Lion One Discovers Major New Gold Feeder Structure in Fiji

Written By Investor Safari

InvestorSarfari Comments:

The test numbers speak for themselves – for those who understand. But what does this really mean for those of us who don’t? (and for those who want to bounce past the long list of numbers in the tables to look at the pretty pictures of gold)

The find at TUG-141 (diagram below) is significant.  Most are knowledgeable enough to understand that locating gold is not an easy task. Otherwise it wouldn’t have the “value” that it has for millennia.  

Gold is an element that’s been in the making for millions of years. Pressure changes cause precious metals to deposit and stray each time the Earth’s crust moves. The geological distribution of gold has been given a ‘helping hand’ with Earth’s ongoing plate movements, fault lines, earthquakes and volcanoes, over millions of years.

Like the rolling reels of a casino slot machine, this ensures that truck-sized bricks of gold are never to be found. Sprinkles and scatterings are more the norm. Maybe the rare golf ball size of gold shows up. Though finding lost socks out of the dryer is more probable. Maybe.

Scientists are still unable to clarify how gold deposits occur in the shape formations that they do. But it’s generally accepted that gold “branches” (or veins) are a miner’s dream. Finding a “trunk” that feeds the branches is unicorn fantasy.

Lion One Discovers Major New Gold Feeder Structure:

“20.86 G/t Au over 75.9 Meters”  

Let’s unpack this exploration result so it makes sense for the non-miners amongst us.  The numbers translate to 20.86 GRAMS of gold per TON of rock. This concentration is embedded in the rock (the sparkly pics below). This rock sample stretches 75.9 meters.  

Put in perspective: When core samples are extracted at sites like Fiji, 1 or 2 grams of gold over a FEW meters of rock usually gets no more than a shrug of interest. That SAME concentration of gold over a LONGER stretch of rock is similarly of little to no interest. 

Let’s take it up a notch.  5 to 7 grams of gold over a FEW meters is STARTING to look interesting. That same concentration over LONGER stretches of rock is now raising eyebrows.  Excellent. Now let’s compare to the announcement…

Lion One’s discovery is 20 grams of gold spanning 75 meters…  [insert gasp] Hence the major significance of the discovery.

Lion One, as a smaller mining company, has been finding the odd branches of gold for the past few years and diligently holding strong. Typically raising eyebrows. Now it seems they have genuinely located a trunk. Rainbow fantasy fulfilled.

Companies spend 100’s of millions to drill for gold. Sadly, most leave empty-handed (as do the shareholders). Lion One Metals has several advantages going for it - full permits to mine, their own drills to test rock core samples, and a dedicated testing lab on site to expedite results.

For Lion One shareholders, the announcement today is a confirmation discovery - one that will bear fruit in the years to come. Of course, there’s always the chance that a larger company could take it over. (Because major mining companies are always looking for rainbows and following where they end.)

Here’s a little history lesson from the recent past. Great Bear has a valuation of $1.67 Billion. New Found Gold has a valuation of $1.18 Billion. Lion One’s evaluation is only at $210 Million. We might conclude that it’s grossly undervalued. Follow the rainbow.

A quick 5min video recap of Lion One Metals can be found here.

Lion One Discovers Major New Gold Feeder Structure - 20.86 G/t Au over 75.9 Meters at Depth Beneath the Current Resource at Tuvatu, Fiji

North Vancouver, British Columbia--(Newsfile Corp. - June 6, 2022) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is delighted to announce the discovery of a major new feeder structure at its Tuvatu Alkaline Gold Project in Fiji. Hole TUG-141, targeting a complex network of high-grade structures called the 500 Zone, has encountered the longest high-grade intercept yet recorded at Tuvatu, 20.86 g/t Au over 75.9m, including 43.62 g/t Au over 30.0m which includes 90.35 g/t Au over 7.2m. The new discovery is located at depth beneath the current resource fully within the permit boundaries of the Tuvatu mining lease.

High-grade intercepts from TUG-141 include:

  • 20.86 g/t Au over 75.9m from 443.4-519.3m

  • including 35.25 g/t Au over 37.5m from 471.3-508.8m

  • including 43.62 g/t Au over 30.0m from 477.6-507.6m

  • including 90.35 g/t Au over 7.2m from 494.4-501.6m

  • and notable individual high-grade assay intervals including:

