2022 News Releases

North Vancouver, B.C., February 23, 2022 – Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is very pleased to announce additional results from its recently completed Phase 1 infill drill program on the Zone 2 portion of the Tuvatu high-grade alkaline Au deposit located on the island of Viti Levu in Fiji.  The infill program began in June, 2021 and was completed last week with the termination of hole TUDDH576, bringing the total drilled to 7475.2m and total drill core resampled to 955.4m, for a program total of 8430.6m.

  • 7475m of drilling completed in 42 holes and 955m of resampling of 28 historic drillholes as part of Phase 1 infill program

Top Intercepts from Latest Infill Drilling Include
77.11 g/t Au over 3.90m
 from 30.8-34.7m, inc. 162.22 g/t Au over 1.8m from TUDDH 571
12.56 g/t Au over 7.80m from 87.1-94.9m, inc. 54.43 g/t Au over 1.2m from  TUDDH 572
16.08 g/t Au over 7.80m from 30.1-37.9m, inc. 62.22 g/t Au over 1.8m from  TUDDH 573
15.10 g/t Au over 3.60m from 121.1-124.7m, inc. 95.06 g/t Au over 0.3m from TUDDH 575

Infill Drilling Program
The consistent bonanza-grade results from many of the drill holes that are part of the Phase 1 infill drill program continue to suggest higher-than-expected continuity of high-grade mineralization as well as higher absolute grades between modelled lodes (Figure 1, Table 1).  Analysis of historic drill core material to eliminate sample gaps in areas where the current resource model lacked adequate data density has also yielded positive results, and in several instances, gold grades well above the resource average (Table 2). These factors should result in additional ounces in the portion of the deposit earmarked for earliest production.  The re-modelling of Zone 2 lodes will begin as soon as all new data has been received and compiled and all holes have been properly surveyed.

The next (Phase 2) infill program planned for ~5000m of diamond drilling from surface and ~2500m of grade control diamond drilling from underground is aimed at upgrading the resource database in Zone 5 which is scheduled for production within the initial 3 years of operation. This second infill drill program began February 17, 2022 with drill hole TUDDH577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.

Highlights from Latest Phase 1 Infill Drilling Results

TUDDH570

  • 16.13 g/t Au over 0.5m from 132.1-132.6m
  • 39.36 g/t Au over 0.3m from 142.0-142.3m
  • 8.99 g/t Au over 3.6m from 154.0-157.6m, including
    • 11.79 g/t Au over 0.9m from 155.2-156.1m,
    • 30.28 g/t Au over 0.6m from 157.0-157.6m,

TUDDH571

  • 77.11 g/t Au over 3.90m from 30.8-34.7m, including
    • 162.22 g/t Au over 1.8m from 30.8-32.6m, which includes
    • 179.0 g/t Au over 0.3m from 30.8-31.1, and
    • 61.86 g/t Au over 0.3m from 31.1-31.4m, and
    • 210.3 g/t Au over 0.3m from 31.4-31.7m, and
    • 190.0 g/t Au over 0.3m from 31.7-32.0m, and
    • 261.0 g/t Au over 0.3m from 32.0-32.3m, and
    • 71.13 g/t Au over 0.3m from 32.3-32.6m, and including
    • 16.96 g/t Au over 0.3m from 34.4-34.7m

TUDDH572

  • 12.56 g/t Au over 7.80m from 87.1-94.9m, including
    • 54.43 g/t Au over 1.2m from 87.1-88.3m, which includes
    • 19.67 g/t Au over 0.3m from 87.1-87.4m, and also include
    • 196.0 g/t Au over 0.3m from 88.0-88.3m, and also includes
    • 16.04 g/t Au over 1.5m from 89.8-91.3m, which includes
    • 34.92 g/t Au over 0.6m from 89.8-90.4m
  • 26.19 g/t Au over 0.6m from 105.1-105.7m, including
    • 21.39 g/t Au over 0.3m from 105.1-105.4m, and
    • 30.97 g/t au over 0.3m from 105.4-105.7m

TUDDH573

  • 9.98 g/t Au over 1.60m from 27.5-29.1m, including
    • 16.54 g/t Au over 0.9m from 27.5-28.4m, which includes
    • 31.58 g/t Au over 0.3m from 27.8-28.1m
  • 16.08 g/t Au over 7.80m from 30.1-37.9m, including
    • 62.22 g/t Au over 1.8m from 35.5-37.3m, which includes
    • 89.02 g/t Au over 0.3m from 35.5-35.8m, and
    • 52.18 g/t Au over 0.3m from 35.8-36.1m, and
    • 201.0 g/t Au over 0.3m from 36.1-36.4m
  • 10.70 g/t Au over 0.6m from 269.9-270.5m, including
    • 15.41 g/t Au over 0.3m from 269.9-270.2m

