Lion One Metals (LIO.V) confirms high-grade gold feeder zone at Tuvato

Lion One Metals (LIO.V), a Canadian-based explorer focused on advancing its 100% owned high-grade, low-cost, underground Tuvato Gold Project in Fiji, announced results today from its follow-up drilling to its previously announced high-grade intercept of 75.9 metres of 20.86 grams per tonne gold in TUB-141.

Results from the first two diamond drill holes meant to confirm the significant new feeder zone mineralization in TUG-141 reported on June 6, 2022, have been received and compiled.

Highlights from these holes include 12.22 g/t Au over 54.9 metres, 115.42 g/t Au over 1.8 metres and 26.2 g/t Au over 1.2 metres in hole TUDDH-601.

Results from TUG-145 included 4.69 g/t Au over 10.2 metres, 6.72 g/t Au over 15.3 metres and 28.68 g/t Au over 1.8 metres.

Lion One technical advisor, Quinton Hennigh, commented, “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 and 2 lodes meet the northeast-trending UR4 and 5 lodes. Importantly, high-grade mineralization appears to be focused 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.”

Company CEO, Walter Berukoff, added, “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 multimillion-ounce, world-class, high-grade gold deposit.”

Tuvato is located 24 kilometres northeast of the town of Nadi on the island of Viti Levu in the Republic of Fiji.

The alkaline gold project is situated on the Navilawa, one of several known gold systems associated with alkaline rocks along the northeast trending Viti Levu lineament, Fiji’s own 250-kilometre-long gold corridor.

Multiple gold deposits have been discovered along this trend including Vatukoula and Raki Raki. The Vatukoula or Emperor Mine has produced over seven million ounces of gold since 1937.

The June 2014 mineral resource estimate at Tuvato reported an indicated resource of 1.1 million tonnes at 8.46 g/t Au for 299,500 ounces Au and an inferred resource of 1.5 million tonnes at 9.70 g/t Au for 468,000 g/t Au.

The company announced earlier this month that it had spent over $145 million CAD in the Tuvato project and estimated that it would need another $100 million in capex before it could make its first revenue next year.

Lion One Metals currently trades at $1.28 per share for a market cap of $200.22 million.