- 138.15 g/t Au over 0.30m from 450.9-451.2m

- 396.16 g/t Au over 0.30m from 479.1-479.4m

- 103.54 g/t Au over 0.30m from 498.6-498.9m

- 340.07 g/t Au over 0.30m from 498.9-499.2m

- 600.42 g/t Au over 0.30m from 499.5-499.8m

- 244.37 g/t Au over 0.30m from 502.5- 503.1m

- 230.18 g/t Au over 0.30m from 507.3-507.6m

- 105.58 g/t Au over 0.30m from 518.7-519.0m

Lion One CEO, Walter Berukoff, stated: "Like the initial discovery of the high-grade 500 Zone drilled two years ago, I believe this new robust high-grade gold feeder mineralization encountered by hole TUG-141 represents a substantial discovery for Lion One. The notable high grades and continuity of mineralization of this intercept demonstrate Tuvatu's potential to become a large-scale, high-grade underground gold mine. I have long encouraged our team to find that "gold room" at Tuvatu, and hole TUG-141 leads me to believe they have found it. We have only to look at other notable large alkaline Au deposits as direct analogues to better understand what this latest discovery tells us, and it is clear that the discovery of a major high-grade feeder such as this should be viewed as very promising. I am confident that Tuvatu will one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula. I commend our team on this truly outstanding discovery and I look forward to continued successful execution of both our exploration strategy to realize growth at Tuvatu and our development strategy targeting the commencement of gold production in the second half of 2023."

Lion One Senior VP of Exploration, Sergio Cattalani, commented: "The mineralized intercepts reported by TUG-141 represent a highly significant development. The grades and continuity observed by the intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the largely untapped potential of this deposit. The significance of having identified what may be a new principal feeder conduit for Tuvatu confirms the model that has driven this deep exploration program since the discovery of hole TUDDH-500 in July 2020. Our immediate priority is to follow up of this significant discovery with additional drilling in what remains a relatively poorly drilled portion of the Tuvatu system. Lion One, is now more than ever, convinced of the potential of Tuvatu to become a prominent, multi-million ounce Au deposit at the top of the Au grade distribution worldwide."

Lion One Technical Advisor, Quinton Hennigh, commented: "Alkaline gold systems tend to be deep-rooted and very structurally complex. Exploring them can be analogous to drilling a tree from the top down. In the shallow part of the system, one finds the upper "branches," or gold-bearing lodes, but as exploration persists to depth, bigger and bigger "branches," or lodes, are encountered ultimately leading to the "trunk," the feeder. The way this remarkable discovery at Tuvatu has unfolded is quite similar to the experience at Porgera, where after approximately ten years of diligent drilling, the high-grade Romane Fault Zone was discovered beneath a myriad of smaller lodes. What is most exciting about this discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is located, we can effectively chase it to depth, and alkaline gold systems are known to persist to great depths, sometimes as deep as 2 km. Considering this intercept is only approximately 500m below surface, this discovery is wide open for growth at depth."

TUG-141 was drilled in the area between modelled 500 Zone lodes 500A, 500C and 500F (Figure 1) where it intersected continuous high-grade Au mineralization grading 20.86 g/t Au over 75.9m that is predominantly hosted by intensely altered, fractured and brecciated andesite. The highest grade core of this zone is characterized by hydrothermal breccia displaying extreme silicification, potassic alteration and sulfidation with regular occurrences of visible gold (Figure 2). In addition, the presence of abundant roscoelite (a vanadium mica mineral) is very encouraging and is a mineral synonymous with the high-grade zones of world-class alkali gold systems such as Cripple Creek in Colorado and Porgera in Papua New Guinea. Some fragments within portions of this breccia are visibly milled, or rounded, indicating vigorous fluid flow. Observations of fracture patterns and textures ranging from incipient and in-situ to full-on brecciation (Figure 2) point to this zone being a dilational breccia that likely formed along a major structural intersection where stresses were being released at the time of mineralization. Rapid depressurisation accompanying seismic movement along such a dilational zone would allow rapid ascent of hydrothermal fluids resulting in silicification, K-metasomatism, sulfidation and rapid precipitation of Au. Textures of minerals observed in veins and open spaces is consistent with a rapid depositional regime.

Lion One is concurrently undertaking a two-pronged exploration drill campaign: 1) shallow infill drilling to enhance definition of its current resource in preparation for mine planning, and 2) deep drilling focussed on better understanding the geometry and extent of the underlying high-grade feeder network. As part of the latter program, hole TUG-141 targeted the upper portion of the 500 Zone at depths between approximately 450-550m where it is projected to connect with the base of lodes making up the Inferred resource. As discussed above, TUG-141 drilled into a very wide and exceptionally high-grade zone, 20.86 g/t Au over 75.9m, cored by hydrothermal breccia (Figure 2). Such a zone of extreme fracturing and brecciation has never before been observed at Tuvatu. It is significant to note that the bulk of this mineralized interval is hosted within andesite rather than by intrusive monzonite, the typical host rock for many lodes at Tuvatu. The significance of this observation has yet to be determined.

