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Junior Mining Lion One Metals Precious Metals

Lion One Extends the URW3 Lode, a Key Component of The 500 Zone Feeder, with Several Bonanza-Grade Drill Intercepts at Its Tuvatu Gold Mine, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the Company has produced additional bonanza-grade drilling intercepts and expanded the Deep Feeder Zone 500 by increasing the vertical extent of the URW3 Lode by at least 180 m at its high-grade Tuvatu Alkaline Gold Project in Fiji.

The results from these holes confirm a significant increase in the vertical extension and continuity of the URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone. The new drill intercepts, in conjunction with results from the previously drilled TUG-138 drill hole, correspond to a significant increase in grade with depth, as numerous bonanza-grade intercepts return gold assay values ranging from 100-800 g/t gold. Additionally, this drilling confirms an increase in the vertical extent of this distinct portion of the 500 zone feeder by at least 180 m. The high-grade feeder zone remains open at depth.

Overall, the drill results reported here are consistent with a persistent, substantial upside being realized at Tuvatu resulting from the aggressive deep drilling adopted by the company since the initial discovery of the deep feeder zone by hole TUDDH-500, in July of 2020.

Highlights:

An increase of at least 180 m in the vertical extent of the URW3 lode as defined by bonanza grade intercepts

Multiple high-grade intercepts including from TUG-149 including 12.89 g/t Au over 12.9 m from 254.4 m, 84.61 g/t Au over 3.9 m from 318.6 m, and 48.65 g/t Au over 5.4 m from 423.3 m

Definition of a new portion of deep, high-grade feeder material that is separate from, and parallel to, the high-grade zone previously defined by TUG-141/TUDDH-601/TUDDH-608

Select high-grade intercepts

Hole IDFrom (m)To (m)Intercept
(m)
Au g/t
TUG-149254.4267.312.912.89
including259.2259.50.3134.97
318.6322.53.984.61
including321.3321.60.3536.50
321.6321.90.3530.60
423.3428.75.448.65
including426.0426.30.3802.47
TUDDH-613529.0529.30.3108.52
TUDDH-616624.2631.77.59.43
including624.2626.62.412.11
and627.2628.71.523.59
which includes627.5627.80.363.86

Technical advisor to the Company, Dr. Quinton Hennigh commented: This drilling is leading us closer and closer to the main conduits of this remarkable high-grade gold system. Without question, URW3 is turning into a big branch of the ‘tree.’ The junction between it and the rest of the 500 Zone looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we chase this down with further drilling, I think it could lead us to parts of the system in which considerable gold was deposited. We must keep drilling.

Drill holes TUDDH-613 and 616, and TUG-149 were designed to follow up the previously announced discovery of the very high-grade zone of Au mineralization discovered by hole TUG-141 (Read June 6, 2022 News Release), and subsequently followed up by holes TUDDH-601 (Read August 15, 2022 News Release), and TUDDH-608 (Read Nov. 7, 2022 News Release). Holes TUG-149, TUDDH-613, and TUDDH-616 all intersected a distinct zone, located approximately 60 m to the west of the TUG-141 structural corridor, that corresponds to the down-dip projection of the URW3 lode (Figure 1). The substantial bonanza-grade intercepts (Figure 2) in these drill holes, along with the high-grade intercepts in a previously reported hole TUG-138 (Read June 6, 2022 News Release) of 23.14 g/t Au over 3.0 m including 118.6 g/t Au over 0.3 m, collectively define a significant vertical extension to URW3 of at least 180 m.

Sr. Vice-President of Exploration, Sergio Cattalani states: “This is yet another major advance in our continuing efforts to follow and delineate what is increasingly understood to be the principal high-grade feeder at Tuvatu. While we believe we are rapidly defining major portions of the feeder structures, we are also confident that we are in no way near its base. This feeder is developing into a bonanza-grade zone defined by multiple major channel-ways that appear to coalesce. With the TUG-141/TUDDH-601/608 zone, and now the URW3 zone, we have at least two, distinct but likely interconnected corridors of continuous high-grade mineralization to follow up. We’re just getting started…

Figure 1 below represents a 15 m thick longitudinal section along the dip-extent of the URW3 lode, and illustrates the effect of TUG-149, TUDDH-613, and TUDDH-616 on what appears to be the downward extension of this important structure. The TUDDH-613 and TUDDH-616 traces are relatively short because the holes are oblique to the section. TUG-149 appears as a longer continuous trace as it remained at a very low angle to the dip of the URW3 lode. This is also reflected by the long interval of 12.9m of 12.89 g/t Au from 254.4-267.3m depth. TUG-138 (red diamonds) was a pre-existing hole, but in light of the most recent drill results, is now interpreted to also form part of the downward extension of the URW3 lode.



Figure 1. Longitudinal section, 15 m in thickness in the plane of the URW3 lode (striking N007°, dipping -79°SE). Red dots represent new intercepts reported here; Red diamonds represent intercepts previously reported by hole TUG-138. Photos of selected intercepts above in Figure 2.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/144799_e229c35874cc28b8_001full.jpg.



Figure 2: Plate A: ladder-style vein at low angle to core axis, TUG-149: 251.4m, 35.36 g/t Au; Plate B: close-up view of mineralization consisting of euhedral pyrite and sphalerite in a matrix consisting of a very fine mixture of silica and dark brown pyrite, TUG-149: 259.5m, 134.97 g/t Au; Plate C: coarse VG on edge of quartz-pyrite veinlet, TUG-149: 321.6m, 536.5 g/t Au; Plate D: very coarse VG in quartz-pyrite veinlet, TUG-149: 426.1m, 802.5 g/t Au; Plate E: ladder-style quartz-pyrite vein, TUDDH-616: 605.5m, 17.10 g/t Au; Plate F: edge of dark silica-pyrite hydrothermal breccia vein, TUDDH-616: 615.5m, 24.89 g/t Au; Plate G: very coarse crystalline and wire VG in a vug along a quartz-pyrite vein, TUDDH-616: 627.5m, 63.86 g/t Au; Plate H: close-up view of the coarse crystalline and wire gold in same sample as Plate G, photographed using a field binocular microscope.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/144799_fig2lion.jpg.

