North Vancouver, British Columbia--(Newsfile Corp. - January 30, 2025) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to report significant new high-grade gold results from 3,791.3 metres of underground grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on Zone 2 and targeted the URW and Murau lode systems.
All drilling was completed from existing near surface underground workings. The Company intersected high-grade mineralized structures in 25 holes. Most of the drill holes did not exceed 130 metres in length from underground drill stations. Drill results include multiple bonanza grade gold assays over narrow widths such as 168.3 g/t over 0.4 m, 158.0 g/t over 0.3 m, 145.5 g/t over 0.4 m, 123.5 g/t over 0.6 m, and 119.5 g/t over 0.4 m, all of which are located near existing underground workings. These bonanza grade gold results occur within larger intervals of high-grade mineralization, such as 6.7 m of 25.45 g/t gold, and 4.7 m of 26.89 g/t gold.
The Zone 2 drilling targeted two separate mineralized systems: the URW system and the Murau system. The URW drilling primarily targeted the downdip extension of the URW1 stockwork zone below the 1101 level, while the Murau drilling primarily targeted mineralization below the 1095 level. Both programs intersected high grade mineralization, indicating that both systems extend down vertically below current mining levels. Due to the proximity of these results to active mining levels, these results are anticipated to be incorporated into the mine plan in the next six to twelve months. Notably, the headline intersect of 6.7 m of 25.45 g/t gold is located within the high-grade roscoelite zone, just 10 m below current mining activities in the 1095 level (see press releases dated November 12, 2024 and November 19, 2024 ).
Lion One Chairman and CEO Walter Berukoff commented: "We're extremely pleased with the new results from our Zone 2 grade control drill program. These drill results are in close proximity to our active mine headings and we're excited to incorporate them into our near-term mine plan. Together with the high-grade Zone 5 results released last week, we continue to advance Tuvatu on multiple fronts and we look forward to advancing the mine to new levels underground."
Highlights of New Drill Results:
25.45 g/t Au over 6.7 m (including 145.5 g/t Au over 0.4 m) (TGC-0276, from 45.1 m depth)
26.89 g/t Au over 4.7 m (including 78.0 g/t Au over 0.85 m) (TGC-0264, from 36.8 m depth)
36.94 g/t Au over 2.5 m (including 158.0 g/t Au over 0.3 m) (TGC-0312, from 46.5 m depth)
13.97 g/t Au over 6.6 m (including 54.5 g/t Au over 0.3 m) (TGC-0260, from 31.45 m depth)
45.95 g/t Au over 1.8 m (including 123.5 g/t Au over 0.55 m) (TGC-0308, from 43 m depth)
168.25 g/t Au over 0.4 m (TGC-0276, from 18.5 m depth)
29.23 g/t Au over 2.1 m (including 37.43 g/t Au over 0.9 m) (TGC-0353, from 27.9 m depth)
21.48 g/t Au over 2.7 m (including 119.5 g/t Au over 0.42 m) (TGC-0344, from 70.2 m depth)
12.47 g/t Au over 3.8 m (including 49.86 g/t Au over 0.45 m) (TGC-0264, from 57.2 m depth)
10.82 g/t Au over 3.7 m (including 19.51 g/t Au over 0.6 m) (TGC-0276, from 39.9 m depth)
*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.
Figure 1. Location of the Zone 2 drilling reported in this news release. Left image: Plan view of Tuvatu showing Zone 2 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Right image: Section view of Zone 2 drilling looking northeast. Zone 2 drilling primarily targeted the Murau and URW lode systems below current mine levels.
The Zone 2 area of Tuvatu is located in the northwest part of the deposit, near the main portal. The URW and Murau lode systems are the primary mineralized systems in Zone 2, and they are both actively being mined. A total of 35 drill holes are reported in this news release, including 23 targeting the URW system and 12 targeting the Murau system.
