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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
https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Exploration_diamond_drilling%253BLion%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522467d0cc8-0df1-31ff-81a2-a2369a566e12%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

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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https://images.newsfilecorp.com/files/2178/136388_figure1.jpg



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https://images.newsfilecorp.com/files/2178/136388_figure2.jpg



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https://images.newsfilecorp.com/files/2178/136388_figure3.jpg



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https://images.newsfilecorp.com/files/2178/136388_figure7.jpg



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.

Cannot view Figure 8? Visit:
https://images.newsfilecorp.com/files/2178/136388_figure8.jpg

Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.

Hole 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

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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:
https://images.newsfilecorp.com/files/2178/133123_ff09dd2ab45fc990_001full.jpg



Figure 1: Tuvatu Project area

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133123_ff09dd2ab45fc990_002full.jpg

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.

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Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One Discovers Major New Gold Feeder Structure – 20.86 G/t Au over 75.9 Meters at Depth Beneath the Current Resource at Tuvatu, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is delighted to announce the discovery of a major new feeder structure at its Tuvatu Alkaline Gold Project in Fiji. Hole TUG-141, targeting a complex network of high-grade structures called the 500 Zone, has encountered the longest high-grade intercept yet recorded at Tuvatu, 20.86 g/t Au over 75.9m, including 43.62 g/t Au over 30.0m which includes 90.35 g/t Au over 7.2m. The new discovery is located at depth beneath the current resource fully within the permit boundaries of the Tuvatu mining lease.

High-grade intercepts from TUG-141 include:

  • 20.86 g/t Au over 75.9m from 443.4-519.3m
  • including 35.25 g/t Au over 37.5m from 471.3-508.8m
  • including 43.62 g/t Au over 30.0m from 477.6-507.6m
  • including 90.35 g/t Au over 7.2m from 494.4-501.6m
  • and notable individual high-grade assay intervals including:

– 138.15 g/t Au over 0.30m from 450.9-451.2m

– 396.16 g/t Au over 0.30m from 479.1-479.4m

– 103.54 g/t Au over 0.30m from 498.6-498.9m

– 340.07 g/t Au over 0.30m from 498.9-499.2m

– 600.42 g/t Au over 0.30m from 499.5-499.8m

– 244.37 g/t Au over 0.30m from 502.5- 503.1m

– 230.18 g/t Au over 0.30m from 507.3-507.6m

– 105.58 g/t Au over 0.30m from 518.7-519.0m

Lion One CEO, Walter Berukoff, stated: “Like the initial discovery of the high-grade 500 Zone drilled two years ago, I believe this new robust high-grade gold feeder mineralization encountered by hole TUG-141 represents a substantial discovery for Lion One. The notable high grades and continuity of mineralization of this intercept demonstrate Tuvatu’s potential to become a large-scale, high-grade underground gold mine. I have long encouraged our team to find that “gold room” at Tuvatu, and hole TUG-141 leads me to believe they have found it. We have only to look at other notable large alkaline Au deposits as direct analogues to better understand what this latest discovery tells us, and it is clear that the discovery of a major high-grade feeder such as this should be viewed as very promising. I am confident that Tuvatu will one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula. I commend our team on this truly outstanding discovery and I look forward to continued successful execution of both our exploration strategy to realize growth at Tuvatu and our development strategy targeting the commencement of gold production in the second half of 2023.”

Lion One Senior VP of Exploration, Sergio Cattalani, commented: “The mineralized intercepts reported by TUG-141 represent a highly significant development. The grades and continuity observed by the intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the largely untapped potential of this deposit. The significance of having identified what may be a new principal feeder conduit for Tuvatu confirms the model that has driven this deep exploration program since the discovery of hole TUDDH-500 in July 2020. Our immediate priority is to follow up of this significant discovery with additional drilling in what remains a relatively poorly drilled portion of the Tuvatu system. Lion One, is now more than ever, convinced of the potential of Tuvatu to become a prominent, multi-million ounce Au deposit at the top of the Au grade distribution worldwide.”

Lion One Technical Advisor, Quinton Hennigh, commented: “Alkaline gold systems tend to be deep-rooted and very structurally complex. Exploring them can be analogous to drilling a tree from the top down. In the shallow part of the system, one finds the upper “branches,” or gold-bearing lodes, but as exploration persists to depth, bigger and bigger “branches,” or lodes, are encountered ultimately leading to the “trunk,” the feeder. The way this remarkable discovery at Tuvatu has unfolded is quite similar to the experience at Porgera, where after approximately ten years of diligent drilling, the high-grade Romane Fault Zone was discovered beneath a myriad of smaller lodes. What is most exciting about this discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is located, we can effectively chase it to depth, and alkaline gold systems are known to persist to great depths, sometimes as deep as 2 km. Considering this intercept is only approximately 500m below surface, this discovery is wide open for growth at depth.”

TUG-141 was drilled in the area between modelled 500 Zone lodes 500A, 500C and 500F (Figure 1) where it intersected continuous high-grade Au mineralization grading 20.86 g/t Au over 75.9m that is predominantly hosted by intensely altered, fractured and brecciated andesite. The highest grade core of this zone is characterized by hydrothermal breccia displaying extreme silicification, potassic alteration and sulfidation with regular occurrences of visible gold (Figure 2). In addition, the presence of abundant roscoelite (a vanadium mica mineral) is very encouraging and is a mineral synonymous with the high-grade zones of world-class alkali gold systems such as Cripple Creek in Colorado and Porgera in Papua New Guinea. Some fragments within portions of this breccia are visibly milled, or rounded, indicating vigorous fluid flow. Observations of fracture patterns and textures ranging from incipient and in-situ to full-on brecciation (Figure 2) point to this zone being a dilational breccia that likely formed along a major structural intersection where stresses were being released at the time of mineralization. Rapid depressurisation accompanying seismic movement along such a dilational zone would allow rapid ascent of hydrothermal fluids resulting in silicification, K-metasomatism, sulfidation and rapid precipitation of Au. Textures of minerals observed in veins and open spaces is consistent with a rapid depositional regime.

Lion One is concurrently undertaking a two-pronged exploration drill campaign: 1) shallow infill drilling to enhance definition of its current resource in preparation for mine planning, and 2) deep drilling focussed on better understanding the geometry and extent of the underlying high-grade feeder network. As part of the latter program, hole TUG-141 targeted the upper portion of the 500 Zone at depths between approximately 450-550m where it is projected to connect with the base of lodes making up the Inferred resource. As discussed above, TUG-141 drilled into a very wide and exceptionally high-grade zone, 20.86 g/t Au over 75.9m, cored by hydrothermal breccia (Figure 2). Such a zone of extreme fracturing and brecciation has never before been observed at Tuvatu. It is significant to note that the bulk of this mineralized interval is hosted within andesite rather than by intrusive monzonite, the typical host rock for many lodes at Tuvatu. The significance of this observation has yet to be determined.

