Lion One Metals discovers new gold zone at Tuvatu, Fiji

Lion One Metals Ltd. [LIO-TSXV; LOMLF-OTCQX; LLO-ASX] reported results from near-mine exploration, identifying two new zones of significant mineralization within the footprint of the deposit at the Tuvatu mine project Fiji.

A new lode, named URA1, has been discovered during construction of the development decline; its location corresponds to Tuvatu’s near-surface and earliest scheduled production area, zone 2. The lode has been further defined through underground channel sampling and subsequent diamond drilling. The URA1 lode will be included in the updated mineral resource estimate (MRE) that the company aims to release in early 2023. Additionally, several hundred metres to the east of Tuvatu, drill hole TUDDH-612 has intersected mineralization corresponding to a distinct CSAMT (controlled-source audio-magnetotelluric) gradient anomaly. This release presents significant new results from two separate areas within the general Tuvatu deposit footprint.

Highlights URA1: Discovery of near-surface, high-grade URA1 lode from intersection with the development decline, defined through channel sampling (up to 29 g/t gold over one metre in MD-CH-002) and diamond drilling of holes TUDDH-617, 619 and 621 (up to 167.42 g/t gold over 0.3 metres in TUDDH-617, and 27.99 g/t gold over 1.2 metres in TUDDH-621); provides increase in volume of mineralized material within the portion of the deposit scheduled for earliest production; a general north-south orientation of the lode corresponds to other major lodes (such as URW1) and may indicate the presence of an additional series of undiscovered lodes farther to the west of Tuvatu; and underscores the substantial near-mine exploration upside.

Highlights TUDDH-612: New ore-grade mineralization of 18.53 g/t gold over 0.6 metres from 492 metres corresponding to a sharp CSAMT geophysical gradient anomaly. This may represent the possible strike extension of the UR4 lode at Tuvatu that may also include the deep high-grade intercept in TUDDH-494 at over 1,100 metes in depth.

Tuvatu itself is coincident with a CSAMT gradient of similar magnitude; the recurring correspondence of mineralization with such gradients provides strong validation for the viability of this method for discovery of additional mineralized centers in the caldera. Once completed, these data will provide robust drill targets and substantial projected upside for new discovery.

URA1 lode, zone 2: During advancement of the 2022 development decline, approximately 75 metres from the portal entrance, a sharp, clearly defined quartz-sulphide lode was intersected striking north-northeast-south-southwest and dipping 84 degrees southeast. This newly identified structure is defined through underground mapping and has control points in space from chip-channel sampling, and a three-hole diamond drill hole program (TUDDH-617, 619 and 621) to test the extent of this new lode.

The lode is named URA1, and represents a completely new, previously unmapped structure occurring within the northwestern, near-surface portion of the Tuvatu deposit (zone 2). The new occurrence was discovered near surface, in a portion of the Tuvatu orebody that is within the current resource estimation extents, illustrates the extraordinary upside potential of the Tuvatu orebody in general.

As the discovery and definition of new features continues to add upside, intersection with known lodes, like the Murau 8 lode, intersected with TUDDH-621 at 105.3 m returning 4.8 m at 30.75 g/t gold, continues to provide confidence in the grade continuity of known lodes.

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 Sept. 25, 2020, and prepared by Mining Associates Pty. Ltd. of Brisbane, Queensland, comprises 1,007,000 tonnes indicated at 8.50 g/t gold (274,600 ounces Au) and 1,325,000 tonnes inferred at nine g/t gold (384,000 oz Au) at a cut-off grade of three g/t Au. The technical report is available on the Lion One website and on the SEDAR website.

Lion One’s flagship asset is the 100%-owned, fully permitted, high-grade Tuvatu alkaline gold project.