North Vancouver, B.C., September 7, 2021 – Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce further high grade intercepts from ongoing deep extensional step-out drilling and near-surface infill drilling from the Company’s 100% owned Tuvatu gold project in Fiji.
Highlights include:
10.24 g/t Au over 8.48m from downhole depth of 111.20m from TUDDH539 (near surface infill)
-incl. 33.26 g/t Au over 2.44m from 111.20m, and 13.49 g/t Au over 3.30m from 115.40m
24.92 g/t Au over 3.70m from downhole depth of 415.70m from TUG135 (Deep Feeder Zone 500)
-incl. 83.63 g/t Au over 0.30m from 415.70m, and 159.30 g/t Au over 0.30m from 417.20m
Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented “High grade mineralization in Deep Feeder Zone 500 has now been demonstrated to extend over an area approximately 150m along strike and 250m vertically, completely outside the existing resource model. We have planned additional drilling to test the lateral extent of this zone and infill the shallowest part of this zone with the base of the existing resource.”
Deep Feeder Zone 500
These most recent intercepts are believed to be the continuation of the interpreted deep feeder structure that encountered 55.43 g/t Au over 12.70m in TUDDH500 (see July 24, 2020 News Release) and 55.44 g/t Au over 2.30m in TUDDH533. Multiple new high-grade gold intercepts have been encountered in underground hole TUG135 drilled from the Tuvatu decline, as well as in hole TUDDH533W1, a wedge hole to TUDDH533 reported previously (see July 26, 2021 News Release). These include 24.92 g/t Au over 3.70m (including 159.30 g/t over 0.30m) from a downhole depth of 415.70m, 2.89 g/t Au over 2.50m from a downhole depth of 508.10m in hole TUG135, and 3.34 g/t Au over 1.80m from a downhole depth of 613.90m in hole TUDDH533W1. This same gold-bearing structure has now been intersected by multiple holes, including TUDDH500, 500W1, 500W2, TUDDH533, 533W1, TUDDH528, TUDDH517, 517W1, TUDDH514, 514W1, and TUG135 (see Figure 1). These additional deep intercepts significantly increase our degree of confidence that the Tuvatu orebody extends to considerable depth, and that it remains fully open, laterally and at depth. It is clear that the current Tuvatu resource represents but a fraction of a much larger and considerably more extensive, high-grade Au deposit for which additional drilling is warranted to further define its true extent.
Figure 1: Longitudinal Section of the UR4 Lode Showing Block Model and 2020 and selected 2021 Drill Intercepts. The grid is 100m, the bright yellow is indicated and the darker yellow is inferred. Intercepts are expressed as g/t Au over downhole width in meters.
Resource Infill/Definition Drilling
In addition to expanding the high-grade feeder zone underlying the UR4 lode, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program which will add significantly to the resource earmarked for early production. The aim of this drill program was to infill areas of low data density within parts of the resource currently categorized as Inferred. A complete set of results for all previously unreported drill holes is included as Appendix 1.
The Company is currently undertaking three tiers of drilling: 1) shallow resource infill drilling from surface and underground, 2) deep exploration drilling looking for lode extensions under the Tuvatu resource and 3) other target areas within the Navilawa caldera such as Banana Creek, 3.5 km NE of Tuvatu where drilling is underway.
Highlights from shallow infill/definition drilling include:
TUG 135: 7.53 g/t Au over 5.80m from 28.60m, incl. 13.64 g/t Au over 2.60m
TUDDH 540: 97.40 g/t Au over 1.30m from 103.90m, incl. 210.29 g/t Au over 0.60m
TUDDH 539: 10.24 g/t Au over 8.48m from 111.20m, incl. 33.26 g/t Au over 2.44m, and 13.49 g/t Au over 3.30m
TUDDH 534: 5.52 g/t Au over 3.71m from 123.23m, incl. 15.59g/t Au over 0.34m and 18.4 g/t Au over 0.47m
TUDDH 537: 12.23 g/t Au over 1.33m from 134.15m, incl. 30.50 g/t Au over 0.35m, and 16.07 g/t Au over 0.35m
TUDDH 537: 6.52 g/t Au over 3.51m from 138.93m, incl. 19.46 g/t Au over 0.38m
TUDDH 538: 103.5g/t Au over 0.28m from 177.78m in TUDDH538
Note: true width of intersections have yet to be accurately determined for these numerous lodes reported in this release.
Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)
| Drill Hole | From (m) | To (m) | Interval (m) | Au (g/t) |
| TUDDH533 | 12.45 | 13.65 | 1.20 | 10.45 |
| incl | 13.00 | 13.30 | 0.30 | 36.69 |
| 15.35 | 15.65 | 0.30 | 2.18 | |
| 17.50 | 17.80 | 0.30 | 2.91 | |
| 20.30 | 23.80 | 3.50 | 2.72 | |
| incl | 20.60 | 20.90 | 0.30 | 9.23 |
| 25.85 | 26.15 | 0.30 | 0.89 | |
| 27.40 | 28.00 | 0.60 | 1.04 | |
| 28.57 | 28.95 | 0.38 | 0.54 | |
| 30.00 | 31.80 | 1.80 | 1.41 | |
| 36.00 | 39.00 | 3.00 | 3.47 | |
| incl | 37.60 | 38.20 | 0.60 | 10.06 |
| 162.20 | 162.50 | 0.30 | 1.19 | |
| 266.80 | 267.40 | 0.60 | 437.13 | |
| 306.35 | 307.35 | 1.00 | 1.20 | |
| 309.35 | 310.80 | 1.45 | 16.14 | |
| incl | 310.15 | 310.80 | 0.65 | 31.93 |
| 335.24 | 335.64 | 0.40 | 12.84 | |
| 370.89 | 371.23 | 0.34 | 0.56 | |
| 385.60 | 386.00 | 0.40 | 1.10 | |
| 390.79 | 391.09 | 0.30 | 1.47 | |
| 437.84 | 438.26 | 0.42 | 0.95 | |
| 439.30 | 439.60 | 0.30 | 0.58 | |
| 453.15 | 453.60 | 0.45 | 0.67 | |
| 459.25 | 459.80 | 0.55 | 3.73 | |
| 464.10 | 464.91 | 0.81 | 1.82 | |
| 487.40 | 488.33 | 0.93 | 0.92 | |
| 539.45 | 540.30 | 0.85 | 1.33 | |
| 550.06 | 550.43 | 0.37 | 0.76 | |
| 551.20 | 551.50 | 0.30 | 0.61 | |
| 575.70 | 578.00 | 2.30 | 55.44 | |
| incl | 576.68 | 578.00 | 1.32 | 96.13 |
| incl | 577.60 | 578.00 | 0.40 | 221.60 |
| TUDDH533w1 | 536.30 | 540.86 | 4.56 | 1.50 |
| 546.94 | 549.44 | 2.50 | 1.85 | |
| 612.10 | 613.90 | 1.80 | 3.34 | |
| 614.50 | 614.80 | 0.30 | 0.56 | |
| TUDDH534 | 66.69 | 67.08 | 0.39 | 0.67 |
| 71.40 | 71.72 | 0.32 | 4.03 | |
| 90.95 | 94.19 | 3.24 | 2.95 | |
| incl | 90.95 | 91.42 | 0.47 | 7.72 |
| and | 93.80 | 94.19 | 0.39 | 14.76 |
| 100.57 | 100.84 | 0.27 | 0.66 | |
| 120.49 | 121.10 | 0.61 | 1.97 | |
| 123.23 | 126.94 | 3.71 | 5.52 | |
| incl | 124.66 | 125.00 | 0.34 | 15.59 |
| and | 125.47 | 125.94 | 0.47 | 18.44 |
| TUDDH537 | 83.56 | 83.90 | 0.34 | 1.91 |
| 126.57 | 127.36 | 0.79 | 3.99 | |
| 128.50 | 129.78 | 1.28 | 4.04 | |
| 134.15 | 135.48 | 1.33 | 12.23 | |
| incl | 134.15 | 134.50 | 0.35 | 30.50 |
| and | 135.17 | 135.48 | 0.31 | 16.07 |
| 138.93 | 142.44 | 3.51 | 6.52 | |
| incl | 142.06 | 142.44 | 0.38 | 19.46 |
| 144.62 | 146.39 | 1.77 | 3.50 | |
| incl | 145.31 | 145.53 | 0.22 | 14.13 |
| TUDDH538 | 143.81 | 144.24 | 0.43 | 0.68 |
| 177.78 | 178.04 | 0.26 | 103.50 | |
| TUDDH539 | 86.27 | 88.28 | 2.01 | 4.26 |
| 102.82 | 103.14 | 0.32 | 10.78 | |
| 111.20 | 119.68 | 8.48 | 10.24 | |
| incl | 111.20 | 113.64 | 2.44 | 33.26 |
| and | 115.40 | 118.70 | 3.30 | 13.49 |
| 121.65 | 122.31 | 0.66 | 26.55 | |
| TUDDH540 | 97.95 | 98.25 | 0.30 | 79.65 |
| 103.90 | 105.20 | 1.30 | 97.40 | |
| incl | 103.90 | 104.50 | 0.60 | 210.29 |
| which incl | 103.90 | 104.20 | 0.30 | 41.58 |
| and | 104.20 | 104.50 | 0.30 | 379.00 |
| 109.20 | 110.20 | 1.00 | 1.12 | |