Furthermore, it is also notable that the nearest drill holes to TUG-141 are TUG-135 (70m below), TUG-136 (45m to the E), and TUG-138 (60m to the W), indicating that there is considerable space for a substantial increase in the ultimate size of the feeder conduit. All three of these holes have returned previously reported bonanza grade mineralization, similar in tenor and texture to that in TUG-141, including:

24.92 g/t Au over 3.70m from 415.7-419.4m in hole TUG-135 including 159.3 g/t Au over 0.30m;

87.83 g/t Au over 1.5m from 445.1-446.6m in hole TUG-136 including 108.41 g/t Au over 0.60m;

and 23.14 g/t Au over 3.0m from 571.5-574.5m in hole TUG-138 including 118.6 g/t Au over 0.30m.

The area remains open at depth. This target has now become of utmost importance for follow up drilling.

In addition to the impressive intercept of 20.86 g/t Au over 75.9m discussed above, hole TUG-141 encountered numerous other significant mineralized intercepts both above and below this interval including:

Above the high-grade intercept

  • 3.93 g/t Au over 5.7m from 101.7-107.4m including 12.17 g/t Au over 0.30m

  • 4.48 g/t Au over 10.2m from 109.8-120.0m including 38.27 g/t Au over 0.30m

  • 10.98 g/t Au over 1.5m from 291.3-292.8m including 17.20 g/t Au over 0.60m

  • 5.63 g/t Au over 19.2m from 311.7-330.9m including 20.50 g/t Au over 3.00m from 322.2-325.2m, which includes 71.01 g/t Au over 0.30m and 13.75 g/t Au over 0.60m

  • 3.33 g/t Au over 4.50m from 366.3-370.8m including 7.40 g/t Au over 1.20m

  • 11.38 g/t Au over 2.1m from 380.7-382.8m including 22.30 g/t Au over 0.90m

  • 1.97 g/t Au over 13.5m from 391.8-405.3m including 15.25 g/t Au over 0.30m

  • 2.82 g/t Au over 3.90m from 425.1-429.0m including 8.47 g/t Au over 0.30m

Below the high-grade intercept

  • 3.08 g/t Au over 1.50m from 524.1-525.6m including 7.50 g/t Au over 0.30m

In aggregate, all mineralized intercepts reported from hole TUG-141 total 1,909 g/t Au-meters.

Complete results, received to date, from hole TUG-141 are summarized below in Table 1. This is the first drill hole in this part of the Tuvatu alkaline gold system, and as such, orientation and true thicknesses of mineralized intercepts discussed above are not known at this time. Further drilling is required to better understand this new discovery. At the time of writing, hole TUG-141 is still being drilled, and is currently >600m in depth with other mineralised structures yet to be assayed.

Figure 1. Plan view (left) and vertical section looking E (right) of the trace of TUG-141 and selected drill holes relative to the 500 Zone lodes modeled to date. TUG-141 was drilled from underground along the Tuvatu exploration decline. The traces of known lodes UR2 and UR4, and modelled lodes of the 500 Zone feeder are shown in red.

Figure 2. Compilation of photographs from TUG-141. (A) Abundant visible gold grains (0.2-2mm) in highly altered potassium metasomatized groundmass and roscoelite. (B) Visible gold (~2mm grains) associated with coarse pyrite in a silicified breccia. (C & D) Intensely silicified and pyritized andesite with microfractures of visible gold (~0.5mm grains).

Figure 2 (continued). (E) Vuggy breccia with coarse pyrite and silicified-sulfidized ground mass. Breccia clasts are angular to sub-rounded. (F) Coarse pyrite breccia with silicified-sulfidized ground mass. (G) Network fracture stockwork ~1-5mm veins with two generations of pyrite. The clasts are highly altered silicified andesite, with the veins containing quartz-pyrite. (H) Network fracture stockwork veins at multiple angles, with intense silicification, quartz-carbonate infill and pyrite.

Mineralization is observed as two generations of pyrite; an earlier bright euhedral pyrite that forms coarse crystals in the core of the veins and breccia, and a darker brownish, spongy pyrite that typically forms extremely fine-grained encrustations or overgrowths on earlier pyrite and wallrock fragments, as well as lining the edges of most veins (Figure 2). Quartz occurs commonly as bluish grey, amorphous to locally colloform silica. Open space vuggy textures are common, as are visible gold grains. Highest grades (up to 600 g/t Au) appear to be associated with an interval of intense pervasive silicification and sulfidation by up to 30% or more extremely fine-grained pyrite developed throughout the host rock, giving the rock an overall massive chocolate brown appearance (Figure 2). The intensity of replacement suggests this is a zone of very high and sustained fluid flux.

Table 1: Table showing all drilling intervals returning >0.5 g/t Au for hole TUG-141. Intervals > 3.0 g/t Au, which is the cutoff grade used for the current resource, are shown in red, and intervals >9.0 g/t Au, which is the average grade of the resource, are bolded.