The URW system consists of multiple closely spaced steeply dipping high grade mineralized lodes trending in a north-south direction. Within this system lies the URW1 stockwork zone, which consist of two steeply dipping lodes enveloped within a stockwork zone of gold-bearing veinlets. Four levels of underground mining have been completed within the URW1 stockwork zone; the 1161, 1141, 1121, and 1101 levels. Long hole open stope mining is taking place between these levels. The URW drilling reported here was conducted from the 1116 drill station underground and consists of a series of drill holes oriented in a fan from east to southeast. The drill program primarily targeted the down dip extension of the URW1 stockwork zone below the 1101 level along a 120 m strike length from north to south. High- and bonanza-grade results were intersected in multiple drill holes, indicating the continuation of the system below current mine workings (see Figure 2).
The Murau system consists of a series of high-grade flat to moderately flat mineralized structures located between the steeply dipping URW1 stockwork zone to the east and the steeply dipping Ura lode system to the west. The Murau structures are known as ''flatmakes''[1] and have abundant roscoelite mineralization. They Murau flatmakes are a major component of the high-grade roscoelite zone that was identified in 2024. The first such flatmake is being actively mined along the 1095 level in Zone 2 where a 120 m strike length of the system has been exposed. The Murau drilling reported here was conducted from the 1121 drill station underground. Drilling consists of a series of drill holes oriented in a fan from the north to the northwest. The primary target of the drilling was mineralization below the 1095 level, with several drillholes also targeting mineralization above the 1095 level. High grade mineralization was intersected both above and below the 1095 level, with 6.7 m of 25.45 g/t gold intersected within 10 m below the 1095 level indicating the potential for additional flatmakes below the 1095 level (see Figure 3).
The purpose of the current Zone 2 URW and Murau grade control drill programs are to enhance the mine model and inform stope design in advance of mining in these areas. The majority of the high-grade intervals reported in this release are located within 30 m of underground developments and are anticipated to be included in the mine plan in 2025. Both the URW1 and Murau drill programs have successfully intersected high-grade gold mineralization in close proximity below current underground workings. Highlights of the Zone 2 drilling reported here are shown in Figure 2 and Figure 3.
Figure 2. Zone 2 URW grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Oblique view looking down to the north. The URW grade control drilling in Zone 2 was oriented in a fan from the east to the south and primarily targeted the down-dip extension of the URW1 stockwork zone below the 1101 level, as well as the extensions of the system to the north and to the south.
Figure 3. Zone 2 Murau grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Section view looking east-northeast. The Murau grade control drilling in Zone 2 targeted mineralization in the roscoelite zone below the 1095 level, as well as the gap between the Murau and URW1 lode systems. The headline drill intercept of 6.7 m of 25.45 g/t gold is located within 10 m below the 1095 level and is scheduled for mining in the near term.
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and has been reviewed and approved by Melvyn Levrel, who is the company's Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101"). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor 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.