Table 1: Includes the location and other information for listed DDH holes

HOLE IDEASTINGNORTHINGELEVATIONAZIMUTHDIPDEPTH (M)
TUG-14918764383920584115.1115.0-77.0in progress
TUDDH-61318762803920472286.390.0-68.0869.90
TUDDH-61618762803920472286.392.0-71.0767.70

Table 2: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are displayed in red. Intervals > 9.0 g/t Au or longer than 1.2 m are displayed in bold.

Hole IDFrom (m)To (m)Interval (m)Au g/t
TUG-149187.5188.10.60.86
208.5208.80.30.72
236.1237.00.91.85
245.4248.12.71.49
251.1252.00.913.77
including251.4251.70.335.36
254.4267.312.912.89
including255.0255.30.35.60
including255.9256.20.344.14
including256.2256.50.359.64
including256.8257.10.317.64
including257.1257.40.3T33.17
including257.4257.70.317.41
including257.7258.00.346.76
including258.0258.30.329.45
including259.2259.50.3134.97
including259.5259.80.315.90
including259.8260.10.35.86
including260.1260.40.360.19
including260.4260.70.321.32
including261.3261.60.314.55
including261.6261.90.37.95
312.0313.51.516.02
including312.6312.90.360.03
including312.9313.20.312.02
including313.2313.50.36.60
315.0315.60.61.72
318.6322.53.984.61
including318.9319.20.37.48
including321.3321.60.3536.50
including321.6321.90.3530.60
including321.9322.20.35.32
353.1353.40.30.59
359.4360.00.65.26
including359.4359.70.38.89
390.3390.60.30.53
393.6393.90.30.58
394.8395.70.90.71
401.7402.30.60.87
419.7420.00.31.93
423.3428.75.448.65
including424.8425.10.35.53
including425.1425.40.35.26
including425.7426.00.317.53
including426.0426.30.3802.47
including426.6426.90.36.31
including426.9427.20.37.05
including427.8428.10.318.01
432.3432.90.60.58
441.0441.30.39.20
486.4490.64.28.96
including487.0487.30.37.22
including487.9488.20.35.88
including488.2488.50.310.33
including489.1489.40.37.67
including489.4489.70.349.97
including489.7490.00.335.57
hole still in progress
TUDDH-61335.536.10.60.59
37.037.90.90.78
160.4161.00.61.38
452.2452.50.30.68
529.0529.30.3108.52
531.1532.00.90.82
535.6543.17.52.76
including539.8543.13.35.45
which includes540.7541.30.625.10
551.2554.23.08.39
including551.2552.10.95.02
including552.1552.70.611.67
including553.3553.90.69.36
including553.9554.20.324.54
580.0580.90.90.50
594.6596.11.50.65
627.4631.94.50.96
633.7634.00.30.71
755.0755.30.30.51
TUDDH-61636.837.70.90.70
604.6607.93.32.99
including605.2606.10.98.65
which includes605.2605.50.317.10
614.8617.62.85.73
including615.1616.41.311.55
which includes615.4615.70.324.89
618.8620.31.53.91
including618.8619.40.67.61
624.2631.77.59.43
including624.2626.62.412.11
including627.2628.71.523.59
which includes627.2627.50.337.09
and also includes627.5627.80.363.86
including629.9631.11.23.43
633.5634.71.216.76
including634.1634.70.629.54
636.5637.10.60.59

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

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

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

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

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144799

Categories
Junior Mining Lion One Metals Precious Metals

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

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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_001full.jpg

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



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

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_002full.jpg



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

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_003full.jpg



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).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_004full.jpg



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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/144280_95811d14b47fa810_005full.jpg

About Tuvatu

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

Qualified Person

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

QAQC Procedures

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

About Lion One Metals Limited

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

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

Walter Berukoff“, Chairman and CEO

Contact Investor Relations

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

Website: www.liononemetals.com

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

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

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

Categories
Junior Mining Lion One Metals Precious Metals

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

North Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from hole TUDDH 608 as part of its ongoing deep drill program in definition of the “500” zone. Exceptional results include 23.7 meters (m) averaging 17.52 g/t gold with a horizontal true width of 10.4m. Mineralized intervals are inclusive of several bonanza-grade intercepts. This hole is consistent with Lion One’s geological model of a robust Alkalic gold system with increasing gold grade at depth.

Highlights

A deep high-grade intercept of 17.52 g/t Au over 23.7m with 10.4m true width from TUDDH 608
Targeting intersection of TUG 141 (20.86 g/t Au over 76.9m) and TUDDH 601 (12.22 g/t Au over 54.9m)
Structural interpretation for a deep high grade feeder system taking shape in Zone 500

TUDDH 608 – select high grade intercepts

From mTo mIntercept mGrade g/t Au
594.5618.223.7017.89
594.5614.119.6021.16
596.7603.16.4042.58
596.7597.91.2085.10
599.8600.40.60108.31

Lion One Senior Vice President Exploration Sergio Cattalani commented “By drilling at a high angle across the TUG 141 (20.86 g/t gold over 76.9m) / TUDDH 601 (12.22 g/t Au over 54.9m) high-grade zone, TUDDH 608 was able to provide valuable information on the width and continuity of this zone. The outstanding results obtained of 17.52 g/t gold over 23.7m corresponds to a horizontal true width of 10.4m, which is approximately seven times the estimated average mining width, and at a grade that is nearly twice the average grade of the existing resource. The significance of this zone and its likely contribution to the increase in overall contained ounces cannot be overstated, as the extent of this zone may be much greater than previously thought. We are currently drilling several additional holes to test the possible plunge extent estimated by oriented core structural measurements. We will continue to report additional results as they become available.”

