence.
Lion One Metals LIO-V $.84 (Aug 22, 2023) LOMLF OTCQX 206 million shares Lion One website
North Vancouver, British Columbia–(Newsfile Corp. – January 25, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces further high-grade assay results ongoing Zone 500 drilling at the Company’s 100%-owned Tuvatu Alkaline Gold Project in Fiji.
Underground drill holes TUG-147 and TUG-150 were drilled to further test the high-grade zone originally defined by drill holes TUG-141, TUDDH-601 and TUDDH-608, previously reported on June 6, 2022, August 15, 2022, and November 7, 2022, respectively. Highlights include:
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUG 147
263.1
274.2
11.1
10.67
UR2
including
263.1
268.8
5.7
13.45
UR2
which includes
265.5
266.7
1.2
51.18
UR2
which includes
265.5
265.8
0.3
144.31
UR2
and includes
268.2
268.5
0.3
16.02
UR2
and including
270.0
274.2
4.2
9.86
UR2
which includes
272.1
272.7
0.6
45.82
UR2
and
273.6
273.9
0.3
11.95
UR2
311.1
313.8
2.7
4.18
UR1
including
311.4
311.7
0.3
15.81
UR1
TUG-150
225.6
227.1
1.5
17.02
UR3
including
226.5
227.1
0.6
39.20
UR3
270.9
273.0
2.1
3.6
UR3
including
272.4
272.7
0.3
11.93
UR3
315.3
323.7
8.4
8.84
UR2
including
315.6
315.9
0.3
108.57
UR2
including
318.6
319.8
1.2
14.71
UR2
which includes
318.6
318.9
0.3
28.51
UR2
327.6
327.9
0.3
59.85
UR2
329.7
330.3
0.6
11.49
UR2
including
330.0
330.3
0.3
18.24
UR2
350.1
351.9
1.8
4.26
UR2
including
351.3
351.6
0.3
12.85
UR2
TUG-147 was drilled to cross the northern extension of the UR2-UR1 NS lodes that appear to define a wedge-shaped high-grade zone bounded by the UR2 and UR4 lodes, to thus test the mineralization associated with UR lodes, and to provide structural information on the orientations of mineralized veins and lode arrays. The drillhole lifted more than expected and crossed the zone at a somewhat lower elevation (shallower) than intended (Figure 1). Nevertheless, TUG-147 drilling across the UR2 structure, intersected 11.1m at 10.67 g/t Au from 263.1 to 274.4m, which includes 5.7m at 13.45 g/t Au, including 1.2m at 51.18 g/t Au, and 4.2m at 9.86 g/t Au corresponding to the intersection of the main NS-trending UR2 lode and NE-trending mineralized veining (Figure 2, Table 1). The calculated true horizontal width of this intersection is 3.5m.
Figure 1. Vertical section looking east showing the positions of TUG-147 and TUG-150 relative to the drill holes that defined high-grade mineralization TUG-141, TUDDH-601 and TUDDH-608.
TUG-150 was targetted to cross the high-grade zone below TUG-141 and north of TUDDH-608. The hole drifted to the right (south) more than expected and only skimmed along the UR2 lode at a low angle, without crossing the high-grade zone at the targetted location (Figures 1 & 3). Nevertheless, very high-grade mineralization was intersected over a significant downhole length of 8.4m at 8.84 g/t Au, including 0.3m at 108.57 g/t Au, and 1.2m at 14.71 g/t Au which includes 0.3m at 28.51 g/t Au along the UR2 lode, further confirming the bonanza grade nature of the UR2 lode at this location (Figure 4, Table 1). A follow-up drill hole (TUG-152) still currently drilling, was collared from the same setup but with modified azimuth and dip, and represents an additional attempt to drill across the UR2 structure near this location, and to test the possible NE down-plunge extent to the mineralization recorded by TUDDH-608 see Nov. 7, 2022 news release. The results of TUG-152 will be reported pending completion.
Figure 3. Horizontal plan looking straight down showing the location of TUG-147 and TUG-150 drill hole traces relative to the high-grade mineralization defined by TUG-141. The TUG-150 hole did not cross the UR2-UR1 mineralized corridor, remaining along the UR2 structure.
Figure 4. Photos of mineralization from TUG-150: A, B) 315.9m, 0.3m at 108.57 g/t Au, red circle indicates coarse VG; C) 318.9m, 0.3m at 28.51 g/t Au; D) 327.9m, 0.3m at 59.85 g/t Au. Red circle on the right indicates VG observed.
