Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) is pleased to announce high-grade gold results from two recently completed drill holes, one deep and one shallow, at its 100% controlled Tuvatu alkaline gold project, Fiji.
|Hole||From (m)||To (m)||Length (m)||Gold (g/t)|
Note: true width of intersections are yet to be accurately determined due to the distance below the known resource, the numerous lodes intersected to date, and variability or oriented core data at depth.
|Hole||From (m)||To (m)||Length (m)||Gold (g/t)|
“The high-grade intercept of 3.47m grading 20.71 g/t Au encountered in hole TUDDH514 is fully 100m vertically below and 7m along strike from our high-grade intercept in hole TUDDH500 and its wedge holes,” commented Dr. Quinton Hennigh, technical advisor to Lion One. “This is a big step-out and gives us high confidence we have discovered a significant root structure below the Tuvatu lode system. In addition, this hole encountered a somewhat shallower high-grade intercept of 2.24m grading 13.31 g/t Au on a second deep-rooted lode. For a system that hosts approximately 2,500-3,000 oz of resource per vertical meter, seeing these deep holes deliver such high-grade intercepts well-below the existing resource is encouraging. We are quite keen to see what wedge hole, TUDDH514w1, and our other deep hole, TUDDH517, deliver as they further test these deep high-grade lodes. Soon, we will see arrival of our underground drill rigs, further allowing us to ramp up the pace of exploration. This is shaping up to be a very busy year at Tuvatu.”
Survey details of diamond drill holes discussed in this release
|– Hole in progress|
Figure 1: Cross Section Overlain on CSAMT Looking West
Drilling and Assay Processes and Procedures
The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.
Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of samples with results >0.5g/t Au are sent to ALS Global laboratories in Australia for check assay determinations. Assays reported here will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements are analyzed by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Stephen Mann, P. Geo, Managing Director of Lion One, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects.
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
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We acknowledge the [financial] support of the Government of Canada.