North Vancouver, B.C., April 30th 2020. Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces that three diamond drill rigs are being mobilized in preparation for the Company’s aggressive 2020 dry season exploration campaign at Lion One’s 100% controlled, fully permitted Tuvatu Alkaline Gold Project, Fiji. At least 10,000 meters of drilling is planned.
Key Points:
- Three drill rigs to focus on exciting new targets, new potentially mineralized structural zones, and depth extensions of known gold lode mineralization
- Drill Rig One: this Company-owned rig has been operational throughout the latest seasonal wet season in Fiji, and is currently drill testing down dip extensions at Tuvatu West; 1500m depth capability drilling NQ-sized core
- Drill Rig Two: this Company-owned rig has been reconditioned and is currently ready for mobilization to the Kingston-Biliwi prospect 2km north of Tuvatu in the newly acquired tenements covering the northern half of the Navilawa caldera; 250m depth capability drilling NQ-sized core
- Drill Rig Three: recently purchased rig (anticipated 6-week delivery from South Korea) designated for new targets within the new Navilawa tenements including Banana Creek, a Tuvatu-style target displaying multiple high-grade outcropping lodes; 1500m depth capability drilling NQ-sized core
- Exciting pipeline of drill targets to further confirm large-scale alkaline gold system within the Navilawa Caldera
- High-resolution subsurface controlled-source audio magnetotelluric (“CSAMT”) survey data generates detailed interpreted structural network underlying the Navilawa Caldera to depths beyond 1,200m
- Such structures are potential pathways for mineralizing fluids that ascended from the underlying magma chamber beneath the Navilawa Caldera
- Potassium radiometric signature reveals 7km diameter surface footprint of interpreted hydrothermal alteration suggesting potential to expand the mineralized system by multiples above its currently defined limits
Lion One CEO Walter Berukoff commented “We believe that Tuvatu is part of a massive gold system inside the Navilawa Caldera. Results from our recent CSAMT survey reinforce that view. We’re excited about our upcoming aggressive drilling campaign, in our efforts to find similarities with the world class Vatukoula deposit located approximately 40 km northeast of Tuvatu.”
“We’re very excited to have to consolidated ownership of the entire Navilawa Caldera and be the first team to apply modern exploration techniques across the entire mineralized system. All evidence points to a large high-grade alkaline gold system of which Tuvatu forms a small part”, commented Dr. Quinton Hennigh, technical advisor to Lion One. “With more drilling we hope to gain a better understanding of the underlying plumbing system that allowed gold-rich fluids to ascend from the underlying magma chamber and ultimately discover the root feeder or feeders that gave rise to this 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”.
Figure 1: Interpreted CSAMT NE Section across existing Tuvatu resource highlighting (in yellow) the drill target area beneath Tuvatu West and situated on an untested CSAMT structural anomaly.
(maximum depth of survey readings 1,200m)
Figure 2: Potassium radiometric survey highlighting (in red) the distribution of anomalous concentrations of alkaline elements in host rock, across the 7km diameter Navilawa Caldera.
(Tuvatu resource area outlined in white).
Recent Results
The Company has completed three out of the four planned holes with one rig active during this 2019-2020 wet season. The program targeted deeper extensions of the Tuvatu resource at depths from 500-1,000m below surface, and to further test the broader alkaline gold system geological model.
TUDDH493: intersected 33.22 g/t Au over 4.29m from 422.53m, including 322 g/t Au over 0.31m from 423.41m, interpreted to be 70m below current resource. Other notable intercepts included 21 g/t Au over 3.83m from 322.17m, including 56.70 g/t Au over 0.12m, and 105 g/t Au over 0.35m from 177.25m. This drill hole confirmed a deep extension of high grade mineralization 70m below the limits of the current resource, encountering 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. In this area, several lode structures appear to be converging, potentially forming a root feeder. (see the Company’s news release dated December 18, 2019)
TUDDH494: intersected 13.12 g/t Au over 3.60m from 188.8m in the upper part of the hole, drilling was halted at 748.60m due to the depth capacity of the rig to drill HQ-size core but will be extended to fully test the deeper target zone at approximately 850-1,000m depth once smaller NQ-sized drill rods arrive in Fiji later this month.
TUDDH495: also stopped above target depth (800-1,000m) due to rig capacity to drill HQ-size core. This hole, currently at a depth of 768.70m, will be continued when new NQ-sized drill rods arrive. Notable hydrothermal alteration is evident in both TUDDH494 and TUDDH495 near their current ends.
Current Hole TUDDH496: targeting a depth of approximately 600m, should further highlight high-grade potential of the Tuvatu West area, targeting mineralisation 100-250m below previously identified high-grade intersections. The current drill hole, TUDDH496, targets open areas along the high-grade east–west trending Murau and Snake lodes, both of which have previously returned spectacular high-grade intersections. Planned drill holes targeting the high-grade Tuvatu West zone are oriented to intersect these structures at depth.
High-Grade Tuvatu West Lodes
The east-west striking Tuvatu West Lodes pose an exciting target because of numerous high-grade intersections returned to date. Some of these are included in Table 1 below.
Table 1: Previous select high grade drill intersections from Tuvatu West Lodes
Figure 3: Section 1875860E highlighting the location of TUDDH496 beneath existing drilling including historical reverse circulation and diamond drill holes, and Lion One’s TUDDH371
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Stephen Mann, P. Geo, Managing Director of Lion One, 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 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’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.