Sample ID From (m) To (m) Interval (m) Grade (g/t Au)
TUG08584 71.7 72 0.3 0.96
TUG08535 101.7 102 0.3 3.96
TUG08536 102 102.3 0.3 12.17
TUG08537 102.3 102.6 0.3 5.35
TUG08538 102.6 102.9 0.3 1.42
TUG08539 102.9 103.2 0.3 3.09
TUG08541 103.5 103.8 0.3 1.19
TUG08542 103.8 104.1 0.3 8.64
TUG08543 104.1 104.4 0.3 7.67
TUG08544 104.4 104.7 0.3 7.56
TUG08545 104.7 105 0.3 7.90
TUG08546 105 105.3 0.3 3.53
TUG08548 105.6 105.9 0.3 0.60
TUG08549 105.9 106.5 0.6 4.83
TUG08452 107.1 107.4 0.3 1.42
TUG08456 109.8 110.1 0.3 15.41
TUG08457 110.1 110.4 0.3 0.74
TUG08458 110.4 110.7 0.3 1.12
TUG08459 110.7 111 0.3 5.28
TUG08460 111 111.3 0.3 0.80
TUG08462 111.6 111.9 0.3 2.66
TUG08463 111.9 112.2 0.3 1.45
TUG08464 112.2 112.5 0.3 1.22
TUG08466 112.5 112.8 0.3 1.50
TUG08467 112.8 113.1 0.3 2.67
TUG08468 113.1 113.4 0.3 3.47
TUG08469 113.4 113.7 0.3 2.92
TUG08470 113.7 114 0.3 2.93
TUG08471 114 114.3 0.3 8.74
TUG08473 114.6 114.9 0.3 7.36
TUG08474 114.9 115.5 0.6 0.90
TUG08475 115.5 115.8 0.3 7.20
TUG08476 115.8 116.1 0.3 3.14
TUG08477 116.1 116.4 0.3 0.92
TUG08479 116.7 117 0.3 3.62
TUG08481 117 117.3 0.3 15.85
TUG08482 117.3 117.6 0.3 2.06
TUG08483 117.6 117.9 0.3 1.95
TUG08484 117.9 118.2 0.3 0.58
TUG08485 118.2 118.5 0.3 5.51
TUG08486 118.5 118.8 0.3 6.35
TUG08487 118.8 119.1 0.3 38.27
TUG08488 119.1 119.4 0.3 3.02
TUG08489 119.4 119.7 0.3 1.41
TUG08490 119.7 120 0.3 2.19
TUG08494 122.4 122.7 0.3 1.35
TUG08946 213.6 213.9 0.3 2.11
TUG08947 213.9 214.2 0.3 0.97
TUG08948 214.2 214.5 0.3 3.03
TUG09446 214.5 214.8 0.3 0.82
TUG08949 214.8 215.1 0.3 1.50
TUG09401 215.1 215.4 0.3 1.61
TUG09402 215.4 215.7 0.3 1.75
TUG09407 216.9 217.2 0.3 3.22
TUG09408 217.2 217.5 0.3 0.18
TUG09409 217.5 217.8 0.3 0.62
TUG09423 222.9 223.2 0.3 0.72
TUG09432 226.5 226.8 0.3 1.41
TUG09444 233.4 233.7 0.3 1.32
TUG09445 233.7 234 0.3 3.13
TUG09447 234 234.3 0.3 6.30
TUG09448 234.3 234.6 0.3 2.08
TUG09529 274.8 275.1 0.3 0.77
TUG09536 276.6 276.9 0.3 0.59
TUG09540 277.8 278.1 0.3 0.64
TUG09566 291.3 291.6 0.3 14.77
TUG09567 291.6 291.9 0.3 4.01
TUG09568 291.9 292.2 0.3 16.55
TUG09569 292.2 292.5 0.3 17.85
TUG09570 292.5 292.8 0.3 1.75
TUG09582 299.1 299.4 0.3 2.12
TUG09583 299.4 299.7 0.3 1.94
TUG09584 299.7 300 0.3 0.63
TUG09585 300 300.3 0.3 1.13
TUG09586 300.3 300.6 0.3 0.99
TUG09587 300.6 300.9 0.3 0.79
TUG09588 300.9 301.2 0.3 4.31
TUG09591 301.8 302.1 0.3 1.58
TUG09594 302.7 303 0.3 0.92
TUG09595 303 303.3 0.3 0.78
TUG09605 308.1 308.4 0.3 1.28
TUG09614 311.7 312 0.3 1.35
TUG09616 312 312.3 0.3 2.61
TUG09617 312.3 312.6 0.3 0.08
TUG09619 313.2 313.5 0.3 4.56
TUG09620 313.5 313.8 0.3 3.54
TUG09621 313.8 314.1 0.3 2.47
TUG09622 314.1 314.4 0.3 1.65
