Mr. Walter Berukoff reports
LION ONE COMPLETES DATA REVIEW OF THE BANANA CREEK TARGET IN THE NAVILAWA SPL ADJACENT TO THE TUVATU GOLD PROJECT
Following the recently announced award of the Navilawa special prospecting licence, Lion One Metals Ltd. has completed a first-pass compilation of data over the Banana Creek target adjoining the company's fully permitted high-grade underground Tuvatu gold project located on the island of Viti Levu in the Republic of Fiji.
The Banana Creek target
- Located only three kilometres northeast of the Tuvatu gold project;
- Accessible by roads and tracks;
- 114 selective rock chip samples with greater than one gram per tonne gold;
- 46.3 g/t gold peak value in selective rock sample results;
- 160 g/t silver, 2.1 per cent lead, 0.33 per cent zinc peak values in selective rock sample results;
- 1.6- by 0.6-kilometre hydrothermal alteration system defined by radiometric data;
- 750- by 500-metre gold in soil anomaly;
- Six individual mineralized lodes identified in previous surface work;
- 19.5 g/t gold over 0.4 metre in previous reconnaissance drilling;
- Presents a target for exploration work and to potentially enhance the Tuvatu gold project;
- One of 11 exploration targets in the recently acquired Navilawa licence.
Historic results
The samples in this press release are compiled from reports and data provided by the Fiji government Mineral Resources Department and contain information reported by previous explorers in the area. Whilst every effort has been made to review historic reports and check the data, the samples were collected by previous explorers and cannot be fully verified. Company geologists have visited the project and reported lode style of mineralization visually similar to Tuvatu, however, the original sample security, laboratory and assay method cannot be fully verified by the qualified person/competent person other than disclosure taken from previous company reports. These results are hence considered historic and are presented as a guideline only. As a result, the assays reported in this release are not to be considered necessarily representative of the overall system. The company intends to collect new data in this area, and all historic results will not be used in mineral resource estimation or economic decisions other than to advance exploration. Refer to Appendix 1 for further details.
The Banana Creek target and its relevance to enhancing Tuvatu
The Banana Creek target is one of 11 exploration targets recently acquired by the company in an award of tenure from the Mineral Resources Department, Ministry of Lands and Mineral Resources, government of Fiji (news release Nov. 20, 2017). The Banana Creek target has been subject to several generations of superficial surface exploration by previous explorers (Appendix 1) which has included geological mapping, soil sampling and rock chip sampling. The Banana Creek target is located three kilometres northeast of the company's fully permitted Tuvatu gold project, and hence presents an exploration target within a credible potential trucking distance to the milling operations to be constructed at Tuvatu. As a result, Lion One considers Banana Creek as a clear focus with several mineralized structures potentially capable of complementing and enhancing production scenarios at the Tuvatu gold project.
Previous sample collection
The samples in this press release are compiled from reports and data provided by the Fiji government by previous explorers in the area.
More than 500 soil samples have been collected by previous explorers in the Banana Creek area. This work was principally conducted by Oribi Resources in 1999 to 2001 and consists of C horizon soils collected using a 50-millimetre augur and is principally ridge and spur soil sampling. The soil sampling indicates a gold in soil anomaly of 100 parts per billion gold (0.1 ppm/0.1 g/t) over an area greater than 500 metres by 750 metres.
More than 800 rock samples have been collected in the Banana Creek area and are a combination of channel sampling, float (loose material at surface) and rock chips. Of these 114 samples that were greater than one g/t gold with a peak value of 46.3 g/t gold.
Previous drilling at Banana Creek consists of five diamond core holes drilled by Oribi Resources in joint venture with Mincor Resources between 1999 to 2001 for a total of 531-metres drilling (average depth is equal to 104 metres). Three of these holes (BCDH001, 002, 003) were drilled away from or parallel to the main structural trends and did not intersect appreciable mineralization. Holes BCDH004 and 005 respectively were drilled in the central portion of the Banana Creek target and intersected peak values of 19.5 g/t gold and 2.2 g/t gold respectively.
