Lion One Reports Additional High Grade Intercepts, Completes Phase 1 Infill Drill Program at Tuvatu, Fiji

North Vancouver, British Columbia--(Newsfile Corp. - February 23, 2022) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is very pleased to announce additional results from its recently completed Phase 1 infill drill program on the Zone 2 portion of the Tuvatu high-grade alkaline Au deposit located on the island of Viti Levu in Fiji. The infill program began in June, 2021 and was completed last week with the termination of hole TUDDH576, bringing the total drilled to 7475.2m and total drill core resampled to 955.4m, for a program total of 8430.6m.

- 7475m of drilling completed in 42 holes and 955m of resampling of 28 historic drillholes as part of Phase 1 infill program

Top Intercepts from Latest Infill Drilling Include

77.11 g/t Au over 3.90m from 30.8-34.7m, inc. 162.22 g/t Au over 1.8m from TUDDH 571
12.56 g/t Au over 7.80m from 87.1-94.9m, inc. 54.43 g/t Au over 1.2m from TUDDH 572
16.08 g/t Au over 7.80m from 30.1-37.9m, inc. 62.22 g/t Au over 1.8m from TUDDH 573
15.10 g/t Au over 3.60m
from 121.1-124.7m, inc. 95.06 g/t Au over 0.3m from TUDDH 575

Infill Drilling Program

The consistent bonanza-grade results from many of the drill holes that are part of the Phase 1 infill drill program continue to suggest higher-than-expected continuity of high-grade mineralization as well as higher absolute grades between modelled lodes (Figure 1, Table 1). Analysis of historic drill core material to eliminate sample gaps in areas where the current resource model lacked adequate data density has also yielded positive results, and in several instances, gold grades well above the resource average (Table 2). These factors should result in additional ounces in the portion of the deposit earmarked for earliest production. The re-modelling of Zone 2 lodes will begin as soon as all new data has been received and compiled and all holes have been properly surveyed.

The next (Phase 2) infill program planned for ~5000m of diamond drilling from surface and ~2500m of grade control diamond drilling from underground is aimed at upgrading the resource database in Zone 5 which is scheduled for production within the initial 3 years of operation. This second infill drill program began February 17, 2022 with drill hole TUDDH577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.

Highlights from Latest Phase 1 Infill Drilling Results

TUDDH570

  • 16.13 g/t Au over 0.5m from 132.1-132.6m
  • 39.36 g/t Au over 0.3m from 142.0-142.3m
  • 8.99 g/t Au over 3.6m from 154.0-157.6m, including

11.79 g/t Au over 0.9m from 155.2-156.1m,

30.28 g/t Au over 0.6m from 157.0-157.6m,

TUDDH571

  • 77.11 g/t Au over 3.90m from 30.8-34.7m, including

162.22 g/t Au over 1.8m from 30.8-32.6m, which includes

179.0 g/t Au over 0.3m from 30.8-31.1, and

61.86 g/t Au over 0.3m from 31.1-31.4m, and

210.3 g/t Au over 0.3m from 31.4-31.7m, and

190.0 g/t Au over 0.3m from 31.7-32.0m, and

261.0 g/t Au over 0.3m from 32.0-32.3m, and

71.13 g/t Au over 0.3m from 32.3-32.6m, and including

16.96 g/t Au over 0.3m from 34.4-34.7m

TUDDH572

  • 12.56 g/t Au over 7.80m from 87.1-94.9m, including

54.43 g/t Au over 1.2m from 87.1-88.3m, which includes

19.67 g/t Au over 0.3m from 87.1-87.4m, and also includes

196.0 g/t Au over 0.3m from 88.0-88.3m, and also includes

16.04 g/t Au over 1.5m from 89.8-91.3m, which includes

34.92 g/t Au over 0.6m from 89.8-90.4m

  • 26.19 g/t Au over 0.6m from 105.1-105.7m, including

21.39 g/t Au over 0.3m from 105.1-105.4m, and

30.97 g/t au over 0.3m from 105.4-105.7m

TUDDH573

  • 9.98 g/t Au over 1.60m from 27.5-29.1m, including

16.54 g/t Au over 0.9m from 27.5-28.4m, which includes

31.58 g/t Au over 0.3m from 27.8-28.1m

  • 16.08 g/t Au over 7.80m from 30.1-37.9m, including

62.22 g/t Au over 1.8m from 35.5-37.3m, which includes

89.02 g/t Au over 0.3m from 35.5-35.8m, and

52.18 g/t Au over 0.3m from 35.8-36.1m, and

201.0 g/t Au over 0.3m from 36.1-36.4m

  • 10.70 g/t Au over 0.6m from 269.9-270.5m, including

15.41 g/t Au over 0.3m from 269.9-270.2m

TUDDH574

  • 11.19 g/t Au over 0.3m from 81.2-81.5m
  • 29.53 g/t Au over 0.9m from 106.1-107.0m, including

