Lion One Metals discovers new bonanza gold lode near Tuvatu, Fiji

Lion One Metals Limited [LIO-TSXV; LOMLF-OTCQX; LLO-ASX] announced the discovery of a new mineralized structure carrying bonanza grade gold 1 km to the north of the 100%-owned Tuvatu Alkaline Gold Project in Fiji.

The new mineralized structure was discovered on surface by Lion One’s regional exploration team and has been named the Lumuni occurrence. The structure is located 1 km north of Tuvatu, approximately along strike from lodes UR1, UR2, and UR3. The Lumuni structure exhibits a width at surface of approximately 0.5 m to over 1 m and is manifested as two mapped zones of what may be a single continuous feature. This includes a north-south striking zone that dips steeply to the west, and a northwest-southeast striking interval that dips steeply to the southwest. High-grade gold results were returned from close-spaced channels and outcropping zones separated by up to 30 m strike length. The overall feature was traced on surface for a length of over 150 m and remains open to the south-east where it is obscured under vegetation. The high-grade mineralized structure also appears to be coincident with a large steeply-dipping CSAMT resistivity low, which may be indicative of a deeply-rooted structure.

Highlights of Lumuni channel sampling: 66.83 g/t Au over 0.7 m (CH3850); 48.45 g/t Au over 0.7 m (including 92.55 g/t Au over 0.3 m) (CH3851); 15.18 g/t Au over 1.1 m (including 31.25 g/t Au over 0.3 m) (CH3849).

Also, 14.66 g/t Au over 1.1 m (including 16.78 g/t Au over 0.7 m) (CH3855); 17.04 g/t Au over 0.6 m (including 30.59 g/t Au over 0.3 m) (CH3853); and 10.30 g/t Au over 0.9 m (including 13.89 g/t Au over 0.6 m) (CH3852)

The strike length is of over 150 metres as observed on surface.

Walter Berukoff, Chairman and CEO, commented: “We’re very pleased with the discovery of the Lumuni occurrence. This discovery was made as part of our ongoing regional mapping and sampling program throughout the Navilawa Caldera. What makes this discovery so outstanding is the continuity of the high-grade material. It is not a single bonanza-grade sample, but rather a traceable lode of high to very-high grade material that can be followed along at surface. The fact that these high-grade samples coincide with a steeply dipping resistivity low is even more compelling as it provides us with immediate drill targets to pursue. We can now add Lumuni to our growing list of high-priority regional exploration targets.”

A total of 16 channel samples were collected in the Lumuni area. The channel samples were collected by taking rock chip samples along a line oriented perpendicular to the observed structure, with overlap into the wall rock.

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.

The 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.