Hole TUDDH 608 (azimuth: 089°, dip: -64°), drilled from west to east, was designed drill across the high-grade zone identified in two directions by TUG 141 and TUDDH 601 (Figures 1, 2). With the completion of TUDDH 608 we can now better understand the true horizontal width and potential volume of the bonanza-grade feeder zone. The results are outstanding with 23.7m drilled width at 17.5 g/t gold, including 19.6m of 20.7 g/t gold (Figures 3-10). The horizontal true width of the zone at the drilled location is 10.4m (Figure 1). Lion One regards the confirmation of the high-grade feeder zone initially identified by TUG 141 and TUDDH 601 as transformational in that it confirms both continuity and implies extensive volume of the mineralized feeder zone below the current resource. Mineralization in TUDDH 608 extends from 594.5m to 618.2m (Table 1).

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

Lion One CEO Walter Berukoff commented “We look forward to further definition of the “Jewel box” dilatational feeder zone that we have been drilling out beneath the existing resource starting from surface at Tuvatu. This hole provides outstanding results for us as it continues to lend credence and proof-of-concept to the thesis of a deeper, very high-grade, feeder-style zone at depth. We continue to add enormous value to the mine as well as the critical exploration upside with the drill bit. We are defining what looks to be the next major high-grade discovery and world-class gold deposit right here in Fiji. We look forward to further results in very near future.”

Assay Data for TUDDH 608

Drill HoleEastingNorthingElevationAzimuthDipLength (m)
TUDDH 6081876280.43920472.4286.589-64678.1
Drill HoleFrom (m)To (m)Interval (m)Au (g/t)
TUDDH 60838.038.60.61.04
263.8264.40.60.79
285.1285.70.60.69
493.6493.90.33.08
503.2510.06.82.45
Including506.7507.30.610.50
511.2515.74.51.45
517.8518.10.31.09
519.3523.23.91.50
557.1557.70.69.09
Including557.1557.40.311.65
Including557.4557.70.36.52
559.2559.80.63.03
571.4572.61.29.42
Including571.4572.00.617.03
Including572.0572.60.61.80
576.5577.40.90.51
594.5618.223.717.89
Which Includes594.5614.119.621.16
Also Including596.7603.16.442.58
Including596.7597.91.285.10
Including597.9598.60.79.42
Including598.6598.90.38.38
Including598.9599.20.311.44
Including599.2599.50.36.98
Including599.5599.80.336.39
Including599.8600.40.6108.31
Including600.4600.70.321.69
Including600.7601.71.013.54
Including601.7602.20.523.21
Including602.5603.10.680.02
and603.1603.70.67.05
Including603.7604.00.311.98
Including606.0606.60.654.54
Including606.6607.20.612.00
Including607.2607.80.68.30
Including607.8608.40.629.57
Including609.3609.60.324.31
Including610.2610.80.610.85
Including610.8611.10.37.54
Including611.4612.10.745.02
Including612.1612.90.813.31
and612.9613.80.90.54
and613.8614.10.31.87
and614.1616.12.0<0.5
616.1618.22.14.26
Including616.1616.70.611.72
Including616.7617.50.81.87
Including617.5618.20.70.59
670.2670.50.31.05

Figure 1: Tuvatu Alkalic gold mine. Blue shapes are areas of known mineralization that define the current resource. Note the trifecta of holes that delineate, in 3 different orientations, the 10.4m true width of the “Jewel Box” high-grade zone (Brown =>10 g/t Au) which occurs within the larger high-grade 500 feeder zone

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Figure 2: Closer view of the lower portion of Figure 1, depicting theorientation of selected drill holes that define a coherent high-grade portion within the high-grade 500 Zone mineralization entirely below the current resource.

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

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

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

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

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

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

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

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

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Qualified Person

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

QAQC Procedures

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

About Lion One Metals Limited

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

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

Walter Berukoff
Chairman and CEO

For further information
Contact Investor Relations

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

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

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

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

Categories
Energy Junior Mining Lion One Metals Precious Metals

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

Lion One Metals, Proven and Probable

North Vancouver, British Columbia–(Newsfile Corp. – September 28, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that it has closed its previously announced bought deal offering of 17,348,000 units (the “Units“) (including 1,108,0000 Units issued pursuant to Eight Capital and Canaccord Genuity Corp.’s (together, the “Underwriters“) partial exercise of the over-allotment option granted to the Underwriters) at a price of $0.77 per Unit for gross proceeds of $13,357,960 (the “Offering“).

Each Unit consists of a common share of the Company (each, a “Common Share“) and one-half (1/2) of one common share purchase warrant (each whole common share warrant, a “Warrant“) to purchase a Common Share at a price of $1.05 for a period of 36 months following the closing date of the Offering. In the event that the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSX-V“), or such other principal exchange on which the Common Shares are then trading, is greater than $1.75 for a period of twenty consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving written notice to the holder thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

Pursuant to the Offering the Company issued 1,040,880 compensation warrants (the “Compensation Warrants“) to the Underwriters. Each Compensation Warrant is exercisable to purchase a Common Share at a price of $0.77 for a period of 36 months following the closing date of the Offering.

The net proceeds from the Offering will be used for exploration and development of the Company’s Tuvatu Gold Project.

The Offering was made by way of prospectus supplement dated September 22, 2022 (the “Prospectus Supplement“) to the Company’s base shelf prospectus dated May 13, 2022. Distribution of the Units issued pursuant to the Offering was insufficient to meet the TSX-V’s requirements for the listing of the Warrants so the Company has accordingly not applied to list the Warrants on the TSX-V.