Table 1. Composited results from TUG-147 and TUG-150 drilling. The interpreted lode for each composited intercept is indicated.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUG-147
179.1
189.9
10.8
2.26
UR3
200.1
206.4
6.3
1.21
UR3
245.4
246.0
0.6
2.51
263.1
274.2
11.1
10.67
UR2
including
263.1
268.8
5.7
13.45
UR2
which includes
265.5
266.7
1.2
51.18
UR2
which includes
265.5
265.8
0.3
144.31
UR2
and includes
268.2
268.5
0.3
16.02
UR2
and including
270.0
274.2
4.2
9.86
UR2
which includes
272.1
272.7
0.6
45.82
UR2
and
273.6
273.9
0.3
11.95
UR2
273.9
274.2
0.3
1.92
UR2
289.8
291.0
1.2
0.97
311.1
313.8
2.7
4.18
UR1
including
311.4
311.7
0.3
15.81
UR1
326.7
327.0
0.3
0.69
327.6
327.9
0.3
0.58
334.5
334.8
0.3
0.54
335.1
335.4
0.3
0.53
337.5
337.8
0.3
1.72
341.7
342.0
0.3
0.8
537.0
539.1
2.1
1.84
540.9
543.9
3.0
0.79
555.6
556.2
0.6
0.73
TUG-150
225.6
227.1
1.5
17.02
UR3
including
226.5
227.1
0.6
39.2
UR3
232.8
233.4
0.6
0.95
UR3
234.6
240.0
5.4
2.25
UR3
242.1
245.7
3.6
2.32
UR3
248.4
249.6
1.2
2.59
UR3
251.1
252.0
0.9
0.94
UR3
270.9
273.0
2.1
3.6
UR3
including
272.4
272.7
0.3
11.93
UR3
276.0
276.6
0.6
0.66
UR3
278.4
279.0
0.6
0.69
UR3
280.2
281.1
0.9
1.91
UR3
296.4
297.9
1.5
2.01
UR3
300.6
300.9
0.3
4.7
UR3
312.3
313.5
1.2
0.62
UR3
315.3
323.7
8.4
8.84
UR2
including
315.6
315.9
0.3
108.57
UR2
including
318.6
319.8
1.2
14.71
UR2
which includes
318.6
318.9
0.3
28.51
UR2
327.6
327.9
0.3
59.85
UR2
329.7
330.3
0.6
11.49
UR2
including
330.0
330.3
0.3
18.24
UR2
350.1
351.9
1.8
4.26
UR2
including
351.3
351.6
0.3
12.85
UR2
363.6
364.8
1.2
2.44
UR2
Table 2. Survey details of diamond drill holes referenced in this release.
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
m
Deg.
(TN)
TUG-147
3920584.2
1876438.2
115.1
582.0
-75
095
TUG-150
3920584.8
1876436.5
115.9
467.3
-71
130
TUG-152
3920584
1876436
115
in progress
-72
123
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in
Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – November 15, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) provides compelling evidence of multiple mineralized centers within the Navilawa Caldera. A high-grade drill result (15.04 g/t Au over 0.3m) returned from diamond drill hole TUDDH-614 complements the regional high-grade gold discovery, first identified by surface sampling (13.27 g/t Au over 4.0m, Figure 3, Figure 4), at the Batiri Creek Lode Complex (“BCLC”) located 2.0 km NE adjacent to the Company’s 100% owned, fully permitted Tuvatu Alkaline Gold Project.
The broad, steeply-dipping BCLC was discovered by benching and surface channel sampling in August of this year as part of a continuing regional exploration program (August 29 2022 News Release Announcing Batiri Creek Discovery). This ongoing program includes multiple surface sampling techniques including BLEG (Figure 1) and has yielded a host of peripheral, high-grade, mineralized centers adjacent to the Tuvatu mine.
Several such occurrences (Figure 2) have been identified in addition to the BCLC which are generally characterized by multi cm-scale vein swarms making up narrow lodes. It is believed by Lion One’s geologic team that these narrow lodes represent the uppermost expression of stronger, wider gold lodes at depth. Narrow lodes at the BCLC can be thought of as the uppermost fractures that converge and coalesce at depth to form a larger feeder system. The BCLC’s elevation is approximately 150m above the elevation of Tuvatu, thus more of the uppermost part of the mineralized fracture system may be preserved here. Interestingly, these lodes are often situated along the lithological contact between monzonite and andesite, a setting like that of the deep high-grade feeder (500 Zone) below the currently identified resource at Tuvatu. Given that the BCLC is more than 2.0 km NE of the Tuvatu lode system, it is believed that these lodes formed from a zone of upwelling fluids that is unique and entirely independent from those at Tuvatu.
Batiri Creek Lode Complex Surface and Drill Results:
DDH TUDDH-614 Results, Batiri Lode:
TUDDH-614: Azimuth: 272°, Dip:- 45°, TD: 171.9m, Elevation: 328.1m – 1.81 g/t Au over 0.3m from 102.3 to 102.6m – 15.04 g/t Au over 0.3m from 118.3 to 118.6m
Surface Channel Samples: “Batiri” Lode (CH3047-CH3048) (Figure 3) – 13.27 g/t Au over 4.0m at surface including: Including: 36.10 g/t Au over 1.0m and Including: 17.91 g/t Au over 0.80m
Surface Channel Samples, Other Batiri Lodes: – 2.63 g/t Au over 1.0m from channel CH2765 – 3.32 g/t Au over 0.3m from channel CH2834 – 3.54 g/t Au over 0.3m from channel CH2789 – 3.42 g/t Au over 0.4m from channel CH2946 – 3.32 g/t Au over 1.0m from channel CH3073
Lion One technical advisor Quinton Hennigh stated, “Tuvatu and the wider Navilawa Caldera are part of a classic alkaline gold system. As we know, from geologically comparable world-class systems, such as Porgera in PNG or Cripple Creek in Colorado, these kinds of deposits are not isolated and there is potential for multiple zones of mineralization each associated with a plume of upwelling hydrothermal fluids. The discovery at the BCLC represents a prospective zone where increasingly thick Tuvatu type lodes may be found at moderate levels below the current erosional surface. Although early rains limited Lion One’s ability to drill more extensively at BCLC this season, TUDDH-614 yielded a solid high-grade intercept that might be telling us there is a bigger prize below. Lion One will return to expand the drill program at BCLC as well as other regional targets at the onset of the next dry season.
Figure 1. Target-rich environment with world-class BLEG results from the Navilawa Caldera.
Figure 4a: Plan map of Batiri Creek surface benching, channel sampling, and TUDDH-614.bTUDDH-614 (drill collar in map) is drilled at 272 degrees from E to W beneath the surface location of high-grade channel samples (all >0.5 g/t Au surface channel samples are indicated on the map).