21.11 g/t Au over 0.3m from 106.1-106.4m, and

33.74 g/t Au over 0.6m from 106.4-107.0m

TUDDH575

  • 12.07 g/t Au over 0.3m from 77.3-77.6m
  • 16.11 g/t Au over 0.6m from 109.7-110.3m, including

26.24 g/t Au over 0.3m from 110.0-110.3m

  • 5.99 g/t Au over 10.50m from 114.2-124.7m, including

18.53 g/t Au over 1.80m from 119.6-121.4m, and

15.10 g/t Au over 3.60m from 121.1-124.7m, which include

95.06 g/t Au over 0.3m from 121.1-121.4m, and

55.71 g/t Au over 0.3m from 124.4-124.7m
 

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Figure1:
Schematic vertical section showing selected infill drilling, Tuvatu. Some of the drillholes shown are off section (e.g. TUDDH571 is N of section, and TUDDH 568 is S of section) and are projected onto the section for clarity.

To view an enhanced version of this graphic, please visit:
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Table 1: Drilling Intervals >0.5 g/t Au Reported (intervals > 3.0 g/t Au cutoff and wider than 2.0m are bolded)

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-56762.965.82.92.13
including 64.164.40.37.85

67.067.60.60.5

69.470.00.61.49

72.172.80.72.25

78.378.60.30.76

79.984.84.91.59
including 83.583.80.35.03

88.192.24.10.89

93.497.33.90.62

103.1103.70.61.13

106.1107.31.22.32

110.0112.52.56.09
including 111.9112.50.621.28

115.3116.20.95.43

136.1137.31.22.87
TUDDH-568no significant results
TUDDH-56958.359.20.96.12
including 58.859.20.48.9

78.478.70.31.78

82.082.60.60.93

93.193.70.66.79

101.8103.01.20.96

105.4106.91.50.82

132.4134.42.03.64
including 133.61340.415.78

155.9156.30.41.32
TUDDH-57033.535.21.71.71

39.740.40.712.78

41.642.20.62.53

46.049.93.91.41

53.556.42.90.89

60.360.90.60.95

65.466.00.61

72.773.30.63.51

84.484.70.33.29

88.190.52.40.72

91.795.84.11.35

99.399.60.30.68

102.6104.41.81.21

107.0114.77.74.09
including 110.1110.80.715.96
including 111.1111.70.66.87
also including113.8114.70.96.26

115.91171.13.41

118.8121.32.54.8
including 118.8119.10.813.17
which also includes119.1119.60.515.87

130.0132.62.66.4
including 130.0130.90.99.3
including 132.1132.60.516.13

135.6136.50.90.86

137.7143.55.83.13
including 142.0142.30.339.36

147.5149.31.80.77

151.4152.30.92.62
including 151.4151.70.35.54

154.0157.63.68.99
including 154.0154.30.37.3
and including 155.2156.10.911.79
which also includes157.0157.60.630.28

161.5163.62.14.38
including 161.5162.10.67.49
including 162.7163.00.39.59

165.1166.31.21.44
TUDDH-57130.834.73.977.11
including30.832.61.8162.22
including30.831.10.3179.0
including31.131.40.361.86
including31.431.70.3210.3
including31.732.00.3190.0
including32.032.30.3261.0
including32.332.60.371.13
including34.434.70.316.96

75.576.10.60.64
TUDDH-57229.830.40.60.85

35.536.10.65.1

37.342.45.10.58

44.247.234.94
including 44.245.41.28.04
which includes44.244.50.320.4

48.449.61.20.61

63.463.70.32.75

66.167.31.20.55

73.675.41.81.13

82.683.20.65.66
including 82.682.90.37.85

85.085.30.36.78

87.194.97.812.56
including 87.188.31.254.43
which includes87.187.40.319.67
and 88.088.30.3196.0
and also includes89.891.31.516.04
which includes89.890.40.634.92

103.3106.63.35.86
including 105.1105.70.626.18
which includes105.1105.40.321.39
and includes105.4105.70.330.97

121.9122.20.30.51

128.2128.50.30.5
TUDDH-5737.48.30.90.7

10.210.50.32.44

12.616.553.950.62

23.023.30.30.52

27.529.11.69.98
including27.528.40.916.54
which also includes27.828.10.331.58

30.137.97.816.08
including35.537.31.862.22
including35.535.80.389.02
including35.836.10.352.18
which also includes36.136.40.3201.0

41.543.01.55.05
including41.541.80.38.86

51.7520.32.14

58.759.91.21.62

185.3185.60.36.68

205.4206.91.54.06
including206.6206.90.39.2

216.5217.40.90.8

225.5225.80.36.34

249.0249.30.32.06

269.9271.71.84.23
including269.9270.50.610.7
which includes269.9270.20.315.41
TUDDH-57423.324.20.90.58