About Lion One Metals Limited

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

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

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

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the use of proceeds from the Offering, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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Categories
Junior Mining Lion One Metals Precious Metals

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

NORTH VANCOUVER, British Columbia, Sept. 20, 2022 (GLOBE NEWSWIRE) —

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that it has entered into an agreement with Eight Capital and Canaccord Genuity Corp., as co-lead underwriters and joint bookrunners (the “Underwriters“), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis,16,240,000 units of the Company (the “Units“) at a price of C$0.77 per Unit (the “Issue Price”), for total gross proceeds of C$12,504,800 (the “Offering“).

Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$1.05 for a period of 36 months from the closing date of the Offering.

If, following the closing of the Offering, the volume weighted average trading price of the Common Shares on the principal exchange on which the Shares are listed for any 20 consecutive trading days equals or exceeds C$1.75, the Company may, upon providing written notice to the holders of Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice

In addition, the Company has agreed to grant the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part, for a period of 30 days after the closing of the Offering, to purchase up to an additional 15% of the number of Units sold pursuant to the Offering, on the same terms as the Offering, to cover over-allotments and for market stabilization purposes.https://embed.fireplace.yahoo.com/embed

The net proceeds from the sale of the Units will be used for exploration and development of the Company’s Tuvatu Gold Project, as well as working capital and general corporate purposes.

The Units will be offered by way of a prospectus supplement (the “Prospectus Supplement”) to the Company’s base shelf prospectus dated May 13, 2022. The Prospectus Supplement will be filed in Alberta, British Columbia and Ontario and, together with the related base shelf prospectus, will be available on SEDAR at www.sedar.com.

Closing of the Offering is expected to take place on or about September 28, 2022 and is subject to certain conditions including, but not limited to the receipt of all applicable regulatory approvals including approval of the TSX Venture Exchange.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Lion One Metals Limited

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

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

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

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

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

Categories
Junior Mining Lion One Metals Precious Metals

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

North Vancouver, British Columbia–(Newsfile Corp. – September 15, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from drillhole TUDDH-608 a direct follow-up to the TUG-141/TUDDH-601 high-grade zone discovery at its fully permitted Tuvatu Alkaline Gold Project in Fiji.

TUDDH-608 intersected:

19.60m at 21.16 g/t Au from 594.5-614.1m, which includes a zone of
16.20m at 25.28 g/t Au from 596.7-612.9m.

The dip of this hole at this depth was approximately 60° equating to a true horizontal width of 11.85m.

TUDDH-608 was drilled from surface at an azimuth of approximately N090°E, aimed at intersecting the TUG-141/TUDDH-601 high-grade zone at a high angle to determine the true width of the high-grade zone at this location.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522wiki_topics%2522%253A%2522Lion%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25229b04419e-750c-3224-9125-6febee8bd22b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Figure 1 show the trace of TUDDH-608 and its location relative to the current interpretation of the TUG-141/TUDDH-601 high-grade dilation zone, and indicates that TUDDH-608 intersected high-grade Au mineralization approximately 20m north of subvertical hole TUDDH-601, and 15m below the discovery hole TUG-141. The trace of the currently drilling TUG-147 drillhole, designed to intersect the high-grade mineralized zone an additional 90 to the north of TUDDH-608 is also shown on Figure 1. TUG-147 is expected to cross the target rocks in the next 7-10 days.

Figure 2 includes some photos of the mineralization intersected by hole TUDDH-608. All results >0.5 g/t Au are summarized below in Table 1.

Lion One Sr. Vice-President of Exploration Sergio Cattalani, stated “This is yet another exceptional set of results from the ongoing drilling of the high-grade zone defined by the previous drill holes TUG-141 and TUDDH-601. Our current interpretation of this portion of the 500 Zone feeder is that of a wide zone of dilation associated with the interplay of major structural corridors (UR1 and UR4) and the main lithological contact between monzonite and andesite that has the potential to extend for tens to hundreds of meters both vertically and along the NS direction. True widths exceeding 10m at the narrower apex of this dilational zone suggest a significant increase in gold ounces once this zone has been adequately drilled off, and this, independent of the rest of the extensive vertical 500 zone feeder that is known to exceed 1100m in vertical extent. We will continue to expand this critical zone of high-grade mineralization with ongoing drilling both from surface as well as from the underground decline.”



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To view an enhanced version of this graphic, please visit:
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Figure 1: Oblique views looking N320° and down 45° (A) and looking N060° and down 20° (B) of a 100m thick horizontal slice of the UR1-UR4 high-grade mineralized zone. Yellow trace is the projected trace of TUG-147 (in progress).



A

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B

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C

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https://images.newsfilecorp.com/files/2178/137267_fig2c.jpg



D

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https://images.newsfilecorp.com/files/2178/137267_fig2d.jpg



E

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F

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Figures 2: Photos from TUDDH-608 drill core, as follows: A) 571.5m, 17.03 g/t Au; B) 601.9m, 23.21 g/t Au; C) 599.5m, 108.31 g/t Au; D) 606.5m, 54.54 g/t Au; E) 611.8m, 45.02 g/t Au; F) close-up of cut core from photo E showing VG.

Table 1: Drilling intervals for diamond drill hole TUDDH-608 returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded).

