January 15, 2019, North Vancouver, BC – Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX:LLO) (“Lion One” or the “Company”) is pleased to announce the purchase of the drilling assets of Nadi-based drilling company Geodrill to service the Company’s 100% owned Tuvatu Gold Project located on the island of Viti Levu in the Fiji Islands.
The Geodrill asset package includes one surface diamond drill rig capable of drilling up to 800 meters in HQ sized (63.5mm diameter) drill core, and one underground diamond drill rig capable of drilling in excess of 100 meters in NQ sized (47.6mm diameter) drill core. The package also included drilling rods, down-hole survey cameras, down-hole temperature monitors, a spare parts inventory, transport vehicles, and support trucks. The Company used this surface drill rig for the majority of the 28,000 meters of exploration and resource definition diamond drilling undertaken over the past five years as well as the majority of the PQ sized geotechnical drill holes completed for the tailings storage facility, new portal location for the underground development, and the process plant and surface infrastructure areas.
“With the purchase of these drilling assets Lion One has also hired an experienced local drilling team that will ensure the Company has readily available, cost effective drilling capabilities well into the future” said Lion One’s Managing Director Stephen Mann. “We can now plan future exploration drilling and have access to essential equipment at a significantly reduced cost to undertake that work. Such further work will be scheduled following the end of the current wet season in Fiji.”
About Lion One
Lion One Metals Limited is a Canadian exploration and development company focused on advancing its 100% owned and fully permitted Tuvatu Gold Project towards production. Lion One envisions a low-cost high grade underground gold mining operation with district-scale exploration upside, located near the Nadi International Airport on the island of Viti Levu in the South Pacific island nation of Fiji.
On behalf of the Board of Directors of Lion One Metals Limited
Chairman & CEO
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