Lion One Metals drills 24 m of 14.96 g/t Au at Tuvatu

Oct 4, 2022

2022-10-04 10:54 ET – News Release

 

Mr. Walter Berukoff reports

LION ONE DRILLS EXCEPTIONAL HIGH-GRADE INTERSECTIONS AS PART OF METALLURGICAL DRILL PROGRAM

Lion One Metals Ltd. has released assay results from recent wide-diameter (PQ) core drilled for metallurgical test work at its Tuvatu gold project in Fiji.

These results complement the excellent results obtained by the infill drill program completed earlier this year and reported on Feb. 23, 2022. The additional results provided by the metallurgical drill program reported here will be applied to the ongoing remodelling of the Tuvatu orebody that will inform the resource update scheduled for Q1 2023. Results of the metallurgical study that will be based on the material provided by this drilling program will be reported as they are received.

Highlight intercepts include:

TUDDM-001 intersecting the URW1 mineralized vein:

 

  • 14.96 g/t Au over 24.0m from 81.8-105.8m including:
    • 105.19 g/t Au over 0.3m from 86.9-87.2m;
    • 18.67 g/t Au over 0.6m from 91.4-92.0m;
    • 19.43 g/t Au over 0.6m from 93.2-93.8m;
    • 26.59 g/t Au over 0.9m from 95.6-96.5m;
    • 14.80 g/t Au over 0.6m from 96.5-97.1m;
    • 23.43 g/t Au over 0.6m from 97.1-97.7m;
    • 13.63 g/t Au over 0.6m from 97.7-98.3m;
    • 33.76 g/t Au over 0.6m from 98.3-98.9m;
    • 22.36 g/t Au over 0.6m from 98.9-99.5m;
    • 6.04 g/t Au over 0.9m from 99.5-100.4m;
    • 78.64 g/t Au over 2.4m from 103.4-105.8m which includes:
    • 9.44 g/t Au over 0.6m from 104.6-105.2m;
    • 297.70 g/t Au over 0.6m from 105.2-105.8m.

 

TUDDM-003 intersecting the URW1 mineralized vein:

 

  • 65.13 g/t Au over 3.2m from 78.8-82.0m including:
    • 98.88 g/t Au over 2.1m from 78.8-80.9m which includes:
    • 58.18 g/t Au over 0.3m from 78.8-79.1m;
    • 624.81 g/t Au over 0.3m from 79.1-79.4m.
  • 23.27 g/t Au over 3.3m from 118.9-122.2m including:
    • 50.67 g/t Au over 1.5m from 118.9-120.4m which includes:
    • 19.49 g/t Au over 0.9m from 118.9-119.8m;
    • 97.45 g/t Au over 0.6m from 119.8-120.4m.

 

TUDDM-004 intersecting the SKL and URW1 mineralized veins:

 

  • 260.44 g/t Au over 0.3m from 55.7-56.0m;
  • 213.52 g/t Au over 0.9m from 56.6-57.5m;
  • 40.08 g/t Au over 0.9m from 78.2-79.1m;
  • 10.03 g/t Au over 3.0m from 130.6-133.6m including:
    • 59.82 g/t Au over 0.3m from 130.6-130.9m;
    • 11.39 g/t Au over 0.3m from 130.9-131.2m;
    • 13.64 g/t Au over 0.3m from 131.2-131.5m.

 

TUDDM-005 intersecting the Murau (M) mineralized vein:

 

  • 9.30 g/t Au over 5.4m from 127.7-133.1m including:
    • 31.56 g/t Au over 0.6m from 128.9-129.5m;
    • 14.99 g/t Au over 1.2m from 129.5-130.7m;
    • 6.08 g/t Au over 0.9m from 132.2-133.1m.
  • 22.80g/t Au over 1.5m from 140.3-141.8m including:
    • 9.55 g/t Au over 0.3m from 140.6-140.9m;
    • 10.54 g/t Au over 0.3m from 140.9-141.2m;
    • 58.59 g/t Au over 0.3m from 141.2-141.5m;
    • 32.03 g/t Au over 0.3m from 141.5-141.8m.

 

TUDDM-006 intersecting the Murau (M) Lodes:

 

  • 9.87g/t Au over 3.9m from 141.8-145.7m including:
    • 10.01g/t Au over 1.2m from 141.8-143.0m;
    • 13.74g/t Au over 0.6m from 143.3-143.9m;
    • 13.49g/t Au over 1.2m from 144.5-145.7m.

 

All six metallurgical drill holes were drilled from surface using wide diameter PQ core (85mm) between June 6 and August 10, 2022. The purpose of the program was to collect samples from areas scheduled for mining in the first 3 years of development. These assays presented are a result of one eighth split core, with the remaining seven eighths being sent to Bureau Veritas metallurgical laboratory in Vancouver, Canada for test work to assist in the design of optimised recoveries. As this is a metallurgical program, the holes were designed to intersect some vein sets at an oblique angle in-order to maximise mineralized sample recovery and as such, while drill widths does not necessarily represent true widths, the results provide information on the continuity of Au grades. The URW1 lode is interpreted to strike north-south and dip steeply east and has a true width of approximately 1 to 7 metres. The Murau lodes are interpreted to strike east-west with a moderate southerly dip with multiple lodes of true-width between 0.3 and 4 metres. The SKL lodes are dip subhorizontally, with true-widths of between 0.3 and 1 metre.

Lion One CEO Walter Berukoff commented, “These latest results underscore the continuous, high-grade nature of the mineralization at Tuvatu. Each batch of drill results adds enormous value to the project in both addition of ounces to the total metal budget as well as clarification of important upside potential.”

Qualified Person

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. 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 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. 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 are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Ltd.

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.

We seek Safe Harbor.

https://liononemetals.com/

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