Geology of Banana Creek
The Banana Creek target consists of altered Navilawa monzonite intrusive flanked by Nadele volcanic breccia and intruded by micromonzonite dikes. The mineralization has been mapped at surface on lodes that strike north-northwest-south-southeast and cross-structures oriented northeast-southwest. Previous Fiji government reported airborne surveys indicate that the Banana Creek target has an elevated potassium signature in radiometrics indicating a zone of hydrothermal alteration approximately 1.6 kilometres by 600 metres and is comparable with the anomaly at the Tuvatu gold project. With both gold and base-metal anomalism, the mineralization may be of a style comparable with the HT Corridor mineralization at Tuvatu previously announced by the company.
About Tuvatu/Lion One
Lion One is advancing its 100-per-cent-owned Tuvatu gold project as a world-class discovery and near-term production opportunity in the southwest Pacific Ring of Fire. Tuvatu is modelled for exploration after regional giants in the low sulphidation family of high-grade epithermal gold deposits such as Porgera and Lihir in Papua New Guinea, and Vatukoula in Fiji. These spectacular discoveries have produced over 35 million ounces of gold in similar alkaline volcanic settings. 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.
Tuvatu is located 17 km 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 CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Mr. Berukoff is credited with building over $3-billion of value for shareholders.
In January, 2016, the Prime Minister of Fiji, V. Bainimarama, 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.
Stephen Mann, managing director, member of The Australasian Institute of Mining and Metallurgy, is the qualified person responsible for the Tuvatu mine exploration and delineation programs.
The information in this report that relates to the Banana Creek target is based on information supplied by the Fiji Government to Lion One and reviewed by Darren Holden who is an employee of GeoSpy Pty. Ltd., an adviser to Lion One Ltd., and a member of the Australasian Institute of Mining and Metallurgy. Mr. Holden has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC code) and National Instrument 43-101 in Canada. Mr. Holden consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Refer to Appendix 1 for sample detail disclosure.
Sample Type Gold (g/t) Silver (g/t) Copper (ppm) Lead(ppm) Zinc (ppm)
1878501.95 3923403.66 Rock 46.3 14.4 146 1110 276
1878642.91 3923306.93 Rock 32 20.9 579 8130 1860
1878436.26 3923432.09 Rock unclassified 21.9 - 130 5000 335
1878632.66 3923332.84 Rock 20 11.6 234 2000 1185
1878505.75 3923424.71 Rock 19.45 3.8 199 605 357
1878643.91 3923305.94 Channel 18.9 20.1 413 671 1340
1878624.05 3923283.25 Rock unclassified 16.6 - 115 1500 110
1878463.08 3923403.5 Rock unclassified 15.3 3 85 365 60
1878602.42 3923228.14 Rock unclassified 15 3 30 60 55
1878777.77 3923124.34 Rock unclassified 13.3 5 85 370 35
1878659.21 3923551.47 Rock unclassified 13.2 - 125 550 55
1878696.47 3923140.36 Rock 10.6 1.5 65 930 17
