Mr. Walter Berukoff reports
LION ONE DRILLS FURTHER WIDE AND HIGH GRADE INTERSECTIONS AND CONTINUES TO EXTEND HT CORRIDOR AT TUVATU IN FIJI
Lion One Metals Ltd.'s continuing diamond drilling program has returned further high-grade gold intersections at its 100-per-cent-owned and fully permitted high-grade underground Tuvatu gold project located near Nadi on the island of Viti Levu in the Republic of Fiji.
Recent drill highlights:
- Drill results continue to expand the HT corridor mineralization with wider (true width of up to approximately eight metres) and high-grade intersections;
- 11 metres averaging 9.1 grams per tonne gold from 80.8 metres, including:
- 5.2 metres averaging 15.3 grams per tonne gold;
- 4.8 metres averaging 20.3 grams per tonne gold from 21.5 metres, including:
- 1.8 metres averaging 51.8 grams per tonne gold;
- 4.5 metres averaging 7.1 grams per tonne gold from 214.5 metres, including:
- 1.8 metres averaging 15.0 grams per tonne gold;
- Mineralization extends from surface and in close proximity to current decline with potential to add to the initial early mine plan.
Current drill program
Drill results have been received from a further three diamond drill holes (TUDDH463, TUDDH467 and TUDDH469) completed on extensions to the Tuvatu gold project. These drill holes targeted the individual mineralized lodes within the recently recognized and potentially significant HT corridor mineralization.
HT corridor mineralization -- a zone of growing significance
The previous resource estimate for Tuvatu included generally lower-grade mineralization in lodes named T1, T2, H1 and H2 and as announced in the National Instrument 43-101 resource estimate on June 4, 2014. Prompted by a reinterpretation and the recognition of high-grade mineralization at surface, the company returned to this area for further drilling in 2017. Other results from this current program have included 2.77 metres averaging 35.08 grams per tonne gold and 3.4 metres averaging 23.2 grams per tonne gold (refer to releases dated Aug. 22, 2017, and Sept. 15, 2017, for further details.
The current mine plan derives most of its inventory from the UR lodes, which are narrow, high-grade structures oriented north-south and form along cracks in the host monzonite rock. The zone hosting the T and H lodes has been named the HT corridor. The HT corridor mineralization is of a different nature to the UR lodes and includes highly fractured, brecciated and wider zones of mineralization striking northwest-southeast and dipping steeply to the northeast. The HT corridor is characterized by a distinct biotite and potassium feldspar alteration, which has enabled mapping of the corridor for over a kilometre to the northwest and two kilometres to the southeast of the existing drilling. The mineralization identified in the 2017 drilling to date remains open in both directions along strike and also down dip.
Mining significance
The contribution of the T and H lodes to the current mine plan is minimal due to the 2014 modelled grades in this area. However, with the new higher-grade and wider mineralization intersections, the company expects that the overall grade and tonnage of the mineralization in this area will increase. Furthermore, these mineralized zones extend from surface and crosscut the existing decline and hence have the potential to be exploited early in the mine plan.
The company looks forward to announcing further drill results as and when they are received and compiled from the current drill program and, in time, a revised mine plan and mining inventory that includes this new discovery.
DIAMOND DRILL RESULTS REPORTED ON IN THIS NEWS RELEASE
Drill hole From To Interval True width Au
(m) (m) (m) (m) (g/t)
TUDDH 463 3.34 3.70 0.36 0.25 8.01
80.79 91.80 11.01 7.79 9.08
Including 81.42 86.60 5.18 3.66 15.30
116.70 118.40 1.70 1.20 1.57
127.35 130.02 2.67 1.89 3.12
TUDDH 467 124.60 125.10 0.50 0.33 6.91
133.80 134.05 0.25 0.17 26.36
191.70 199.45 7.75 5.19 1.19
214.45 218.90 4.45 2.98 7.13
Including 216.15 217.90 1.75 1.17 14.96
TUDDH 469 16.05 18.64 2.59 0.89 4.42
Including 16.80 17.80 1.00 0.34 10.40
21.50 26.27 4.77 1.63 20.29
Including 22.95 24.78 1.83 0.63 51.84
50.82 51.05 0.23 0.08 11.53
53.60 55.57 1.97 0.67 3.47
88.90 90.60 1.70 0.58 1.49
Notes:
Intersections reported here are often composite samples.
