North Vancouver, B.C., October 1, 2019 – Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the start of its high-grade feeder diamond drill program at the Company’s 100% owned and fully permitted Tuvatu Alkaline Gold Project in Fiji.
The first drill hole, TD01, is an 800m long hole designed to target down dip extensions near the center of the current resource in an area where an extremely high-grade feeder structure appears to be coalescing. Nearby drill hole TUDDH-160 intersected 1,614 g/t Au over 0.50m within a broader interval of 367 g/t over 2.92m, from 333m down hole depth. A second planned hole, TD02, is 1,000m long and targets a further 300m downdip below TD01. Two additional planned holes, TD03 and TD04, each 1000 m long, will test down dip areas 200m north and 200m south of TD02, respectively.
The first phase of this drill program is designed to demonstrate that the Tuvatu resource has the potential to extend to vertical depths beyond 1,000m, so 2-3 times the current resource depth. The program also tests for potential high-grade feeder structures emerging from the interpreted magma chamber underlying the 7km diameter Navilawa Caldera. The Company expects to expand the program into a wider second phase with new information gained from deeper drilling. The Company will utilize a deep penetrating surface drill belonging to its own drilling company, Geodrill Fiji. Once collared, TD1 is anticipated to take approximately 6-8 weeks to complete. Assays will be analysed at the Company’s own geochemical laboratory in Fiji, with duplicates of significant mineralized intercepts sent to an independent laboratory in Australia.
Lion One will soon be undertaking a systematic controlled source audio-magnetotelluric (“CSAMT”) geophysical survey over the recently consolidated, district-scale exploration license area covering the Navilawa Caldera. The goal of this survey is to identify deep gold-bearing structures, and it complements a recent reinterpretation of an IP survey completed in 2012 that identifies significant deep geophysical anomalies north of the Tuvatu resource thought to be associated with the core of the hydrothermal system. Once CSAMT data have been interpreted, the Company’s drilling program is likely to expand to include targets in the northern part of the caldera including Banana Creek, approximately 3,000m northeast of the Tuvatu resource area.
Lion One technical advisor Quinton Hennigh commented: “this high-grade feeders drill program enables Lion One to test the alkaline gold model that we believe drives the expansive gold system within the Navilawa Caldera. We believe the deeper potential beneath the current Tuvatu resource combined with the more extensive potential of other targets within the Company’s new license area within the Navilawa Caldera creates a great opportunity for Lion One to demonstrate Tuvatu’s potential tier-one gold asset status.”
Maps showing drill hole locations are available at www.liononemetals.com
Diagram: Tuvatu Drilling
N-S & E-W Section views of proposed drill holes (in yellow),
highlighting the existing resource zones (blue) and previous drill holes
Select High Grade Drill Intercepts from Deepest Points Drilled at Tuvatu
| TUDDH 222 | 0.45m @ 52.10 g/t Au from 529.85m (true width 0.28m) | |
| TUDDH 176 | 0.95m @ 56.51 g/t Au from 437.35m (true width 0.67m) 2.75m @ 26.24 g/t Au from 496.00m (true width 2.05m) |
|
| TUDDH 183 | 0.65m @ 17.55 g/t Au from 435.30m (true width 0.44m) | |
| TUDDH 100 | 0.50m @ 22.30 g/t Au from 424.05m (true width 0.27m) | |
| TUDDH 218 | 0.42m @ 20.01 g/t Au from 424.53m (true width 0.31m) | |
| TUDDH 207 | 1.45m @ 19.86 g/t Au from 418.90m (true width 0.78m) | |
| TUDDH 429 | 2.38m @ 7.94 g/t Au from 303.25m (true width 1.36m) 1.45m @ 26.02 g/t Au from 418.25m (true width 0.87m) |
|
| TUDDH 160 including |
2.92m @ 361.67 g/t Au from 333.3m (true width 1.08m) 0.50m @ 1,614.0 g/t Au from 335.15m (true width 0.19m) 4.12m @ 19.61 g/t Au from 403.20m (true width 1.11m) 1.40m @ 54.01 g/t Au from 417.10m (true width 0.49m) |
|
| TUDDH 112 | 4.60m @ 17.58 g/t Au from 301.00m (true width 1.29m) | |
| TUDDH 123 | 2.05m @ 13.74 g/t Au from 308.00m (true width 0.57m) |
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
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
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.