Lion One drills 20.86 g/t gold over 75.9 metres at Tuvatu, Fiji

Lion One Metals Ltd. [LIO-TSXV; LOMLF-OTCQX; LY1-FSE] has discovered a major new feeder structure at its 100%-owned Tuvatu Alkaline Gold Project on the island of Viti Levu 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 gold over 75.9 metres, including 43.62 g/t gold over 30.0 metres, including 90.35 g/t gold over 7.2 metres. 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 gold over 75.9 metres 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; and 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 gold 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 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 gold 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.”

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 focused 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.

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 gold over 3.70 metres from 415.7-419.4 metres in hole TUG-135, including 159.3 g/t gold over 0.30 metres; 87.83 g/t gold over 1.5 metres from 445.1-446.6 metrres in hole TUG-136, including 108.41 g/t gold over 0.60 metres; and 23.14 g/t gold over 3.0 metres from 571.5-574.5 metres in hole TUG-138 including 118.6 g/t gold over 0.30 metres.

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

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