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Lion One hits high-grade gold in two holes at Fijian project

“This is a big step-out and gives us high confidence we have discovered a significant root structure below the Tuvatu lode system,” says technical advisor.

Lion One Metals Ltd - Lion One hits high-grade gold in two holes at Fijian project
Lion One is utilising its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods.

Lion One Metals Ltd (ASX:LIO) (OTCMKTS:LOMLF) (CVE:LIO) has received high-grade gold results from two recent drill holes, one deep and one shallow, at its 100% controlled Tuvatu alkaline gold project in Fiji.

Hole TUDDH514, a north-oriented diamond drill hole completed to a depth of 1,014.8 metres, tested an area around 100 metres vertically underneath and 7 metres along strike from a deep high-grade lode encountered by Lion One late in 2020.

Two high-grade lodes

Two high-grade lodes were intersected - 2.24 metres at 13.31 g/t gold from 495.6 metres including 0.35 metres at 64.4 g/t and 3.47 metres at 20.71 g/t from 706.94 metres including 0.23 metres at 294.50 g/t.

This hole also encountered a narrow intercept of 0.35 metres at 10.52 g/t at a depth of 983.15 metres, the deepest mineralised intercept ever encountered at Tuvatu.

The orientation of the deep high-grade lode is confirmed to be northeast and near vertical, which allows Lion One to plan further aggressive deep drilling to test this target.

This high-grade lode is open along strike, up dip, and at depth and the alkaline gold systems are known to continue to great depths.

Shallow result

Lion One is also encouraged by the results from hole TUDDH518 which was drilled utilising the company’s shallow capacity drill.

The easterly-oriented diamond drill hole was completed to a depth of 197.8 metres, tested a shallow area within the upper reaches of the Tuvatu ode system that lacked drilling.

It encountered a narrow, but exceptionally high-grade interval of 0.25 metres grading 255.50 g/t from 190.7 metres through what is thought to be the UR2 lode.

Drilling wedge hole

Lion One is drilling a wedge hole, TUDDH514w1, from TUDDH514 oriented in a northwest direction that will retest both high-grade lodes encountered in the mother hole with a second wedge hole likely to follow.

The company’s second deep capacity diamond drill is drilling TUDDH517, a north-oriented diamond drill hole also designed to test areas underneath the high-grade intercept in TUDDH500.

This hole is at a depth of around 596 metres and is expected to intersect this lode within the next 200 metres.

Multiple shallow holes planned

Multiple shallow holes are planned in the upper part of the southern end of the Tuvatu lode system utilising the company’s shallow capacity drills.

Two underground drill rigs purchased by the company are expected to arrive in Fiji around the end of January and these drills will allow it to accelerate drill testing of the deep high-grade discovery and allow continuous drilling through the wet season.

In preparation for the arrival of these new drills, Lion One’s technical crew has begun preparing multiple drill stations within the existing Tuvatu decline and other underground workings.

“Gives us high-confidence”

Lion One technical advisor Quinton Hennigh said: “The high-grade intercept of 3.47 metres grading 20.71 g/t gold encountered in hole TUDDH514 is fully 100 metres vertically below and 7 metres along strike from our high-grade intercept in hole TUDDH500 and its wedge holes.

“This is a big step-out and gives us high confidence we have discovered a significant root structure below the Tuvatu lode system.

“In addition, this hole encountered a somewhat shallower high-grade intercept of 2.24 metres grading 13.31 g/t gold on a second deep-rooted lode.

“For a system that hosts approximately 2,500-3,000 ounces of resource per vertical meter, seeing these deep holes deliver such high-grade intercepts well-below the existing resource is encouraging.”

"Keen to see wedge hole"

Hennigh added: “We are quite keen to see what wedge hole, TUDDH514w1, and our other deep hole, TUDDH517, deliver as they further test these deep high-grade lodes.

“Soon, we will see the arrival of our underground drill rigs, further allowing us to ramp-up the pace of exploration. This is shaping up to be a very busy year at Tuvatu.”

Quick facts: Lion One Metals Ltd

Price: 1.48 CAD

Market: TSX-V
Market Cap: $230.25 m

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