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Lion One Drills 3.3 m of 97.46 g/t Gold at Tuvatu Gold Mine in Fiji

North Vancouver, British Columbia--(Newsfile Corp. - June 12, 2024) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to report significant new high-grade gold results from Zone 5 infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for infill and grade control drilling in the Zone 5 area of Tuvatu. Drill results include multiple bonanza grade gold assays such as 750.05 g/t, 315.46 g/t, 167.55 g/t, 134.10 g/t, 132.29 g/t, 126.84 g/t, and 120.8 g/t (see Table 1 below). These results are all located proximal to underground development in the near-surface portion of the mine. Drilling was focused on the up-dip, down-dip, and southern areas of the UR2 and URW3 lodes. These areas are targeted for mining within the next 12 months. The headline intercept of 97.46 g/t gold over 3.3 m is currently under development for extraction. Previous drill results from the Zone 5 area are available in the June 5, 2024, December 13, 2023, November 2, 2023, and August 10, 2023 news releases.

Top New Drill Results:

  • 97.46 g/t Au over 3.3 m (including 750.05 g/t Au over 0.3 m) (TGC-0208, from 82.8 m depth)

  • 54.70 g/t Au over 1.8 m (including 134.10 g/t Au over 0.3 m) (TGC-0187, from 100.5 m depth)

  • 79.64 g/t Au over 1.2 m (including 315.46 g/t Au over 0.3 m) (TGC-0191, from 75 m depth)

  • 42.11 g/t Au over 1.5 m (including 95.33 g/t Au over 0.3 m) (TGC-0204, from 117.2 m depth)

  • 167.55 g/t Au over 0.3 m (TGC-0188, from 60.3 m depth)

*All drill intersects are downhole lengths, 3.0 g/t cutoff. See Table 1 for additional data

Figure 1. Location of the Zone 5 drilling reported in this news release. Left image: Plan view of Tuvatu showing Zone 5 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Yellow dashed square represents the area shown in the right image. Right image: Oblique view of Zone 5 drilling looking approximately northeast.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/212644_e2a447fca4a20b5e_001full.jpg

Table 1. Highlights of composited grade control and infill drill results in the Zone 5 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 3 in the appendix.

Hole ID


From (m)

To (m)

Width (m)

Au (g/t)

TGC-0208


82.8

86.1

3.3

97.46


including

84.0

84.9

0.9

336.39


which includes

84.0

84.3

0.3

126.84


and

84.3

84.6

0.3

750.05


and

84.6

84.9

0.3

132.29

TGC-0187


100.5

102.3

1.8

54.70


including

100.5

100.8

0.9

106.92


which includes

100.8

101.1

0.3

65.87


and

101.1

101.4

0.3

134.10


and

101.4

101.7

0.3

120.80

TGC-0191


75.0

76.2

1.2

79.64


including

75.9

76.2

0.3

315.46

TGC-0204


117.2

118.7

1.5

42.11


including

118.1

118.4

0.3

95.33

TGC-0188


60.3

60.6

0.3

167.55

TGC-0207


44.1

47.1

3.0

16.69


including

44.1

44.7

0.6

34.54


and

44.7

45.6

0.9

26.98

TGC-0183


122.6

123.2

0.6

66.95

TGC-0183


109.1

112.4

3.3

11.78


including

112.1

112.4

0.3

42.50

TGC-0188


123.7

127.6

3.9

9.10


including

123.7

124.0

0.3

19.57


and

125.2

125.5

0.3

23.22


and

126.1

126.4

0.3

36.52


and

127.0

127.3

0.3

20.05

TGC-0183


53.3

53.9

0.6

54.67

TGC-0203


40.5

41.7

1.2

21.38


including

40.5

41.1

0.6

38.99

TGC-0189


130.2

131.1

0.9

26.79


including

130.2

130.5

0.3

71.60

 

*All drill intersects are downhole lengths

Zone 5 Drilling

The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes (UR1 to UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several of the western lodes (URW2, URW2A, URW3). These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be the feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersects occurring below 1000 m depth.

The drilling reported in this news release targeted the near-surface portions of the UR2 and URW3 lodes. These areas are scheduled to be mined throughout the next 12 months. Drilling was focused on the up-dip, down-dip, and southern areas of the UR2 and URW3 lodes, and targeted a 280 m strike length of the UR2 and URW3 lodes. The current total strike length of the UR2 lode is approximately 620 m, while that of the URW3 lode is approximately 330 m. Both lodes remain open along strike and at depth. The southern drillholes reported here are the southernmost underground infill drillholes completed by Lion One and represent a new area of infill and grade control drilling at Tuvatu (Figure 3).