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-60838.038.60.61.03
263.8264.40.60.71
285.1285.70.60.69
493.6493.90.33.07
503.2510.06.82.45
Incl.506.7507.30.610.49
511.2515.74.51.45
517.8518.10.31.08
519.3523.23.91.49
557.1557.70.69.08
Incl.557.1557.40.311.64
Incl.557.4557.70.36.51
559.2559.80.63.02
571.4572.61.29.41
Incl.571.4572.60.617.02
576.5577.40.90.51
594.5618.219.621.16
Incl.596.7597.91.285.09
Incl.597.9598.60.79.42
Incl.598.6598.90.38.38
Incl.598.9599.20.311.44
Incl.599.2599.50.36.98
Incl.599.5599.80.336.39
Incl.599.8600.40.6108.31
Incl.600.4600.70.321.69
Incl.600.7601.71.013.54
Incl.601.7602.20.523.39
Incl.602.2602.50.30.72
Incl.602.5603.10.680.01
Incl.603.1603.70.67.05
Incl.603.7604.00.311.97
Incl.604.0604.60.63.09
Incl.604.6605.20.62.93
Incl.605.2606.00.81.41
Incl.606.0606.60.654.53
Incl.606.6607.20.611.99
Incl.607.2607.80.68.30
Incl.607.8608.40.629.56
Incl.608.4609.30.91.34
Incl.609.3609.60.324.31
609.6610.20.62.61
Incl.610.2610.80.610.85
Incl.610.8611.10.37.54
611.1611.40.32.90
Incl.611.4612.10.745.02
Incl.612.1612.90.813.31
612.9613.80.90.54
613.8614.10.31.87
616.1618.22.14.25
Incl.616.1616.70.611.72
670.2670.50.30.97

Table 2: Survey details of diamond drill holes referenced in this release. Previously released drill holes are not included here.

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUDDH-60818762803920472286.51678.1-64089
TUG-14718764353920584116in progress-75099

Qualified Person

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

QAQC Procedures

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

About Lion One Metals Limited

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

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

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

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

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

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Categories
Junior Mining Lion One Metals Precious Metals Uncategorized

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

North Vancouver, British Columbia–(Newsfile Corp. – September 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from 20 additional drill holes, as part of ongoing infill drilling at its high-grade, fully permitted Tuvatu Alkaline Gold Project in Fiji.

Drill results for 20 holes totalling approximately 3,900m of diamond drilling in Zone 5 cover a portion of the Tuvatu gold project, part of the Navilawa volcanic caldera which is host to numerous gold occurrences. outcropping mineralization, as well as the high-grade Tuvatu Alkaline gold deposit.

The drill program represents a significant improvement to the extent of known mineralization; additions are highlighted in blue in Table 1. The main orebody (Figure 1), is scheduled to enter production in Q2 of 2023. Its dimensions and continuity are further defined and expanded with the infill program which adds to the 11 earlier holes in Zone 5 (Lion One news release: May 31, 2022). The additional data outlines high-grade to bonanza-grade mineralized lode swarms <100m from surface. Vein-hosted mineralization remains open along strike and at depth. Lion One is upgrading its resource model which is expected to be significantly improved by this round of drill results. The mineralization reported here is a significant development which is expected to upgrade the resource model, as it represents a critical addition of gold mineralisation to the resources model that grades well above the average resource grade, at relatively shallow levels. As a result, the newly identified mineralization will enhance the economic model, likely upgrading the production stream at Tuvatu.

Top Intercepts include:

  • 20.59 g/t Au over 3.9m from 98.4-102.3m, including 52.89 g/t Au over 1.5m, including 171.5 g/t Au over 0.3m, and 79.18 g/t Au over 0.3m from TUG-144
  • 12.22 g/t Au over 3.3m from 54.9-58.2m, including 32.08 g/t Au over 0.6m, 24.08 g/t Au over 0.6m from TUG-143
  • 56.90 g/t Au over 1.8m from 144.6-146.4m, including 163.19 g/t Au over 0.6m from TUDDH-604
  • 35.98 g/t Au over 1.8m from 53.0-54.8m, including 194.00 g/t Au over 0.3m from TUDDH-609
  • 9.13 g/t Au over 3.3m from 60.3-63.6m, including 44.85 g/t Au over 0.6m from TUG-146, as well as 8.15 g/t Au over 5.1m from 97.5-102.6m, including 19.70 g/t Au over 1.8m from 99.3-101.7 including 13.28 g/t Au over 0.6, 11.73 g/t Au over 0.6m, and 34.08 g/t Au over 0.6m also from TUG-146
  • 9.33 g/t Au over 1.5m from 10.5-12.0m, including 37.42 g/t Au over 0.3m from TUG-144
  • 7.14 g/t Au over 3.0m from 107.5-110.5m, including 28.56 g/t Au over 0.3m, 10.54 g/t Au over 0.3m, and 28.74 g/t Au over 0.3m from TUDDH-591
  • 6.80 g/t Au over 4.2m from 92.1-96.3m including 10.39 g/t Au over 0.3m, 24.57 g/t Au over 0.6m, and 9.62 g/t Au over 0.6m from TUDDH-596
  • 17.85 g/t Au over 0.6m from 127.9-128.5m including 26.79 g/t Au over 0.3m, 5.52 g/t Au over 2.7m from 161.8-164.5m incl. 36.81 g/t Au over 0.3m from TUDDH-605
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Results are summarized below in Table 1, with vertical sections including all of the newly reported drill holes presented as Figures 2-8. Highlighted in blue on Table 1 are drill intercepts outside of the mineralized lodes that define the existing resource model. Each additional intercept will likely add width, grade, and continuity to the resource in the near-surface portion of the Tuvatu orebody.

Lion One Drilling Programs in Progress
Lion One reports that in addition to its Zone 5 infill drilling it is progressing with deep extensional drilling on the 500 Zone, where TUDDH-608, targeting the high-grade intersection of TUG-141 and TUDD-601, has been terminated at a depth of 678.1m. Visible veining and sulphide mineralization has been recorded from approximately ~530m to 645m depth along the drill hole. Assay results for TUDDH-608 have been commissioned from the Lion One Lab with preliminary results expected soon. Drilling on TUG-147 from the underground decline, targeting the same dilational zone further to the north and deeper has also commenced this week.