Figure 4b: Benching at Batiri Creek Lode Prospect. Map to show >0.5g samples along Batiri Creek bench and the drill trace of TUDDH-614. Note the high-grade Au samples in drill core; 1.81 g/t Au over 0.3m from 102.3 to 102.6m and 15.04 g/t Au over 0.3m from 118.3 to 118.6m are 95m below the surface hit. This newly drilled lode is on strike within the NE-trending structural corridor that hosts some of the principal UR lodes at the Tuvatu gold deposit.
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – September 15, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from drillhole TUDDH-608 a direct follow-up to the TUG-141/TUDDH-601 high-grade zone discovery at its fully permitted Tuvatu Alkaline Gold Project in Fiji.
TUDDH-608 intersected:
19.60m at 21.16 g/t Au from 594.5-614.1m, which includes a zone of 16.20m at 25.28 g/t Au from 596.7-612.9m.
The dip of this hole at this depth was approximately 60° equating to a true horizontal width of 11.85m.
TUDDH-608 was drilled from surface at an azimuth of approximately N090°E, aimed at intersecting the TUG-141/TUDDH-601 high-grade zone at a high angle to determine the true width of the high-grade zone at this location.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522wiki_topics%2522%253A%2522Lion%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25229b04419e-750c-3224-9125-6febee8bd22b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Figure 1 show the trace of TUDDH-608 and its location relative to the current interpretation of the TUG-141/TUDDH-601 high-grade dilation zone, and indicates that TUDDH-608 intersected high-grade Au mineralization approximately 20m north of subvertical hole TUDDH-601, and 15m below the discovery hole TUG-141. The trace of the currently drilling TUG-147 drillhole, designed to intersect the high-grade mineralized zone an additional 90 to the north of TUDDH-608 is also shown on Figure 1. TUG-147 is expected to cross the target rocks in the next 7-10 days.
Figure 2 includes some photos of the mineralization intersected by hole TUDDH-608. All results >0.5 g/t Au are summarized below in Table 1.
Lion One Sr. Vice-President of Exploration Sergio Cattalani, stated “This is yet another exceptional set of results from the ongoing drilling of the high-grade zone defined by the previous drill holes TUG-141 and TUDDH-601. Our current interpretation of this portion of the 500 Zone feeder is that of a wide zone of dilation associated with the interplay of major structural corridors (UR1 and UR4) and the main lithological contact between monzonite and andesite that has the potential to extend for tens to hundreds of meters both vertically and along the NS direction. True widths exceeding 10m at the narrower apex of this dilational zone suggest a significant increase in gold ounces once this zone has been adequately drilled off, and this, independent of the rest of the extensive vertical 500 zone feeder that is known to exceed 1100m in vertical extent. We will continue to expand this critical zone of high-grade mineralization with ongoing drilling both from surface as well as from the underground decline.”
Figure 1: Oblique views looking N320° and down 45° (A) and looking N060° and down 20° (B) of a 100m thick horizontal slice of the UR1-UR4 high-grade mineralized zone. Yellow trace is the projected trace of TUG-147 (in progress).
Figures 2: Photos from TUDDH-608 drill core, as follows: A) 571.5m, 17.03 g/t Au; B) 601.9m, 23.21 g/t Au; C) 599.5m, 108.31 g/t Au; D) 606.5m, 54.54 g/t Au; E) 611.8m, 45.02 g/t Au; F) close-up of cut core from photo E showing VG.
Table 1: Drilling intervals for diamond drill hole TUDDH-608 returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded).
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-608
38.0
38.6
0.6
1.03
263.8
264.4
0.6
0.71
285.1
285.7
0.6
0.69
493.6
493.9
0.3
3.07
503.2
510.0
6.8
2.45
Incl.
506.7
507.3
0.6
10.49
511.2
515.7
4.5
1.45
517.8
518.1
0.3
1.08
519.3
523.2
3.9
1.49
557.1
557.7
0.6
9.08
Incl.
557.1
557.4
0.3
11.64
Incl.
557.4
557.7
0.3
6.51
559.2
559.8
0.6
3.02
571.4
572.6
1.2
9.41
Incl.
571.4
572.6
0.6
17.02
576.5
577.4
0.9
0.51
594.5
618.2
19.6
21.16
Incl.
596.7
597.9
1.2
85.09
Incl.
597.9
598.6
0.7
9.42
Incl.
598.6
598.9
0.3
8.38
Incl.
598.9
599.2
0.3
11.44
Incl.
599.2
599.5
0.3
6.98
Incl.
599.5
599.8
0.3
36.39
Incl.
599.8
600.4
0.6
108.31
Incl.
600.4
600.7
0.3
21.69
Incl.
600.7
601.7
1.0
13.54
Incl.
601.7
602.2
0.5
23.39
Incl.
602.2
602.5
0.3
0.72
Incl.
602.5
603.1
0.6
80.01
Incl.
603.1
603.7
0.6
7.05
Incl.
603.7
604.0
0.3
11.97
Incl.
604.0
604.6
0.6
3.09
Incl.
604.6
605.2
0.6
2.93
Incl.
605.2
606.0
0.8
1.41
Incl.
606.0
606.6
0.6
54.53
Incl.
606.6
607.2
0.6
11.99
Incl.
607.2
607.8
0.6
8.30
Incl.
607.8
608.4
0.6
29.56
Incl.
608.4
609.3
0.9
1.34
Incl.
609.3
609.6
0.3
24.31
609.6
610.2
0.6
2.61
Incl.
610.2
610.8
0.6
10.85
Incl.
610.8
611.1
0.3
7.54
611.1
611.4
0.3
2.90
Incl.
611.4
612.1
0.7
45.02
Incl.