Furthermore, it is also notable that the nearest drill holes to TUG-141 are TUG-135 (70m below), TUG-136 (45m to the E), and TUG-138 (60m to the W), indicating that there is considerable space for a substantial increase in the ultimate size of the feeder conduit. All three of these holes have returned previously reported bonanza grade mineralization, similar in tenor and texture to that in TUG-141, including:

24.92 g/t Au over 3.70m from 415.7-419.4m in hole TUG-135 including 159.3 g/t Au over 0.30m;

87.83 g/t Au over 1.5m from 445.1-446.6m in hole TUG-136 including 108.41 g/t Au over 0.60m;

and 23.14 g/t Au over 3.0m from 571.5-574.5m in hole TUG-138 including 118.6 g/t Au over 0.30m.

The area remains open at depth. This target has now become of utmost importance for follow up drilling.

In addition to the impressive intercept of 20.86 g/t Au over 75.9m discussed above, hole TUG-141 encountered numerous other significant mineralized intercepts both above and below this interval including:

Above the high-grade intercept

  • 3.93 g/t Au over 5.7m from 101.7-107.4m including 12.17 g/t Au over 0.30m
  • 4.48 g/t Au over 10.2m from 109.8-120.0m including 38.27 g/t Au over 0.30m
  • 10.98 g/t Au over 1.5m from 291.3-292.8m including 17.20 g/t Au over 0.60m
  • 5.63 g/t Au over 19.2m from 311.7-330.9m including 20.50 g/t Au over 3.00m from 322.2-325.2m, which includes 71.01 g/t Au over 0.30m and 13.75 g/t Au over 0.60m
  • 3.33 g/t Au over 4.50m from 366.3-370.8m including 7.40 g/t Au over 1.20m
  • 11.38 g/t Au over 2.1m from 380.7-382.8m including 22.30 g/t Au over 0.90m
  • 1.97 g/t Au over 13.5m from 391.8-405.3m including 15.25 g/t Au over 0.30m
  • 2.82 g/t Au over 3.90m from 425.1-429.0m including 8.47 g/t Au over 0.30m

Below the high-grade intercept

  • 3.08 g/t Au over 1.50m from 524.1-525.6m including 7.50 g/t Au over 0.30m

In aggregate, all mineralized intercepts reported from hole TUG-141 total 1,909 g/t Au-meters.

Complete results, received to date, from hole TUG-141 are summarized below in Table 1. This is the first drill hole in this part of the Tuvatu alkaline gold system, and as such, orientation and true thicknesses of mineralized intercepts discussed above are not known at this time. Further drilling is required to better understand this new discovery. At the time of writing, hole TUG-141 is still being drilled, and is currently >600m in depth with other mineralised structures yet to be assayed.



Figure 1. Plan view (upper) and vertical section looking E (lower) of the trace of TUG-141 and selected drill holes relative to the 500 Zone lodes modeled to date. TUG-141 was drilled from underground along the Tuvatu exploration decline. The traces of known lodes UR2 and UR4, and modelled lodes of the 500 Zone feeder are shown in red.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/126617_fig%201ed%20lm.jpg.



Figure 2. Compilation of photographs from TUG-141. (A) Abundant visible gold grains (0.2-2mm) in highly altered potassium metasomatized groundmass and roscoelite. (B) Visible gold (~2mm grains) associated with coarse pyrite in a silicified breccia. (C & D) Intensely silicified and pyritized andesite with microfractures of visible gold (~0.5mm grains).

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/126617_81354d06c4e0dad0_003full.jpg.



Figure 2 (continued). (E) Vuggy breccia with coarse pyrite and silicified-sulfidized ground mass. Breccia clasts are angular to sub-rounded. (F) Coarse pyrite breccia with silicified-sulfidized ground mass. (G) Network fracture stockwork ~1-5mm veins with two generations of pyrite. The clasts are highly altered silicified andesite, with the veins containing quartz-pyrite. (H) Network fracture stockwork veins at multiple angles, with intense silicification, quartz-carbonate infill and pyrite.

To view an enhanced version of Figure 2 continued, please visit:
https://orders.newsfilecorp.com/files/2178/126617_81354d06c4e0dad0_004full.jpg.

Mineralization is observed as two generations of pyrite; an earlier bright euhedral pyrite that forms coarse crystals in the core of the veins and breccia, and a darker brownish, spongy pyrite that typically forms extremely fine-grained encrustations or overgrowths on earlier pyrite and wallrock fragments, as well as lining the edges of most veins (Figure 2). Quartz occurs commonly as bluish grey, amorphous to locally colloform silica. Open space vuggy textures are common, as are visible gold grains. Highest grades (up to 600 g/t Au) appear to be associated with an interval of intense pervasive silicification and sulfidation by up to 30% or more extremely fine-grained pyrite developed throughout the host rock, giving the rock an overall massive chocolate brown appearance (Figure 2). The intensity of replacement suggests this is a zone of very high and sustained fluid flux.

Table 1: Table showing all drilling intervals returning >0.5 g/t Au for hole TUG-141. Intervals > 3.0 g/t Au, which is the cutoff grade used for the current resource, are shown in red, and intervals >9.0 g/t Au, which is the average grade of the resource, are bolded.