TUDDH574

  • 11.19 g/t Au over 0.3m from 81.2-81.5m
  • 29.53 g/t Au over 0.9m from 106.1-107.0m, including
    • 21.11 g/t Au over 0.3m from 106.1-106.4m, and
    • 33.74 g/t Au over 0.6m from 106.4-107.0m

TUDDH575

  • 12.07 g/t Au over 0.3m from 77.3-77.6m
  • 16.11 g/t Au over 0.6m from 109.7-110.3m, including
    • 26.24 g/t Au over 0.3m from 110.0-110.3m
  • 5.99 g/t Au over 10.50m from 114.2-124.7m, including
    • 18.53 g/t Au over 1.80m from 119.6-121.4m, and
    • 15.10 g/t Au over 3.60m from 121.1-124.7m, which include
    • 95.06 g/t Au over 0.3m from 121.1-121.4m, and
    • 55.71 g/t Au over 0.3m from 124.4-124.7m

Figure1: Schematic vertical section showing selected infill drilling, Tuvatu.  Some of the drillholes shown are off section (e.g. TUDDH571 is N of section, and TUDDH 568 is S of section) and are projected onto the section for clarity.

Table 1: Drilling Intervals >0.5 g/t Au Reported (intervals > 3.0 g/t Au cutoff and wider than 2.0m are bolded)