The headline drill intercept for this news release, 3.3 m at 97.46 g/t, has been intersected by an airleg rise. A sub-level is being established in this area to facilitate extraction over the coming months. This intercept includes a very high-grade sub-interval of 0.9 m at 336.39 g/t. The purpose of the current Zone 5 infill and grade control drill program is to enhance the mine model and inform stope design in advance of mining in the target areas. Highlights of the Zone 5 drilling reported here are shown in Figure 2 and Figure 3.

Figure 2. Zone 5 up-dip and down-dip drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. View is to the northeast. The primary target areas shown here are the up-dip and down-dip areas of the UR2 and URW3 lodes. The headline intercept of 97.46 g/t gold over 3.3 m is intersected by a mine rise and development is ongoing to establish a sub-level to facilitate extraction in this area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/212644_e2a447fca4a20b5e_002full.jpg

Figure 3. Zone 5 southern drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. View is to the east. The primary target area shown here is the southern part of the UR2 and URW3 lodes. These are the southernmost underground infill drillholes drilled by Lion One to date at Tuvatu and represent a new area of infill drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/212644_e2a447fca4a20b5e_003full.jpg

Competent Persons Statement
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Alex Nichol, who is the company's Vice President of Geology and Exploration. Mr Nichol is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC code). Mr Nichol consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using 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 ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be "forward-looking statements" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 2. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Depth

TGC-0183

1876386

3920529

111

137.4

8.1

167.5

TGC-0184

1876384

3920626

128

110.0

-13.7

37.2

TGC-0185

1876384

3920626

128

102.6

-13.6

11.3

TGC-0186

1876380

3920532

130

71.9

8.0

121.1

TGC-0187

1876384

3920627

128

82.0

-14.7

115.0

TGC-0188

1876386

3920529

111

142.1

7.6

170.0

TGC-0189

1876386

3920529

111

141.9

19.2

170.8

TGC-0190

1876384

3920626

128

110.3

-15.0

120.0

TGC-0191

1876382

3920532

130

79.1

6.4

111.0

TGC-0192

1876384

3920626

128

103.7

-13.8

5.2

TGC-0193

1876386

3920530

111

135.0

20.1

170.6

TGC-0194

1876383

3920627

128

69.3

-15.7

120.0

TGC-0195

1876381

3920532

130

86.0

6.9

110.2

TGC-0196

1876384

3920626

128

103.2

-14.6

120.0

TGC-0197

1876384

3920432

95

98.4

22.4

92.1

TGC-0198

1876384

3920626

128

70.0

17.0

5.6

TGC-0199

1876381

3920531

130

92.9

6.8

111.6

TGC-0200

1876383

3920627

130

70.6

22.4

115.3

TGC-0201

1876384

3920432

95

106.1

21.8

70.6

TGC-0202

1876384

3920431

96

122.5

21.0

85.8

TGC-0203

1876380

3920531

130

101.3

7.1

115.0

TGC-0204

1876384

3920627

127

68.7

-34.4

150.0

TGC-0205

1876381

3920533

131

68.5

14.0

115.0

TGC-0206

1876384

3920431

96

131.2

21.9

80.0

TGC-0207

1876384

3920431

95

106.4

21.7

67.7

TGC-0208

1876381

3920533

131

61.8

14.2

115.0

TGC-0209

1876383

3920627

129

67.3

17.4

125.0

 

Table 3. Composite results from drillholes reported in this news release (composite grade >3.0 g/t Au)

Hole ID


From (m)

To (m)

Width (m)

Au (g/t)

