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Lion One Metals Ltd
Symbol LIO
Shares Issued 206,320,241
Close 2023-09-13 C$ 0.89
Market Cap C$ 183,625,014
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Lion One Metals drills six m of 19.78 g/t Au at Tuvatu

2023-09-14 11:36 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 gold results from continuing grade control drilling at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Assay results are presented herein for grade control drilling completed in the zone 2 area of Tuvatu, focusing primarily on the URW1, URA1 and Murau lode systems. Mining of the URA1 lode and the URW1 lode system is continuing, and grade control drilling is being conducted in advance of future mining in these areas (see news releases dated April 3, 2023, and May 18, 2023). The results reported herein represent material that is scheduled to be mined in the fourth quarter of 2023 and throughout 2024.

Lion One chairman and chief executive officer Walter Berukoff commented: "The results from our grade control drill program continue to exceed expectations. The program is continuously returning very-high-grade material with excellent mining widths. As we increase our drill density at Tuvatu we continue to identify very-high-grade zones upon which to focus and prioritize our mining plan, and which will help us to add additional tonnage to our growing stockpile of high-grade material as we ramp up to our first gold production in Q4 2023."

Highlights of new zone 2 grade control drilling (three g/t Au cut-off):

  • 19.78 grams per tonne gold over 6.0 metres (including 31.52 g/t Au over 3.0 m) (TGC-0071, from 114.0 m depth);
  • 14.83 g/t Au over 6.0 m (including 25.16 g/t Au over 2.4 m) (TGC-0055, from 90.9 m depth);
  • 18.08 g/t Au over 3.6 m (including 32.74 g/t Au over 1.5 m) (TGC-0073, from 90.0 m depth);
  • 25.25 g/t Au over 2.4 m (including 149.63 g/t Au over 0.3 m) (TGC-0078, from 95.2 m depth);
  • 45.89 g/t Au over 0.9 m (TGC-0080, from 23.4 m depth);
  • 8.00 g/t Au over 4.8 m (including 21.05 g/t Au over 0.9 m) (TGC-0080, from 47.4 m depth);
  • 8.52 g/t Au over 3.3 m (including 11.16 g/t Au over 1.8 m) (TGC-0053, from 13.8 m depth);
  • 17.73 g/t Au over 1.5 m (including 20.98 g/t Au over 0.9 m) (TGC-0053, from 56.4 m depth);
  • 14.13 g/t Au over 1.8 m (including 18.64 g/t Au over 1.2 m) (TGC-0062, from 67.5 m depth).

Zone 2

The zone 2 area of Tuvatu is located in the northwest part of the system along the western decline. It is the first part of the deposit scheduled for mining and encompasses a number of distinct lode systems, including the URW1, URA1 and Murau lode systems.

The URW1 lode system was the primary target for the current round of drilling. It consists predominantly of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately north-south and dip subvertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. As reported on July 13, 2023, and July 27, 2023, mineralization in these lodes is both higher grade and more laterally extensive than initially anticipated. Grade control drilling in the URW1 area is targeting the up-dip and down-dip extensions of these lodes, 20 m to 40 m above and below the current mine drives. The URW1 lode system has a current strike length of approximately 300 m in the north-south direction, and a vertical extent of approximately 300 m.

Similarly, the URA1 lode is a narrow, steeply dipping, high-grade to locally bonanza-grade vein system. It was discovered during the development of the western decline and is intersected by the decline at approximately 75 m from the portal entrance. It trends approximately northeast-southwest and dips steeply to the southeast. It has a current strike length of approximately 100 m, and a vertical extent of approximately 120 m.

The Murau lode system consists of a series of stacked, relatively flat-lying lodes that strike approximately east-west and dip moderately to the south. Mining is scheduled to begin on the upper part of the Murau lode system in Q4 2023. The portion of the Murau lode system that is currently targeted for mining consists of a 110 m strike length in the east-west direction, a vertical extent of 55 m and a down-dip extension of 100 m.

Grade control drilling

Grade control drilling is being conducted from underground as well as from near the mine portal and is targeting near-surface mineralization scheduled for mining in the next four to 16 months. It is targeting five m to 10 m centres and is designed to provide a detailed understanding of the geometry and mineralization of lode arrays in advance of underground development. Results from the grade control drill program will be used to help optimize mine development and mineral extraction in these areas. The zone 2 grade control drill program is continuing.

A total of 83 grade control drill holes have been completed to date in the zone 2 and zone 5 areas at Tuvatu, including 24 grade control drill holes included in this news release. Previous grade control drill results are available in the news releases dated April 25, 2023, and June 14, 2023.

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 85 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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