1878468.64 3923442.12 Rock unclassified 10.05 1 45 30 15
1878688.04 3923499.74 Rock unclassified 10 2 215 1800 390
1878371.68 3923301.29 Rock unclassified 8.55 - 25 135 15
1878596.3 3923287.85 Rock unclassified 8.3 2 165 1980 120
1878661.37 3923478.24 Rock unclassified 8.2 - 115 320 65
1878453.76 3923353.73 Rock unclassified 8.2 - 75 40 60
1878785.37 3923670.21 Rock unclassified 7.75 110 50 120 20
1878626.05 3923370.31 Rock unclassified 7.6 - 80 390 240
1878438.07 3923340.62 Rock unclassified 7.5 - 45 220 75
1878813.94 3923418.56 Channel 6.86 2.5 166 49 49
1878618.66 3923152.15 Rock unclassified 6.7 - 570 205 360
1878503.9 3923332.64 Rock unclassified 6.5 5 145 1650 3350
1878634.25 3923299.73 Rock unclassified 6.5 - 395 3850 340
1878813.94 3923418.56 Rock 6.23 1.3 52 53 21
1878453.56 3923436.63 Rock unclassified 6.2 bd 145 960 50
1878888.23 3923605.73 Rock unclassified 6 2 370 80 210
1878632.14 3923295.78 Rock unclassified 5.97 - 215 400 185
1878508.28 3923355.51 Rock unclassified 5.3 - 40 150 65
1878505.77 3923333.48 Rock unclassified 5.12 bd 240 790 475
1878476.59 3923401.37 Rock unclassified 5.09 bd 135 315 210
1878665.11 3923480.73 Rock unclassified 4.94 - 290 160 100
1878522.69 3923431.07 Rock unclassified 4.93 bd 170 890 695
1878699.66 3923116.19 Rock unclassified 4.81 1 280 275 355
1878301.32 3923438.79 Rock unclassified 4.78 - 280 430 145
1878603.86 3923266.32 Rock unclassified 4.73 bd 505 275 1950
1878507.42 3923334.58 Rock unclassified 4.6 bd 255 55 355
1878743.85 3923672.77 Rock unclassified 4.36 60 65 45 15
1878721.54 3923241.63 Channel 4.31 1.1 203 180 213
1878675.17 3923434.39 Rock unclassified 4.1 - 350 445 310
1878579.53 3923530.93 Rock unclassified 4.09 - 50 230 60
1878780.71 3923446.82 Rock unclassified 3.99 - 120 50 25
1878787.38 3923665.86 Rock unclassified 3.98 160 55 190 30
1878797.64 3923423.65 Rock unclassified 3.95 bd 125 2400 105
1878872.19 3923317.57 Rock unclassified 3.9 - 90 130 50
1878647.69 3923458.12 Rock unclassified 3.9 - 380 370 205
1878464.31 3923442.91 Rock unclassified 3.57 - 40 350 40
1878698.29 3923186.61 Rock unclassified 3.46 - 720 21000 400
1878494.3 3923049.58 Rock unclassified 3.35 - 195 2900 515
1878689.28 3923505.2 Rock unclassified 3.33 bd 250 390 160
1878706.5 3923332.69 Rock unclassified 3.05 bd 190 1450 145
1878860.85 3923626.02 Rock 2.93 bd 60 125 15
1878874.45 3923624.11 Rock unclassified 2.93 bd 60 125 15
1878722.42 3923692.65 Rock unclassified 2.89 - 290 1500 280
1878471.07 3923401.95 Rock unclassified 2.87 bd 345 170 545
1878544.17 3923435.94 Rock unclassified 2.87 bd 315 50 330
1878481.04 3923403.29 Rock unclassified 2.86 bd 235 800 560
1878696.57 3923523.68 Rock unclassified 2.82 - 50 850 70
1878879.85 3923281.12 Rock 2.79 1.9 237 197 83
1878698.86 3923117.8 Rock unclassified 2.7 bd 560 11400 520
1878509.07 3923335.78 Rock unclassified 2.68 3 200 480 375
1878514.95 3923357.08 Rock unclassified 2.66 - 85 1350 570
1878705.63 3923387.25 Rock unclassified 2.64 bd 115 70 120
1878498.77 3923331.41 Rock unclassified 2.6 bd 115 80 275
1878571.55 3923193.23 Rock unclassified 2.35 3 630 15500 535
