North Vancouver, British Columbia--(Newsfile Corp. - February 27, 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 1,757.8 meters of near-mine expansion drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. Drilling is focused on the SKL lodes in the Zone 5 area of Tuvatu. The Company is also pleased to announce accomplished mining engineer Ian Berzins as the Company's new CEO.
The SKL lodes are located in close proximity to underground workings near surface in the Zone 5 area of Tuvatu. Drilling was conducted from two surface drill pads and consisted of infill and expansion drilling with the purpose of bringing the SKL lodes into the long term mine plan for Tuvatu. High-grade mineralized structures were intersected in 10 drill holes. Drill results include multiple bonanza grade gold assays such as 502.50 g/t, 118.20 g/t, 85.50 g/t, and 76.50 g/t gold over narrow widths of 0.3 m. All high-grade drill results were intersected within 75 m of underground developments and within 110 m of surface. The SKL lodes were the subject of test mining in the 1990s but have undergone little modern drilling despite their proximity to underground workings. The SKL lodes represent a prime target for addition to the Tuvatu mine plan given the high-grade results and proximity to underground infrastructure. Previous drill results in the SKL area include 4.8 m of 30.48 g/t gold (see news release dated May 8, 2024).
Highlights of New Drill Results:
85.54 g/t Au over 3.0 m (including 502.50 g/t Au over 0.3 m) (TUDDH-745, from 31.73 m depth)
23.59 g/t Au over 2.4 m (including 53.99 g/t Au over 0.6 m) (TUDDH-740, from 74.50 m depth)
21.10 g/t Au over 2.4 m (including 46.30 g/t Au over 0.3 m) (TUDDH-748, from 82.79 m depth)
24.51 g/t Au over 1.6 m (including 76.50 g/t Au over 0.3 m) (TUDDH-748, from 54.82 m depth)
118.20 g/t Au over 0.3 m (TUDDH-733, from 85.5 m depth)
15.22 g/t Au over 2.1 m (including 57.64 g/t Au over 0.3 m) (TUDDH-748, from 133.92 m depth)
10.94 g/t Au over 2.7 m (including 41.05 g/t Au over 0.3 m) (TUDDH-738, from 68.10 m depth)
85.50 g/t Au over 0.3 m (TUDDH-745, from 88.96 m depth)
36.49 g/t Au over 0.7 m (including 59.05 g/t Au over 0.4 m) (TUDDH-745, from 74.60 m depth)
19.50 g/t Au over 1.2 m (including 30.44 g/t Au over 0.3 m) (TUDDH-740, from 110.20 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 SKL drilling reported in this news release.Left image: Plan view of Tuvatu showing SKL drillholes in relation to the mineralized lodes shown in grey and Tuvatu underground development shown in red. Right image: Oblique view of the SKL drilling looking northeast.
The SKL lodes are located in the near-surface portion of Zone 5, in the northeast part of the deposit proximal to the historical exploration adit, which is now used primarily for mine ventilation and secondary egress. The SKL lodes are north of the steeply dipping UR lodes, which are the primary lodes in Zone 5. Minor underground development and trial mining was conducted on the SKL lodes in the late 1990s, including the development of the historical exploration adit. Minor confirmatory infill drilling was also completed in 2019 and in 2024 Lion One announced the results from seven additional drillholes conducted in the area. The drill holes announced in this release are a continuation of that program. Preliminary handheld mining has also been conducted in the SKL lodes on a trial basis to further test the area. Additional infill drilling and underground development is required before more advanced mining can take place. The SKL lodes are a prime target for near-mine expansion given both the underground access already in place and the high-grade results returned from the initial infill drilling.
The SKL lodes have historically been modelled as a series of stacked flat-lying mineralized lodes known as ''flatmakes''[1], similar to those currently being mined in the high-grade near-surface roscoelite area in Zone 2. The lodes are composed of high-grade narrow vein structures that frequently return bonanza-grade results >30 g/t gold. They are also associated with stockwork veining and roscoelite mineralization. The SKL lodes are not included in the current mine plan at Tuvatu. The purpose of the current SKL drill program is to confirm the SKL mineralization in advance of additional infill and grade control drilling needed to bring the area into the Tuvatu mine plan. The SKL lodes are a strong example of the opportunity for near-mine expansion at Tuvatu.
Figure 2. SKL drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Section view looking northeast. High-grade gold mineralization is intersected near surface proximal to underground developments in the SKL area. SKL lodes are shown in light brown. These drill results are not included in the Tuvatu mine plan and represent near mine expansion of the mine plan.
Effective immediately, Walter Berukoff - Founder, Chairman, and CEO of Lion One Metals, is transitioning to the role of Chairman and President of the Company, while Ian Berzins is joining the Company as it's new CEO. This is part of a planned senior management transition at Lion One aimed specifically at providing increased operational knowledge and support for the Company as it ramps up production at the Tuvatu gold mine in Fiji.
