Lion One Metals drills 30.48 g/t gold over 4.8 metres at Tuvatu, Fiji

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Lion One Metals Ltd. [TSXV-LIO; OTCQX-LOMLF; ASX-LLO] reported significant new high-grade gold results from near-mine expansion drilling at its 100%-owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for near-mine expansion drilling in the Murau down-dip extension and SKL areas of Tuvatu. Both areas are outside the current mine plan yet are close to current underground workings and are being brought into the mine plan for late 2024 and 2025.

The Murau down-dip extension drilling represents an expansion of the Murau lode system in Zone 2, which will be entering production in CY Q3 2024. The SKL area is in Zone 5 near the entrance to the historical exploration adit and is one of Lion One’s priority resource expansion targets. High-grade results have been returned from both the Murau down-dip extension and the SKL target areas.

Highlights of near-mine drill results (3.0 g/t cutoff): 64.46 g/t gold over 8.1 metres, including 268.36 g/t gold over 1.2 metres (TGC-0150, from 16.5 m depth); 30.48 g/t Au over 4.8 m (including 104.55 g/t Au over 0.6 m) (TUDDH-732, from 36.1 m depth); 39.05 g/t Au over 3.3 m (including 223.05 g/t Au over 0.3 m) (TUDDH-729, from 98.8 m depth); 76.49 g/t Au over 1.2 m (TUDDH-715, from 174.8 m depth); 71.46 g/t Au over 0.9 m (TUDDH-704, from 84.9 m depth); 28.44 g/t Au over 2.1 m (including 45.96 g/t Au over 1.2 m) (TGC-0150, from 43.8 m depth); 26.28 g/t Au over 2.1 m (including 66.32 g/t Au over 0.3 m) (TUDDH-728, from 51.4 m depth); 20.89 g/t Au over 2.4 m (including 38.76 g/t Au over 0.6 m) (TUDDH-710, from 75.2 m depth); 26.56 g/t Au over 1.8 m (including 52.34 g/t Au over 0.6 m) (TUDDH-710, from 101.3 m depth); and 8.51 g/t Au over 5.0 m, including 54.34 g/t Au over 0.3 m (TUDDH-727, from 184.4 m depth). All drill intersects are downhole lengths.

Murau Extension Drilling: The Murau lode system is located in the Zone 2 area of Tuvatu, in the northwest part of the deposit. It has historically been modelled as a series of relatively flat-lying lodes that strike approximately east-west and dip moderately to the south. The system is now understood to consist of a stockwork zone of mineralization dipping moderately to the SSW. Underground development has reached the upper portion of the Murau system and additional development is underway ahead of the start of production from the Murau system in Q3 2024.

The Murau drilling included in this release targeted the down-dip extension of the Murau system. A total of 34 Murau drillholes are included in this release, including 18 holes drilled from underground and 16 drilled from surface. The drilling targeted a down-dip area of the Murau system over a strike length of 50 metres and a dip length of 115 metres, with a drill density of 20 metres. This area is outside the current mine plan and is being brought into the mine plan for late 2024 and 2025. The Murau system remains open at depth and along strike.

The SKL lodes are located in the Zone 5 area of Tuvatu, in the northeast part of the deposit proximal to the historical exploration adit. They are north of the steeply dipping UR lodes, which are the primary lodes in Zone 5. Minor underground development and trial mining was conducted on the SKL lodes in the late 1990s, and some confirmatory infill drilling was completed in 2019. No significant drilling has been completed on the SKL lodes since 2019 and the SKL drilling reported here represents the start of the first modern systematic drill program targeting the area.

The purpose of this drilling was to confirm the orientation of the mineralization so that a follow-up infill drill program can be designed. The goal of the infill drill program will be to bring the SKL mineralization into the mine plan for 2025. The current SKL drill program is ongoing.

Lion One Metals has new operations established in late 2023 at its Tuvatu Alkaline Gold Project. 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.

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