1878512.94 3923071.1 Rock unclassified 2.26 2 1180 5400 1200
1878704.26 3923460.9 Rock unclassified 2.17 bd 210 135 170
1878694.68 3923202.44 Rock unclassified 2.13 - 615 790 860
1878340.61 3923401.23 Rock unclassified 2.08 - 35 50 80
1878479.37 3923402.63 Rock unclassified 2.02 bd 215 200 420
1878489.76 3923331.25 Rock unclassified 1.9 3 270 920 515
1878530.54 3923433.47 Rock unclassified 1.89 bd 235 710 250
1878778.88 3923447.97 Rock unclassified 1.88 - 215 55 100
1878517.95 3923403.81 Rock 1.87 0.9 115 361 225
1878541.07 3923505 Rock unclassified 1.85 bd 310 20 160
1878879.85 3923281.12 Rock 1.85 1.3 155 89 53
1879008.91 3923608.39 Rock unclassified 1.85 4 85 50 125
1878570.39 3923195.49 Rock unclassified 1.81 bd 485 2500 750
1878453.2 3923391.47 Rock unclassified 1.75 - 255 660 525
1878538.1 3923494.44 Rock unclassified 1.73 - 40 50 50
1878687.92 3923496.99 Rock unclassified 1.71 bd 160 130 40
1878445.39 3923166.18 Rock unclassified 1.69 - 30 1500 190
1878499.91 3923267.09 Rock unclassified 1.65 1 215 35 200
1878325.29 3923405.65 Rock unclassified 1.63 - 50 450 235
1878766.84 3923320.08 Rock 1.62 1.4 178 36 115
1878916.97 3923601.92 Rock unclassified 1.6 - 125 1450 115
1878348.93 3923373.51 Rock unclassified 1.6 - 35 140 60
1878757.63 3923350.21 Rock unclassified 1.54 bd 245 460 280
1878800.01 3923350.11 Rock unclassified 1.54 - - - -
1878538.26 3923081.13 Rock unclassified 1.54 485 4500 440
1878731.67 3923480.39 Rock unclassified 1.53 bd 270 260 290
1878816.27 3923133.93 Rock unclassified 1.53 2 250 65 65
1878511.76 3923356.5 Rock unclassified 1.53 - 120 890 595
1878609.12 3923548.51 Rock unclassified 1.52 - 140 340 90
1878775.38 3923428.16 Rock unclassified 1.5 - 285 1550 275
1878623.05 3923382.72 Rock unclassified 1.49 1 265 45 650
1878515.57 3923068.33 Rock unclassified 1.468 5 640 7200 665
1878538.74 3923501.57 Rock unclassified 1.45 1 220 -5 130
1878497.35 3923331.39 Rock unclassified 1.43 bd 185 90 290
1878640.53 3923312.71 Rock unclassified 1.4 - 165 330 165
1878433.76 3923340.82 Rock unclassified 1.4 - 165 65 445
1878854.61 3923343.56 Rock unclassified 1.32 - 65 135 45
1878691.77 3923526.87 Rock unclassified 1.3 5 270 150 420
1878863.27 3923595.13 Rock unclassified 1.24 bd 300 180 495
1878495.29 3923331.19 Rock unclassified 1.24 1 195 175 450
1878689.84 3923208.32 Channel 1.18 0.5 213 88 193
1878752.06 3923336.53 Rock unclassified 1.119 bd 330 10 170
1878440.4 3923396.71 Rock unclassified 1.04 bd 340 350 630
1878781.55 3923660.96 Rock unclassified 1.03 6 185 295 50
1878442 3923169.5 Rock unclassified 1.029 - 170 1250 375
1878706.5 3923451.55 Rock unclassified 1.012 - 360 35 215
1878522.17 3923064.1 Rock unclassified 1.004 - 150 1750 405
1878510.49 3923336.91 Rock unclassified 1.002 bd 215 90 630
Banana Creek drill data details
Hole ID East North Hole Depth From To Peak assay (Au g/t)
BCDH1 1878435.313923382.39 315 101.1 10 11 0.61
BCDH2 1878439.453923379.97 135 100.4 58 59 0.4
BCDH3 1878637.913923316.77 135 100.6 1 2 0.5
BCDH4 1878559.043923329.88 337 102.6 32 32.4 19.51
BCDH5 1878558.183923334.4 323 116.5 115 116 2.16
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