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Lion One Metals Ltd
Symbol LIO
Shares Issued 176,895,241
Close 2023-04-24 C$ 0.89
Market Cap C$ 157,436,764
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Lion One Metals drills 5.7 m of 88.07 g/t Au at Tuvatu

2023-04-25 11:32 ET - News Release

Mr. Walter Berukoff reports

LION ONE REPORTS NEW HIGH-GRADE GOLD RESULTS AT TUVATU

Lion One Metals Ltd. has released significant, new, high-grade results from grade control drilling at the company's 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Following on the initial mining and extraction of the URA1 lode, the company is reporting new high-grade results from grade control drilling on the URW1 lode system, approximately 120 metres farther east. Mining of URW1 is expected to begin over the next two to four weeks. Strike drive development on URW1 has commenced.

Highlights of new high-grade gold mineralization intersected by grade control drilling:

  • Multiple bonanza-grade zones have been intersected, including:
    • 88.07 grams per tonne gold over 5.7 metres (including 1,396 g/t Au over 0.3 m) (TGC-0034);
    • 27.52 g/t Au over 5.55 m (TUG-056);
    • 20.93 g/t Au over 7.2 m (TGC-0003);
    • 16.12 g/t Au over 9.3 m (TGC-0014);
    • 16.48 g/t Au over 9.6 m (TGC-0002);
    • 14.6 g/t Au over 6.6 m (TGC-0032);
    • 14.97 g/t Au over 5.4 m (TGC-0018);
    • 10.85 g/t Au over 6.9 m (TGC-0013).
  • Visible was gold observed in several drill holes.

Close-spaced grade control drilling has resulted in much-higher resolution of the lode arrays compared with previous infill drilling, including the identification of bonanza-grade (greater than 50 g/t Au) zones.

The tightened drill pattern will facilitate optimized development and extraction of high-grade gold mineralization from the URW1 lodes while minimizing dilution. High-grade gold mineralization extracted from the URW1 lode system will contribute significantly to the growing high-grade stockpile constituting the initial feed for the company's plant and processing facility, on schedule for start-up in the fourth quarter of 2023.

Mineralization

Mineralization consists of abundant free gold, typically in association with light-to-dark-grey chalcedonic quartz and roscoelite, locally accompanied by minor amounts of pyrite, sphalerite, galena and lesser chalcopyrite.

URW1 lode system

The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately north-south and dip subvertically to steeply east, and is located approximately 120 m east of the URA1 lode.

As currently modelled based on earlier drilling, the URW1 lode measures approximately 300 m in the north-south direction by approximately 300 m of vertical extent, thus forming one of the major north-south-trending lodes that have been recognized in this part of the Tuvatu deposit. The URW1 lode intersects with numerous flat-lying to moderately south-dipping east-west veins, referred to as the Murau lode system.

Grade control drilling has been conducted from both the new decline and the historic exploration adit. This drilling is targeting a 60 m strike section of the URW1 system, within the greater than 300 m strike of the overall URW1 system. Detailed drilling of this nature is the first conducted at the project and has served to confirm both the location of structures and the extent of some of the higher-grade zones within the overall mineralized envelope. These bonanza zones that have been intersected show a considerably higher-grade than the previous wide-spaced resource drilling in the area. The high-grade zones are interpreted to relate to the intersection of the north-south URW1 lode with east-west-striking structures, such as the Murau lodes.

The URW1 lode system is interpreted as a series of parallel vein arrays.

This interpretation has come by way of a series of closely spaced grade control drill holes, drilled from two separate locations, east-directed drilling from the main decline as well as west-directed drilling from the exploration decline. To date, a total of 34 diamond drill holes, totalling approximately 3,538 m, have been completed, resulting in five m to 10 m spacings between adjacent holes covering a limited extent of the URW1 lode system. Despite the relatively limited size of the area drilled thus far, the grade control program has significantly increased the level of confidence in the geometry, widths and grade distribution of the URW1 lodes, thereby allowing for detailed development planning.

Full drill hole details are provided in an attached table. The URW1 lode system represents the next main area of mining and extraction of high-grade mineralization at Tuvatu. Development has commenced, with first grade control and mapping expected shortly.

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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