TGC-0183


23.1

23.7

0.6

5.81

TGC-0183


30.3

30.9

0.6

4.11

TGC-0183


33.2

33.8

0.6

8.30

TGC-0183


53.3

53.9

0.6

54.67

TGC-0183


57.8

58.4

0.6

18.99

TGC-0183


93.2

93.5

0.3

3.64

TGC-0183


103.7

105.8

2.1

7.64


consisting of

103.7

104.0

0.3

26.39


and

104.0

104.6

0.6

1.48


and

104.6

105.2

0.6

8.85


and

105.2

105.8

0.6

3.22

TGC-0183


109.1

112.4

3.3

11.78


consisting of

109.1

109.7

0.6

9.36


and

109.7

110.3

0.6

0.30


and

110.3

110.9

0.6

13.78


and

110.9

111.5

0.6

4.13


and

111.5

112.1

0.6

15.99


and

112.1

112.4

0.3

42.50

TGC-0183


122.6

123.2

0.6

66.95

TGC-0186


74.7

75.6

0.9

16.15


consisting of

74.7

75.0

0.3

41.23


and

75.0

75.3

0.3

4.00


and

75.3

75.6

0.3

3.21

TGC-0186


86.7

87.3

0.6

4.02

TGC-0186


93.0

94.2

1.2

3.81


consisting of

93.0

93.3

0.3

4.73


and

93.3

94.2

0.9

3.50

TGC-0187


100.5

102.3

1.8

54.70


consisting of

100.5

100.8

0.3

3.23


and

100.8

101.1

0.3

65.87


and

101.1

101.4

0.3

134.10


and

101.4

101.7

0.3

120.80


and

101.7

102.0

0.3

0.54


and

102.0

102.3

0.3

3.66

TGC-0188


22.4

24.3

1.9

8.22


consisting of

22.4

22.7

0.3

6.66


and

22.7

23.0

0.3

4.90


and

23.0

23.3

0.3

14.87


and

23.3

23.6

0.3

8.20


and

23.6

23.9

0.3

12.33


and

23.9

24.3

0.4

3.84

TGC-0188


32.4

33.3

0.9

3.57

TGC-0188


43.8

44.4

0.6

4.40

TGC-0188


58.5

58.8

0.3

5.36

TGC-0188


60.3

60.6

0.3

167.55

TGC-0188


92.8

93.7

0.9

4.76


consisting of

92.8

93.1

0.3

9.36


and

93.1

93.4

0.3

1.05


and

93.4

93.7

0.3

3.88

TGC-0188


95.5

96.4

0.9

23.45


consisting of

95.5

95.8

0.3

3.02


and

95.8

96.1

0.3

0.36


and

96.1

96.4

0.3

66.97

TGC-0188


123.7

127.6

3.9

9.10


consisting of

123.7

124.0

0.3

19.57


and

124.0

124.3

0.3

2.40


and

124.3

124.6

0.3

0.09


and

124.6

124.9

0.3

<0.01


and

124.9

125.2

0.3

8.61


and

125.2

125.5

0.3

23.22


and

125.5

126.1

0.6

2.06


and

126.1

126.4

0.3

36.52


and

126.4

126.7

0.3

0.56


and

126.7

127.0

0.3

0.09


and

127.0

127.3

0.3

20.05


and

127.3

127.6

0.3

3.05

TGC-0189


19.8

21.3

1.5

11.55


consisting of

19.8

20.4

0.6

18.99


and

20.4

20.7

0.3

13.63


and

20.7

21.3

0.6

3.06

TGC-0189


33.0

33.9

0.9

3.28


consisting of

33.0

33.3

0.3

3.75


and

33.3

33.9

0.6

3.04

TGC-0189


40.2

41.1

0.9

4.99

TGC-0189


96.9

97.2

0.3

19.15

TGC-0189


103.2

103.8

0.6

5.76

TGC-0189


105.9

106.5

0.6

30.37

TGC-0189


123.6

124.2

0.6

4.74

TGC-0189


130.2

131.1

0.9

26.79


consisting of

130.2

130.5

0.3

71.60


and

130.5

131.1

0.6

4.38

TGC-0189


160.2

160.5

0.3

4.76

TGC-0190


91.8

92.1

0.3

5.63

TGC-0190


93.6

95.1

1.5

3.40


consisting of

93.6

93.9

0.3

3.88


and

93.9

94.2

0.3

0.98


and

94.2

94.5

0.3

5.15


and

94.5

94.8

0.3

1.70


and

94.8

95.1

0.3

5.30

TGC-0191


46.8

47.1

0.3

13.86

TGC-0191


54.3

55.2

0.9

9.30


consisting of

54.3

54.6

0.3

14.42


and

54.6

55.2

0.6

6.74

TGC-0191


70.5

70.8

0.3

3.56

TGC-0191


75.0

76.2

1.2

79.64


consisting of

75.0

75.3

0.3

3.10


and

75.3

75.9

0.6

<0.01


and

75.9

76.2

0.3

315.46

TGC-0191


88.8

90.0

1.2

9.37


consisting of

88.8

89.1

0.3

8.38


and

89.1

89.4

0.3

15.22


and

89.4

89.7

0.3

<0.01


and

89.7

90.0

0.3

13.87

TGC-0191


91.8

93.9

2.1

6.19


consisting of

91.8

92.1

0.3

13.04


and

92.1

92.4

0.3

16.39


and

92.4

92.7

0.3

2.90


and

92.7

93.0

0.3

<0.01


and

93.0

93.3

0.3

0.07


and