TUG09625 315.3 315.6 0.3 1.25
TUG09626 315.6 315.9 0.3 7.71
TUG09628 316.8 317.1 0.3 0.54
TUG09629 317.1 317.4 0.3 2.57
TUG09631 317.4 317.7 0.3 1.00
TUG09633 318 318.3 0.3 1.42
TUG09634 318.3 318.6 0.3 3.11
TUG09635 318.6 318.9 0.3 5.42
TUG09636 318.9 319.2 0.3 4.25
TUG09637 319.2 319.5 0.3 7.68
TUG09638 319.5 319.8 0.3 5.78
TUG09639 319.8 320.1 0.3 0.85
TUG09641 320.4 320.7 0.3 3.19
TUG09642 320.7 321 0.3 3.49
TUG09643 321 321.3 0.3 7.93
TUG09644 321.3 321.6 0.3 2.40
TUG09645 321.6 321.9 0.3 2.04
TUG09646 321.9 322.2 0.3 7.42
TUG09647 322.2 322.5 0.3 18.75
TUG09648 322.5 322.8 0.3 12.75
TUG09650 322.8 323.1 0.3 12.55
TUG09651 323.1 323.4 0.3 15.64
TUG09652 323.4 323.7 0.3 19.67
TUG09653 323.7 324 0.3 13.55
TUG09654 324 324.3 0.3 15.18
TUG09655 324.3 324.6 0.3 11.27
TUG09656 324.6 324.9 0.3 14.62
TUG09657 324.9 325.2 0.3 71.01
TUG09658 325.2 325.5 0.3 5.61
TUG09659 325.5 326.4 0.9 0.60
TUG09660 326.4 326.7 0.3 3.97
TUG09661 326.7 327 0.3 4.93
TUG09662 327 327.3 0.3 11.64
TUG09663 327.3 327.6 0.3 15.86
TUG09667 328.5 329.4 0.9 0.98
TUG09668 329.4 329.7 0.3 2.77
TUG09669 329.7 330 0.3 2.58
TUG09670 330 330.3 0.3 6.51
TUG09671 330.3 330.6 0.3 4.28
TUG09672 330.6 330.9 0.3 6.21
TUG09694 345.3 345.6 0.3 0.60
TUG09695 345.6 345.9 0.3 4.62
TUG09696 345.9 346.2 0.3 4.07
TUG09697 346.2 346.5 0.3 1.76
TUG09699 346.8 347.1 0.3 2.13
TUG09703 348.3 348.6 0.3 33.25
TUG09704 348.6 348.9 0.3 3.52
TUG09703 348.3 348.6 0.3 33.25
TUG09707 350.1 350.4 0.3 12.62
TUG09710 351.3 351.6 0.3 3.20
TUG09711 351.6 351.9 0.3 0.51
TUG09733 366.3 366.6 0.3 1.26
TUG09734 366.6 366.9 0.3 2.37
TUG09736 367.5 367.8 0.3 0.80
TUG09737 367.8 368.1 0.3 11.02
TUG09738 368.1 368.4 0.3 7.96
TUG09739 368.4 368.7 0.3 3.68
TUG09740 368.7 369 0.3 6.95
TUG09741 369 369.3 0.3 1.82
TUG09742 369.3 369.6 0.3 1.29
TUG09744 369.9 370.2 0.3 4.11
TUG09745 370.2 370.5 0.3 3.89
TUG09746 370.5 370.8 0.3 4.54
TUG09759 380.7 381 0.3 2.63
TUG09760 381 381.6 0.6 23.15
TUG09761 381.6 381.9 0.3 20.60
TUG09762 381.9 382.2 0.3 6.13
TUG09763 382.2 382.5 0.3 3.37
TUG09764 382.5 382.8 0.3 0.64
TUG09777 391.8 392.1 0.3 1.08
TUG09778 392.1 392.4 0.3 1.08
TUG09779 392.4 392.7 0.3 0.89
TUG09781 392.7 393 0.3 0.55
TUG09783 393.6 393.9 0.3 0.65
TUG09784 393.9 394.2 0.3 0.54
TUG09785 394.2 394.5 0.3 2.90
TUG09786 394.5 394.8 0.3 2.34
TUG09787 394.8 395.1 0.3 3.74
TUG09788 395.1 395.4 0.3 2.82
TUG09789 395.4 395.7 0.3 1.98
TUG09790 395.7 396 0.3 1.55
TUG09792 396.3 396.6 0.3 2.25
TUG09794 396.9 397.2 0.3 0.44
TUG09795 397.2 397.5 0.3 1.78
TUG09796 397.5 397.8 0.3 3.20
TUG09797 397.8 398.1 0.3 1.27
TUG09798 398.1 398.4 0.3 15.27
TUG09799 398.4 398.7 0.3 2.96
TUG09801 398.7 399 0.3 5.34
