Lion One Reports 19.60m at 21.16 G/t Au Including 16.20m at 25.28 G/t Au in Drillhole TUDDH-608, Expanding the TUG-141 High-Grade Zone at Tuvatu, Fiji
InvestorSarfari Comments:
Walter Berukoff knew he had tiger (or should we say LION) by the tail when he acquired the Fiji property, that has since expanded over a decade ago. He then hired the best mining people in the industry, like Quinton Hennigh, Sergio Catallani and Pat Hickey, to name a few.
Lion owns 6 drills with 2 more arriving shortly. The company also has their own on-site lab to accelerate results from test drills. It seems every time the drill cores a target area, significant results follow.
We know the markets are in a “weird” place right now, but these results cannot be ignored for too long. We’ve heard many people use the expression “lucky” when referred to investors who make big gains. Often the response is, “Oh look at that… they bought the stock when it was really cheap and now they’re a millionaire!”
Definition of luck: When opportunity meets preparedness. Are you prepared to be lucky? Are you prepared to take advantage of opportunities? As strange as current markets are, there’s still neglected stocks “to be discovered” that will outperform broad market averages once cooler heads prevail.
Volatile markets are generally driven by fear/reward psychology. Stocks that are less liquid (lower trading volume) with minimal analyst support, have an additional layer of volatility. It’s frustrating when good news sounds but the echo doesn’t travel far. Such is the wild experience of an investor safari. Hang on the ride. Enjoy the view. Eventually a herd will be spotted. This ain’t the only safari in town.
North Vancouver, British Columbia--(Newsfile Corp. - September 15, 2022) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to announce the results from drillhole TUDDH-608 a direct follow-up to the TUG-141/TUDDH-601 high-grade zone discovery at its fully permitted Tuvatu Alkaline Gold Project in Fiji.
TUDDH-608 intersected:
19.60m at 21.16 g/t Au from 594.5-614.1m, which includes a zone of
16.20m at 25.28 g/t Au from 596.7-612.9m.
The dip of this hole at this depth was approximately 60° equating to a true horizontal width of 11.85m.
TUDDH-608 was drilled from surface at an azimuth of approximately N090°E, aimed at intersecting the TUG-141/TUDDH-601 high-grade zone at a high angle to determine the true width of the high-grade zone at this location.
Figure 1 show the trace of TUDDH-608 and its location relative to the current interpretation of the TUG-141/TUDDH-601 high-grade dilation zone, and indicates that TUDDH-608 intersected high-grade Au mineralization approximately 20m north of subvertical hole TUDDH-601, and 15m below the discovery hole TUG-141. The trace of the currently drilling TUG-147 drillhole, designed to intersect the high-grade mineralized zone an additional 90 to the north of TUDDH-608 is also shown on Figure 1. TUG-147 is expected to cross the target rocks in the next 7-10 days.
Figure 2 includes some photos of the mineralization intersected by hole TUDDH-608. All results >0.5 g/t Au are summarized below in Table 1.
Lion One Sr. Vice-President of Exploration Sergio Cattalani, stated "This is yet another exceptional set of results from the ongoing drilling of the high-grade zone defined by the previous drill holes TUG-141 and TUDDH-601. Our current interpretation of this portion of the 500 Zone feeder is that of a wide zone of dilation associated with the interplay of major structural corridors (UR1 and UR4) and the main lithological contact between monzonite and andesite that has the potential to extend for tens to hundreds of meters both vertically and along the NS direction. True widths exceeding 10m at the narrower apex of this dilational zone suggest a significant increase in gold ounces once this zone has been adequately drilled off, and this, independent of the rest of the extensive vertical 500 zone feeder that is known to exceed 1100m in vertical extent. We will continue to expand this critical zone of high-grade mineralization with ongoing drilling both from surface as well as from the underground decline."
Figure 1: Oblique views looking N320° and down 45° (A) and looking N060° and down 20°
(B) of a 100m thick horizontal slice of the UR1-UR4 high-grade mineralized zone. Yellow trace is the projected trace of TUG-147 (in progress).
Figures 2: Photos from TUDDH-608 drill core, as follows:
A) 571.5m, 17.03 g/t Au; B) 601.9m, 23.21 g/t Au;
C) 599.5m, 108.31 g/t Au; D) 606.5m, 54.54 g/t Au;
E) 611.8m, 45.02 g/t Au;
F) close-up of cut core from photo E showing VG.
Table 1: Drilling intervals for diamond drill hole TUDDH-608 returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded).