As Founder, Chairman and CEO of Lion One Metals, Mr. Berukoff has had an unparalleled impact on the success of the Company. Mr. Berukoff acquired the Tuvatu property as an exploration project, and successfully brought the project from exploration through discovery, permitting, financing, construction, and ultimately to production, all while maintaining 100% control of the project - a rarity in modern mining. During this time, Mr. Berukoff also consolidated all the mineral rights throughout the highly prospective Navilawa Caldera, making Lion One the first Company ever to hold rights over the entire caldera, and thereby providing the Company with top tier exploration and growth potential. The Company has since made numerous discoveries throughout the caldera, such as the Lumuni gold and Wailoaloa copper-gold prospects. The most important discoveries made under Mr. Berukoff's leadership have been at Tuvatu, including the high-grade Zone 500 feeder zone which returned 75.9 m of 20.86 g/t gold, and the high-grade near-surface roscoelite zone which is currently in production. Tuvatu is now an operating gold mine, having achieved increased gold production in every quarter throughout 2024, culminating in record revenue from gold sales in the quarter ending December 31, 2024. As President and Chairman of Lion One Metals, Mr. Berukoff will remain involved with the Company and will continue to support the growth of Tuvatu as it ramps up to the next stage of production as well as looking at other accretive assets for the Company.
Incoming CEO Ian Berzins is a seasoned mining professional who brings significant underground operational experience to the Company. Mr. Berzins is knowledgeable in various mining applications including narrow vein conventional mining and open stoping. He previously held senior management positions at several deep underground gold mining operations in Canada including the Con Mine in Yellowknife NT, the Lupin Mine in Nunavut and the Rice Lake Mine in Bissett, MB. During the period from 2008 to 2014 as COO and subsequently CEO, Mr. Berzins led the operational ramp-up at the Rice Lake Mine from 10,000 ounces of gold per annum to 80,000 ounces of gold per annum averaging 20,000 ounces per month for 11 consecutive quarters. As Vice President and General Manager at Thompson Creek's Mount Milligan open pit copper and gold mine, during the period from 2014 to 2016, Mr. Berzins lead the operational team that achieved nameplate throughput of 60,000 tonnes per day on a consistent basis. Mr. Berzins is a strong advocate for safe production and local engagement. With over 40 years in the mining industry, he has worked in mine engineering, supervision, human resources, maintenance and senior management. Mr. Berzins holds a Bachelor of Applied Science in Mining Engineering from Queen's University in Kingston, Ontario, Canada, and has completed his ICD.D designation from the Haskayne School of Management in Calgary, Alberta, Canada.
Lion One Chairman and CEO Walter Berukoff commented: "We are extremely pleased to have Ian join us at this pivotal moment in our development. He brings significant operational experience and leadership to Lion One, which will be highly advantageous to the Company as we ramp up gold production at Tuvatu and as we continue to discover additional gold mineralization, including the emergence of roscoelite as a key indicator in our alkaline gold system. Tuvatu is one of only a few alkaline gold deposits in the world not controlled by a major mining Company. The board and I have full confidence in Ian's ability to help us develop Tuvatu into a world class gold deposit, and we are excited to have him on the team."
Mr. Berzins stated: "I am honoured and excited to join the Lion One team at this key juncture in time. I look forward to leveraging my knowledge and experience to help grow the Company from the base established by Mr. Berukoff and the Lion One team in Tuvatu. Mr. Berukoff and I previously worked together at the Con Mine between 1993 and 1996, and I look forward to working together again".
Warrant Listing
The Company confirms that the share purchase warrants (the "Warrants") issued as part of the public offering that was completed on February 14, 2028 are now listed on the TSX Venture Exchange under the symbol "LIO.WT.A". The Warrants are exercisable for one common share of the Company at a price of $0.41 until February 14, 2028.