Sample IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUG0858471.7720.30.96
TUG08535101.71020.33.96
TUG08536102102.30.312.17
TUG08537102.3102.60.35.35
TUG08538102.6102.90.31.42
TUG08539102.9103.20.33.09
TUG08541103.5103.80.31.19
TUG08542103.8104.10.38.64
TUG08543104.1104.40.37.67
TUG08544104.4104.70.37.56
TUG08545104.71050.37.90
TUG08546105105.30.33.53
TUG08548105.6105.90.30.60
TUG08549105.9106.50.64.83
TUG08452107.1107.40.31.42
TUG08456109.8110.10.315.41
TUG08457110.1110.40.30.74
TUG08458110.4110.70.31.12
TUG08459110.71110.35.28
TUG08460111111.30.30.80
TUG08462111.6111.90.32.66
TUG08463111.9112.20.31.45
TUG08464112.2112.50.31.22
TUG08466112.5112.80.31.50
TUG08467112.8113.10.32.67
TUG08468113.1113.40.33.47
TUG08469113.4113.70.32.92
TUG08470113.71140.32.93
TUG08471114114.30.38.74
TUG08473114.6114.90.37.36
TUG08474114.9115.50.60.90
TUG08475115.5115.80.37.20
TUG08476115.8116.10.33.14
TUG08477116.1116.40.30.92
TUG08479116.71170.33.62
TUG08481117117.30.315.85
TUG08482117.3117.60.32.06
TUG08483117.6117.90.31.95
TUG08484117.9118.20.30.58
TUG08485118.2118.50.35.51
TUG08486118.5118.80.36.35
TUG08487118.8119.10.338.27
TUG08488119.1119.40.33.02
TUG08489119.4119.70.31.41
TUG08490119.71200.32.19
TUG08494122.4122.70.31.35
TUG08946213.6213.90.32.11
TUG08947213.9214.20.30.97
TUG08948214.2214.50.33.03
TUG09446214.5214.80.30.82
TUG08949214.8215.10.31.50
TUG09401215.1215.40.31.61
TUG09402215.4215.70.31.75
TUG09407216.9217.20.33.22
TUG09408217.2217.50.30.18
TUG09409217.5217.80.30.62
TUG09423222.9223.20.30.72
TUG09432226.5226.80.31.41
TUG09444233.4233.70.31.32
TUG09445233.72340.33.13
TUG09447234234.30.36.30
TUG09448234.3234.60.32.08
TUG09529274.8275.10.30.77
TUG09536276.6276.90.30.59
TUG09540277.8278.10.30.64
TUG09566291.3291.60.314.77
TUG09567291.6291.90.34.01
TUG09568291.9292.20.316.55
TUG09569292.2292.50.317.85
TUG09570292.5292.80.31.75
TUG09582299.1299.40.32.12
TUG09583299.4299.70.31.94
TUG09584299.73000.30.63
TUG09585300300.30.31.13
TUG09586300.3300.60.30.99
TUG09587300.6300.90.30.79
TUG09588300.9301.20.34.31
TUG09591301.8302.10.31.58
TUG09594302.73030.30.92
TUG09595303303.30.30.78
TUG09605308.1308.40.31.28
TUG09614311.73120.31.35
TUG09616312312.30.32.61
TUG09617312.3312.60.30.08
TUG09619313.2313.50.34.56
TUG09620313.5313.80.33.54
TUG09621313.8314.10.32.47
TUG09622314.1314.40.31.65
TUG09625315.3315.60.31.25
TUG09626315.6315.90.37.71
TUG09628316.8317.10.30.54
TUG09629317.1317.40.32.57
TUG09631317.4317.70.31.00
TUG09633318318.30.31.42
TUG09634318.3318.60.33.11
TUG09635318.6318.90.35.42
TUG09636318.9319.20.34.25
TUG09637319.2319.50.37.68
TUG09638319.5319.80.35.78
TUG09639319.8320.10.30.85
TUG09641320.4320.70.33.19
TUG09642320.73210.33.49
TUG09643321321.30.37.93
TUG09644321.3321.60.32.40
TUG09645321.6321.90.32.04
TUG09646321.9322.20.37.42
TUG09647322.2322.50.318.75
TUG09648322.5322.80.312.75
TUG09650322.8323.10.312.55
TUG09651323.1323.40.315.64
TUG09652323.4323.70.319.67
TUG09653323.73240.313.55
TUG09654324324.30.315.18
TUG09655324.3324.60.311.27
TUG09656324.6324.90.314.62
TUG09657324.9325.20.371.01
TUG09658325.2325.50.35.61
TUG09659325.5326.40.90.60
TUG09660326.4326.70.33.97
TUG09661326.73270.34.93
TUG09662327327.30.311.64
TUG09663327.3327.60.315.86
TUG09667328.5329.40.90.98
TUG09668329.4329.70.32.77
TUG09669329.73300.32.58
TUG09670330330.30.36.51
TUG09671330.3330.60.34.28
TUG09672330.6330.90.36.21
TUG09694345.3345.60.30.60
TUG09695345.6345.90.34.62
TUG09696345.9346.20.34.07
TUG09697346.2346.50.31.76
TUG09699346.8347.10.32.13
TUG09703348.3348.60.333.25
TUG09704348.6348.90.33.52
TUG09703348.3348.60.333.25
TUG09707350.1350.40.312.62
TUG09710351.3351.60.33.20
TUG09711351.6351.90.30.51
TUG09733366.3366.60.31.26
TUG09734366.6366.90.32.37
TUG09736367.5367.80.30.80
TUG09737367.8368.10.311.02
TUG09738368.1368.40.37.96
TUG09739368.4368.70.33.68
TUG09740368.73690.36.95
TUG09741369369.30.31.82
TUG09742369.3369.60.31.29
TUG09744369.9370.20.34.11
TUG09745370.2370.50.33.89
TUG09746370.5370.80.34.54
TUG09759380.73810.32.63
TUG09760381381.60.623.15
TUG09761381.6381.90.320.60
TUG09762381.9382.20.36.13
TUG09763382.2382.50.33.37
TUG09764382.5382.80.30.64
TUG09777391.8392.10.31.08
TUG09778392.1392.40.31.08
TUG09779392.4392.70.30.89
TUG09781392.73930.30.55
TUG09783393.6393.90.30.65
TUG09784393.9394.20.30.54
TUG09785394.2394.50.32.90
TUG09786394.5394.80.32.34
TUG09787394.8395.10.33.74
TUG09788395.1395.40.32.82
TUG09789395.4395.70.31.98
TUG09790395.73960.31.55
TUG09792396.3396.60.32.25
TUG09794396.9397.20.30.44
TUG09795397.2397.50.31.78
TUG09796397.5397.80.33.20
TUG09797397.8398.10.31.27
TUG09798398.1398.40.315.27
TUG09799398.4398.70.32.96
TUG09801398.73990.35.34
TUG09802399399.30.32.38
TUG09803399.3399.60.32.93
TUG09804399.6400.50.94.00
TUG09805400.5400.80.30.68
TUG09806400.8401.10.32.41
TUG09807401.1401.40.32.06
TUG09808401.4401.70.31.61
TUG09809401.74020.31.67
TUG09811402.3402.60.31.46
TUG09812402.6402.90.30.91
TUG09814403.2403.50.33.71
TUG09817403.8404.10.30.77
TUG09819405405.30.31.56
TUG09811402.3402.60.31.40
TUG09812402.6402.90.30.95
TUG09814403.2403.50.33.57
TUG09817403.8404.10.30.83
TUG09819405405.30.31.61
TUG09824406.8407.10.32.78
TUG09827408408.30.31.21
TUG09828408.3408.60.30.72
TUG09829408.6409.20.61.14
TUG09831409.2409.50.33.27
TUG09832409.5409.80.30.90
TUG09836410.74110.31.86
TUG09837411411.30.32.11
TUG09838411.3411.60.33.40
TUG09839411.6411.90.30.70
TUG09842412.8413.10.30.93
TUG09843413.1413.40.30.76
TUG09848416.14170.90.63
TUG10354418.8419.10.30.82
TUG10355419.1419.40.30.65
TUG10360420.6420.90.30.75
TUG10361420.9421.20.31.05
TUG10362421.2421.50.31.59
TUG10363421.5421.80.31.23
TUG10367422.74230.30.68
TUG10368423423.30.30.72