The Company has also mobilized a drill rig 2km northeast of Tuvatu to test the Batiri Creek occurrence, the new regional discovery in the Navilawa Caldera (see news release dated August 29, 2022), and underground development continues toward the near-surface Zone 2 of the Tuvatu resource with the No. 2 decline having advanced >80m. Finally, results from a separate batch of 6 PQ diameter diamond drill holes aimed at collecting a 300 kg composite sample for metallurgical testing of Zone 2 mineralization have also been received and compiled. The company will continue to provide further progress updates and results on these activities.

Lion One CEO, Walter Berukoff, stated, “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model. The high-grade near-surface infill results, along with the continuing success of the deep-drilling program, underscores the potential of Tuvatu to be a multi-million-ounce, high-grade Au producer. Lion One is well positioned to continue advancing all three tiers of our exploration strategy: ongoing, near-surface infill drilling; extensions of deep, high-grade feeder targets, and from our pipeline of regional targets in the surrounding Navilawa caldera.”

Infill Drilling Program
Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1) in mid-February 2022, adding over 8,400m of new data from drill core, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).

This release presents final assay data from 20 previously unreported drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8,200m of diamond drilling from surface and underground, and which is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody. The Phase 2 program as planned includes 30 holes totalling 5,475m carried out from 4 separate drill stations at surface, and 35 holes totalling 2,695m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022, with drill hole TUDDH-577, and is expected to require 8-9 months of drilling using three rigs (two from surface and one from underground) to complete.

Results from the initial approximately 6,200m of drilling in Zone 5, represent approximately 75% of the planned program total, indicating and indeed confirming consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource, as well as new high-grade mineralization that was not identified prior to this drill program (Table 1, highlighted), and therefore not included in the current resource model.

Numerous high-grade mineralized intervals occur outside of existing modelled lodes. These notably include 35.98 g/t Au over 1.8m which includes a bonanza grade intercept of 194.00 g/t Au from a downhole depth of only 53.0m in hole TUDDH-609, as well as 19.70 g/t Au over 1.8m from only 99.3m downhole depth in hole TUG-146. These additional near-surface intercepts will add significantly to the overall inventory of high-grade mineralization slated for early production at Tuvatu. 



Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent grey), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).

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Figures 2-8: Composite vertical sections through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (labelled) and the traces of the infill drilling reported in this release (drill holes are labelled). Grade legend is as follows: orange = >3g/t Au; red = >10 g/t Au; magenta = >30 g/t Au. All figures are at the same scale with views as indicated.

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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 IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-58919.119.40.30.91
85.185.40.30.81
89.691.41.81.44
113113.60.617.33
170.9171.20.37.36
209.3209.60.30.96
210.822413.23.79
Incl.213.2213.50.317.03
Incl.213.8214.10.37.85
Incl.215.6215.90.37.17
Incl.216.5216.80.311.41
Incl.218218.30.333.30
Incl.222.5222.80.37.21
Incl.223.72240.315.34
     
TUDDH-59173.474.00.61.04
102.3102.60.39.28
103.7104.60.90.93
106.1106.60.52.01
107.5110.53.07.14
Incl.107.5107.80.328.56
Incl.108.1108.40.310.54
Incl.109.0109.30.328.74
112.0112.60.60.73
113.2113.50.30.84
117.7118.60.92.02
126.3127.81.51.29
129.0130.21.20.65
132.9134.11.20.88
142.7143.60.91.71
     
TUDDH-59214.614.90.31.83
18.518.80.30.55
75.275.50.30.55
101.6102.20.615.24
147.5148.71.20.74
158.9159.20.37.76
184.1184.70.68.32
Incl.184.4184.70.310.36
     
TUDDH-5939.911.71.84.49
Incl.10.511.10.68.98
28.229.41.20.54
34.534.80.30.69
88.589.71.24.31
140.1140.40.33.50
152.7154.21.50.78
168.9170.41.51.42
     
TUDDH-594105.0105.30.313.10
189.9191.11.28.01
195.0195.30.31.80
203.4207.64.20.85
203.4203.70.33.67
     
TUDDH-59554.956.11.20.64
112.2112.80.60.85
114.0114.30.380.65
121.8123.92.11.61
190.2191.10.92.20
194.4194.70.33.75
201.3201.60.31.31
209.7211.51.81.88
213.6213.90.32.18
224.4225.91.51.46
234.9235.50.60.52
236.7238.21.53.19
247.5247.80.31.10
     
TUDDH-59677.177.40.30.8
88.891.22.41.35
92.196.34.26.8
Incl.92.192.40.310.39
Incl.93.393.90.624.57
Incl.94.895.40.69.62
102.3102.90.67.77
     
TUDDH-59791.191.70.61.24
137.9138.50.68.59
Incl.137.9138.20.316.50
152.9153.50.61.37
176.6178.41.80.81
189.5190.40.90.55
194.9195.80.98.89
     
TUDDH-59896.7970.30.84
139.6140.50.91.85
144.1144.70.69.19
170.2173.83.64.68
Incl.170.2170.50.312.89
Incl.171.4172.61.28.37
209.5209.80.30.65
     
TUDDH-6006565.30.30.55
73.4773.62.66
Incl.7474.30.35.75
Incl.74.975.20.310.95
78.879.40.60.96
147.8148.70.91.26
     
TUDDH-602127.4127.70.32.73
152153.21.20.79
182.3182.60.31.03
209.6210.50.93.12
Incl.210.2210.50.37.45
214.4214.70.31.10
225.2225.50.37.12
     
TUDDH-60328.730.51.81.64
     
TUDDH-60484.684.90.30.64
144.6146.41.856.90
Incl.144.6145.20.6163.19
167.1170.73.68.75
Incl.167.1167.70.645.36
     