612.1
612.9
0.8
13.31
612.9
613.8
0.9
0.54
613.8
614.1
0.3
1.87
616.1
618.2
2.1
4.25
Incl.
616.1
616.7
0.6
11.72
670.2
670.5
0.3
0.97
Table 2: Survey details of diamond drill holes referenced in this release. Previously released drill holes are not included here.
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-608
1876280
3920472
286.51
678.1
-64
089
TUG-147
1876435
3920584
116
in progress
-75
099
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – September 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from 20 additional drill holes, as part of ongoing infill drilling at its high-grade, fully permitted Tuvatu Alkaline Gold Project in Fiji.
Drill results for 20 holes totalling approximately 3,900m of diamond drilling in Zone 5 cover a portion of the Tuvatu gold project, part of the Navilawa volcanic caldera which is host to numerous gold occurrences. outcropping mineralization, as well as the high-grade Tuvatu Alkaline gold deposit.
The drill program represents a significant improvement to the extent of known mineralization; additions are highlighted in blue in Table 1. The main orebody (Figure 1), is scheduled to enter production in Q2 of 2023. Its dimensions and continuity are further defined and expanded with the infill program which adds to the 11 earlier holes in Zone 5 (Lion One news release: May 31, 2022). The additional data outlines high-grade to bonanza-grade mineralized lode swarms <100m from surface. Vein-hosted mineralization remains open along strike and at depth. Lion One is upgrading its resource model which is expected to be significantly improved by this round of drill results. The mineralization reported here is a significant development which is expected to upgrade the resource model, as it represents a critical addition of gold mineralisation to the resources model that grades well above the average resource grade, at relatively shallow levels. As a result, the newly identified mineralization will enhance the economic model, likely upgrading the production stream at Tuvatu.
Top Intercepts include:
20.59 g/t Au over 3.9m from 98.4-102.3m, including 52.89 g/t Au over 1.5m, including 171.5 g/t Au over 0.3m, and 79.18 g/t Au over 0.3m from TUG-144
12.22 g/t Au over 3.3m from 54.9-58.2m, including 32.08 g/t Au over 0.6m, 24.08 g/t Au over 0.6m from TUG-143
56.90 g/t Au over 1.8m from 144.6-146.4m, including 163.19 g/t Au over 0.6m from TUDDH-604
35.98 g/t Au over 1.8m from 53.0-54.8m, including 194.00 g/t Au over 0.3m from TUDDH-609
9.13 g/t Au over 3.3m from 60.3-63.6m, including 44.85 g/t Au over 0.6m from TUG-146, as well as 8.15 g/t Au over 5.1m from 97.5-102.6m, including 19.70 g/t Au over 1.8m from 99.3-101.7 including 13.28 g/t Au over 0.6, 11.73 g/t Au over 0.6m, and 34.08 g/t Au over 0.6m also from TUG-146
9.33 g/t Au over 1.5m from 10.5-12.0m, including 37.42 g/t Au over 0.3m from TUG-144
7.14 g/t Au over 3.0m from 107.5-110.5m, including 28.56 g/t Au over 0.3m, 10.54 g/t Au over 0.3m, and 28.74 g/t Au over 0.3m from TUDDH-591
6.80 g/t Au over 4.2m from 92.1-96.3m including 10.39 g/t Au over 0.3m, 24.57 g/t Au over 0.6m, and 9.62 g/t Au over 0.6m from TUDDH-596
17.85 g/t Au over 0.6m from 127.9-128.5m including 26.79 g/t Au over 0.3m, 5.52 g/t Au over 2.7m from 161.8-164.5m incl. 36.81 g/t Au over 0.3m from TUDDH-605
Results are summarized below in Table 1, with vertical sections including all of the newly reported drill holes presented as Figures 2-8. Highlighted in blue on Table 1 are drill intercepts outside of the mineralized lodes that define the existing resource model. Each additional intercept will likely add width, grade, and continuity to the resource in the near-surface portion of the Tuvatu orebody.
Lion One Drilling Programs in Progress Lion One reports that in addition to its Zone 5 infill drilling it is progressing with deep extensional drilling on the 500 Zone, where TUDDH-608, targeting the high-grade intersection of TUG-141 and TUDD-601, has been terminated at a depth of 678.1m. Visible veining and sulphide mineralization has been recorded from approximately ~530m to 645m depth along the drill hole. Assay results for TUDDH-608 have been commissioned from the Lion One Lab with preliminary results expected soon. Drilling on TUG-147 from the underground decline, targeting the same dilational zone further to the north and deeper has also commenced this week.
The Company has also mobilized a drill rig 2km northeast of Tuvatu to test the Batiri Creek occurrence, the new regional discovery in the Navilawa Caldera (see news release dated August 29, 2022), and underground development continues toward the near-surface Zone 2 of the Tuvatu resource with the No. 2 decline having advanced >80m. Finally, results from a separate batch of 6 PQ diameter diamond drill holes aimed at collecting a 300 kg composite sample for metallurgical testing of Zone 2 mineralization have also been received and compiled. The company will continue to provide further progress updates and results on these activities.
Lion One CEO, Walter Berukoff, stated, “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model. The high-grade near-surface infill results, along with the continuing success of the deep-drilling program, underscores the potential of Tuvatu to be a multi-million-ounce, high-grade Au producer. Lion One is well positioned to continue advancing all three tiers of our exploration strategy: ongoing, near-surface infill drilling; extensions of deep, high-grade feeder targets, and from our pipeline of regional targets in the surrounding Navilawa caldera.”
