Lion One Metals reports new high-grade gold at Tuvatu, Fiji
Lion One Metals Limited [LIO-TSXV; LOMLF-OTCQX; LLO-ASX] reported significant new high-grade results from grade control drilling at the 100%-owned Tuvatu Alkaline Gold Project in Fiji.
Following up on the initial mining and extraction of the URA1 lode, the company is here reporting new high-grade results from grade control drilling on the URW1 lode system, approximately 120 metres further east. Mining of URW1 is expected to begin over the next 2-4 weeks. Strike drive development on URW1 has commenced.
Highlights of new high-grade gold mineralization intersected by grade control drilling: Multiple bonanza grade zones have been intersected including 88.07g/t Au over 5.7 metres (including 1,396 g/t Au over 0.3m) (TGC-0034); 27.52 g/t Au over 5.55m (TUG-056); 20.93 g/t Au over 7.2m (TGC-0003); 16.12g/t Au over 9.3m (TGC-0014); 16.48 g/t Au over 9.6m (TGC-0002); 14.6 g/t Au over 6.6m (TGC-0032); 14.97g/t Au over 5.4m (TGC-0018) and 10.85 g/t Au over 6.9m (TGC-0013).
Visible was gold observed in several drill holes. Close-spaced grade control drilling has resulted in much higher resolution of the lode arrays as compared to previous infill drilling, including the identification of bonanza grade (>50g/t Au) zones.
The tightened drill pattern will facilitate optimized development and extraction of high-grade gold mineralization from the URW1 lodes while minimizing dilution. High-grade gold mineralization extracted from the URW1 lode system will contribute significantly to the growing high-grade stockpile constituting the initial feed for the Company’s plant and processing facility, on schedule for start-up in Q4 2023.
As currently modelled based on earlier drilling, the URW1lode measures approximately 300 metres in the NS-direction by approximately 300 metres of vertical extent, thus forming one of the major N-S trending lodes that have been recognized in this part of the Tuvatu deposit. The URW1 lode intersects with numerous flat-lying to moderately south-dipping EW veins referred to as the Murau lode system. The URW1 lode system is interpreted as a series of parallel vein arrays.
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au.
Lion One’s flagship asset is the 100%-owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. 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 7km diameter alkaline gold system.