93.3

93.6

0.3

6.39


and

93.6

93.9

0.3

4.56

TGC-0193


23.7

24.0

0.3

3.14

TGC-0193


28.8

29.4

0.6

3.86

TGC-0193


30.9

31.2

0.3

3.31

TGC-0193


96.0

96.6

0.6

3.75

TGC-0193


99.6

100.2

0.6

6.83

TGC-0193


109.2

109.5

0.3

4.08

TGC-0193


110.4

110.7

0.3

5.07

TGC-0193


112.8

113.1

0.3

14.58

TGC-0194


105.1

107.8

2.7

8.78


consisting of

105.1

105.7

0.6

3.65


and

105.7

106.0

0.3

2.30


and

106.0

106.3

0.3

23.85


and

106.3

106.9

0.6

9.66


and

106.9

107.8

0.9

8.75

TGC-0195


24.3

24.6

0.3

4.55

TGC-0195


74.3

75.2

0.9

6.55


consisting of

74.3

74.6

0.3

13.26


and

74.6

75.2

0.6

3.20

TGC-0195


88.4

89.0

0.6

19.07

TGC-0196


99.1

99.7

0.6

4.68

TGC-0196


104.2

106.9

2.7

4.83


consisting of

104.2

104.5

0.3

3.98


and

104.5

104.8

0.3

4.38


and

104.8

105.1

0.3

9.34


and

105.1

105.4

0.3

0.82


and

105.4

105.7

0.3

8.32


and

105.7

106.3

0.6

0.80


and

106.3

106.9

0.6

7.51

TGC-0197


47.1

48.9

1.8

10.91


consisting of

47.1

47.7

0.6

5.69


and

47.7

48.3

0.6

0.22


and

48.3

48.6

0.3

36.18


and

48.6

48.9

0.3

17.44

TGC-0197


72.9

76.2

3.3

6.76


consisting of

72.9

73.5

0.6

3.18


and

73.5

74.1

0.6

2.29


and

74.1

74.7

0.6

6.87


and

74.7

75.0

0.3

4.27


and

75.0

75.3

0.3

40.67


and

75.3

75.9

0.6

0.08


and

75.9

76.2

0.3

4.58

TGC-0199


23.5

23.8

0.3

6.09

TGC-0199


34.6

36.1

1.5

4.28


consisting of

34.6

34.9

0.3

9.66


and

34.9

35.2

0.3

-0.01


and

35.2

35.5

0.3

0.95


and

35.5

35.8

0.3

6.88


and

35.8

36.1

0.3

3.90

TGC-0199


42.1

42.7

0.6

6.07

TGC-0199


77.8

78.1

0.3

5.57

TGC-0199


83.5

83.8

0.3

3.99

TGC-0200


99.8

101.3

1.5

5.77


consisting of

99.8

100.1

0.3

7.62


and

100.1

100.4

0.3

6.66


and

100.4

100.7

0.3

5.25


and

100.7

101.0

0.3

4.35


and

101.0

101.3

0.3

4.99

TGC-0201


44.9

47.3

2.4

7.19


consisting of

44.9

45.2

0.3

3.80


and

45.2

45.5

0.3

2.14


and

45.5

45.8

0.3

7.94


and

45.8

46.1

0.3

2.85


and

46.1

46.4

0.3

16.45


and

46.4

46.7

0.3

3.01


and

46.7

47.0

0.3

15.09


and

47.0

47.3

0.3

6.20

TGC-0201


48.5

48.8

0.3

3.12

TGC-0202


61.8

62.1

0.3

27.45

TGC-0203


19.5

21.9

2.4

8.15


consisting of

19.5

20.4

0.9

3.54


and

20.4

21.0

0.6

8.09


and

21.0

21.9

0.9

12.79

TGC-0203


35.4

36.3

0.9

8.93

TGC-0203


40.5

41.7

1.2

21.38


consisting of

40.5

41.1

0.6

38.99


and

41.1

41.7

0.6

3.77

TGC-0204


117.2

118.7

1.5

42.11


consisting of

117.2

117.5

0.3

3.70


and

117.5

117.8

0.3

38.52


and

117.8

118.1

0.3

39.07


and

118.1

118.4

0.3

95.33


and

118.4

118.7

0.3

33.92

TGC-0205


54.9

55.2

0.3

5.68

TGC-0205


90.6

90.9

0.3

7.92

TGC-0206


38.3

39.2

0.9

4.15

TGC-0206


63.2

64.7

1.5

3.82


consisting of

63.2

63.5

0.3

4.12


and

63.5

64.1

0.6

0.52


and

64.1

64.7

0.6

6.96

TGC-0207


44.1

47.1

3.0

16.69


consisting of

44.1

44.7

0.6

34.54


and

44.7

45.6

0.9

26.98


and

45.6

46.2

0.6

0.57


and

46.2

46.5

0.3

2.44


and

46.5

46.8

0.3

3.15


and

46.8

47.1

0.3

10.18

TGC-0208


82.8

86.1

3.3

97.46


consisting of

82.8

83.4

0.6

9.97


and

83.4

83.7

0.3

0.66


and

83.7

84.0

0.3

1.26


and

84.0

84.3

0.3

126.84


and

84.3

84.6

0.3

750.05


and

84.6

84.9

0.3

132.29


and

84.9

85.2

0.3

4.80


and

85.2

85.5

0.3

26.77


and

85.5

85.8

0.3

0.38


and

85.8

86.1

0.3

9.02

TGC-0209


102.6

102.9

0.3

4.13

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212644