TUG10373425.1425.40.32.48
TUG10374425.4425.70.32.83
TUG10375425.74260.33.52
TUG10376426426.30.33.77
TUG10377426.3426.60.38.47
TUG10378426.6426.90.31.64
TUG10379426.9427.20.31.53
TUG10381427.2427.80.64.11
TUG10382427.8428.10.31.65
TUG10383428.14290.90.86
TUG10387429.9430.20.30.72
TUG10393433.2433.50.32.04
TUG10394433.5433.80.30.85
TUG10395433.8434.10.30.76
TUG10408440.4440.70.32.36
TUG10413443.1443.40.31.02
TUG10414443.4443.70.36.82
TUG10417444.9445.20.317.94
TUG10418445.2445.50.35.83
TUG10423447447.30.31.16
TUG10425448.2448.50.34.54
TUG10426448.5448.80.30.76
TUG10428450450.30.34.94
TUG10429450.3450.60.31.53
TUG10431450.6450.90.30.97
TUG10432450.9451.20.3138.15
TUG10434451.5451.80.30.76
TUG10435451.8452.10.31.25
TUG10436452.1452.40.31.35
TUG10438452.74530.31.65
TUG10439453453.30.34.70
TUG10440453.3453.60.32.57
TUG10441453.6453.90.34.99
TUG10444454.8455.10.314.02
TUG10445455.1455.40.32.07
TUG10446455.4455.70.31.09
TUG10447455.74560.31.28
TUG10448456456.30.32.55
TUG10453459460.21.21.14
TUG10454460.2460.80.61.00
TUG10455460.84621.21.74
TUG10456462462.30.31.28
TUG10457462.3462.60.324.98
TUG10458462.6462.90.387.13
TUG10459462.9463.80.911.34
TUG10461464.44650.60.67
TUG10463465.9466.20.30.91
TUG10464466.2466.50.31.36
TUG10466466.5466.80.31.27
TUG10467466.8467.10.31.28
TUG10468467.1467.40.33.79
TUG10469467.4467.70.320.93
TUG10470467.74680.320.64
TUG10471468468.30.319.40
TUG10473468.6468.90.33.46
TUG10474468.9469.20.32.78
TUG10475469.2469.50.32.10
TUG10482471.3471.60.30.81
TUG10483471.6471.90.31.03
TUG10484471.9472.20.36.72
TUG10485472.2472.50.30.88
TUG10486472.5472.80.31.45
TUG10487472.8473.10.39.05
TUG10488473.1473.40.31.35
TUG10490473.74740.30.48
TUG10492474.3474.60.30.78
TUG10493474.6474.90.31.37
TUG10494474.9475.20.31.43
TUG10496475.5475.80.31.67
TUG10497475.84771.21.80
TUG10498477477.60.62.64
TUG10500477.6477.90.393.49
TUG10501477.9478.20.31.01
TUG10502478.2478.50.334.17
TUG10503478.5478.80.394.57
TUG10504478.8479.10.335.04
TUG10505479.1479.40.3396.16
TUG10506479.4479.70.325.06
TUG10507479.74800.37.09
TUG10508480480.30.34.06
TUG10509480.3480.60.331.63
TUG10510480.6480.90.35.3
TUG10511480.9481.20.3114.95
TUG10512481.2481.50.31.90
TUG10513481.5481.80.30.83
TUG10514481.8482.10.39.99
TUG10516482.1482.40.30.71
TUG10517482.4482.70.36.64
TUG10518482.74830.36.05
TUG10519483483.30.36.64
TUG10520483.3483.60.32.47
TUG10521483.6483.90.30.93
TUG10522483.9484.20.35.15
TUG10523484.2484.50.310.90
TUG10524484.5484.80.314.76
TUG10525484.8485.10.320.24
TUG10526485.1485.40.321.93
TUG10527485.4485.70.320.79
TUG10528485.74860.332.89
TUG10529486486.30.316.13
TUG10531486.3486.60.32.55
TUG10532486.6486.90.313.04
TUG10533486.9487.20.35.42
TUG10534487.2487.50.33.95
TUG10535487.5487.80.34.89
TUG10536487.8488.10.34.24
TUG10537488.1488.40.34.41
TUG10538488.4488.70.35.21
TUG10539488.74890.31.80
TUG10540489489.30.316.42
TUG10541489.3489.60.37.17
TUG10542489.6489.90.36.47
TUG10543489.9490.20.34.07
TUG10544490.2490.50.34.75
TUG10545490.5490.80.34.86
TUG10546490.8491.10.37.13
TUG10547491.1491.40.311.64
TUG10548491.4491.70.335.68
TUG10549491.74920.322.53
TUG10551492492.30.310.72
TUG10552492.3492.60.325.23
TUG10553492.6492.90.316.77
TUG10554492.9493.20.320.86
TUG10555493.2493.50.323.61
TUG10556493.5493.80.35.85
TUG10557493.8494.10.36.41
TUG10558494.1494.40.34.25
TUG10559494.4494.70.336.13
TUG10560494.74950.319.66
TUG10561495495.30.372.65
TUG10562495.3495.60.3241.21
TUG10563495.6495.90.331.77
TUG10564495.9496.20.351.52
TUG10566496.2496.50.325.17
TUG10567496.5496.80.3100.35
TUG10568496.8497.10.312.86
TUG10569497.1497.40.34.68
TUG10570497.4497.70.333.81
TUG10571497.74980.337.11
TUG10572498498.30.320.74
TUG10573498.3498.60.326.29
TUG10574498.6498.90.3103.54
TUG10575498.9499.20.3340.07
TUG10576499.2499.50.3269.25
TUG10577499.5499.80.3600.42
TUG10578499.8500.10.373.02
TUG10579500.1500.40.313.41
TUG10581500.4500.70.31.85
TUG10582500.7501.30.613.32
TUG10583501.3501.60.326.54
TUG10584501.6501.90.39.04
TUG10585501.9502.20.34.79
TUG10586502.2502.50.33.93
TUG10587502.5502.80.3126.85
TUG10588502.8503.10.3361.90
TUG10589503.1503.40.31.95
TUG10590503.4503.70.33.27
TUG10591503.75040.332.78
TUG10592504504.30.323.63
TUG10596505.2505.50.38.07
TUG10598505.8506.10.318.51
TUG10599506.1506.40.353.78
TUG10602506.75070.37.50
TUG10604507.3507.60.3234.39
TUG10605507.6507.90.32.22
TUG10606507.9508.80.90.58
TUG10612510.3510.60.33.37
TUG10613510.6510.90.31.32
TUG10614510.9511.20.35.53
TUG10616511.2511.50.324.91
TUG10617511.5511.80.364.47
TUG10618511.8512.10.372.56
TUG10619512.1512.40.313.35
TUG10620512.4512.70.32.08
TUG10621512.75130.31.59
TUG10622513513.30.30.74
TUG10623513.3513.60.30.94
TUG10624513.6513.90.30.53
TUG10625513.9514.20.31.17
TUG10626514.2514.50.323.17
TUG10627514.5514.80.30.85
TUG10628514.8515.10.32.39
TUG10629515.1515.40.31.03
TUG10631515.4515.70.30.83
TUG10632515.75160.31.74
TUG10633516516.30.33.50
TUG10634516.3516.60.30.59
TUG10636516.9517.20.30.80
TUG10637517.2517.50.32.99
TUG10638517.5517.80.30.76
TUG10639517.8518.10.33.34
TUG10640518.1518.40.38.94
TUG10641518.4518.70.312.80
TUG10642518.75190.3105.58
TUG10643519519.30.334.42
TUG10644519.3519.60.30.55
TUG10645519.6519.90.30.80
TUG10656522.6522.90.30.59
TUG10657522.9523.20.30.88
TUG10658523.2523.50.30.76
TUG10659523.5523.80.31.09
TUG10660523.8524.10.30.61
TUG10661524.1524.40.32.11
TUG10664525525.30.35.56
TUG10666525.3525.60.37.50
TUG10667525.6525.90.30.87
TUG10668525.9526.20.30.78
TUG10693543.9544.20.30.63
TUG10695544.5544.80.30.75
TUG10696544.8545.10.30.59
TUG10699545.75460.30.81
TUG10701546546.30.30.63
TUG10702546.3546.60.30.59
TUG10706547.5547.80.30.52
TUG10719554.1554.40.30.84

