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Lion One Metals Ltd
Symbol LIO
Shares Issued 176,895,241
Close 2023-05-17 C$ 0.70
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Lion One begins mining second lode system at Tuvatu

2023-05-18 11:08 ET - News Release

Mr. Walter Berukoff reports


Lion One Metals Ltd. has commenced mining on the URW1 lode at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Strike driving has reached the URW1 lode and the first underground images of the lode have been received. The initial intersection of the lode revealed one primary vein and numerous stockwork-style veins. Visible gold was observed in multiple locations on the face of the lode and within four different fracture orientations. Three of these fracture orientations are subparallel to the grade control drill axis and would therefore be difficult to identify given their orientation relative to the grade control drilling. A sample line was completed perpendicular to the main vein, and a grab sample was collected from the foot of the face.

Highlights of the initial face sampling on URW1 are as follows:

  • 51.2 grams per tonne gold over 0.56 metre;
  • 117.48 g/t Au over 0.19 m;
  • 37.99 g/t Au over 0.19 m;
  • 58.68 g/t Au (grab sample).

Lion One chairman and chief executive officer Walter Berukoff commented: "We are excited to have started mining our second lode at the Tuvatu gold mine, especially so soon after we started mining our first lode. Without the diligence and hard work performed by our geology and engineering teams in Fiji we could not have located the lode as successfully and as accurately as we did.

"We are extremely pleased with the amount of coarse-grained gold visible on the face of the lode, which is even more than was anticipated. Following our initial sampling of the face, and due to the presence of visible gold in multiple fracture orientations, we are optimistic that the overall grade of the URW1 lode could end up being even higher than what the grade control drilling has suggested. We continue to learn more about the Tuvatu system as we open the system up underground, and we are beginning to see how well endowed the Tuvatu system truly is. Just like the discovery of the URA1 lode on our initial drive underground, the system continues to provide surprises to the upside as our underground developments progress."

About Tuvatu

The Tuvatu alkaline gold project is located on the island of Viti Levu in 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 Sept. 25, 2020, and prepared by Mining Associates Pty. Ltd. of Brisbane, Queensland, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 ounces Au) and 1,325,000 tonnes inferred at nine g/t Au (384,000 oz Au) at a cut-off grade of three g/t Au. The technical report is available on the Lion One website and on the SEDAR website.

Qualified person

In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, Sergio Cattalani, PGeo, senior vice-president, exploration, is the qualified person for the company and 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 QA/QC 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-, HQ- 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 lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85 per cent passing through 75 microns. 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 0.50 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. 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 labs in Townsville, Queensland, and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and inductively coupled plasma atomic emission spectroscopy (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. Lion One's CEO, Mr. Berukoff, leads an experienced team of explorers and 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.

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