Infill Drilling Program Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1) in mid-February 2022, adding over 8,400m of new data from drill core, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from 20 previously unreported drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8,200m of diamond drilling from surface and underground, and which is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody. The Phase 2 program as planned includes 30 holes totalling 5,475m carried out from 4 separate drill stations at surface, and 35 holes totalling 2,695m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022, with drill hole TUDDH-577, and is expected to require 8-9 months of drilling using three rigs (two from surface and one from underground) to complete.
Results from the initial approximately 6,200m of drilling in Zone 5, represent approximately 75% of the planned program total, indicating and indeed confirming consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource, as well as new high-grade mineralization that was not identified prior to this drill program (Table 1, highlighted), and therefore not included in the current resource model.
Numerous high-grade mineralized intervals occur outside of existing modelled lodes. These notably include 35.98 g/t Au over 1.8m which includes a bonanza grade intercept of 194.00 g/t Au from a downhole depth of only 53.0m in hole TUDDH-609, as well as 19.70 g/t Au over 1.8m from only 99.3m downhole depth in hole TUG-146. These additional near-surface intercepts will add significantly to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent grey), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figures 2-8: Composite vertical sections through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (labelled) and the traces of the infill drilling reported in this release (drill holes are labelled). Grade legend is as follows: orange = >3g/t Au; red = >10 g/t Au; magenta = >30 g/t Au. All figures are at the same scale with views as indicated.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-589
19.1
19.4
0.3
0.91
85.1
85.4
0.3
0.81
89.6
91.4
1.8
1.44
113
113.6
0.6
17.33
170.9
171.2
0.3
7.36
209.3
209.6
0.3
0.96
210.8
224
13.2
3.79
Incl.
213.2
213.5
0.3
17.03
Incl.
213.8
214.1
0.3
7.85
Incl.
215.6
215.9
0.3
7.17
Incl.
216.5
216.8
0.3
11.41
Incl.
218
218.3
0.3
33.30
Incl.
222.5
222.8
0.3
7.21
Incl.
223.7
224
0.3
15.34
TUDDH-591
73.4
74.0
0.6
1.04
102.3
102.6
0.3
9.28
103.7
104.6
0.9
0.93
106.1
106.6
0.5
2.01
107.5
110.5
3.0
7.14
Incl.
107.5
107.8
0.3
28.56
Incl.
108.1
108.4
0.3
10.54
Incl.
109.0
109.3
0.3
28.74
112.0
112.6
0.6
0.73
113.2
113.5
0.3
0.84
117.7
118.6
0.9
2.02
126.3
127.8
1.5
1.29
129.0
130.2
1.2
0.65
132.9
134.1
1.2
0.88
142.7
143.6
0.9
1.71
TUDDH-592
14.6
14.9
0.3
1.83
18.5
18.8
0.3
0.55
75.2
75.5
0.3
0.55
101.6
102.2
0.6
15.24
147.5
148.7
1.2
0.74
158.9
159.2
0.3
7.76
184.1
184.7
0.6
8.32
Incl.
184.4
184.7
0.3
10.36
TUDDH-593
9.9
11.7
1.8
4.49
Incl.
10.5
11.1
0.6
8.98
28.2
29.4
1.2
0.54
34.5
34.8
0.3
0.69
88.5
89.7
1.2
4.31
140.1
140.4
0.3
3.50
152.7
154.2
1.5
0.78
168.9
170.4
1.5
1.42
TUDDH-594
105.0
105.3
0.3
13.10
189.9
191.1
1.2
8.01
195.0
195.3
0.3
1.80
203.4
207.6
4.2
0.85
203.4
203.7
0.3
3.67
TUDDH-595
54.9
56.1
1.2
0.64
112.2
112.8
0.6
0.85
114.0
114.3
0.3
80.65
121.8
123.9
2.1
1.61
190.2
191.1
0.9
2.20
194.4
194.7
0.3
3.75
201.3
201.6
0.3
1.31
209.7
211.5
1.8
1.88
213.6
213.9
0.3
2.18
224.4
225.9
1.5
1.46
234.9
235.5
0.6
0.52
236.7
238.2
1.5
3.19
247.5
247.8
0.3
1.10
TUDDH-596
77.1
77.4
0.3
0.8
88.8
91.2
2.4
1.35
92.1
96.3
4.2
6.8
Incl.
92.1
92.4
0.3
10.39
Incl.
93.3
93.9
0.6
24.57
Incl.
94.8
95.4
0.6
9.62
102.3
102.9
0.6
7.77
TUDDH-597
91.1
91.7
0.6
1.24
137.9
138.5
0.6
8.59
Incl.
137.9
138.2
0.3
16.50
152.9
153.5
0.6
1.37
176.6
178.4
1.8
0.81
189.5
190.4
0.9
0.55
194.9
195.8
0.9
8.89
TUDDH-598
96.7
97
0.3
0.84
139.6
140.5
0.9
1.85
144.1
144.7
0.6
9.19
170.2
173.8
3.6
4.68
Incl.
170.2
170.5
0.3
12.89
Incl.
171.4
172.6
1.2
8.37
209.5
209.8
0.3
0.65
TUDDH-600
65
65.3
0.3
0.55
73.4
77
3.6
2.66
Incl.
74
74.3
0.3
5.75
Incl.
74.9
75.2
0.3
10.95
78.8
79.4
0.6
0.96
147.8
148.7
0.9
1.26
TUDDH-602
127.4
127.7
0.3
2.73
152
153.2
1.2
0.79
182.3
182.6
0.3
1.03
209.6
210.5
0.9
3.12
Incl.
210.2
210.5
0.3
7.45
214.4
214.7
0.3
1.10
225.2
225.5
0.3
7.12
TUDDH-603
28.7
30.5
1.8
1.64
TUDDH-604
84.6
84.9
0.3
0.64
144.6
146.4
1.8
56.90
Incl.