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

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUG-13539207591876459139.2689.4-64149
TUG-13639207591876459139.2617.4-58151
TUG-13839207591876459139.2746.4-64163
TUG-14139207591876459139.2633.0 *-55°162°

* Current depth, hole is still drilling

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.

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Reports Latest Results from Its Phase 2 Infill Drill Program from Tuvatu, Fiji, Demonstrating Significant New Mineralization, Including a Bonanza Intercept of 584.07 g/t Au Over 0.30m

North Vancouver, British Columbia–(Newsfile Corp. – May 31, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from ongoing infill drilling at its Tuvatu Alkaline Gold Project in Fiji.

Results for the first 11 holes of Lion One’s Phase 2 infill program on Zone 5 of their fully permitted Tuvatu alkaline gold deposit are here reported. The results to date indicate significant new intercepts of high- to bonanza-grade Au mineralization that was not known to occur as part of the existing resource model. The Phase 2 infill drill program was designed to confirm the location, size, and continuity of the known mineralized lodes, in a portion of the orebody slated for early production (Figure 1A).

Top Intercepts include:

  • 18.47 g/t Au over 1.20m from 104.7-105.9m, and 584.07 g/t Au over 0.30m from 122.4-122.7m from TUDDH-586 (new)
  • 24.72 g/t Au over 0.60m from 187.4-188.0m, incl. 43.34 g/t Au over 0.30m from 187.7-188.0m from TUDDH-580 (new)
  • 25.23 g/t Au over 1.20m from 70.9-72.1m, incl. 78.02 g/t Au over 0.30m from TUG-139
  • 18.77 g/t Au over 2.10m from 118.8-120.9m, incl. 26.07 g/t Au over 1.50m from TUDDH-577
  • 11.95 g/t Au over 2.70m from 55.9-58.6m, incl. 35.91 g/t Au over 0.60m from TUDDH-578
  • 11.18 g/t Au over 1.20m from 153.5-154.7m, incl. 40.05 g/t Au over 0.30m from TUDDH-580

The mineralization reported here is considered to be a highly significant development, representing a substantive addition of Au mineralization at grades well in excess of the average resource grade, intersected at relatively shallow levels in the orebody. As a result, the new high-grade mineralization defined by the ongoing infill drill program can be expected to substantially enhance the early part the production stream and hence the immediate economic viability of Tuvatu.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Lion%253BExploration_diamond_drilling%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252290214f74-cd87-30c8-9d72-a6dbadcf0260%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Results of the ongoing infill drill program to date are summarized below in Table 1. Highlighted in blue on Table 1 are specific drill intercepts that are outside of the mineralized lodes that make up the existing resource model. Each of these additional intercepts has the potential to add width, grade, and continuity to the resource in this portion of the Tuvatu orebody.

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 overall with higher localized grades earlier in the production schedule at Tuvatu. Furthermore, when considering the substantially higher grade near-surface infill results reported here, along with the continuing success of the deep drilling program, this underscores the significance of Tuvatu as a potentially multi-million ounce, world-class high-grade Au producer. As we expand our drilling fleet to eight rigs and our laboratory capacity to 12,000 samples per month, we are well positioned to continue securing impressive results from all three tiers of our exploration strategy: from ongoing near-surface infill drilling; from extensions of deep high-grade feeder targets at Tuvatu; and from our pipeline of regional targets in the surrounding Navilawa caldera”.

Since the start of Phase 2 infill drill program in February 2022, Lion One has to date completed approximately 3,700m out of a planned 8,000m of infill drilling. This news release reports the results from approximately 2,375m of drilling, equivalent to approximately 30% of the planned program.

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 1A) in mid-February 2022, adding over 8,400m of new drill data, 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 the initial 11 drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8000m of diamond drilling from surface and underground, and is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody (Figure 1). The program as planned includes 30 holes totalling 5,400m carried out from 4 separate drill stations at surface, and 34 holes totalling 2,600m 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 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.

The results from the initial approximately 2,375m of drilling in Zone 5 (Figure 2), representing approximately 30% of the planned program total, indicate consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource (Table 1). Additionally, the results from the initial 30% of the Phase 2 infill program indicates significant new high-grade mineralization not previously known to occur prior to this program, and therefore not included in the current resource statement.

Overall, results to date suggest higher-than-expected continuity and widths of mineralization, locally at grades above the calculated average grade of the deposit. Indeed, the Phase 2 infill program is confirming, and in certain instances, extending previously modelled lodes in this part of the resource. Intercepts of exceptionally high-grades (e.g. 584.07 g/t Au in TUDDH-586) are in line with bonanza results documented from several intercepts from the previously completed Phase 1 infill drill program, providing further support to the expectation of an overall increase in average grades of the lodes scheduled for earliest phases of mining.

