Lion One Encounters Multiple High-Grade Gold Intercepts at Tuvatu

4.29 Meter Interval of 33.22 G/T Gold Intersected 70 Meters Below Current Resource

North Vancouver, BC, December 18, 2019 – Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report that it has encountered multiple high-grade gold intercepts in its first deep diamond drill hole at its 100% controlled and fully permitted Tuvatu alkaline gold deposit, Fiji.

Highlights:

  • The first of a series of four deep diamond drill holes, TUDDH493, oriented eastward at an inclination of 55 degrees and drilled to a depth of 536.90 m, encountered high-grade gold mineralization at the bottom of the current delineated resource.
Results for hole TUDDH493:

 

From (m) To (m) Length (m) Au (gpt) Lode
  177.25 177.60 0.35 105.00 Murau 2
  322.17 326.00 3.83 10.21 URW1
including 325.61 325.73 0.12 56.70
  422.53 426.82 4.29 33.22 UR2
including 423.41 423.72 0.31 322.00
including 424.63 425.00 0.37 22.50
  507.82 508.20 0.38 0.97 UR3
  • Of particular note is a 4.29 m interval of 33.22 gpt Au starting at 422.53 m down hole (true width estimated to be 2.5 m). This interval, interpreted to be part of the UR2 lode and fully 70 m below the current resource, is comprised of hydrothermal breccia unlike any mineralization previously observed at Tuvatu, but closely resembling that seen in some lodes at the Vatukoula Gold Mine approximately 40 km to the northeast. Included in this interval is a 0.31 m interval of 322.00 gpt Au beginning at 423.41 m down hole. Lion One believes this intercept is highly significant and suggests the mineralizing system is evolving with depth, perhaps an indication of further high-grade mineralization below. In this area, several lode structures appear to be converging, potentially forming a root feeder. Lion One’s next few deep holes will further test this possibility.
  • A 0.35 m interval of 105.00 gpt Au beginning at 177.25 m down hole (true width estimated to be 0.3 m) and interpreted to be part of the Murau 2 lode clearly shows that hydrothermal fluids capable of depositing high-grade mineralization were active in this part of the Tuvatu system. This intercept clearly shows this lode is open to the west where it might link up with a feeder structure.
  • A 3.83 m long interval of 21 gpt Au beginning at 322.17 m (true width estimated to be 2.3 m) including 0.12 m of 56.70 gpt Au is interpreted to be the URW1 lode. A down-hole survey indicates this intercept is above hole TUDDH160, a historic hole that encountered high grades in this area.
  • It is possible that the aforementioned high-grade intercept in the UR2 lode in hole TUDDH493 is structurally linked with that in hole TUDDH160. More drilling is needed to better understand this part of the deposit.
  • The second deep diamond drill hole, TUDDH494, drilled from the same pad and azimuth as TUDDH493 but at an inclination of -67 degrees, is currently at a depth of approximately 500 m. An approximately 2 m long notable mineralized interval was encountered at a down hole depth of 188.8 m and may be yet another intercept into the Murau 2 lode. If so, this provides further indication this lode is open to the west and may possibly link up with a feeder structure. Completion of this hole, targeting a depth of 1,000 m, is expected by early January. It is expected to undercut the high-grade UR2 lode discussed above.

“We are very pleased with the multiple high-grade intercepts encountered in our first deep drill hole at Tuvatu,” commented Dr. Quinton Hennigh, technical advisor to Lion One. “As anticipated, we see high-grade mineralization extending and evolving at depth. As we continue to drill additional deep holes, we hope to gain a better understanding of the underlying plumbing system that brought up gold-rich fluids and ultimately discover the root feeder or feeders that gave rise to the Tuvatu lode complex. Alkaline gold deposits are known to extend to great depths, so we have plenty of room to explore. And thanks to our recent encouraging BLEG results, we now know we have an extensive anomalous area within the northern part of the Navilawa caldera to explore for extensions of this robust gold system. Thanks to our recent over-subscribed private placement, our C$18 million treasury will allow us to aggressively explore the Navilawa Caldera for the very first time.”

The Tuvatu Deeps program comprises a number of deep diamond drill holes targeting downdip extensions of the Tuvatu resource from depths of 500m to 1,000m. Lion One thinks Tuvatu has potential to host a prolific deep, high-grade alkaline gold system associated with the interpreted underlying magma chamber beneath the Navilawa Caldera. The Company is utilizing its own diamond drill rig. Core is sawn in half and sampled by Lion One staff. Initial assays are completed at the Company’s own geochemical laboratory in Fiji, and duplicate pulps of all significant intervals are sent to ALS Global laboratory in Australia.  Au is analyzed by fire assay with AA finish, and overlimit samples were assayed by fire assay with gravimetric finish. Multielements are analyzed by MS following three acid digestion.

Qualified Persons
Stephen Mann P. Geo, Managing Director, is a “Qualified Person” as such term is defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information included in this News Release.

About Tuvatu
The Tuvatu gold deposit is located in on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au.  The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About Lion One Metals Limited
Lion One Metals Limited is a Canadian exploration and development company focused on advancing its 100% owned and fully permitted Tuvatu Alkaline Gold Project towards production. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with district-scale exploration upside of the adjoining Navilawa Caldera, located near the Nadi International Airport on the island of Viti Levu in the South Pacific island nation of Fiji.

For more information
On behalf of the Board of Directors of Lion One Metals Limited
Walter Berukoff
Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@nullliononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements
This press release may contain “forward-looking information” 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 early 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 labour 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.

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