Lion One Commences Drilling and Exploration Program at Tuvatu Gold Project in Fiji
North Vancouver, British Columbia--(Newsfile Corp. - April 24, 2019) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to announce that drilling has commenced on its 100% owned and fully permitted Tuvatu gold project located on the island of Viti Levu in Fiji. The initial drilling program will test shallow dipping lodes in the HT Corridor; a mineralized zone cross-cutting the principal vein system of the Tuvatu resource, inside the mining lease (SML 62), in close proximity to the planned mill site.
The HT Corridor is in excess of 25m wide currently drill tested to approximately 200m depth. It is characterized by wide, highly fractured zones with biotite and potassium feldspar alteration and high-grade gold. The zone remains open along strike and down dip of previous drilling. At surface the structures of the HT Corridor have been mapped for over 1 km to the northeast and 2 km to the southwest of the resource area.
Previous drilling in the HT Corridor (see Oct. 16, 2017 news release) encountered numerous intervals of near surface high grade mineralization, including the following results:
TUDDH 463: 9.08 g/t Au over 11.01 m from 80.79m, including 15.30 g/t Au over 5.18m
TUDDH 469: 20.29 g/t Au over 4.77 m from 21.50m, including 51.84 g/t Au over 1.83m
TUDDH 467: 7.13 g/t Au over 4.45 m from 214.45m, including 14.96 g/t Au over 1.75m
TUDDH 442: 35.02 g/t Au over 2.77m from 49.20m, including 6.83 g/t Au over 3.22m
The Company intends to follow up on this close proximity drilling with more ambitious step out drilling within 500m of the existing resource, where at least 6 areas appear to potentially host extensions of this expansive vein system. Further drilling from the Tuvatu resource, particularly at Banana Creek in the upper reaches of the Navilawa Caldera will be planned following the results of BLEG geochemistry sampling and a CSAMT geophysical survey to be carried out in coming months (see Apr. 8, 2019 news release). The exploration work described herein will be carried out under the guidance of Lion One's technical advisor Dr. Quinton Hennigh.
The majority of previous drilling on Tuvatu was completed within 300m from surface, with very little drilling completed below vertical depths of 400m. The Tuvatu deposit extends along an 800m north-south strike and is considered to be open in each direction and at depth. Notable intervals from some of the deepest holes drilled to date include the following results:
TUDDH 160: 1,614 g/t Au over 0.50m from 335m (vertical depth of 290m)
TUDDH 160: 19.60 g/t Au over 4.10m from 403m (vertical depth of 350m)
TUDDH 207: 17.60 g/t Au over 6.00m from 302m (vertical depth of 340m)
TUDDH 212: 24.00 g/t Au over 2.00m from 523m (vertical depth of 420m)
"We are excited about the prospect of a much wider and deeper alkaline gold system at Tuvatu," said Lion One CEO Walter Berukoff. "We're also excited about the potential of the HT Corridor to add new ounces to the resource and mine plan, in close proximity to our planned mill site."
Stephen Mann P. Geo, Managing Director, is a "Qualified Person" as such term is defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information included in this News Release.
About Lion One Metals Limited
Lion One Metals Limited is a Canadian exploration and development company focused on advancing its 100% owned and fully permitted Tuvatu Gold Project towards production. Lion One envisions a low-cost high grade underground gold mining operation at Tuvatu coupled with district-scale exploration upside of the adjoining Navilawa Caldera, located near the Nadi International Airport on the island of Viti Levu in the South Pacific island nation of Fiji.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain "forward-looking information" 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 early 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.
For more information
On behalf of the Board of Directors of Lion One Metals Limited
Chairman and CEO
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44266