Numerous mineralized intervals, including the 584.07 g/t Au bonanza-grade intercept in hole TUDDH-586 as well as 43.34 g/t Au over 0.30m from 187.7-188.0m in hole TUDDH-580, occur fully outside of existing modelled lodes (Table 1, highlighted), adding to our understanding of the lode geometry, as well as to the overall inventory of high-grade mineralization slated for early production at Tuvatu.

As per the Phase 1 infill program, numerous strategically located historic holes have also been identified for resampling, the results of which will be reported in future news releases.

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 gray), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/125923_lionon2.jpg

Figure 2: Composite vertical section looking N through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (blue labels) and the trace of the infill drilling reported in this release (yellow traces). Solid lines are in the section, dotted lines are projected to this section.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/125923_lionon4.jpg

Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-5777.28.10.91.25
59.160.31.21.13
100.8101.40.60.86
118.8120.92.118.77
including118.8120.31.526.07
127.5127.80.316.30
135.6136.20.61.09
138.6138.90.324.66
182.2182.80.60.65
TUDDH-57845.445.70.30.72
55.958.62.711.95
including55.956.50.635.91
and58.058.30.322.39
64.365.20.90.58
82.382.90.60.77
100.6101.50.91.39
TUDDH-57922.022.30.30.73
126.1126.40.32.43
129.7131.82.10.94
135.1135.40.313.56
140.5142.31.82.88
including140.5140.80.311.62
and142.0142.30.35.2
161.2163.62.41.78
TUDDH-5808.09.21.24.53
46.747.30.61.67
81.882.40.60.78
83.685.11.51.48
153.5154.71.211.18
including153.5153.80.340.05
157.7158.60.90.66
159.5159.80.30.66
165.2167.01.81.11
including166.7167.00.35.01
173.6173.90.30.76
187.4188.00.624.72
including187.4187.70.36.12
including187.7188.00.343.34
192.8196.43.61.88
including193.1193.40.311.17
including194.6194.90.34.11
TUDDH-58120.921.20.34.12
81.882.40.60.76
100.4101.00.61.56
106.4107.00.60.82
168.5170.01.54.41
including168.5168.80.38.27
and168.8170.01.23.25
179.3182.02.71.32
186.8187.10.30.54
206.6206.90.33.07
208.4209.91.51.91
212.3213.20.90.69
226.1227.91.82.39
including227.0227.30.37.48
249.8250.70.91.38
251.9252.20.32.38
307.4308.91.51.55
TUDDH-58247.648.50.93.21
91.893.61.83.81
including92.493.61.25.22
99.3102.02.73.33
including99.3100.20.95.77
TUDDH-5837.58.10.62.26
46.547.10.61.02
72.072.30.31.48
87.388.51.20.69
96.396.90.62.68
114.0114.30.31.62
121.5122.71.21.48
126.9128.71.81.93
including128.4128.70.34.39
132.0132.30.325.32
137.4137.70.30.66
138.9140.11.23.11
including138.9139.20.37.12
241.2241.50.31.48
TUDDH-5869.311.11.84.28
including10.211.10.97.91
63.664.20.60.53
67.868.40.61.8
84.684.90.35.95
98.198.40.32.95
104.7105.91.218.47
116.7117.30.60.55
122.1122.70.6292.69
including122.4122.70.3584.07
127.5127.80.31.68
129.3129.90.610.74
133.2133.80.63.41
141.6143.72.11.75
including142.5142.80.37.33
238.5241.22.70.95
TUDDH-58717.217.50.30.69
62.863.40.61.11
76.676.90.31.57
89.589.80.30.59
103.6103.90.32.34
146.2146.50.34.43
159.1160.91.81.66
232.9233.50.66.43
including232.9233.20.311.40
234.7235.91.24.27
including235235.60.65.42
237.4238.61.28.89
TUG-13917.818.10.31.42
22.022.30.30.82
26.526.80.31.47
28.929.20.31.42
31.031.30.30.75
48.749.60.91.49
54.459.24.84.20
including54.755.00.35.91
and55.055.30.312.60
and55.655.90.37.27
and55.956.20.35.70
and57.157.40.315.09
70.972.11.225.23
including70.971.20.38.96
and71.271.50.38.32
and71.571.80.35.00
and71.872.10.378.02
82.382.60.32.78
91.691.90.31.66
95.595.80.31.84
TUG-14220.420.70.31.15
29.429.70.31.49
31.236.35.10.65
41.4420.61.88
45.345.60.30.69
61.363.72.43.55
including62.563.10.68.14
additional results pending

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

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUDDH-57739204351876442314.0197.9-39268
TUDDH-57839205201876513348.6150.3-59267
TUDDH-57939204351876513348.6239.0-49269
TUDDH-58039204351876513348.6284.9-60265
TUDDH-58139204351876513348.6311.6-70265
TUDDH-58239204351876442314.0120.2-49267
TUDDH-58339204351876513348.6303.2-44289
TUDDH-58639204351876513348.6302.3-55289
TUDDH-58739204351876513348.6256.8-63289
TUG-13939204801876411103.1123.3+13091
TUG-14239204801876411103.185.8-30090