Hole ID From (m) To (m) Interval (m) Grade (g/t Au)
TUDDH-567 62.9 65.8 2.9 2.13
including 64.1 64.4 0.3 7.85
  67.0 67.6 0.6 0.5
  69.4 70.0 0.6 1.49
  72.1 72.8 0.7 2.25
  78.3 78.6 0.3 0.76
  79.9 84.8 4.9 1.59
including 83.5 83.8 0.3 5.03
  88.1 92.2 4.1 0.89
  93.4 97.3 3.9 0.62
  103.1 103.7 0.6 1.13
  106.1 107.3 1.2 2.32
  110.0 112.5 2.5 6.09
including 111.9 112.5 0.6 21.28
  115.3 116.2 0.9 5.43
  136.1 137.3 1.2 2.87
TUDDH-568 no significant results  
TUDDH-569 58.3 59.2 0.9 6.12
including 58.8 59.2 0.4 8.9
  78.4 78.7 0.3 1.78
  82.0 82.6 0.6 0.93
  93.1 93.7 0.6 6.79
  101.8 103.0 1.2 0.96
  105.4 106.9 1.5 0.82
  132.4 134.4 2.0 3.64
including 133.6 134 0.4 15.78
  155.9 156.3 0.4 1.32
TUDDH-570 33.5 35.2 1.7 1.71
  39.7 40.4 0.7 12.78
  41.6 42.2 0.6 2.53
  46.0 49.9 3.9 1.41
  53.5 56.4 2.9 0.89
  60.3 60.9 0.6 0.95
  65.4 66.0 0.6 1
  72.7 73.3 0.6 3.51
  84.4 84.7 0.3 3.29
  88.1 90.5 2.4 0.72
  91.7 95.8 4.1 1.35
  99.3 99.6 0.3 0.68
  102.6 104.4 1.8 1.21
  107.0 114.7 7.7 4.09
including 110.1 110.8 0.7 15.96
including 111.1 111.7 0.6 6.87
also including 113.8 114.7 0.9 6.26
  115.9 117 1.1 3.41
  118.8 121.3 2.5 4.8
including 118.8 119.1 0.8 13.17
which also includes 119.1 119.6 0.5 15.87
  130.0 132.6 2.6 6.4
including 130.0 130.9 0.9 9.3
including 132.1 132.6 0.5 16.13
  135.6 136.5 0.9 0.86
  137.7 143.5 5.8 3.13
including 142.0 142.3 0.3 39.36
  147.5 149.3 1.8 0.77
  151.4 152.3 0.9 2.62
including 151.4 151.7 0.3 5.54
  154.0 157.6 3.6 8.99
including 154.0 154.3 0.3 7.3
and including 155.2 156.1 0.9 11.79
which also includes 157.0 157.6 0.6 30.28
  161.5 163.6 2.1 4.38
including 161.5 162.1 0.6 7.49
including 162.7 163.0 0.3 9.59
  165.1 166.3 1.2 1.44
TUDDH-571 30.8 34.7 3.9 77.11
including 30.8 32.6 1.8 162.22
including 30.8 31.1 0.3 179.0
including 31.1 31.4 0.3 61.86
including 31.4 31.7 0.3 210.3
including 31.7 32.0 0.3 190.0
including 32.0 32.3 0.3 261.0
including 32.3 32.6 0.3 71.13
including 34.4 34.7 0.3 16.96
  75.5 76.1 0.6 0.64
TUDDH-572 29.8 30.4 0.6 0.85
  35.5 36.1 0.6 5.1
  37.3 42.4 5.1 0.58
  44.2 47.2 3 4.94
including 44.2 45.4 1.2 8.04
which includes 44.2 44.5 0.3 20.4
  48.4 49.6 1.2 0.61
  63.4 63.7 0.3 2.75
  66.1 67.3 1.2 0.55
  73.6 75.4 1.8 1.13
  82.6 83.2 0.6 5.66
including 82.6 82.9 0.3 7.85
  85.0 85.3 0.3 6.78
  87.1 94.9 7.8 12.56
including 87.1 88.3 1.2 54.43
which includes 87.1 87.4 0.3 19.67
and 88.0 88.3 0.3 196.0
and also includes 89.8 91.3 1.5 16.04
which includes 89.8 90.4 0.6 34.92
  103.3 106.6 3.3 5.86
including 105.1 105.7 0.6 26.18
which includes 105.1 105.4 0.3 21.39
and includes 105.4 105.7 0.3 30.97
  121.9 122.2 0.3 0.51
  128.2 128.5 0.3 0.5
TUDDH-573 7.4 8.3 0.9 0.7
  10.2 10.5 0.3 2.44
  12.6 16.55 3.95 0.62
  23.0 23.3 0.3 0.52
  27.5 29.1 1.6 9.98
including 27.5 28.4 0.9 16.54
which also includes 27.8 28.1 0.3 31.58
  30.1 37.9 7.8 16.08
including 35.5 37.3 1.8 62.22
including 35.5 35.8 0.3 89.02
including 35.8 36.1 0.3 52.18
which also includes 36.1 36.4 0.3 201.0
  41.5 43.0 1.5 5.05
including 41.5 41.8 0.3 8.86
  51.7 52 0.3 2.14
  58.7 59.9 1.2 1.62
  185.3 185.6 0.3 6.68
  205.4 206.9 1.5 4.06
including 206.6 206.9 0.3 9.2
  216.5 217.4 0.9 0.8
  225.5 225.8 0.3 6.34
  249.0 249.3 0.3 2.06
  269.9 271.7 1.8 4.23
including 269.9 270.5 0.6 10.7
which includes 269.9 270.2 0.3 15.41
TUDDH-574 23.3 24.2 0.9 0.58
  41.0 43.7 2.7 1.66
  49.1 50.6 1.5 2.62
  59.3 59.6 0.3 1.33
  70.1 71.3 1.2 2.78
  81.2 81.5 0.3 11.19
  92.9 93.2 0.3 3.69
  106.1 107.0 0.9 29.53
including 106.1 106.4 0.3 21.11
and 106.4 107.0 0.6 33.74
TUDDH-575 32.3 32.6 0.3 0.66
  33.8 34.1 0.3 0.76
  41.9 44.3 2.4 1.29
including 41.9 42.2 0.3 4.74
and 42.5 43.1 0.6 0.56
and 43.4 43.7 0.3 0.62
and 44.0 44.3 0.3 0.75
  46.4 47.0 0.6 0.68
  48.2 48.5 0.3 0.55
  66.5 67.1 0.6 0.53
  77.0 79.1 2.1 2.18
including 77.0 77.3 0.3 0.57
and 77.3 77.6 0.3 12.07
  78.5 78.8 0.3 1.00
  78.8 79.1 0.3 0.83
  83.6 83.9 0.3 3.30
  85.1 86.3 1.2 1.63
  90.2 90.5 0.3 1.19
  99.2 99.8 0.6 0.79
  106.1 107.0 0.9 3.42
including 106.1 106.4 0.3 4.08
and 106.4 106.7 0.3 1.93
and 106.7 107.0 0.3 4.24
  109.1 110.3 1.2 8.39
including 109.1 109.4 0.3 0.54
and 109.4 109.7 0.3 0.79
and 109.7 110.0 0.3 5.97
and 110.0 110.3 0.3 26.24
  114.2 124.7 10.5 5.98
including 114.2 114.5 0.3 1.32
and 115.4 115.7 0.3 4.35
and 116.0 116.3 0.3 0.50
and 117.2 117.5 0.3 1.08
and 117.5 117.8 0.3 3.30
and 118.7 119.0 0.3 0.52
and 119.6 121.4 1.8 18.53
which includes 119.6 119.9 0.3 6.94
and includes 119.9 120.2 0.3 4.59
and includes 120.2 120.5 0.3 4.45
and includes 121.1 121.4 0.3 95.06
or 121.1 124.7 3.6 15.1
which includes 121.1 121.4 0.3 95.06
and includes 121.7 122.0 0.3 0.57
and includes 122.0 123.2 1.2 2.77
and includes 123.2 123.5 0.3 3.05
and includes 123.5 123.8 0.3 0.73
and includes 123.8 124.4 0.6 7.47
and includes 124.4 124.7 0.3 55.71
  129.5 131.3 1.8 1.21
including 129.5 130.1 0.6 2.81
and 131.0 131.3 0.3 0.67
  132.5 132.8 0.3 4.97
  135.5 135.8 0.3 0.93
  137.6 137.9 0.3 1.41
  143.3 144.5 1.2 1.59
including 143.3 143.6 0.3 1.05
and 143.6 144.2 0.6 1.97
and 144.2 144.5 0.3 1.35
  162.2 162.5 0.3 1.45
TUDDH-576 22.9 23.5 0.6 1.49
  25.0 25.6 0.6 0.63
  29.2 29.5 0.3 1.1
  36.7 38.5 1.8 8.25
including 36.7 37.0 0.3 2.60
and 37.0 37.6 0.6 0.56
and 37.6 38.5 0.9 15.26
  39.7 40.0 0.3 0.57
  43.0 44.2 1.2 0.77
including 43.0 43.6 0.6 0.55
and 43.6 44.2 0.6 0.98