Results reported here only include those that returned single
intervals or composited intervals of over two gram metres.
Those intervals highlighted have returned results of over
15 gram metres.
The TUDDH prefix denotes diamond drill holes drilled from
the surface.
DIAMOND DRILL RESULTS FROM THIS MINERALIZED
ZONE REPORTED IN PREVIOUS NEWS RELEASES
Drill hole From To Interval True width Au
(m) (m) (m) (m) (g/t)
TUDDH 442 42.59 46.25 3.66 3.00 1.74
49.20 51.97 2.77 2.27 35.08
57.13 59.70 2.57 2.11 2.02
62.55 65.77 3.22 2.64 6.83
TUDDH 448 8.60 9.40 0.80 0.27 8.27
13.43 14.20 0.77 0.26 4.08
20.80 21.23 0.43 0.15 6.48
24.95 30.22 5.27 1.80 2.54
41.70 42.30 0.60 0.21 2.32
50.80 53.37 2.57 0.88 2.69
TUDDH 449 15.10 18.60 3.50 2.68 6.00
33.64 34.45 0.81 0.62 2.26
TUDDH 450 70.54 72.00 1.46 1.26 1.41
TUDDH 452 26.96 31.73 4.77 3.65 2.14
Including 31.38 31.73 0.35 0.27 15.40
39.23 44.10 4.87 3.73 1.13
TUDDH 453 63.00 68.80 5.80 1.98 5.93
63.25 65.25 2.00 0.68 13.40
70.30 82.85 12.55 4.29 2.73
Including 80.40 82.85 2.45 0.84 6.02
88.05 90.50 2.45 0.84 5.27
TUDDH 454 62.10 67.90 5.80 5.02 1.39
TUDDH 455 38.80 39.50 0.70 0.24 6.17
TUDDH 458 80.20 82.70 2.50 1.92 1.39
89.70 90.9 1.20 0.92 10.17
TUDDH 459 75.65 79.55 3.90 2.99 9.55
Including 76.70 78.65 1.95 1.49 14.97
TUDDH 461 58.90 62.30 3.40 2.4 23.24
68.60 69.28 0.68 0.48 2.10
78.97 80.30 1.33 0.94 4.37
82.20 82.85 0.65 0.46 2.72
TUDDH 462 67.50 71.10 3.60 2.55 1.95
87.60 93.33 5.73 4.05 3.21
Including 92.50 93.33 0.83 0.59 10.71
95.60 97.00 1.40 0.99 3.42
Notes: This table includes results from diamond drill holes reported
on in previous Lion One news releases from the same mineralized zone.
For these diamond drill holes, up to 26 metres of the poorly
consolidated surface material was drilled using PQ3 (83.0-millimetre
core diameter) diamond core with remainder of the hole drilled with
HQ3 (61.1-millimetre core diameter) diamond core. Downhole surveys
are carried out using a Ranger Explorer Mark 2 electronic multishot
camera. Downhole surveys are taken at least once every 30 metres.
About the Tuvatu gold project in Fiji
Lion One is advancing its 100-per-cent-owned Tuvatu gold project as a near-term production opportunity in Fiji. Tuvatu is a low-sulphidation epithermal gold system and has a comparable footprint and geological analogies with other high-grade epithermal gold deposits in the Pacific Ring of Fire, such as Porgera and Lihir in Papua New Guinea and Vatukoula in Fiji. Tuvatu has been fully permitted by the government of Fiji for operations start-up and has a dual-track strategy of production development and resource expansion inside its 385-hectare mining lease and on its wider extensive landholdings in the area.