TUDDH-605127.9128.50.617.85
Incl.127.9128.20.326.79
Incl.128.2128.50.38.90
157.6158.50.94.10
Incl.158.2158.50.310.21
161.8164.52.75.52
Incl.164.2164.50.336.81
190190.60.61.21
193.9194.50.60.71
197.21991.80.64
201.1201.70.62.05
214214.30.31.09
     
TUDDH-60666.066.60.60.88
98.498.70.31.00
     
TUDDH-60953.054.81.835.98
Incl.53.954.20.3194.0
Incl.54.254.80.69.32
     
TUG-14314.715.30.62.96
17.117.70.60.89
30.330.90.60.93
32.433.00.61.29
54.958.23.312.22
Incl.54.955.50.632.08
Incl.5757.60.624.08
Incl.57.658.20.68.82
60.961.20.317.23
66.6670.42.26
67.868.40.61.24
71.173.22.10.86
74.474.70.37.19
80.480.70.32.2
89.489.70.38.48
     
TUG-1446.98.41.56.82
Incl.6.97.50.68.07
Incl.7.57.80.39.77
10.512.01.59.33
Incl.11.111.40.337.42
30.631.50.94.25
Incl.30.631.20.65.77
43.543.80.30.9
45.645.90.30.9
5151.60.60.95
52.8541.22.03
64.266.62.40.81
68.469.91.53.93
Incl.68.468.70.38.35
Incl.69.669.90.311.08
75.376.20.91.83
77.778.30.60.78
84.386.72.41.52
93.995.11.28.3
Incl.93.994.50.612.48
98.4102.33.920.59
Incl.98.499.91.552.89
which includes98.498.70.311.35
and99.099.30.3171.5
and99.699.90.379.18
103.8106.83.04.76
Incl.104.4104.90.517.11
Incl.105.3105.90.65.80
115.5115.80.30.64
119.1121.52.41.46
     
TUG-1463.33.60.33.86
10.811.40.61.73
12.913.50.66.30
38.439.30.95.48
Incl.38.438.70.310.97
60.363.63.39.13
Incl.60.360.90.644.85
68.470.82.41.41
97.5102.65.18.15
which includes99.3101.71.819.70
Incl.99.399.90.613.28
and99.9100.50.611.73
and101.1101.70.634.08
105109.54.53.95
Incl.106.5107.10.68.29
Incl.107.71080.37.62
110.71110.39.37
111.9113.11.21.44
114.3119.45.12.76
Incl.115.5115.80.38.27
144.3145.20.95.59
Incl.144.3144.60.314.63

Table 2: Survey details of diamond drill holes referenced in this release

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUDDH-58918765133920435348.5266.6-65255
TUDDH-59118764423920520314.0149.3-65297
TUDDH-59218765133920435348.6221.6-55220
TUDDH-59318765133920435348.6224.4-45220
TUDDH-59418765273920502309.6239.3-45200
TUDDH-59518765273920502309.6265.9-56225
TUDDH-59618764423920520314.0132.0-55297
TUDDH-59718765273920502309.6227.3-42200
TUDDH-59818765273920502309.6296.3-52280
TUDDH-60018764423920519311.1150.8-71251
TUDDH-60218765303920503309.8251.4-54275
TUDDH-60318765293920503309.8234.6-40290
TUDDH-60418765293920503309.9212.4-45291
TUDDH-60518765303920503309.7254.5-57288
TUDDH-60618764423920519311.1142.5-65249
TUDDH-60918764423920519311.4in progress-54250
TUG-14239204861876411102.085.8-12090
TUG-14339204861876412103.797.7+30087
TUG-14439204861876411101.3156.3-40089
TUG-14639204861876411101.3163.9-45089

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

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

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

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

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

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

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

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

Categories
Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One & the Curse of Rich Projects

Bob Moriarty
Archives
Aug 19, 2022

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

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

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

That is wonderful news for investors.

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

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

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

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

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

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

Do things when they are inconvenient.

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

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

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

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

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

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

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

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

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Energy Junior Mining Lion One Metals Precious Metals

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

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

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

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

TUDDH-601

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

TUG-145

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals > 9.0 g/t Au or longer than 1.2m are bolded).

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-601165.7166.91.226.20
Incl.165.7166.30.613.38
Incl.166.3166.90.639.01
168.1171.73.61.00
190.3190.60.34.21
252.4254.21.8115.42
Incl.252.4252.70.326.29
Incl.252.7253.30.6159.98
284.8286.31.52.37
362.8363.40.61.61
474.1474.40.67.29
Incl.474.1474.40.35.88
Incl.474.4474.70.38.69
569.8570.40.61.49
576.1596.220.123.02
Incl.579.4579.70.3142.60
Incl.579.7580.00.3109.00
Incl.580.0580.30.3140.90
Incl.580.3580.60.3263.40
Incl.580.6580.90.374.33
Incl.580.9581.20.325.89
Incl.581.8582.40.618.52
Incl.583.9584.20.35.03
Incl.585.7586.30.69.59
Incl.586.3586.60.39.43
Incl.586.6586.90.315.49
Incl.586.9587.20.318.06
Incl.587.2587.80.65.35
Incl.588.1588.70.639.23
Incl.588.7589.00.37.13
Incl.589.0589.60.626.15
Incl.591.4592.00.610.80
Incl.592.0592.60.633.77
Incl.592.6593.20.610.94
Incl.593.2593.50.328.67
Incl.593.5593.80.332.64
Incl.593.8594.10.3230.40
Incl.594.4594.70.318.26
Incl.594.7595.00.350.32
598.0600.72.70.50
602.5623.220.78.09
Incl.603.1603.70.621.52
Incl.603.7604.30.69.40
Incl.606.1606.70.620.45
Incl.606.7607.30.610.48
Incl.607.3607.90.619.67
Incl.608.5608.80.320.64
Incl.608.8609.40.610.49
Incl.609.4609.70.35.74
Incl.610.6610.90.320.31
Incl.612.7613.00.319.61
Incl.613.0613.30.3120.91
Incl.613.6613.90.37.67
Incl.613.9614.20.312.69
Incl.614.2614.80.612.29
Incl.615.1615.70.611.67
Incl.615.7616.30.69.65
Incl.616.9617.50.65.48
Incl.617.5618.10.611.67
Incl.620.8621.10.35.14
625.9631.05.18.37
Incl.626.8627.10.310.01
Incl.627.7628.30.620.14
Incl.629.5629.80.318.01
Incl.630.1630.70.624.08
632.2632.50.30.62
639.1640.61.50.58
842842.30.30.50
     