144.6
145.2
0.6
163.19
167.1
170.7
3.6
8.75
Incl.
167.1
167.7
0.6
45.36
TUDDH-605
127.9
128.5
0.6
17.85
Incl.
127.9
128.2
0.3
26.79
Incl.
128.2
128.5
0.3
8.90
157.6
158.5
0.9
4.10
Incl.
158.2
158.5
0.3
10.21
161.8
164.5
2.7
5.52
Incl.
164.2
164.5
0.3
36.81
190
190.6
0.6
1.21
193.9
194.5
0.6
0.71
197.2
199
1.8
0.64
201.1
201.7
0.6
2.05
214
214.3
0.3
1.09
TUDDH-606
66.0
66.6
0.6
0.88
98.4
98.7
0.3
1.00
TUDDH-609
53.0
54.8
1.8
35.98
Incl.
53.9
54.2
0.3
194.0
Incl.
54.2
54.8
0.6
9.32
TUG-143
14.7
15.3
0.6
2.96
17.1
17.7
0.6
0.89
30.3
30.9
0.6
0.93
32.4
33.0
0.6
1.29
54.9
58.2
3.3
12.22
Incl.
54.9
55.5
0.6
32.08
Incl.
57
57.6
0.6
24.08
Incl.
57.6
58.2
0.6
8.82
60.9
61.2
0.3
17.23
66.6
67
0.4
2.26
67.8
68.4
0.6
1.24
71.1
73.2
2.1
0.86
74.4
74.7
0.3
7.19
80.4
80.7
0.3
2.2
89.4
89.7
0.3
8.48
TUG-144
6.9
8.4
1.5
6.82
Incl.
6.9
7.5
0.6
8.07
Incl.
7.5
7.8
0.3
9.77
10.5
12.0
1.5
9.33
Incl.
11.1
11.4
0.3
37.42
30.6
31.5
0.9
4.25
Incl.
30.6
31.2
0.6
5.77
43.5
43.8
0.3
0.9
45.6
45.9
0.3
0.9
51
51.6
0.6
0.95
52.8
54
1.2
2.03
64.2
66.6
2.4
0.81
68.4
69.9
1.5
3.93
Incl.
68.4
68.7
0.3
8.35
Incl.
69.6
69.9
0.3
11.08
75.3
76.2
0.9
1.83
77.7
78.3
0.6
0.78
84.3
86.7
2.4
1.52
93.9
95.1
1.2
8.3
Incl.
93.9
94.5
0.6
12.48
98.4
102.3
3.9
20.59
Incl.
98.4
99.9
1.5
52.89
which includes
98.4
98.7
0.3
11.35
and
99.0
99.3
0.3
171.5
and
99.6
99.9
0.3
79.18
103.8
106.8
3.0
4.76
Incl.
104.4
104.9
0.5
17.11
Incl.
105.3
105.9
0.6
5.80
115.5
115.8
0.3
0.64
119.1
121.5
2.4
1.46
TUG-146
3.3
3.6
0.3
3.86
10.8
11.4
0.6
1.73
12.9
13.5
0.6
6.30
38.4
39.3
0.9
5.48
Incl.
38.4
38.7
0.3
10.97
60.3
63.6
3.3
9.13
Incl.
60.3
60.9
0.6
44.85
68.4
70.8
2.4
1.41
97.5
102.6
5.1
8.15
which includes
99.3
101.7
1.8
19.70
Incl.
99.3
99.9
0.6
13.28
and
99.9
100.5
0.6
11.73
and
101.1
101.7
0.6
34.08
105
109.5
4.5
3.95
Incl.
106.5
107.1
0.6
8.29
Incl.
107.7
108
0.3
7.62
110.7
111
0.3
9.37
111.9
113.1
1.2
1.44
114.3
119.4
5.1
2.76
Incl.
115.5
115.8
0.3
8.27
144.3
145.2
0.9
5.59
Incl.
144.3
144.6
0.3
14.63
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-589
1876513
3920435
348.5
266.6
-65
255
TUDDH-591
1876442
3920520
314.0
149.3
-65
297
TUDDH-592
1876513
3920435
348.6
221.6
-55
220
TUDDH-593
1876513
3920435
348.6
224.4
-45
220
TUDDH-594
1876527
3920502
309.6
239.3
-45
200
TUDDH-595
1876527
3920502
309.6
265.9
-56
225
TUDDH-596
1876442
3920520
314.0
132.0
-55
297
TUDDH-597
1876527
3920502
309.6
227.3
-42
200
TUDDH-598
1876527
3920502
309.6
296.3
-52
280
TUDDH-600
1876442
3920519
311.1
150.8
-71
251
TUDDH-602
1876530
3920503
309.8
251.4
-54
275
TUDDH-603
1876529
3920503
309.8
234.6
-40
290
TUDDH-604
1876529
3920503
309.9
212.4
-45
291
TUDDH-605
1876530
3920503
309.7
254.5
-57
288
TUDDH-606
1876442
3920519
311.1
142.5
-65
249
TUDDH-609
1876442
3920519
311.4
in progress
-54
250
TUG-142
3920486
1876411
102.0
85.8
-12
090
TUG-143
3920486
1876412
103.7
97.7
+30
087
TUG-144
3920486
1876411
101.3
156.3
-40
089
TUG-146
3920486
1876411
101.3
163.9
-45
089
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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 InfillDrilling 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
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
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
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – November 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 Auover 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.
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.
Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH541
52.54
54.55
2.01
1.12
59.00
59.40
0.40
2.24
63.40
63.70
0.30
1.32
69.00
70.78
1.78
1.06
109.95
110.25
0.30
2.50
112.60
116.83
4.23
4.61
including
115.63
116.83
1.20
14.35
including
116.23
116.53
0.30
33.85
118.30
118.60
0.30
1.02
120.00
123.50
3.80
3.27
including
122.30
123.50
1.20
5.71
124.63
125.23
0.60
7.09
including
124.93
125.23
0.30
12.82
127.20
130.20
3.00
0.87
including
129.90
130.20
0.30
6.69
TUDDH-542
73.00
73.60
0.60
0.75
78.10
78.40
0.30
0.73
79.80
81.50
1.70
1.65
83.60
83.90
0.30
0.87
91.90
94.70
2.80
1.36
TUDDH-545
74.60
75.60
1.00
3.38
79.60
80.20
0.60
3.23
81.60
83.60
2.00
1.4
108.10
108.40
0.30
5.36
123.60
131.10
7.50
20.61
including
123.60
124.60
1.00
7.97
and
125.60
126.50
0.90
8.97
and
128.30
129.80
1.50
89.03
including
128.30
128.60
0.30
227.3
and
128.60
128.90
0.30
10.48
and
128.90
129.20
0.30
39.01
and
129.20
129.50
0.30
99.42
and
129.50
129.80
0.30
68.95
and
130.80
131.11
0.30
9.88
137.60
138.60
1.00
9.38
TUDDH-546
80.50
81.70
1.20
2.53
97.80
99.60
1.80
1.64
104.20
105.40
1.20
10.16
including
104.20
104.50
0.30
39.33
109.20
109.50
0.30
3.76
113.20
113.50
0.30
0.92
115.90
117.40
1.50
1.04
120.50
123.30
2.80
0.85
including
123.00
123.30
0.30
3.93
60.20
60.50
0.30
1.61
66.60
67.20
0.60
1.3
68.40
69.00
0.60
1.35
TUDDH-547
70.40
71.00
0.60
2.67
76.30
77.20
0.90
1
87.10
88.90
1.80
1.13
91.60
92.50
0.90
1.59
94.30
99.70
5.40
1.96
including
94.30
95.20
0.90
5.19
97.00
99.70
2.70
1.08
104.50
104.80
0.30
13.47
107.00
107.90
0.90
3.96
110.30
111.20
0.90
0.52
115.70
118.10
2.40
0.72
TUDDH-548
82.60
82.90
0.30
9.82
99.20
100.40
1.20
1.15
101.60
101.90
0.30
18.74
106.20
107.70
1.50
6.41
including
106.20
106.50
0.30
26.34
110.40
110.70
0.30
15.37
113.90
115.30
1.40
1.16
118.45
118.75
0.30
4.31
120.85
123.35
2.50
21.34
including
121.75
123.05
1.30
38.25
including
121.75
122.05
0.30
52.27
and
122.05
122.35
0.30
21.13
and
122.35
122.75
0.40
53.82
and
122.75
123.05
0.30
20.58
74.10
74.40
0.30
4.69
TUDDH-553
26.00
26.90
0.90
7.84
108.50
109.50
1.00
0.79
115.80
120.10
4.30
1.42
173.40
175.80
2.40
33.5
including
174.50
174.90
0.40
185.6
179.90
180.50
0.60
1.91
TUDDH544W1 (500 Zone)
643.10
644.60
1.50
17.43
including
643.10
643.40
0.30
5.10
and
643.40
643.70
0.30
75.55
and
643.70
644.00
0.30
4.05
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)
TUDDH544, 544W1
3920795.6
1876350.7
209.7
758.5
-65.0°
132°
TUDDH541
3920733.6
1876296.8
225.1
165.6
-49.0°
002°
TUDDH542
3920845.3
1876170.4
166.6
150.5
-7.0°
139°
TUDDH545
3920732.5
1876296.8
225.1
191.6
-80°
10°
TUDDH546
3920734.1
1876298.1
225.1
170.5
-49°
13°
TUDDH547
3920733.8
1876298.0
225.1
173.5
-61°
17°
TUDDH548
3920733.4
1876297.9
225.2
200.7
-73°
15°
TUDDH553
3920724.8
1876385.5
237.0
206.4
-74°
274°
TUDDH562
3920723.3
1876385.5
237.0
244.2
-70°
248°
TUDDH563
3920796.3
1876351.1
209.7
in 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.
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
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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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
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.
– DEEP FEEDER ZONE 500 NOW EXTENDS OVER 300M VERTICALLY AND 150M LATERALLY
– WEIGHTED AVERAGE GRADE OF 23 G/T Au FROM ZONE 500 MINERALIZED INTERCEPTS 2.6 X HIGHER THAN AVERAGE GRADE OF RESOURCE
– ZONE 500 CONNECTS WITH BASE OF EXISTING RESOURCE AT APPROX. 470M DEPTH
– 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/tAuover 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).
Figure 2: Detail of Figure 1. The grid is 100m; intercepts are expressed as g/t Au over downhole width in meters. Dots indicate modelled pierce points for existing drill intercepts defining the 500 Zone (green=recently completed; orange=previously reported; white=within current resource).
Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH544W1 (incomplete)
643.7
644.6
0.9
2.17
incl.
643.7
644.0
0.3
4.05
651.5
652.1
0.6
46.79
incl.
651.5
651.8
0.3
56.74
and
651.8
652.1
0.3
36.83
658.2
658.8
0.6
33.06
incl.
658.2
658.5
0.3
5.11
and
658.5
658.8
0.3
61.0
TUDDH544W2
573.2
575.3
2.1
6.69
incl.
574.1
575.0
0.9
14.67
and
574.4
574.7
0.3
32.83
577.1
578.3
1.2
7.45
incl.
