North Vancouver, British Columbia--(Newsfile Corp. - July 21, 2020) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to announce it has encountered visible gold in approximately 1 cm wide veins at a down hole depth of approximately 583 m in diamond drill hole TUDDH500 at its 100% controlled Tuvatu alkaline gold project, Fiji. Hole TUDDH500 is west oriented hole at an inclination of approximately 65 degrees and is designed to undercut the Tuvatu lode network in a position where these lodes are postulated to connect to form a possible feeder structure. A profound, deep-rooted, controlled source audio-magnetotelluric gradient is evident in this area providing technical support for this hypothesis.
A network of veins, each measuring a few mm up to two cm wide, has been intercepted, some displaying coarse clots of visible gold particularly those at a depth of approximately 583 m (Figure 1). Drilling of this hole will continue to it is planned termination at 1,000 m once it has passed across the entire feeder target. Core drilled to date is currently being logged and will soon be sawed, sampled, and assayed. Lion One will release more information on this important hole as it becomes available.
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Stephen Mann, P. Geo, Managing Director of Lion One, who is a qualified person pursuant to National Instrument 43-101 - Standards of disclosure for Mineral Projects ("NI-43-101).
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, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 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 alkaline gold system. 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
Chairman and CEO
For further information
Contact Investor Relations
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.
Figure 1: Core from approximately 583 m down hole depth in hole TUDDH500
To view an enhanced version of this graphic, please visit:
(Figure 1: Core from approximately 583 m down hole depth in hole TUDDH500. Photos show an approximately 1 cm wide quartz-adularia vein displaying coarse clots of visible gold, bright yellow, as well as pyrite, brassy yellow and galena and sphalerite, grey. Host rock is monzonite. Potassium feldspar flooding extends for up to 2 cm beyond the vein. Open space vugs are also present. Hole TUDDH500 has intersected notable veining beginning at a depth of approximately 570 m and is currently in progress toward its targeted depth of 1,000 m. The hole undercuts the entire Tuvatu lode system in an area where a root feeder is hypothesized to be located.) The photo is of a selected interval that is not necessarily representative of the mineralization hosted on the property.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60206