Appendix 1: Full Drill Results and Collar Information
Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0253
1876320
3920738
123
10.3
-35.7
110.6
TGC-0258
1876320
3920738
122
10.1
-50.1
85.0
TGC-0260
1876320
3920739
122
10.6
-15.9
100.0
TGC-0262
1876320
3920739
123
10.5
0.0
101.0
TGC-0264
1876320
3920740
125
11.2
21.1
105.2
TGC-0266
1876319
3920738
123
353.8
-24.3
106.2
TGC-0270
1876317
3920736
121
295.7
-54.9
75.0
TGC-0272
1876317
3920736
121
295.5
-70.6
55.3
TGC-0274
1876316
3920737
122
300.6
-39.1
100.0
TGC-0276
1876316
3920729
121
320.2
-39.3
75.6
TGC-0280
1876317
3920728
121
322.8
-50.8
75.0
TGC-0283
1876317
3920729
121
339.1
-50.4
75.3
TGC-0285
1876298
3920812
121
103.6
10.9
90.2
TGC-0290
1876298
3920813
121
83.7
13.2
91.7
TGC-0293
1876298
3920813
120
90.0
-5.7
275.4
TGC-0298
1876298
3920812
120
107.0
-13.9
275.0
TGC-0305
1876289
3920808
119
157.3
-30.0
41.4
TGC-0308
1876287
3920806
119
157.9
-28.7
150.0
TGC-0312
1876287
3920806
119
156.4
-24.8
165.3
TGC-0314
1876288
3920807
119
149.6
-26.1
146.4
TGC-0317
1876288
3920808
120
135.1
-11.3
63.2
TGC-0320
1876288
3920807
119
135.5
-24.2
127.0
TGC-0322
1876288
3920807
119
132.1
-28.9
127.0
TGC-0324
1876288
3920808
120
129.3
-22.7
122.7
TGC-0328
1876288
3920807
120
134.2
-6.3
71.5
TGC-0329
1876287
3920806
118
166.1
-35.1
148.3
TGC-0334
1876287
3920806
118
102.0
-9.0
10.6
TGC-0337
1876292
3920809
119
118.1
-23.3
118.7
TGC-0340
1876292
3920809
119
117.4
-28.4
122.5
TGC-0344
1876295
3920810
119
109.2
-27.0
117.3
TGC-0348
1876298
3920811
120
103.3
-8.3
7.8
TGC-0350
1876298
3920811
119
102.7
-19.2
110.0
TGC-0353
1876298
3920811
120
102.3
-8.7
108.0
TGC-0357
1876298
3920811
119
106.9
-34.5
121.0
TGC-0362
1876298
3920812
119
98.3
-31.0
116.1
Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).
Hole ID
From (m)
To (m)
Width (m)
Au (g/t)
TGC-0260
30.0
30.4
0.4
26.50
31.5
38.0
6.6
13.97
including
31.5
31.8
0.3
17.06
and
31.8
32.4
0.7
5.68
and
32.4
33.6
1.2
16.99
and
33.6
33.9
0.3
54.50
and
33.9
34.7
0.8
47.20
and
34.7
35.4
0.7
0.04
and
35.4
36.0
0.7
4.13
and
36.0
36.8
0.8
1.93
and
36.8
38.0
1.2
5.33
39.3
40.0
0.7
3.75
TGC-0262
24.0
24.3
0.3
3.46
45.0
45.3
0.3
6.94
46.5
47.2
0.7
5.04
TGC-0264
36.8
41.5
4.7
26.89
including
36.8
37.1
0.3
10.85
and
37.1
38.3
1.2
16.77
and
38.3
39.5
1.2
13.50
and
39.5
40.0
0.5
0.08
and
40.0
40.9
0.9
78.00
and
40.9
41.5
0.7
31.47
44.4
47.2
2.8
7.94
including
44.4
45.0
0.6
9.77