 

Table 2: Summary of results from selected sample gap intervals from historic drill core

Hole ID From (m) To (m) Interval (m) Grade (g/t Au)
TUDDH-212 448.1 448.4 0.30 1.25
TUDDH-225 52.70 53.35 0.35 14.10
  54.25 54.85 0.60 1.06
  89.0 89.6 0.60 0.71
  91.1 92.0 0.90 10.98
  94.3 94.6 0.30 3.22
  102.0 103.4 1.40 0.68
TUDDH-356 60.05 60.35 0.30 0.61
  72.2 72.5 0.30 4.21
  77.6 77.9 0.30 0.53
  81.5 82.26 0.76 1.81
TUDDH-362 84.81 85.11 0.30 0.56
  85.41 85.71 0.30 0.69
  85.71 86.01 0.30 1.47
  86.31 86.61 0.30 74.58
  86.91 87.4 0.49 0.53
TUDDH-408 43.23 43.74 0.51 0.54
  44.65 45.25 0.60 1.28
  79.27 79.87 0.60 2.21
  79.87 80.47 0.60 1.80
TUDDH-410 73.2 73.8 0.60 3.38
  118.2 118.8 0.60 1.81
TUDDH-525 466.6 466.9 0.30 0.95
TUDDH-539 131.1 131.7 0.60 6.88
TUDDH-540 62.93 63.23 0.30 4.22
  64.6 64.9 0.30 0.61
  64.9 65.2 0.30 3.87
  69.8 70.4 0.60 2.20
  77.3 77.6 0.30 0.97
  90.7 91.0 0.30 4.11

 

Table 3: Survey details of diamond drill holes referenced in this release

Hole No Coordinates (Fiji map grid) RL final depth dip azimuth
  N E   m   (TN)
TUDDH567 3920779 1876395 219.9 183.8 -40 255
TUDDH568 3920686 1876364 255.1 112.9 -75 258
TUDDH569 3920779 1876396 219.9 191.7 -69 252
TUDDH570 3920780 1876396 220.0 233.3 -44 270
TUDDH571 3920932 1876510 236.1 847.6 -62 147
TUDDH572 3920779 1876396 219.9 203.5 -60 270
TUDDH573 3920796 1876351 209.7 779.2 -66 131
TUDDH574 3920779 1876396 219.9 182.6 -70 270
TUDDH575 3920779 1876396 219.9 164.3 -47 285
TUDDH576 3920779 1876396 219.9 200.5 -60 285
TUDDH577 3920435 1876513 348.0 in progress -40 270
             
TUDDH-212 3920664 1876757 281.3 600.5 -58 245
TUDDH-225 3920737 1876336 222.8 300.3 -60 330
TUDDH-356 3920760 1876260 205.5 112.9 -61 010
TUDDH-362 3920775 1876303 219.6 132.0 -65 360
TUDDH-408 3920767 1876337 225.0 140.6 -70 330
TUDDH-410 3920731 1876309 228.9 143.6 -65 340
TUDDH-525 3920796 1876351 209.4 350.6 -57 123
TUDDH-539 3920733 1876297 225.1 186.2 -72 004
TUDDH-540 3920733 1876297 225.1 168.2 -60 001

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, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 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 volcanic edifice of alkaline affinity. 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

Toll Free (North America) Tel: 1-855-805-1250
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.


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