41.043.72.71.66

49.150.61.52.62

59.359.60.31.33

70.171.31.22.78

81.281.50.311.19

92.993.20.33.69

106.1107.00.929.53
including106.1106.40.321.11
and106.4107.00.633.74
TUDDH-57532.332.60.30.66

33.834.10.30.76

41.944.32.41.29
including41.942.20.34.74
and42.543.10.60.56
and43.443.70.30.62
and44.044.30.30.75

46.447.00.60.68

48.248.50.30.55

66.567.10.60.53

77.079.12.12.18
including77.077.30.30.57
and77.377.60.312.07

78.578.80.31.00

78.879.10.30.83

83.683.90.33.30

85.186.31.21.63

90.290.50.31.19

99.299.80.60.79

106.1107.00.93.42
including106.1106.40.34.08
and106.4106.70.31.93
and106.7107.00.34.24

109.1110.31.28.39
including109.1109.40.30.54
and109.4109.70.30.79
and109.7110.00.35.97
and110.0110.30.326.24

114.2124.710.55.98
including114.2114.50.31.32
and115.4115.70.34.35
and116.0116.30.30.50
and117.2117.50.31.08
and117.5117.80.33.30
and118.7119.00.30.52
and119.6121.41.818.53
which includes119.6119.90.36.94
and includes119.9120.20.34.59
and includes120.2120.50.34.45
and includes121.1121.40.395.06
or121.1124.73.615.1
which includes121.1121.40.395.06
and includes121.7122.00.30.57
and includes122.0123.21.22.77
and includes123.2123.50.33.05
and includes123.5123.80.30.73
and includes123.8124.40.67.47
and includes124.4124.70.355.71

129.5131.31.81.21
including129.5130.10.62.81
and131.0131.30.30.67

132.5132.80.34.97

135.5135.80.30.93

137.6137.90.31.41

143.3144.51.21.59
including143.3143.60.31.05
and143.6144.20.61.97
and144.2144.50.31.35

162.2162.50.31.45
TUDDH-57622.923.50.61.49

25.025.60.60.63

29.229.50.31.1

36.738.51.88.25
including36.737.00.32.60
and37.037.60.60.56
and37.638.50.915.26

39.740.00.30.57

43.044.21.20.77
including 43.043.60.60.55
and43.644.20.60.98

 

Table 2: Summary of results from selected sample gap intervals from historic drill core

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-212448.1448.40.301.25
TUDDH-22552.7053.350.3514.10

54.2554.850.601.06

89.089.60.600.71

91.192.00.9010.98

94.394.60.303.22

102.0103.41.400.68
TUDDH-35660.0560.350.300.61

72.272.50.304.21

77.677.90.300.53

81.582.260.761.81
TUDDH-36284.8185.110.300.56

85.4185.710.300.69

85.7186.010.301.47

86.3186.610.3074.58

86.9187.40.490.53
TUDDH-40843.2343.740.510.54

44.6545.250.601.28

79.2779.870.602.21

79.8780.470.601.80
TUDDH-41073.273.80.603.38

118.2118.80.601.81
TUDDH-525466.6466.90.300.95
TUDDH-539131.1131.70.606.88
TUDDH-54062.9363.230.304.22

64.664.90.300.61

64.965.20.303.87

69.870.40.602.20

77.377.60.300.97

90.791.00.304.11

 

Table 3: Survey details of diamond drill holes referenced in this release

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth

NE
m
(TN)
TUDDH56739207791876395219.9183.8-40255
TUDDH56839206861876364255.1112.9-75258
TUDDH56939207791876396219.9191.7-69252
TUDDH57039207801876396220.0233.3-44270
TUDDH57139209321876510236.1847.6-62147
TUDDH57239207791876396219.9203.5-60270
TUDDH57339207961876351209.7779.2-66131
TUDDH57439207791876396219.9182.6-70270
TUDDH57539207791876396219.9164.3-47285
TUDDH57639207791876396219.9200.5-60285
TUDDH57739204351876513348.0in progress-40270
 
 
 
 
 
 
 
TUDDH-21239206641876757281.3600.5-58245
TUDDH-22539207371876336222.8300.3-60330
TUDDH-35639207601876260205.5112.9-61010
TUDDH-36239207751876303219.6132.0-65360
TUDDH-40839207671876337225.0140.6-70330
TUDDH-41039207311876309228.9143.6-65340
TUDDH-52539207961876351209.4350.6-57123
TUDDH-53939207331876297225.1186.2-72004
TUDDH-54039207331876297225.1168.2-60001

 

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 - Standards of disclosure for Mineral Projects ("NI-43-101).

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report "Tuvatu Gold Project PEA", dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech "Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji" dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About Lion One Metals Limited

Lion One's flagship asset is 100% owned, 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 exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective 7km diameter volcanic edifice of alkaline affinity. Lion One's CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited

"Walter Berukoff"
Chairman and CEO

For further information
Contact Investor Relations

Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be "forward-looking statements" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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