and
45.0
45.3
0.3
2.23
and
45.3
45.9
0.6
3.22
and
45.9
46.2
0.3
18.99
and
46.2
46.9
0.7
9.37
and
46.9
47.2
0.3
5.31
57.2
61.0
3.8
12.47
including
57.2
57.8
0.6
9.37
and
57.8
58.4
0.6
0.62
and
58.4
58.9
0.5
49.86
and
58.9
59.2
0.3
0.40
and
59.2
59.5
0.3
8.59
and
59.5
59.8
0.3
33.44
and
59.8
60.4
0.7
5.13
and
60.4
61.0
0.6
4.83
TGC-0270
45.4
46.6
1.2
19.55
TGC-0274
29.0
29.7
0.7
27.68
including
29.0
29.4
0.4
26.54
and
29.4
29.7
0.3
29.20
38.3
39.2
0.9
3.90
44.7
45.7
1.0
4.12
53.8
56.2
2.4
5.36
including
53.8
54.6
0.8
8.78
and
54.6
54.9
0.3
1.52
and
54.9
55.4
0.5
1.63
and
55.4
55.8
0.4
8.29
and
55.8
56.2
0.4
3.64
58.1
59.0
0.9
7.02
including
58.1
58.4
0.3
6.88
and
58.4
59.0
0.6
7.09
60.1
64.1
4.0
4.38
including
60.1
60.4
0.3
7.87
and
60.4
61.3
0.9
0.36
and
61.3
61.6
0.3
3.70
and
61.6
62.2
0.6
9.13
and
62.2
62.9
0.7
4.65
and
62.9
63.3
0.4
0.25
and
63.3
64.1
0.8
6.12
TGC-0276
18.5
18.9
0.4
168.25
39.9
43.6
3.7
10.82
including
39.9
40.8
0.9
9.00
and
40.8
41.1
0.3
12.00
and
41.1
41.7
0.6
19.51
and
41.7
42.7
1.0
0.44
and
42.7
43.6
0.9
17.99
45.1
51.8
6.7
25.45
including
45.1
45.4
0.3
66.44
and
45.4
46.2
0.8
8.25
and
46.2
46.5
0.3
67.29
and
46.5
46.9
0.4
13.36
and
46.9
47.2
0.3
12.58
and
47.2
47.6
0.4
23.10
and
47.6
48.0
0.4
145.50
and
48.0
48.6
0.6
13.66
and
48.6
49.6
1.0
4.04
and
49.6
50.1
0.5
47.73
and
50.1
50.8
0.7
6.76
and
50.8
51.8
1.0
5.48
TGC-0285
13.8
14.4
0.6
52.57
63.1
63.4
0.3
12.39
TGC-0290
41.7
43.0
1.3
10.85
including
41.7
42.0
0.3
20.38
and
42.0
42.7
0.7
5.93
and
42.7
43.0
0.3
12.79
45.4
46.0
0.6
6.18
58.4
61.0
2.6
10.76
including
58.4
59.2
0.8
24.33
and
59.2
60.4
1.2
4.97
and
60.4
61.0
0.6
4.24
62.2
62.5
0.3
6.90
TGC-0293
48.0
49.2
1.2
9.43
including
48.0
48.6
0.6
14.89
and
48.6
49.2
0.6
3.97
128.0
130.2
2.2
3.02
including
128.0
129.0
1.0
3.09
and
129.0
129.6
0.6
2.10
and
129.6
130.2
0.6
3.83
162.8
165.2
2.4
5.22
including
162.8
163.1
0.3
21.04
and
163.1
163.6
0.5
0.40
and
163.6
164.4
0.8
3.46
and
164.4
165.2
0.8
4.07
169.1
170.0
0.9
5.18
TGC-0298
23.8
24.2
0.4
19.57
56.6
57.5
0.9
8.50
65.4
65.7
0.3
8.48
TGC-0305
5.1
6.7
1.6
11.76
including
5.1
5.4
0.3
4.24
and
5.4
6.0
0.6
26.29
and
6.0
6.3
0.3
1.41
and
6.3
6.7
0.4
3.38
8.8
9.7
0.9
11.85
TGC-0308
4.6
4.9
0.3
3.30
5.6
5.9
0.3
3.15
10.1
10.5
0.4
5.58
11.6
12.5
0.9
6.81
including
11.6
12.0
0.4
9.95
and
12.0
12.5
0.5
4.30
43.0
44.8
1.8
45.95
including
43.0
43.3
0.3
6.21
and
43.3
43.6
0.3
0.18