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/125923

Categories
Lion One Metals Precious Metals

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

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

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

Top Intercepts from Latest Infill Drilling Include

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

Infill Drilling Program

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

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

Highlights from Latest Phase 1 Infill Drilling Results

TUDDH570

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

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

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

TUDDH571

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

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

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

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

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

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

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

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

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

TUDDH572

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

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

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

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

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

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

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

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

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

TUDDH573

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

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

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

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

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

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

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

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

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

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

TUDDH574

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

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

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

TUDDH575

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

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

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

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

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

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

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


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

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


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

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-56762.965.82.92.13
including64.164.40.37.85
67.067.60.60.5
69.470.00.61.49
72.172.80.72.25
78.378.60.30.76
79.984.84.91.59
including83.583.80.35.03
88.192.24.10.89
93.497.33.90.62
103.1103.70.61.13
106.1107.31.22.32
110.0112.52.56.09
including111.9112.50.621.28
115.3116.20.95.43
136.1137.31.22.87
TUDDH-568no significant results
TUDDH-56958.359.20.96.12
including58.859.20.48.9
78.478.70.31.78
82.082.60.60.93
93.193.70.66.79
101.8103.01.20.96
105.4106.91.50.82
132.4134.42.03.64
including133.61340.415.78
155.9156.30.41.32
TUDDH-57033.535.21.71.71
39.740.40.712.78
41.642.20.62.53
46.049.93.91.41
53.556.42.90.89
60.360.90.60.95
65.466.00.61
72.773.30.63.51
84.484.70.33.29
88.190.52.40.72
91.795.84.11.35
99.399.60.30.68
102.6104.41.81.21
107.0114.77.74.09
including110.1110.80.715.96
including111.1111.70.66.87
also including113.8114.70.96.26
115.91171.13.41
118.8121.32.54.8
including118.8119.10.813.17
which also includes119.1119.60.515.87
130.0132.62.66.4
including130.0130.90.99.3
including132.1132.60.516.13
135.6136.50.90.86
137.7143.55.83.13
including142.0142.30.339.36
147.5149.31.80.77
151.4152.30.92.62
including151.4151.70.35.54
154.0157.63.68.99
including154.0154.30.37.3
and including155.2156.10.911.79
which also includes157.0157.60.630.28
161.5163.62.14.38
including161.5162.10.67.49
including162.7163.00.39.59
165.1166.31.21.44
TUDDH-57130.834.73.977.11
including30.832.61.8162.22
including30.831.10.3179.0
including31.131.40.361.86
including31.431.70.3210.3
including31.732.00.3190.0
including32.032.30.3261.0
including32.332.60.371.13
including34.434.70.316.96
75.576.10.60.64
TUDDH-57229.830.40.60.85
35.536.10.65.1
37.342.45.10.58
44.247.234.94
including44.245.41.28.04
which includes44.244.50.320.4
48.449.61.20.61
63.463.70.32.75
66.167.31.20.55
73.675.41.81.13
82.683.20.65.66
including82.682.90.37.85
85.085.30.36.78
87.194.97.812.56
including87.188.31.254.43
which includes87.187.40.319.67
and88.088.30.3196.0
and also includes89.891.31.516.04
which includes89.890.40.634.92
103.3106.63.35.86
including105.1105.70.626.18
which includes105.1105.40.321.39
and includes105.4105.70.330.97
121.9122.20.30.51
128.2128.50.30.5
TUDDH-5737.48.30.90.7
10.210.50.32.44
12.616.553.950.62
23.023.30.30.52
27.529.11.69.98
including27.528.40.916.54
which also includes27.828.10.331.58
30.137.97.816.08
including35.537.31.862.22
including35.535.80.389.02
including35.836.10.352.18
which also includes36.136.40.3201.0
41.543.01.55.05
including41.541.80.38.86
51.7520.32.14
58.759.91.21.62
185.3185.60.36.68
205.4206.91.54.06
including206.6206.90.39.2
216.5217.40.90.8
225.5225.80.36.34
249.0249.30.32.06
269.9271.71.84.23
including269.9270.50.610.7
which includes269.9270.20.315.41
TUDDH-57423.324.20.90.58
41.043.72.71.66
49.150.61.52.62
59.359.60.31.33
70.171.31.22.78
81.281.50.311.19
92.993.20.33.69
106.1107.00.929.53
including106.1106.40.321.11
and106.4107.00.633.74
TUDDH-57532.332.60.30.66
33.834.10.30.76
41.944.32.41.29
including41.942.20.34.74
and42.543.10.60.56
and43.443.70.30.62
and44.044.30.30.75
46.447.00.60.68
48.248.50.30.55
66.567.10.60.53
77.079.12.12.18
including77.077.30.30.57
and77.377.60.312.07
78.578.80.31.00
78.879.10.30.83
83.683.90.33.30
85.186.31.21.63
90.290.50.31.19
99.299.80.60.79
106.1107.00.93.42
including106.1106.40.34.08
and106.4106.70.31.93
and106.7107.00.34.24
109.1110.31.28.39
including109.1109.40.30.54
and109.4109.70.30.79
and109.7110.00.35.97
and110.0110.30.326.24
114.2124.710.55.98
including114.2114.50.31.32
and115.4115.70.34.35
and116.0116.30.30.50
and117.2117.50.31.08
and117.5117.80.33.30
and118.7119.00.30.52
and119.6121.41.818.53
which includes119.6119.90.36.94
and includes119.9120.20.34.59
and includes120.2120.50.34.45
and includes121.1121.40.395.06
or121.1124.73.615.1
which includes121.1121.40.395.06
and includes121.7122.00.30.57
and includes122.0123.21.22.77
and includes123.2123.50.33.05
and includes123.5123.80.30.73
and includes123.8124.40.67.47
and includes124.4124.70.355.71
129.5131.31.81.21
including129.5130.10.62.81
and131.0131.30.30.67
132.5132.80.34.97
135.5135.80.30.93
137.6137.90.31.41
143.3144.51.21.59
including143.3143.60.31.05
and143.6144.20.61.97
and144.2144.50.31.35
162.2162.50.31.45
TUDDH-57622.923.50.61.49
25.025.60.60.63
29.229.50.31.1
36.738.51.88.25
including36.737.00.32.60
and37.037.60.60.56
and37.638.50.915.26
39.740.00.30.57
43.044.21.20.77
including43.043.60.60.55
and43.644.20.60.98

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

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-212448.1448.40.301.25
TUDDH-22552.7053.350.3514.10
54.2554.850.601.06
89.089.60.600.71
91.192.00.9010.98
94.394.60.303.22
102.0103.41.400.68
TUDDH-35660.0560.350.300.61
72.272.50.304.21
77.677.90.300.53
81.582.260.761.81
TUDDH-36284.8185.110.300.56
85.4185.710.300.69
85.7186.010.301.47
86.3186.610.3074.58
86.9187.40.490.53
TUDDH-40843.2343.740.510.54
44.6545.250.601.28
79.2779.870.602.21
79.8780.470.601.80
TUDDH-41073.273.80.603.38
118.2118.80.601.81
TUDDH-525466.6466.90.300.95
TUDDH-539131.1131.70.606.88
TUDDH-54062.9363.230.304.22
64.664.90.300.61
64.965.20.303.87
69.870.40.602.20
77.377.60.300.97
90.791.00.304.11

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

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUDDH56739207791876395219.9183.8-40255
TUDDH56839206861876364255.1112.9-75258
TUDDH56939207791876396219.9191.7-69252
TUDDH57039207801876396220.0233.3-44270
TUDDH57139209321876510236.1847.6-62147
TUDDH57239207791876396219.9203.5-60270
TUDDH57339207961876351209.7779.2-66131
TUDDH57439207791876396219.9182.6-70270
TUDDH57539207791876396219.9164.3-47285
TUDDH57639207791876396219.9200.5-60285
TUDDH57739204351876513348.0in progress-40270
TUDDH-21239206641876757281.3600.5-58245
TUDDH-22539207371876336222.8300.3-60330
TUDDH-35639207601876260205.5112.9-61010
TUDDH-36239207751876303219.6132.0-65360
TUDDH-40839207671876337225.0140.6-70330
TUDDH-41039207311876309228.9143.6-65340
TUDDH-52539207961876351209.4350.6-57123
TUDDH-53939207331876297225.1186.2-72004
TUDDH-54039207331876297225.1168.2-60001

Qualified Person

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

About Tuvatu

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

About Lion One Metals Limited

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

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

Walter Berukoff
Chairman and CEO

For further information
Contact Investor Relations

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

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

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

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

Categories
Junior Mining Lion One Metals

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

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

Highlights

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

Mill Design & Construction

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

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

Underground Development & Mining

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

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

Dual-Track Advancement Strategy

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

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

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

Metallurgical Overview

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



Figure 1: conceptual process plant design and site layout

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

Process Description

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

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

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

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

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

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

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



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

To view an enhanced version of Photo 1, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_002full.jpg



Photo 2: blasting for development of underground access no.2

To view an enhanced version of Photo 2, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_003full.jpg

Recent Infill Drilling Results

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

The current mineral resource estimate for the Tuvatu project comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au.

