Lion One Metals Ltd. [LIO-TSXV; LOMLF-OTCQX; LLO-ASX] has produced additional bonanza-grade drilling intercepts and expanded the Deep Feeder zone 500 by increasing the vertical extent of the URW3 lode by at least 180 metres at its high-grade Tuvatu alkaline gold project in Fiji.
The results from these holes confirm a significant increase in the vertical extension and continuity of the URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone. The new drill intercepts, in conjunction with results from the previously drilled TUG-138 drill hole, correspond to a significant increase in grade with depth, as numerous bonanza-grade intercepts return gold assay values ranging from 100 to 800 grams per tonne gold.
Additionally, this drilling confirms an increase in the vertical extent of this distinct portion of the 500 zone feeder by at least 180 m. The high-grade feeder zone remains open at depth.
Overall, the drill results reported here are consistent with a persistent, substantial upside being realized at Tuvatu resulting from the aggressive deep drilling adopted by the company since the initial discovery of the deep feeder zone by hole TUDDH-500 in July of 2020.
Highlights included an increase of at least 180 metres in the vertical extent of the URW3 lode as defined by bonanza-grade intercepts.
There were multiple high-grade intercepts, including from TUG-149, including 12.89 g/t gold over 12.9 metres from 254.4 metres, 84.61 g/t gold over 3.9 metres from 318.6 metres and 48.65 g/t gold over 5.4 metres from 423.3 metres.
|There has been definition of a new portion of deep, high-grade feeder material that is separate from, and parallel to, the high-grade zone previously defined by TUG-141/TUDDH-601/TUDDH-608.
Technical advisor to the company, Dr. Quinton Hennigh, commented: “This drilling is leading us closer and closer to the main conduits of this remarkable high-grade gold system. Without question, URW3 is turning into a big branch of the ‘tree’. The junction between it and the rest of the 500 Zone looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we chase this down with further drilling, I think it could lead us to parts of the system in which considerable gold was deposited. We must keep drilling.”
Drill holes TUDDH-613 and 616, and TUG-149 were designed to follow up the previously announced discovery of the very high-grade zone of gold mineralization discovered by hole TUG-141 and subsequently followed up by holes TUDDH-601 and TUDDH-608. Holes TUG-149, TUDDH-613, and TUDDH-616 all intersected a distinct zone, located approximately 60 metres to the west of the TUG-141 structural corridor, that corresponds to the down-dip projection of the URW3 lode.
The substantial bonanza-grade intercepts in these drill holes, along with the high-grade intercepts in a previously reported hole TUG-138 of 23.14 g/t gold over 3.0 metres, including 118.6 g/t gold over 0.3 metres, collectively define a significant vertical extension to URW3 of at least 180 metres.
Sr. Vice-President of Exploration, Sergio Cattalani, stated: “This is yet another major advance in our continuing efforts to follow and delineate what is increasingly understood to be the principal high-grade feeder at Tuvatu. While we believe we are rapidly defining major portions of the feeder structures, we are also confident that we are in no way near its base. This feeder is developing into a bonanza-grade zone defined by multiple major channel-ways that appear to coalesce. With the TUG-141/TUDDH-601/608 zone, and now the URW3 zone, we have at least two, distinct but likely interconnected corridors of continuous high-grade mineralization to follow up. We’re just getting started … “
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu comprises 1,007,000 tonnes Indicated at 8.50 g/t gold (274,600 oz. Au) and 1,325,000 tonnes Inferred at 9.0 g/t gold (384,000 oz. Au) at a cut-off grade of 3.0 g/t gold.
Lion One’s flagship asset is 100%-owned, fully permitted high-grade Tuvatu Alkaline Gold Project. 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.