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Lion One Metals Ltd
Symbol LIO
Shares Issued 173,769,893
Close 2023-01-24 C$ 1.00
Market Cap C$ 173,769,893
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Lion One drills 11.1 m of 10.67 g/t Au at Tuvatu

2023-01-25 09:34 ET - News Release

Mr. Walter Berukoff reports


Lion One Metals Ltd. has released further high-grade drilling assay results from the 500 zone at the company's 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Underground drill holes TUG-147 and TUG-150 were drilled to further test the high-grade zone originally defined by drill holes TUG-141, TUDDH-601 and TUDDH-608, previously reported on June 6, 2022, Aug. 15, 2022, and Nov. 7, 2022, respectively. Highlights are provided in attached tables.

TUG-147 was drilled to cross the northern extension of the north-south-trending UR2-UR1 lodes, which appear to define a wedge-shaped, high-grade zone bounded by the UR2 and UR4 lodes, to thus test the mineralization associated with UR lodes and to provide structural information on the orientations of mineralized veins and lode arrays. The drill hole lifted more than expected and crossed the zone at a somewhat lower elevation (shallower) than intended. Nevertheless, TUG-147 drilling across the UR2 structure intersected 11.1 metres at 10.67 grams per tonne gold from 263.1 m to 274.4 m, including 5.7 m at 13.45 g/t Au, including 1.2 m at 51.18 g/t Au, and 4.2 m at 9.86 g/t Au, corresponding to the intersection of the main north-south-trending UR2 lode and northeast-trending mineralized veining (see an attached table). The calculated true horizontal width of this intersection is 3.5 m.

TUG-150 was targeted to cross the high-grade zone below TUG-141 and north of TUDDH-608. The hole drifted to the right (south) more than expected and only skimmed along the UR2 lode at a low angle, without crossing the high-grade zone at the targeted location. Nevertheless, very-high-grade mineralization was intersected over a significant down-hole length of 8.4 m at 8.84 g/t Au, including 0.3 m at 108.57 g/t Au, and 1.2 m at 14.71 g/t Au, including 0.3 m at 28.51 g/t Au, along the UR2 lode, further confirming the bonanza-grade nature of the UR2 lode at this location (see an attached table). A follow-up drill hole (TUG-152 -- still currently drilling) was collared from the same set-up, but with modified azimuth and dip, and represents an additional attempt to drill across the UR2 structure near this location, and to test the possible northeast down-plunge extent to the mineralization recorded by TUDDH-608 (see Nov. 7, 2022, news release). The results of TUG-152 will be reported pending completion.

Qualified person

In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, Sergio Cattalani, PGeo, senior vice-president of exploration, is the qualified person for the company. He has reviewed, and is responsible for, the technical and scientific content of this news release.

Quality assurance/quality control procedures

Lion One adheres to rigorous quality assurance/quality control 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-sized, HQ-sized and NQ-sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the company's geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both reassayed at Lion One's laboratory and delivered to ALS Global in Australia for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80 per cent passing through 75 micrometres. Gold analysis is carried out using fire assay with an atomic absorption finish. Samples that have returned grades greater than 10 g/t Au are then reanalyzed by gravimetric method. For samples that return greater than 0.5 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10 per cent 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 nine important pathfinder elements. All duplicate anomalous samples are sent to ALS in Townsville, Queensland, and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyzes for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Ltd.

Lion One's flagship asset is the 100-per-cent-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, seven-kilometre-diameter alkaline gold system. Walter Berukoff, Lion One's chief executive officer, leads an experienced team of explorers and mine builders, and he 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.

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