Competent Persons Statement
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 & President
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
TUDDH-733
1876479
3920838
238
288.1
-56.9
133.0
TUDDH-735
1876479
3920839
238
302.2
-53.8
122.5
TUDDH-736
1876479
3920839
238
274.8
-55.0
147.6
TUDDH-737
1876479
3920838
238
241.9
-66.0
150.6
TUDDH-738
1876479
3920838
240
285.2
-63.2
135.0
TUDDH-740
1876482
3920839
239
338.0
-69.2
160.0
TUDDH-742
1876482
3920839
239
355.0
-85.0
10.2
TUDDH-743
1876481
3920839
239
355.0
-85.0
10.1
TUDDH-744
1876481
3920843
239
354.6
-84.7
160.0
TUDDH-745
1876483
3920840
240
190.8
-85.6
165.6
TUDDH-748
1876488
3920785
239
344.9
-59.7
161.4
TUDDH-750
1876489
3920785
240
18.9
-56.9
10.0
TUDDH-751
1876489
3920786
239
19.1
-53.2
200.3
TUDDH-752
1876490
3920785
240
50.9
-80.6
191.5
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)
TUDDH-733
82.2
82.8
0.6
3.42
85.5
85.8
0.3
118.20
TUDDH-735
89.3
92.3
3.0
6.92
including
89.3
89.9
0.6
7.93
and
89.9
90.5
0.6
6.30
and
90.5
91.1
0.6
0.39
and
91.1
91.7
0.6
15.93
and
91.7
92.3
0.6
4.07
TUDDH-735
94.4
94.7
0.3
11.66
TUDDH-736
102.0
102.6
0.6
4.27
TUDDH-737
75.9
76.2
0.3
5.42
77.4
78.9
1.5
3.65
including
77.4
77.7
0.3
3.47
and
77.7
78.0
0.3
7.84
and
78.0
78.3
0.3
3.40
and
78.3
78.6
0.3
0.21
and
78.6
78.9
0.3
3.34
86.0
86.3
0.3
6.70
88.7
89.3
0.6
33.43
including
88.7
89.0
0.3
23.63
and
89.0
89.3
0.3
43.22
TUDDH-738
68.1
70.8
2.7
10.94
including
68.1
68.4
0.3
5.41
and
68.4
69.0
0.6
-0.01
and
69.0
69.3
0.3
8.30
and
69.3
69.6
0.3
2.87
and
69.6
69.9
0.3
1.08
and
69.9
70.2
0.3
24.46
and
70.2
70.5
0.3
41.05
and
70.5
70.8
0.3
15.33
85.2
85.8
0.6
3.99
88.5
89.7
1.2
8.68
including
88.5
88.8
0.3
25.81
and
88.8
89.1
0.3
1.46
and
89.1
89.4
0.3
4.42
and
89.4
89.7
0.3
3.03
TUDDH-740
65.2
65.8
0.6
4.58
67.3
67.6
0.3
63.35
70.3
70.6
0.3
6.84
74.5
76.9
2.4
23.59
including
74.5
75.1
0.6
53.99
and
75.1
75.7
0.6
25.40
and
75.7
76.3
0.6
7.30
and
76.3
76.9
0.6
7.65
91.6
91.9
0.3
3.05
96.1
96.4
0.3
5.82
110.2
111.4
1.2
19.50
including
110.2
110.5
0.3
5.99
and
110.5
110.8
0.3
18.71
and
110.8
111.1
0.3
30.44
and
111.1
111.4
0.3
22.85
114.9
116.1
1.2
4.20
TUDDH-744
69.1
69.4
0.3
6.20
72.6
72.9
0.3
4.17
77.1
77.7
0.6
5.18
including
77.1
77.4
0.3
6.48
and
77.4
77.7
0.3
3.84
84.8
85.5
0.8
12.84
including
84.8
85.1
0.4
4.83
and
85.1
85.5
0.4
19.85
TUDDH-745
31.7
34.7
3.0
85.54
including
31.7
32.5
0.7
45.89
and
32.5
32.9
0.5
55.25
and
32.9
33.2
0.3
12.68
and
33.2
33.5
0.3
27.01
and
33.5
33.8
0.3
53.77
and
33.8
34.1
0.3
29.36
and
34.1
34.4
0.3
28.50
and
34.4
34.7
0.3
502.50
72.6
73.0
0.4
15.60
74.6
75.3
0.7
36.49
including
74.6
74.9
0.3
7.16
and
74.9
75.3
0.4
59.05
78.5
78.9
0.4
22.15
84.3
85.6
1.3
8.85
including
84.3
84.6
0.3
4.44
and
84.6
85.0
0.4
0.18
and
85.0
85.3
0.3
1.22
and
85.3
85.6
0.3
31.88
89.0
89.3
0.3
85.50
101.5
101.8
0.3
3.66
TUDDH-748
54.8
56.4
1.6
24.51
including
54.8
55.1
0.3
16.99
and
55.1
55.4
0.3
0.08
and
55.4
55.7
0.3
8.29
and
55.7
56.1
0.3
76.50
and
56.1
56.4
0.3
17.28
82.8
85.2
2.4
21.10
including
82.8
83.1
0.3
8.70
and
83.1
83.4
0.4
0.04
and
83.4
83.7
0.3
46.27
and
83.7
84.0
0.3
5.47
and
84.0
84.3
0.3
7.94
and
84.3
84.9
0.5
41.30
and
84.9
85.2
0.3
25.99
86.4
86.7
0.3
28.37
88.5
90.4
1.9
8.25
including
88.5
88.9
0.4
4.42
and
88.9
89.2
0.3
19.04
and
89.2
89.7
0.5
0.11
and
89.7
90.1
0.5
-0.01
and
90.1
90.4
0.3
26.88
97.2
97.5
0.3
5.39
117.0
117.4
0.4
6.15
122.9
123.2
0.3
9.85
133.9
136.0
2.1
15.22
including
133.9
134.2
0.3
36.09
and
134.2
134.5
0.3
57.64
and
134.5
135.1
0.6
0.11
and
135.1
135.4
0.3
0.92
and
135.4
135.7
0.3
6.55
and
135.7
136.0
0.3
5.12
TUDDH-751
54.7
55.0
0.3
7.33
57.2
58.5
1.3
15.14
including
57.2
57.5
0.3
4.97
and
57.5
57.8
0.3
6.34
and
57.8
58.1
0.3
27.19
and
58.1
58.5
0.4
19.86
91.6
92.0
0.4
12.88
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.