| TUG135 | 4.60 | 4.90 | 0.30 | 1.12 |
| 28.60 | 34.40 | 5.80 | 7.53 | |
| incl | 29.40 | 32.00 | 2.60 | 13.64 |
| 66.10 | 67.00 | 0.90 | 2.37 | |
| 95.40 | 95.70 | 0.30 | 0.69 | |
| 105.10 | 105.40 | 0.30 | 0.69 | |
| 106.60 | 107.20 | 0.60 | 20.70 | |
| incl | 106.90 | 107.20 | 0.30 | 40.55 |
| 108.90 | 110.70 | 1.80 | 1.37 | |
| 178.20 | 178.50 | 0.30 | 0.53 | |
| 260.50 | 261.30 | 0.80 | 1.83 | |
| 263.10 | 263.70 | 0.60 | 1.18 | |
| 265.00 | 265.30 | 0.30 | 1.84 | |
| 276.40 | 280.40 | 4.00 | 3.59 | |
| 284.30 | 285.60 | 1.30 | 1.49 | |
| 288.40 | 288.70 | 0.30 | 2.77 | |
| 294.90 | 295.20 | 0.30 | 1.26 | |
| 299.55 | 299.85 | 0.30 | 2.02 | |
| 346.70 | 350.10 | 3.40 | 3.61 | |
| 374.60 | 374.90 | 0.30 | 0.96 | |
| 415.70 | 419.40 | 3.70 | 24.92 | |
| incl | 415.70 | 416.00 | 0.30 | 83.63 |
| and | 417.20 | 417.50 | 0.30 | 159.30 |
| and | 418.10 | 418.40 | 0.30 | 17.68 |
| 508.10 | 510.60 | 2.50 | 2.89 | |
| incl | 508.10 | 508.80 | 0.70 | 8.93 |
| 511.50 | 511.90 | 0.40 | 0.56 |
Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)
| Hole No | coordinates | RL | final depth | dip | azimuth | |
| N | E | m | (TN) | |||
| TUDDH533 | 3920795 | 1876351 | 209.4 | 818.7 | -60 | 130 |
| TUDDH533W1 | 3920795 | 1876351 | 209.4 | 773.8 | -60 | 130 |
| TUDDH534 | 3920736.01 | 1876267 | 225.83 | 179.4 | -70 | 16 |
| TUDDH537 | 3920735.17 | 1876267 | 225.98 | 206.5 | -80 | 11 |
| TUDDH538 | 3920735 | 1876267 | 225.98 | 239.60 | -83 | 80 |
| TUDDH539 | 3920731 | 1876300 | 228.00 | 186.20 | -72 | 0 |
| TUDDH540 | 3920731 | 1876300 | 228.00 | 168.20 | -60 | 0 |
| TUG135 | 3920761 | 1876454 | 139.28 | underway | -64.00 | 131 |
Drilling and Assay Processes and Procedures
The Company is utilizing its own diamond drill rig, using PQ, HQ 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 >0.5g/t Au are sent to ALS Global Laboratories in Australia for check assay determinations. Samples for assays reported here will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed 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 9 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 analyze 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 Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).
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 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’s flagship asset is 100% 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 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff”
Chairman and CEO
For further information
Contact Investor Relations
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Email: info@liononemetals.com
Website: www.liononemetals.com
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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 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.