TUG-145110.4125.715.36.72
Incl.110.4110.70.318.77
Incl.110.7111.00.36.76
Incl.111.9112.20.36.30
Incl.112.2112.50.311.30
Incl.115.5115.80.36.91
Incl.115.8116.10.36.36
Incl.117.3117.60.340.73
Incl.117.6117.90.389.51
Incl.117.9118.20.39.80
Incl.118.2118.50.328.45
Incl.120.3120.60.37.77
Incl.120.6120.90.35.01
Incl.120.9121.20.38.62
Incl.121.2121.50.35.17
Incl.121.5121.80.313.73
Incl.125.1125.40.310.43
237.6239.11.51.36
262.8263.40.63.31
Incl.262.8263.40.35.01
278.7279.60.920.38
Incl.278.7279.00.324.16
Incl.279.0279.30.335.33
305.4307.21.828.68
Incl.305.4305.70.3150.76
Incl.305.7306.00.311.51
357.9368.110.24.69
Incl.358.8359.10.36.25
Incl.359.1359.40.319.46
Incl.359.4359.70.39.21
Incl.360.6360.90.35.42
Incl.361.8362.10.35.75
Incl.362.1362.40.39.15
Incl.362.4362.70.39.83
Incl.363.0363.30.37.28
Incl.363.9364.20.314.47
Incl.365.1365.40.322.39
Incl.366.6366.90.36.03
Incl.367.2367.50.311.42
373.5374.10.60.57
375.3376.81.50.83
378.6378.90.32.05
380.4381.30.91.53
387.9388.50.61.30
405.9406.20.317.8
424.2430.26.08.73
Incl.424.5424.80.35.83
Incl.425.7426.00.38.23
Incl.426.0426.30.35.26
Incl.426.3426.60.310.37
Incl.426.6426.90.334.48
Incl.426.9427.20.376.12
Incl.427.2427.50.36.81
Incl.429.9430.20.311.61
452.7453.00.31.08
598.5599.10.618.15
Incl.598.5598.80.333.68
600.6600.90.30.91

Table 2: Survey details of diamond drill holes referenced in this release

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUDDH-60139204441876508347.9878.9-85061
TUG-14139207591876459139.2675.0-55162
TUG-14539207591876459139.1692.1-58161
TUDDH-60839204721876281286.4800 planned-65089
planned hole 239205821876435118.0500 planned-66139

Qualified Person

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

QAQC Procedures

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

About Lion One Metals Limited

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

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

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

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

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

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

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Announces Extension of Tuvatu Mine Lease to 2035

This image has an empty alt attribute; its file name is 2d26afd49c61f845bada429872591f65

North Vancouver, British Columbia–(Newsfile Corp. – August 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces that the Government of Fiji has granted an extension of the Tuvatu Mining Lease (SML 62) for an additional 10 year term renewable on Feb. 28, 2035.

SML 62 is the Company’s cornerstone permit enabling Lion One to build mining and milling operations at Tuvatu, forming part of its 100% owned, high-grade Tuvatu Alkaline Gold Project, located 24km from Fiji’s International Airport in Nadi.

In an official ceremony attended by over 300 dignitaries at Tuvatu yesterday, Lion One CEO Walter Berukoff thanked Fiji’s Attorney General Aiyaz Sayed-Khaiyum, the Mineral Resource Department, and Lion One’s Chief Operating Patrick Hickey, commenting, “I am proud to say that it is with great elation that the Government of Fiji has renewed our special mining lease for the Tuvatu Alkaline Gold Project for another ten years. This lease extension sends a clear message to the world that Fiji continues to be open to public markets which can access critical capital to enable responsible mining projects to be built. Responsible mining will enhance the local socio-economic conditions for all Fijians. To date, we have invested over $140 million into the local economy.”

The development of Tuvatu is guided by Lion One Chief Operating Officer Patrick Hickey, an accomplished engineer with extensive executive-level experience in mine building roles for companies such as Newmont Mining Corporation and Kinross Gold Corp. across Africa, Asia, and North America. Mr. Hickey leads a management team of nine and staff that includes some of the most skilled and experienced exploration and underground mining experts in the South Pacific. Under Mr. Hickey’s leadership, the Company has ramped up its mining development activities at Tuvatu. There are six active drill rigs, an Exploration decline measuring over one kilometre in length, and a fully operational on-site analytical sampling laboratory at production levels threefold from earlier this year.

Mr. Hickey commented, “We very pleased to have been granted this extension after the rigorous assessment process that factored not only the geological and economic potential of Tuvatu, but our environmental risk management strategy, and local landowners and community relationships. This milestone demonstrates the tremendous support the Fiji Government has for both Lion One and its mining industry as we continue our commitment to the communities that we operate in to provide direct employment opportunities and peripheral economic stimulus.”

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.

Photo 1: Patrick Hickey and Walter Berukoff at Tuvatu ceremony

To view an enhanced version of this graphic, please visit:
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Figure 1: Tuvatu Project area

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Qualified Person

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Patrick Hickey, P. Eng., Lion One’s Chief Operating Officer, is the Qualified Person for the Company and has reviewed and is responsible for the content of this news release.

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133123