Tuvatu is located 17 kilometres from the international airport in Nadi on the west coast of Viti Levu in the Republic of Fiji. Lion One's chief executive officer, Walter Berukoff, is leading an experienced team of mine builders and has owned or operated over 20 mines in seven countries. As the founder and former chief executive officer of Miramar Mines, Northern Orion and La Mancha Resources, Mr. Berukoff is credited with building over $3-billion of value for shareholders.
Tuvatu was advanced by previous owners through underground exploration and development from 1997 through to the completion of a feasibility study in 2000. Acquired by Lion One in 2011, the project has over 110,000 metres of drilling completed to date in addition to 1,430 metres of underground development. In January, 2016, , V. Bainimarama, Prime Minister of Fiji, formally presented the previously granted Tuvatu mining lease to Lion One. This concluded the permitting process for the development of an underground gold mine and processing plant at Tuvatu, demonstrating strong government support for Fiji's 85-year-old gold mining industry.
As per its independent June 1, 2015, National Instrument 43-101 preliminary economic assessment technical report on the Tuvatu gold project, the company envisages a low-cost underground gold mining operation producing an initial estimate of approximately 353,000 ounces of gold at head grades of 11.3 grams per tonne gold over an initial seven-year mine life. Estimated cash cost is $567 (U.S.) per ounce with all-in sustaining cost of $779 (U.S.) per ounce. Total capex (capital expenditure) of $48.6-million (U.S.) includes a contingency of $6.1-million (U.S.) with an 18-month preproduction schedule and 18-month payback on capital. At a $1,200 (U.S.) gold price, the project generates net cash flow of $112.6-million (U.S.) and an internal rate of return of 52 per cent (after tax). The company is not basing its production decision on a feasibility study of mineral reserves demonstrating economic and technical viability; as a result, there is increased uncertainty and economic and technical risks associated with its production decision.
Mine engineering and underground development are progressing alongside final detailed engineering for the Tuvatu processing plant and site infrastructure. The company has now dewatered the existing Tuvatu exploration decline to 560 metres from the portal down the decline. The decline was completed in 2000 by Emperor Gold Mines, comprising 1,430 metres of underground development, including drives, crosscuts and raises. In conjunction with the dewatering, ventilation fans and lighting were installed early in 2017 and are running 24 hours per day. The rehabilitation of the decline is continuing as dewatering progresses, but, in general, the stability and ground conditions have been shown to be very good. The areas of rehabilitation and regularly reviewed and approved by mine inspectors from Fiji's Mineral Resource Department.
Competent persons and qualified person statement
Information in this announcement relating to exploration drilling at the Tuvatu project is based on data compiled by Lion One's managing director, Stephen Mann, who is a member of the Australasian Institute of Mining and Metallurgy. Mr. Mann is the qualified person responsible for the Tuvatu exploration program and has prepared and approved the technical information in this news release. Mr. Mann has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person under the 2012 edition of the Australasian Code for reporting of exploration results, mineral resources and ore reserves. Mr. Mann consents to the inclusion of the data in the form and context in which they appear.
The Tuvatu mineral resources have been estimated by Mining Associates, an external consultancy, and are previously reported under the 2012 edition of the Australasian Code for reporting of exploration results, mineral resources and ore reserves (see Lion One's announcement June 4, 2014). The company confirms that it is not aware of any new information or data that materially affect the information included in the original market announcements and, in the case of estimates, of mineral resources that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the competent person's findings are presented have not materially modified from the original market announcements.
The Tuvatu historical exploration results have been sourced from data collected by previously listed companies which have undergone a number of peer reviews by qualified consultants, who conclude that the resources comply with the JORC (Joint Ore Reserves Committee) code and are suitable for public reporting. This information was prepared and first disclosed under the 2004 JORC code. It has not been updated since to comply with the 2012 JORC code on the basis that the information has not materially changed since it was last reported.
We seek Safe Harbor.
© 2026 Canjex Publishing Ltd. All rights reserved.