Lion One drills 17.52 g/t gold over 23.7 metres at Tuvatu, Fiji

Lion One Metals Ltd. [LIO-TSXV; LOMLF-OTCQX; LLO-ASX] reported results from hole TUDDH 608 as part of its continuing deep drill program in definition of the 500 zone at the 100%-owned Tuvatu project, island of Viti Levu, Fiji.

Exceptional results include 23.7 metres averaging 17.52 g/t gold, with a horizontal true width of 10.4 metres. Mineralized intervals are inclusive of several bonanza-grade intercepts. This hole is consistent with Lion One’s geological model of a robust alkalic gold system with increasing gold grade at depth.

Highlights include a deep high-grade intercept of 17.52 g/t gold over 23.7 metres with 10.4 metres true width from TUDDH 608; targeting intersection of TUG 141 (20.86 g/t gold over 76.9 metres) and TUDDH 601 (12.22 g/t gold over 54.9 metres); structural interpretation for a deep high grade feeder system taking shape in Zone 500.

Lion One Senior Vice-President Exploration Sergio Cattalani commented: “By drilling at a high angle across the TUG 141 (20.86 g/t gold over 76.9 metres) / TUDDH 601 (12.22 g/t gold over 54.9 metres) high-grade zone, TUDDH 608 was able to provide valuable information on the width and continuity of this zone.

The outstanding results obtained of 17.52 g/t gold over 23.7 metres corresponds to a horizontal true width of 10.4 metres, which is approximately seven times the estimated average mining width, and at a grade that is nearly twice the average grade of the existing resource. The significance of this zone and its likely contribution to the increase in overall contained ounces cannot be overstated, as the extent of this zone may be much greater than previously thought. We are currently drilling several additional holes to test the possible plunge extent estimated by oriented core structural measurements. We will continue to report additional results as they become available.”

Hole TUDDH 608, drilled from west to east, was designed drill across the high-grade zone identified in two directions by TUG 141 and TUDDH 601. With the completion of TUDDH 608 we can now better understand the true horizontal width and potential volume of the bonanza-grade feeder zone.

The results are outstanding with 23.7 metres drilled width at 17.5 g/t gold, including 19.6 metres of 20.7 g/t gold. The horizontal true width of the zone at the drilled location is 10.4 metres. Lion One regards the confirmation of the high-grade feeder zone initially identified by TUG 141 and TUDDH 601 as transformational in that it confirms both continuity and implies extensive volume of the mineralized feeder zone below the current resource. Mineralization in TUDDH 608 extends from 594.5 metres to 618.2 metres.

These results are part of ongoing exploration, infill, and grade-control drill programs. They complement the excellent results obtained by both the metallurgical and infill drill programs completed earlier this year and reported on October 4, 2022, and February 23, 2022. The additional results from this on-going program reported here will be applied to the ongoing remodeling of the Tuvatu orebody that will inform the resource update and PEA scheduled for Q1 2023.

Walter Berukoff, CEO, commented: “We look forward to further definition of the ‘Jewel box’ dilatational feeder zone that we have been drilling out beneath the existing resource starting from surface at Tuvatu. This hole provides outstanding results for us as it continues to lend credence and proof-of-concept to the thesis of a deeper, very high-grade, feeder-style zone at depth. We continue to add enormous value to the mine as well as the critical exploration upside with the drill bit. We are defining what looks to be the next major high-grade discovery and world-class gold deposit right here in Fiji. We look forward to further results in very near future.”

Lion One’s flagship asset is the fully permitted high-grade Tuvatu Alkaline Gold Project. 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 7-km diameter alkaline gold system.