TUG09802 399 399.3 0.3 2.38
TUG09803 399.3 399.6 0.3 2.93
TUG09804 399.6 400.5 0.9 4.00
TUG09805 400.5 400.8 0.3 0.68
TUG09806 400.8 401.1 0.3 2.41
TUG09807 401.1 401.4 0.3 2.06
TUG09808 401.4 401.7 0.3 1.61
TUG09809 401.7 402 0.3 1.67
TUG09811 402.3 402.6 0.3 1.46
TUG09812 402.6 402.9 0.3 0.91
TUG09814 403.2 403.5 0.3 3.71
TUG09817 403.8 404.1 0.3 0.77
TUG09819 405 405.3 0.3 1.56
TUG09811 402.3 402.6 0.3 1.40
TUG09812 402.6 402.9 0.3 0.95
TUG09814 403.2 403.5 0.3 3.57
TUG09817 403.8 404.1 0.3 0.83
TUG09819 405 405.3 0.3 1.61
TUG09824 406.8 407.1 0.3 2.78
TUG09827 408 408.3 0.3 1.21
TUG09828 408.3 408.6 0.3 0.72
TUG09829 408.6 409.2 0.6 1.14
TUG09831 409.2 409.5 0.3 3.27
TUG09832 409.5 409.8 0.3 0.90
TUG09836 410.7 411 0.3 1.86
TUG09837 411 411.3 0.3 2.11
TUG09838 411.3 411.6 0.3 3.40
TUG09839 411.6 411.9 0.3 0.70
TUG09842 412.8 413.1 0.3 0.93
TUG09843 413.1 413.4 0.3 0.76
TUG09848 416.1 417 0.9 0.63
TUG10354 418.8 419.1 0.3 0.82
TUG10355 419.1 419.4 0.3 0.65
TUG10360 420.6 420.9 0.3 0.75
TUG10361 420.9 421.2 0.3 1.05
TUG10362 421.2 421.5 0.3 1.59
TUG10363 421.5 421.8 0.3 1.23
TUG10367 422.7 423 0.3 0.68
TUG10368 423 423.3 0.3 0.72
TUG10373 425.1 425.4 0.3 2.48
TUG10374 425.4 425.7 0.3 2.83
TUG10375 425.7 426 0.3 3.52
TUG10376 426 426.3 0.3 3.77
TUG10377 426.3 426.6 0.3 8.47
TUG10378 426.6 426.9 0.3 1.64
TUG10379 426.9 427.2 0.3 1.53
TUG10381 427.2 427.8 0.6 4.11
TUG10382 427.8 428.1 0.3 1.65
TUG10383 428.1 429 0.9 0.86
TUG10387 429.9 430.2 0.3 0.72
TUG10393 433.2 433.5 0.3 2.04
TUG10394 433.5 433.8 0.3 0.85
TUG10395 433.8 434.1 0.3 0.76
TUG10408 440.4 440.7 0.3 2.36
TUG10413 443.1 443.4 0.3 1.02
TUG10414 443.4 443.7 0.3 6.82
TUG10417 444.9 445.2 0.3 17.94
TUG10418 445.2 445.5 0.3 5.83
TUG10423 447 447.3 0.3 1.16
TUG10425 448.2 448.5 0.3 4.54
TUG10426 448.5 448.8 0.3 0.76
TUG10428 450 450.3 0.3 4.94
TUG10429 450.3 450.6 0.3 1.53
TUG10431 450.6 450.9 0.3 0.97
TUG10432 450.9 451.2 0.3 138.15
TUG10434 451.5 451.8 0.3 0.76
TUG10435 451.8 452.1 0.3 1.25
TUG10436 452.1 452.4 0.3 1.35
TUG10438 452.7 453 0.3 1.65
TUG10439 453 453.3 0.3 4.70
TUG10440 453.3 453.6 0.3 2.57
TUG10441 453.6 453.9 0.3 4.99
TUG10444 454.8 455.1 0.3 14.02
TUG10445 455.1 455.4 0.3 2.07
TUG10446 455.4 455.7 0.3 1.09
TUG10447 455.7 456 0.3 1.28
TUG10448 456 456.3 0.3 2.55
TUG10453 459 460.2 1.2 1.14
TUG10454 460.2 460.8 0.6 1.00
TUG10455 460.8 462 1.2 1.74
TUG10456 462 462.3 0.3 1.28
TUG10457 462.3 462.6 0.3 24.98
TUG10458 462.6 462.9 0.3 87.13
TUG10459 462.9 463.8 0.9 11.34
TUG10461 464.4 465 0.6 0.67
TUG10463 465.9 466.2 0.3 0.91
TUG10464 466.2 466.5 0.3 1.36
TUG10466 466.5 466.8 0.3 1.27
TUG10467 466.8 467.1 0.3 1.28
TUG10468 467.1 467.4 0.3 3.79
TUG10469 467.4 467.7 0.3 20.93