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
Grade (g/t Au) |
|
TUDDH-608 |
38.0 |
38.6 |
0.6 |
1.03 |
|
263.8 |
264.4 |
0.6 |
0.71 |
|
|
285.1 |
285.7 |
0.6 |
0.69 |
|
|
493.6 |
493.9 |
0.3 |
3.07 |
|
|
503.2 |
510.0 |
6.8 |
2.45 |
|
|
Incl. |
506.7 |
507.3 |
0.6 |
10.49 |
|
511.2 |
515.7 |
4.5 |
1.45 |
|
|
517.8 |
518.1 |
0.3 |
1.08 |
|
|
519.3 |
523.2 |
3.9 |
1.49 |
|
|
557.1 |
557.7 |
0.6 |
9.08 |
|
|
Incl. |
557.1 |
557.4 |
0.3 |
11.64 |
|
Incl. |
557.4 |
557.7 |
0.3 |
6.51 |
|
559.2 |
559.8 |
0.6 |
3.02 |
|
|
571.4 |
572.6 |
1.2 |
9.41 |
|
|
Incl. |
571.4 |
572.6 |
0.6 |
17.02 |
|
576.5 |
577.4 |
0.9 |
0.51 |
|
|
594.5 |
618.2 |
19.6 |
21.16 |
|
|
Incl. |
596.7 |
597.9 |
1.2 |
85.09 |
|
Incl. |
597.9 |
598.6 |
0.7 |
9.42 |
|
Incl. |
598.6 |
598.9 |
0.3 |
8.38 |
|
Incl. |
598.9 |
599.2 |
0.3 |
11.44 |
|
Incl. |
599.2 |
599.5 |
0.3 |
6.98 |
|
Incl. |
599.5 |
599.8 |
0.3 |
36.39 |
|
Incl. |
599.8 |
600.4 |
0.6 |
108.31 |
|
Incl. |
600.4 |
600.7 |
0.3 |
21.69 |
|
Incl. |
600.7 |
601.7 |
1.0 |
13.54 |
|
Incl. |
601.7 |
602.2 |
0.5 |
23.39 |
|
Incl. |
602.2 |
602.5 |
0.3 |
0.72 |
|
Incl. |
602.5 |
603.1 |
0.6 |
80.01 |
|
Incl. |
603.1 |
603.7 |
0.6 |
7.05 |
|
Incl. |
603.7 |
604.0 |
0.3 |
11.97 |
|
Incl. |
604.0 |
604.6 |
0.6 |
3.09 |
|
Incl. |
604.6 |
605.2 |
0.6 |
2.93 |
|
Incl. |
605.2 |
606.0 |
0.8 |
1.41 |
|
Incl. |
606.0 |
606.6 |
0.6 |
54.53 |
|
Incl. |
606.6 |
607.2 |
0.6 |
11.99 |
|
Incl. |
607.2 |
607.8 |
0.6 |
8.30 |
|
Incl. |
607.8 |
608.4 |
0.6 |
29.56 |
|
Incl. |
608.4 |
609.3 |
0.9 |
1.34 |
|
Incl. |
609.3 |
609.6 |
0.3 |
24.31 |
|
609.6 |
610.2 |
0.6 |
2.61 |
|
|
Incl. |
610.2 |
610.8 |
0.6 |
10.85 |
|
Incl. |
610.8 |
611.1 |
0.3 |
7.54 |
|
611.1 |
611.4 |
0.3 |
2.90 |
|
|
Incl. |
611.4 |
612.1 |
0.7 |
45.02 |
|
Incl. |
612.1 |
612.9 |
0.8 |
13.31 |
|
612.9 |
613.8 |
0.9 |
0.54 |
|
|
613.8 |
614.1 |
0.3 |
1.87 |
|
|
616.1 |
618.2 |
2.1 |
4.25 |
|
|
Incl. |
616.1 |
616.7 |
0.6 |
11.72 |
|
670.2 |
670.5 |
0.3 |
0.97 |
Table 2: Survey details of diamond drill holes referenced in this release. Previously released drill holes are not included here.
|
Hole No |
Coordinates (Fiji map grid) |
RL |
final depth |
dip |
azimuth |
|
|
N |
E |
m |
(TN) |
|||
|
TUDDH-608 |
1876280 |
3920472 |
286.51 |
678.1 |
-64 |
089 |
|
TUG-147 |
1876435 |
3920584 |
116 |
in progress |
-75 |
099 |
On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff”
Chairman and CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137267