and
43.6
44.2
0.6
123.50
and
44.2
44.5
0.3
29.20
and
44.5
44.8
0.3
6.03
52.6
53.8
1.2
5.70
57.2
58.4
1.2
4.78
122.6
122.9
0.3
7.08
TGC-0312
4.5
5.4
0.9
3.58
9.3
10.5
1.2
4.07
37.4
37.7
0.3
6.15
46.5
49.0
2.5
36.94
including
46.5
47.2
0.7
17.52
and
47.2
47.5
0.3
48.99
and
47.5
47.8
0.3
158.00
and
47.8
48.4
0.6
25.72
and
48.4
49.0
0.6
4.27
53.5
54.7
1.2
31.28
59.6
59.9
0.3
3.36
TGC-0314
3.4
3.7
0.3
8.36
4.9
6.0
1.1
4.07
51.6
51.9
0.3
3.20
57.8
59.7
1.9
11.67
including
57.8
58.7
0.9
17.99
and
58.7
59.4
0.7
2.32
and
59.4
59.7
0.3
15.36
TGC-0317
2.1
2.5
0.4
4.39
6.1
6.4
0.3
8.93
41.6
41.9
0.3
6.27
47.9
48.2
0.3
4.56
55.9
56.7
0.8
8.12
TGC-0320
3.8
5.8
2.0
4.27
including
3.8
4.3
0.5
7.36
and
4.3
4.6
0.3
1.05
and
4.6
5.3
0.7
<0.01
and
5.3
5.8
0.5
9.10
54.2
56.0
1.8
6.22
including
54.2
55.1
0.9
8.98
and
55.1
56.0
0.9
3.46
82.4
83.0
0.6
9.95
113.9
114.5
0.6
8.48
including
113.9
114.2
0.3
12.79
and
114.2
114.5
0.3
4.16
TGC-0322
123.8
125.6
1.8
6.67
including
123.8
124.1
0.3
3.70
and
124.1
124.4
0.3
0.01
and
124.4
124.7
0.3
2.16
and
124.7
125.0
0.3
9.82
and
125.0
125.6
0.6
11.98
TGC-0324
95.5
95.8
0.3
72.59
TGC-0328
20.0
21.0
1.1
6.16
including
20.0
20.4
0.4
3.65
and
20.4
21.0
0.6
7.77
42.6
44.5
1.9
4.98
including
42.6
43.8
1.2
5.20
and
43.8
44.5
0.7
4.63
53.7
56.3
2.6
11.14
including
53.7
54.0
0.3
6.20
and
54.0
54.3
0.3
1.41
and
54.3
55.0
0.7
23.57
and
55.0
55.3
0.3
9.03
and
55.3
56.0
0.7
6.71
and
56.0
56.3
0.3
10.26
67.4
68.3
0.9
4.98
TGC-0329
11.2
11.5
0.3
3.32
31.7
32.3
0.6
5.00
57.5
58.6
1.1
8.91
133.9
134.2
0.3
14.65
TGC-0344
70.2
72.9
2.7
21.48
including
70.2
71.0
0.8
5.60
and
71.0
71.5
0.5
0.10
and
71.5
71.9
0.4
119.50
and
71.9
72.9
1.0
3.27
TGC-0350
62.3
63.5
1.2
10.43
including
62.3
62.6
0.3
23.99
and
62.6
63.5
0.9
5.91
TGC-0353
27.9
30.0
2.1
29.23
including
27.9
28.8
0.9
37.43
and
28.8
30.0
1.2
23.08
33.3
33.6
0.3
3.46
38.7
39.1
0.4
3.53
54.3
55.3
1.0
7.38
including
54.3
54.6
0.3
9.95
and
54.6
55.0
0.4
0.85
and
55.0
55.3
0.3
14.38
64.0
65.0
0.9
9.72
including
64.0
64.4
0.3
3.16
and
64.4
65.0
0.6
13.45
TGC-0357
75.1
75.4
0.3
6.30
TGC-0362
68.7
69.3
0.6
30.10
including
68.7
69.0
0.3
23.75
and
69.0
69.3
0.3
36.44
1 Flatmakes are flat-dipping mineralized vein structures. The term is a Fijian mining term commonly used at the Vatukoula gold mine northeast of Tuvatu. At Vatukoula, flatmakes have been reported to have hundreds of meters of strike length.