TUG10470 467.7 468 0.3 20.64
TUG10471 468 468.3 0.3 19.40
TUG10473 468.6 468.9 0.3 3.46
TUG10474 468.9 469.2 0.3 2.78
TUG10475 469.2 469.5 0.3 2.10
TUG10482 471.3 471.6 0.3 0.81
TUG10483 471.6 471.9 0.3 1.03
TUG10484 471.9 472.2 0.3 6.72
TUG10485 472.2 472.5 0.3 0.88
TUG10486 472.5 472.8 0.3 1.45
TUG10487 472.8 473.1 0.3 9.05
TUG10488 473.1 473.4 0.3 1.35
TUG10490 473.7 474 0.3 0.48
TUG10492 474.3 474.6 0.3 0.78
TUG10493 474.6 474.9 0.3 1.37
TUG10494 474.9 475.2 0.3 1.43
TUG10496 475.5 475.8 0.3 1.67
TUG10497 475.8 477 1.2 1.80
TUG10498 477 477.6 0.6 2.64
TUG10500 477.6 477.9 0.3 93.49
TUG10501 477.9 478.2 0.3 1.01
TUG10502 478.2 478.5 0.3 34.17
TUG10503 478.5 478.8 0.3 94.57
TUG10504 478.8 479.1 0.3 35.04
TUG10505 479.1 479.4 0.3 396.16
TUG10506 479.4 479.7 0.3 25.06
TUG10507 479.7 480 0.3 7.09
TUG10508 480 480.3 0.3 4.06
TUG10509 480.3 480.6 0.3 31.63
TUG10510 480.6 480.9 0.3 5.3
TUG10511 480.9 481.2 0.3 114.95
TUG10512 481.2 481.5 0.3 1.90
TUG10513 481.5 481.8 0.3 0.83
TUG10514 481.8 482.1 0.3 9.99
TUG10516 482.1 482.4 0.3 0.71
TUG10517 482.4 482.7 0.3 6.64
TUG10518 482.7 483 0.3 6.05
TUG10519 483 483.3 0.3 6.64
TUG10520 483.3 483.6 0.3 2.47
TUG10521 483.6 483.9 0.3 0.93
TUG10522 483.9 484.2 0.3 5.15
TUG10523 484.2 484.5 0.3 10.90
TUG10524 484.5 484.8 0.3 14.76
TUG10525 484.8 485.1 0.3 20.24
TUG10526 485.1 485.4 0.3 21.93
TUG10527 485.4 485.7 0.3 20.79
TUG10528 485.7 486 0.3 32.89
TUG10529 486 486.3 0.3 16.13
TUG10531 486.3 486.6 0.3 2.55
TUG10532 486.6 486.9 0.3 13.04
TUG10533 486.9 487.2 0.3 5.42
TUG10534 487.2 487.5 0.3 3.95
TUG10535 487.5 487.8 0.3 4.89
TUG10536 487.8 488.1 0.3 4.24
TUG10537 488.1 488.4 0.3 4.41
TUG10538 488.4 488.7 0.3 5.21
TUG10539 488.7 489 0.3 1.80
TUG10540 489 489.3 0.3 16.42
TUG10541 489.3 489.6 0.3 7.17
TUG10542 489.6 489.9 0.3 6.47
TUG10543 489.9 490.2 0.3 4.07
TUG10544 490.2 490.5 0.3 4.75
TUG10545 490.5 490.8 0.3 4.86
TUG10546 490.8 491.1 0.3 7.13
TUG10547 491.1 491.4 0.3 11.64
TUG10548 491.4 491.7 0.3 35.68
TUG10549 491.7 492 0.3 22.53
TUG10551 492 492.3 0.3 10.72
TUG10552 492.3 492.6 0.3 25.23
TUG10553 492.6 492.9 0.3 16.77
TUG10554 492.9 493.2 0.3 20.86
TUG10555 493.2 493.5 0.3 23.61
TUG10556 493.5 493.8 0.3 5.85
TUG10557 493.8 494.1 0.3 6.41
TUG10558 494.1 494.4 0.3 4.25
TUG10559 494.4 494.7 0.3 36.13
TUG10560 494.7 495 0.3 19.66
TUG10561 495 495.3 0.3 72.65
TUG10562 495.3 495.6 0.3 241.21
TUG10563 495.6 495.9 0.3 31.77
TUG10564 495.9 496.2 0.3 51.52
TUG10566 496.2 496.5 0.3 25.17
TUG10567 496.5 496.8 0.3 100.35
TUG10568 496.8 497.1 0.3 12.86
TUG10569 497.1 497.4 0.3 4.68
TUG10570 497.4 497.7 0.3 33.81
TUG10571 497.7 498 0.3 37.11
TUG10572 498 498.3 0.3 20.74
