Lion One Metals drills high-grade gold in West Zone, Tuvatu goldmine, Fiji

Lion One Metals Limited [TSXV: LIO; OTCQX: LOMLF] reported significant new high-grade gold results from near-mine exploration and infill drilling at the West Zone target west of to the Tuvatu Gold Mine in Fiji. The company is also pleased to report record preliminary Q1 FY2025 gold production at Tuvatu.

Highlights of West Zone exploration and infill drilling: 105.20 g/t Au over 2.1 m (including 248.35 g/t Au over 0.3 m) (TUDDH-636, from 67.8 m depth); 70.07 g/t Au over 2.1 m (including 73.43 g/t Au over 1.2 m) (TUDDH-647, from 144.5 m depth); 102.38 g/t Au over 1.2 m (TUDDH-645, from 97.7 m depth); 19.82 g/t Au over 5.1 m (including 68.88 g/t Au over 0.9 m) (TUDDH-636, from 34.5 m depth); 146.61 g/t Au over 0.6 m (including 289.85 g/t Au over 0.3 m) (TUDDH-645, from 164.3 m depth); 24.16 g/t Au over 3.3 m (including 96.78 g/t Au over 0.3 m) (TUDDH-652, from 173.5 m depth); 49.72 g/t Au over 0.8 m (including 78.61 g/t Au over 0.4 m) (TUDDH-755, from 52.94 m depth); 42.44 g/t Au over 1.8 m (including 61.66 g/t Au over 0.6 m) (TUDDH-636, from 60.6 m depth); 7.68 g/t Au over 4.2 m (including 28.63 g/t Au over 0.3 m) (TUDDH-645, from 142.4 m depth) and 14.86 g/t Au over 2.0 m (TUDDH-636, from 228.8 m depth).

Highlights of quarterly gold production (preliminary results): 3,680 oz of gold recovered from July-September 2024; 31,390 tonnes milled from July-September 2024.

Record quarterly gold production (previous record set in the prior quarter, April-June 2024). July production impacted by scheduled 9-day mill maintenance shutdown. August production impacted by mining equipment breakdown

Lion One will produce approximately 3,680 oz of gold during the three-month period ending September 30, 2024. This is a new quarterly production record, beating the previous production record of 3,551 oz of gold produced in the prior three-month period ending June 30^th, 2024. Production during the period was impacted by a scheduled nine-day mill maintenance shutdown in July, as well as by mining equipment breakdowns in August. The total tonnes processed during the three-month period ending September 30 was 31,390 tonnes, which is comparable to the prior three-month period of 32,100 tonnes processed.

The mill shutdown in July was conducted to maintain and upgrade the Tuvatu processing plant facilities, and will have a significant impact on processing efficiency and cost savings moving forward.

The West Zone drilling consists of two separate programs: a deep exploratory drill program targeting a feeder zone at depth below the West Zone, and a shallow infill drill program targeting near-surface mineralization for inclusion in the Tuvatu mine plan. The deep exploration drill holes are the first holes ever designed to test the depth extension of mineralization beneath the West Zone. This program consisted of five holes and all five holes intersected high grade gold, indicating strong continuation of mineralization at depth in the West Zone and warranting further exploration. The shallow West Zone infill drill program is ongoing. The results from the first two drill holes of the program are reported here, both of which intersected visible gold near surface.

Refer to original press release for composited drill results.

The West Zone is located approximately 300 metres west of the main Tuvatu deposit. It is hypothesized that there is a second feeder zone located at depth below the West Zone, which would be separate and distinct from the very high-grade Zone 500 feeder zone at Tuvatu.

The deep drillholes reported in this news release are the first drillholes ever designed to test for feeder structures beneath the West Zone. Five drillholes were completed as part of this drill program (TUDDH-636, TUDDH-642, TUDDH-645, TUDDH-647, and TUDDH-652) and all five of these drillholes intersected high grade gold, including the headline intersections of 105.20 g/t Au over 2.1 m, 70.07 g/t Au over 2.1 m and 102.38 g/t Au over 1.2 m. These results indicate a strong potential for high-grade mineralization to continue further at depth below the West Zone and warrants additional exploration at depth. The deepest high-grade gold intersection returned in these first five drill holes was at almost 500 m depth downhole, with TUDDH-636 returning gold grades of 5.68 g/t and 7.00 g/t over 30 cm at 487.1 m and 482.0 m depth downhole, respectively.

Lion One has new operations established in late 2023 at its 100%-owned Tuvatu Alkaline Gold Project, 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.