Lion One Metals drills 12.22 g/t gold over 54.9 metres at Tuvatu, Fiji

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Lion One Metals Ltd. [LIO-TSXV; LOMLF-OTCQX; LLO-ASX] reported results from continuing follow-up drilling to the previously reported high-grade intercept of 75.9 metres of 20.86 g/t gold in TUG-141 at its 100%-owned Tuvatu alkaline gold project in Fiji.

Results for the first two diamond drill holes carried out as follow-up drilling from the significant new feeder zone mineralization in TUG-141 and reported on June 6, 2022 have been received and compiled. TUDDH-601 was drilled from surface at -85 degrees and was designed to further test the high-grade zone encountered in TUG-141, and TUG-145 was drilled from the same underground collar location as TUG-141, collared at 3 degrees steeper, and designed to test directly below the TUG-141 drill trace. TUG-145 drifted to the west and lifted more than expected.

Highlight intercepts include TUDDH-601 that returned 26.20 g/t gold over 1.20 metres from 165.7-166.9 metres; 115.42 g/t gold over 1.80 metres from 252.4-254.2 metres; 12.22 g/t gold over 54.90 metres from 576.1-631.0 metres, including 23.02 g/t gold over 20.10 metres from 576.1-596.2 metres, which includes 29.24 g/t gold over 15.6 metres; 8.09 g/t gold over 20.70 metres from 602.5-623.2 metres, which includes 9.25 g/t gold over 7.80 metres and 15.03 g/t gold over 5.40 metres.

TUG-145 returned 6.72 g/t gold over 15.30 metres from 110.4-125.7 metres, including 41.16 g/t gold over 1.20 metres from 117.3-118.5 metres; 20.38 g/t gold over 0.90 metres from 278.7-279.6 metres; 28.68 g/t gold over 1.80 metres from 305.4-307.2 metres; 4.69 g/t gold over 10.20 metres from 357.9-368.1 metres, including 9.58 g/t gold over 1.20 metres from 358.8-360.0 metres, 6.99 g/t gold over 1.20 metres 362.1-363.3 metres, 8.41 g/t gold over 1.50 metres from 363.9-365.4 metres; 17.80 g/t gold over 0.30 metres from 405.9-406.2 metres; 8.73 g/t Au over 6.00m from 424.2-430.2, including 31.94 g/t gold over 1.20 metres from 426.3-427.5 metres and 18.15 g/t gold over 0.60 metres from 598.5-599.1 metres.

TUDDH-601 drilled from surface, was a near-vertical drill test of the high-grade gold zone encountered by TUG-141. TUDDH-601 is estimated to have drilled to within <2 metres of TUG-141. This test indicates that high-grade mineralization corresponding to that in TUG-141 is indeed hosted primarily by altered andesite rather than adjacent monzonite. High-grade mineralization, 54.9 metres of 12.22 g/t gold, was first intersected at a downhole depth of 576.1 metres continuing virtually uninterrupted to a downhole depth of 631.0 metres. Only one low-grade interval, hosted by monzonite and measuring 6.3 metres long was intersected. Above this low-grade interval, 23.02 g/t gold over 20.1 metres was encountered, including 29.24 g/t gold over 15.60 metres, and below, 8.09 g/t gold over 20.7 metres, including 15.03 g/t gold over 5.40 metres and 9.25 g/t gold over 7.80 metres, respectively.

TUG-145 represented an inclined hole 3 degrees steeper than TUG-141, drilled from the same underground collar location

Lion One technical advisor Quinton Hennigh stated, “As we drill more, the geologic setting of this important feeder zone is coming into clarity. It occurs at a major structural intersection where the north-south-trending UR1 & 2 lodes meet the northeast-trending UR4 & 5 lodes. Importantly, high-grade mineralization appears to be focussed within andesite host rocks just outboard from the contact with less favourable monzonite. With this understanding, we believe that further high-grade can be pursued along this contact at depth. The team is currently lining up more holes to test this extension.”

Walter Berukoff, Lion One CEO, stated, “The spectacular discovery previously announced as the result of drilling hole TUG-141 has been confirmed by follow-up drilling in hole TUDDH-601. The positive confirmation of the longest high-grade intercept yet recorded at Tuvatu gives us further confidence that we are just now beginning to unlock the true potential of the 500 Zone high-grade feeder. The persistent success of our systematic drilling programs at Tuvatu underscores the significance of Tuvatu as a potentially multi-million ounce, world-class high-grade Au deposit.”

Lion One’s flagship asset is 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 exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system.

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