TUG10573 498.3 498.6 0.3 26.29
TUG10574 498.6 498.9 0.3 103.54
TUG10575 498.9 499.2 0.3 340.07
TUG10576 499.2 499.5 0.3 269.25
TUG10577 499.5 499.8 0.3 600.42
TUG10578 499.8 500.1 0.3 73.02
TUG10579 500.1 500.4 0.3 13.41
TUG10581 500.4 500.7 0.3 1.85
TUG10582 500.7 501.3 0.6 13.32
TUG10583 501.3 501.6 0.3 26.54
TUG10584 501.6 501.9 0.3 9.04
TUG10585 501.9 502.2 0.3 4.79
TUG10586 502.2 502.5 0.3 3.93
TUG10587 502.5 502.8 0.3 126.85
TUG10588 502.8 503.1 0.3 361.90
TUG10589 503.1 503.4 0.3 1.95
TUG10590 503.4 503.7 0.3 3.27
TUG10591 503.7 504 0.3 32.78
TUG10592 504 504.3 0.3 23.63
TUG10596 505.2 505.5 0.3 8.07
TUG10598 505.8 506.1 0.3 18.51
TUG10599 506.1 506.4 0.3 53.78
TUG10602 506.7 507 0.3 7.50
TUG10604 507.3 507.6 0.3 234.39
TUG10605 507.6 507.9 0.3 2.22
TUG10606 507.9 508.8 0.9 0.58
TUG10612 510.3 510.6 0.3 3.37
TUG10613 510.6 510.9 0.3 1.32
TUG10614 510.9 511.2 0.3 5.53
TUG10616 511.2 511.5 0.3 24.91
TUG10617 511.5 511.8 0.3 64.47
TUG10618 511.8 512.1 0.3 72.56
TUG10619 512.1 512.4 0.3 13.35
TUG10620 512.4 512.7 0.3 2.08
TUG10621 512.7 513 0.3 1.59
TUG10622 513 513.3 0.3 0.74
TUG10623 513.3 513.6 0.3 0.94
TUG10624 513.6 513.9 0.3 0.53
TUG10625 513.9 514.2 0.3 1.17
TUG10626 514.2 514.5 0.3 23.17
TUG10627 514.5 514.8 0.3 0.85
TUG10628 514.8 515.1 0.3 2.39
TUG10629 515.1 515.4 0.3 1.03
TUG10631 515.4 515.7 0.3 0.83
TUG10632 515.7 516 0.3 1.74
TUG10633 516 516.3 0.3 3.50
TUG10634 516.3 516.6 0.3 0.59
TUG10636 516.9 517.2 0.3 0.80
TUG10637 517.2 517.5 0.3 2.99
TUG10638 517.5 517.8 0.3 0.76
TUG10639 517.8 518.1 0.3 3.34
TUG10640 518.1 518.4 0.3 8.94
TUG10641 518.4 518.7 0.3 12.80
TUG10642 518.7 519 0.3 105.58
TUG10643 519 519.3 0.3 34.42
TUG10644 519.3 519.6 0.3 0.55
TUG10645 519.6 519.9 0.3 0.80
TUG10656 522.6 522.9 0.3 0.59
TUG10657 522.9 523.2 0.3 0.88
TUG10658 523.2 523.5 0.3 0.76
TUG10659 523.5 523.8 0.3 1.09
TUG10660 523.8 524.1 0.3 0.61
TUG10661 524.1 524.4 0.3 2.11
TUG10664 525 525.3 0.3 5.56
TUG10666 525.3 525.6 0.3 7.50
TUG10667 525.6 525.9 0.3 0.87
TUG10668 525.9 526.2 0.3 0.78
TUG10693 543.9 544.2 0.3 0.63
TUG10695 544.5 544.8 0.3 0.75
TUG10696 544.8 545.1 0.3 0.59
TUG10699 545.7 546 0.3 0.81
TUG10701 546 546.3 0.3 0.63
TUG10702 546.3 546.6 0.3 0.59
TUG10706 547.5 547.8 0.3 0.52
TUG10719 554.1 554.4 0.3 0.84

Table 2: 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)
TUG-135 3920759 1876459 139.2 689.4 -64 149
TUG-136 3920759 1876459 139.2 617.4 -58 151
TUG-138 3920759 1876459 139.2 746.4 -64 163
TUG-141 3920759 1876459 139.2 633.0 * -55° 162°

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 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126617

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