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

Qualified Person

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

About Tuvatu

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

About Lion One Metals Limited

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

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

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

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

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

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

Categories
Junior Mining Lion One Metals Precious Metals

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

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

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

Highlights from near-surface infill drilling include:

TUDDH555

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

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

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

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

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

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

TUDDH557

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

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

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

TUDDH559

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

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

TUDDH562

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

TUDDH563

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

TUDDH565

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

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

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

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

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

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

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

TUG136

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

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

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

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

TUG137

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

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

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

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

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

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

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

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

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



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

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



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

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



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

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

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

Drill HoleFrom (m)To (m)Interval (m)Au (g/t)
TUDDH-225 (resampled)52.753.71.09.62
including52.753.40.714.1
TUDDH-408 (resampled)83.785.726.12
including83.784.30.614.2
TUDDH-5552424.90.90.67
118118.90.91.41
133133.70.7126.62
including133.4133.70.3294.5
137.6140.52.98.25
including137.61380.412.93
and139.1139.70.628.67
which includes139.1139.40.341.61
and139.4139.70.315.72
141.8143.11.38.56
including141.8142.20.412.34
and142.5143.10.68.81
145146.71.79.31
including145.9146.30.431.63
150.8151.30.50.63
TUDDH-556124125.21.23.23
127.3127.90.60.9
147147.40.40.59
173.41740.61.54
176.71770.32.46
TUDDH-557102.7104.21.51.02
105.7112.66.93.89
including108108.60.626.56
113.8118.85.017.6
including115.3115.90.6125.5
including118.2118.80.69.69
133.6134.91.30.57
144.4144.80.42.6
150.4150.70.335.63
TUDDH-55922.622.90.34.39
101101.90.91.09
115.7116.60.91.18
119.8121.01.214.21
131.3131.60.35.78
135.9138.31.24.09
including137.7138.30.67.42
142.5146.23.76.23
including143.1143.70.622.44
and144.7145.000.39.34
and145.6145.90.314.48
155.4155.70.32.99
181.1181.70.65.38
TUDDH-56024.424.80.40.62
144.3144.70.41.44
TUDDH-56242.142.50.45.58
129.9130.30.43.88
132132.30.32.89
158.4158.80.43.7
164.7165.10.4111.4
166.7167.10.41.17
218.3218.60.31.37
TUDDH-56313.6613.960.320.41
14.8615.10.240.83
18.819.10.30.57
21.822.40.65.13
25.226.41.21.58
52.4952.790.363.26
58.158.50.46.48
125.25125.550.30.58
164.55164.850.368.5
300.15300.650.61.04
TUDDH-56545.546.10.60.86
52.854.31.50.52
56.457.61.22.84
59.161.52.41.73
63.864.20.435.64
66.667.81.20.59
70.872.61.8359.76
including71.171.50.41616.0
73.874.30.51.36
75.879.43.62.73
88.790.31.68.52
92.994.61.713.34
including93.393.70.442.09
99.5100.10.61.79
117.3122.45.14.28
including119.4120.00.67.22
139.5140.71.20.68
141.9142.50.610.03
including142.2142.50.317.75
152.4153.61.21.37
154.8155.50.718.61
TUG-1363.44.00.60.5
65.565.80.30.59
69.469.70.36.34
75.776.30.616.19
including7676.30.330.97
77.982.14.24.71
including77.978.20.310.76
and78.579.10.612.62
and80.680.90.36.57
and81.281.50.37.63
102102.30.31.89
103.6103.90.30.53
TUG-1375.05.70.700.5
29.330.00.702.32
106.4110.64.2016.44
including107.6108.20.6026.11
which includes107.6107.90.3040.65
and including108.5110.62.1022.8
which includes109.4109.70.3045.35
and also includes110110.30.3037.4
161.4161.70.301.43
169.3169.60.301.97

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

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUDDH5553920724.81876385.7237.0239.50-74274
TUDDH5563920725.31876384.4237.0182.30-48285
TUDDH5573920725.21876385.0237.1241.00-64284
TUDDH5593920724.81876385.7237.0188.70-75270
TUDDH5603920723.11876385.2237.0220.90-60240
TUDDH5623920723.31876385.5237.0244.20-70248
TUDDH5633920796.31876351.1209.7875.00-63121
TUDDH5653920779.01876396.0219.8200.50-59253
TUG1363920759.61876459.2139.1617.40-58151
TUG1373920759.01876459.0139.1686.70-68163
TUDDH2253920737.31876336.3222.8300.25-60330
TUDDH4083920767.21876336.5225140.6-65320



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

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



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

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

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

Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of all samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia for check assay determinations. All samples for all high-grade intercepts reported here are will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. For certain high-grade samples for which results for duplicate assay are within 10% of the initial results, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).

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

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

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

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

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

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

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

Categories
Junior Mining Lion One Metals

Lion One Announces AGM Results

North Vancouver, British Columbia–(Newsfile Corp. – December 23, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results of its Annual General Meeting (“AGM“), held on December 16, 2021. According to the meeting Scrutineers report, 128 shareholders were represented at the meeting, in person or by proxy, representing 39,544,470 common shares or 25.29% of the 156,371,893 common shares outstanding on the October 27, 2021 record date for the Meeting.

All resolutions presented to the shareholders were approved with over 95% of votes cast being in favor of each resolution (see the SEDAR filing of the Company’s Information Circular, dated November 2, 2021). As a result,

  • Davidson & Company LLP was re-appointed as the auditor of the Company
  • The number of Directors was set at four with the following nominees elected as directors: Walter Berukoff, Richard Meli, Kevin Puil, and David Tretbar
  • The Company’s Stock Option Plan was re-approved

Following the AGM, management gave a brief overview of the Company’s plans for the development of the Tuvatu gold processing plant in Fiji, including the award of the design and procurement work. The Company plans to provide additional information about its development plans in early 2022 along with further drilling results from its ongoing exploration programs.

The Circular is available on the Company website at www.liononemetals.com and under Lion One’s profile on SEDAR at www.sedar.com.

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

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

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/108450