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Lion One Metals Ltd
Symbol LIO
Shares Issued 206,320,241
Close 2023-11-01 C$ 0.84
Market Cap C$ 173,309,002
Recent Sedar Documents

Lion One drills 2.4 m of 90.76 g/t Au at Tuvatu

2023-11-02 11:48 ET - News Release

Mr. Walter Berukoff reports

LION ONE DRILLS 2.4 M OF 90.76 G/T GOLD IN ZONE 5 AT TUVATU

Lion One Metals Ltd. has released significant new high-grade gold results from continuing infill and grade control drilling at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji.

Assay results are presented here for infill and grade control drilling completed in the zone 5 area of Tuvatu, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. Grade control drilling is focused on the sections of lodes UR1, UR2 and URW3 that are scheduled for mining in early 2024, whereas infill drilling is focused on the parts of zone 5 that are scheduled for mining in 2024 and 2025. Previous results from zone 5 are available in the news releases dated June 14, 2023, and Aug. 10, 2023.

Highlights of results (cut-off of three grams per tonne):

  • 90.76 g/t Au over 2.4 m (including 261.47 g/t Au over 0.6 m) (TUDDH-659, from 221.3 m depth);
  • 18.56 g/t Au over three m (including 101.89 g/t Au over 0.3 m) (TGC-0081, from 92.1 m depth);
  • 86.47 g/t Au over 0.6 m (TUDDH-672, from 141.1 m depth);
  • 11.31 g/t Au over 3.9 m (including 65.29 g/t Au over 0.3 m) (TGC-0084, from 99.3 m depth);
  • 46.78 g/t Au over 0.6 m (TUDDH-671, from 127.7 m depth);
  • 38.75 g/t Au over 0.6 m (including 64.10 g/t Au over 0.3 m) (TGC-0107, from 136.2 m depth);
  • 16.60 g/t Au over 1.2 m (including 24.37 g/t Au over 0.6 m) (TGC-0101, from 125.7 m depth);
  • 31.56 g/t Au over 0.6 m (TUDDH-676, from 158.9 m depth);
  • 51.76 g/t Au over 0.3 m (TUDDH-665, from 260.3 m depth).

Zone 5

The zone 5 area of Tuvatu is located along the main decline and includes the principal north-south -oriented lodes at Tuvatu (UR1, UR2, UR3), the principal northeast-southwest-oriented lodes (UR4 to UR8) and several smaller lodes to the west of the main decline (URW2, URW2A, URW3). The lodes in zone 5 are all steeply dipping structures. Zone 5 represents the upward extension of the zone 500 feeder zone, where several lodes coalesce into a wide zone of very high-grade mineralization, such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601) and 17.52 g/t Au over 23.7 m (TUDDH-608).

A total of 10 grade control and 10 infill drill holes are included in this release. The grade control drill program was conducted from underground and targeted the UR1, UR2 and URW3 lodes. The program was designed to provide a detailed understanding of the mineralization and geometry of these lodes both above and below the current underground developments. The grade control drill holes reported in this news release were drilled on 20 m centres. This will be followed up by additional grade control drilling to increase drill density to 10 m centres in advance of mining. The area targeted by these grade control drill holes is outside the current preliminary economic assessment mine plan but is being brought into the mine plan for 2024 based on drilling results. This part of zone 5 is currently scheduled for mining in early 2024.

The infill drill program was conducted from surface and was designed to target the portions of lodes UR1 to UR7 located between the surface and the current underground developments. The purpose of the infill drill program is to increase knowledge and grade continuity in this area, and to further derisk this portion of the deposit, which is scheduled for mining in 2024 and 2025.

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 chief executive officer Walter 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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