577.1
577.4
0.3
12.69
and
577.4
577.7
0.3
5.99
and
577.7
578.0
0.3
8.57
and
578.0
578.3
0.3
2.23
579.5
579.8
0.3
25.56
629.3
633.2
3.90
33.40
incl.
629.3
629.6
0.3
25.0
and
629.6
629.9
0.3
105.0
and
630.2
630.5
0.3
65.0
and
630.5
630.8
0.3
19.0
and
630.8
631.1
0.3
5.67
and
631.1
631.4
0.3
112.0
and
631.4
631.7
0.3
45.0
and
632.3
632.9
0.6
3.47
and
632.9
633.2
0.3
50.0
Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)
Hole No
coordinates
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH544W1
3920795.6
1876350.7
209.7
758.50
-65.04°
132.06°
TUDDH544W2
3920795.6
1876350.7
209.7
926.8
-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.
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
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – September 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.
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 Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH533
12.45
13.65
1.20
10.45
incl
13.00
13.30
0.30
36.69
15.35
15.65
0.30
2.18
17.50
17.80
0.30
2.91
20.30
23.80
3.50
2.72
incl
20.60
20.90
0.30
9.23
25.85
26.15
0.30
0.89
27.40
28.00
0.60
1.04
28.57
28.95
0.38
0.54
30.00
31.80
1.80
1.41
36.00
39.00
3.00
3.47
incl
37.60
38.20
0.60
10.06
162.20
162.50
0.30
1.19
266.80
267.40
0.60
437.13
306.35
307.35
1.00
1.20
309.35
310.80
1.45
16.14
incl
310.15
310.80
0.65
31.93
335.24
335.64
0.40
12.84
370.89
371.23
0.34
0.56
385.60
386.00
0.40
1.10
390.79
391.09
0.30
1.47
437.84
438.26
0.42
0.95
439.30
439.60
0.30
0.58
453.15
453.60
0.45
0.67
459.25
459.80
0.55
3.73
464.10
464.91
0.81
1.82
487.40
488.33
0.93
0.92
539.45
540.30
0.85
1.33
550.06
550.43
0.37
0.76
551.20
551.50
0.30
0.61
575.70
578.00
2.30
55.44
incl
576.68
578.00
1.32
96.13
incl
577.60
578.00
0.40
221.60
TUDDH533w1
536.30
540.86
4.56
1.50
546.94
549.44
2.50
1.85
612.10
613.90
1.80
3.34
614.50
614.80
0.30
0.56
TUDDH534
66.69
67.08
0.39
0.67
71.40
71.72
0.32
4.03
90.95
94.19
3.24
2.95
incl
90.95
91.42
0.47
7.72
and
93.80
94.19
0.39
14.76
100.57
100.84
0.27
0.66
120.49
121.10
0.61
1.97
123.23
126.94
3.71
5.52
incl
124.66
125.00
0.34
15.59
and
125.47
125.94
0.47
18.44
TUDDH537
83.56
83.90
0.34
1.91
126.57
127.36
0.79
3.99
128.50
129.78
1.28
4.04
134.15
135.48
1.33
12.23
incl
134.15
134.50
0.35
30.50
and
135.17
135.48
0.31
16.07
138.93
142.44
3.51
6.52
incl
142.06
142.44
0.38
19.46
144.62
146.39
1.77
3.50
incl
145.31
145.53
0.22
14.13
TUDDH538
143.81
144.24
0.43
0.68
177.78
178.04
0.26
103.50
TUDDH539
86.27
88.28
2.01
4.26
102.82
103.14
0.32
10.78
111.20
119.68
8.48
10.24
incl
111.20
113.64
2.44
33.26
and
115.40
118.70
3.30
13.49
121.65
122.31
0.66
26.55
TUDDH540
97.95
98.25
0.30
79.65
103.90
105.20
1.30
97.40
incl
103.90
104.50
0.60
210.29
which incl
103.90
104.20
0.30
41.58
and
104.20
104.50
0.30
379.00
109.20
110.20
1.00
1.12
TUG135
4.60
4.90
0.30
1.12
28.60
34.40
5.80
7.53
incl
29.40
32.00
2.60
13.64
66.10
67.00
0.90
2.37
95.40
95.70
0.30
0.69
105.10
105.40
0.30
0.69
106.60
107.20
0.60
20.70
incl
106.90
107.20
0.30
40.55
108.90
110.70
1.80
1.37
178.20
178.50
0.30
0.53
260.50
261.30
0.80
1.83
263.10
263.70
0.60
1.18
265.00
265.30
0.30
1.84
276.40
280.40
4.00
3.59
284.30
285.60
1.30
1.49
288.40
288.70
0.30
2.77
294.90
295.20
0.30
1.26
299.55
299.85
0.30
2.02
346.70
350.10
3.40
3.61
374.60
374.90
0.30
0.96
415.70
419.40
3.70
24.92
incl
415.70
416.00
0.30
83.63
and
417.20
417.50
0.30
159.30
and
418.10
418.40
0.30
17.68
508.10
510.60
2.50
2.89
incl
508.10
508.80
0.70
8.93
511.50
511.90
0.40
0.56
Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)
Hole No
coordinates
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH533
3920795
1876351
209.4
818.7
-60
130
TUDDH533W1
3920795
1876351
209.4
773.8
-60
130
TUDDH534
3920736.01
1876267
225.83
179.4
-70
16
TUDDH537
3920735.17
1876267
225.98
206.5
-80
11
TUDDH538
3920735
1876267
225.98
239.60
-83
80
TUDDH539
3920731
1876300
228.00
186.20
-72
0
TUDDH540
3920731
1876300
228.00
168.20
-60
0
TUG135
3920761
1876454
139.28
underway
-64.00
131
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
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.
