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Lion One Metals Ltd
Symbol LIO
Shares Issued 118,162,797
Close 2020-07-24 C$ 1.98
Recent Sedar Documents

Lion One Metals drills 12.7 m of 46.14 g/t Au at Tuvatu

2020-07-24 10:39 ET - News Release

Mr. Walter Berukoff reports

LION ONE DRILLS HIGH-GRADE FEEDER MINERALIZATION IN DIAMOND DRILL HOLE TUDDH500

Lion One Metals Ltd. has released assay results that support that diamond drill hole TUDDH500 has intersected high-grade feeder-style mineralization at its 100-per-cent-controlled Tuvatu alkaline gold project, Fiji.

Highlights:

  • Two high-grade intervals were encountered between downhole depths of 558.0 and 583.4 metres (m), including two m grading 35.28 grams per tonne (g/t) gold (Au) starting at 558.0 m, followed by 12.7 m grading 46.14 g/t Au starting at 571.0 m. The latter interval includes a sub-interval of 4.7 m grading 120.16 g/t Au with an exceptionally high-grade core of 0.9 m grading 506.4 g/t Au.
  • Hole TUDDH500 is at its current depth of 641.40 m en route to its targeted depth of 1,000 m. Completion of the hole is expected within the next couple weeks. Lion One is taking great care to maintain the integrity of this hole to ensure that it reaches target depth.
  • These high-grade intercepts occur above the targeted convergence of the main Tuvatu lode system projected to be encountered between downhole depths of 650 and 900 m. Current results, combined with those yet to come as the hole deepens, will put Lion One in a better position to interpret whether these high-grade intercepts represent new lodes or rather a more complicated structural regime in which the main Tuvatu lodes connect.
  • High-grade mineralization encountered in hole TUDDH500 displays characteristics typical of feeder-style mineralization in alkaline gold systems. Predominant vein minerals include a combination of quartz, potassium-rich hydrothermal feldspar called adularia and carbonate minerals. The dark gray host monzonite wall rock is also flooded with these minerals generating lighter shades of gray. Vugs, or open spaces, are evident in some veins. Green, vanadium-rich mica called roscoelite has been spotted in some veins. Native gold occurs as fine-grained aggregates that appear to clump together forming larger particles. This may reflect rapid, colloidal deposition of gold from a gold-saturated ore-forming fluid. Such rapid gold deposition can generate very high grades in alkaline gold systems. Sulphide minerals include minor pyrite and traces of galena, sphalerite and chalcopyrite.

"We are pleased to see our hypothesis that a high-grade feeder underlies Tuvatu supported," commented Dr. Quinton Hennigh, technical adviser to Lion One. "Mineralization in hole TUDDH500 displays many diagnostic characteristics of feeder-style mineralization from an alkaline gold system. Notably, textures of gold suggest rapid deposition from what was possibly a gold-saturated mineral-forming fluid. This is encouraging, because it suggests we are now in the right part of the system to find more such mineralization. Hole TUDDH500 continues to its targeted depth of 1,000 m. It will be quite interesting to see what else is encountered."

Drilling and assay processes and procedures

The company is utilizing its own diamond drill rig, using PQ-sized, HQ-sized and ultimately NQ-sized drill core rods. Drill core is logged by company geologists and then is sawn in half and sampled by Lion One staff.

Samples are analyzed at the company's own geochemical laboratory in Fiji, whilst pulp duplicates of samples with results over 0.5 g/t Au are sent to ALS Global Laboratories in Australia for check assay determinations. Assays reported here will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80 per cent passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10 g/t Au are then reanalyzed by gravimetric method. 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 sent to ALS Townsville, Queensland, Australia, are analyzed by the same methods (Au-AA26 and also Au-GRA22 where applicable). ALS also analyzed for 33 pathfinder elements by HF-HNO3-HClO4 acid-digestion, HCl leach and ICP-AES (method ME-ICP61).

Qualified person

The scientific and technical content of this news release has been reviewed, prepared and approved by Stephen Mann, professional geoscientist, managing director of Lion One, who is a qualified person pursuant to National Instrument 43-101 (Standards of disclosure for Mineral Projects).

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu comprises 1.12 million tonnes indicated at 8.17 g/t Au (294,000 ounces Au) and 1.3 million tonnes inferred at 10.60 g/t Au (445,000 ounces 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.

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.

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