Including:2.77m @ 85.42
g/t Au from 49.20 meters3.22m @ 6.83 g/t Au from
62.55 meters3.40m @ 23.24 g/t Au from 58.90
meters
Lion One Metals Limited (TSX-V:LIO) (ASX:LLO)
(OTCQX:LOMLF) (FSX:LY1)
(the
“Company”) is pleased to announce drill results from a new
zone of shallow mineralization identified at its 100% owned and
fully permitted high grade underground Tuvatu Gold Project located
near Nadi on the island of Viti Levu in the Republic of Fiji.
This new mineralized zone is adjacent, but
separate, to mineralization previously outlined in the Tuvatu
resource (see Figure 1). The grades intersected are significantly
higher than other drill results in this immediate area and are
located in the near-surface providing the possibility for early
development. The current drill program is focused to the
north of the east-west striking Core Shed Fault, a structure which
bisects the northern end of the Tuvatu resource. Previous drilling
to the north of the Core Shed Fault identified limited and
generally lower grade mineralization. The recent drilling has tied
together these previous results and extended the known
mineralization further north and with higher-grade than that
indicated by the previous work. This zone of mineralization
is open to the northwest, southeast and at depth. Drilling will
continue in an effort to determine the extent of mineralization in
both directions along strike, and down-dip. All intersections to
date are very shallow, but depth extensions will be targeted as the
program continues.
The new drilling is characterized by fine quartz
veins, pyrite rich, vuggy, bleached monzonite, with zones of
intense, very coarse grained biotite and potassium feldspar
alteration. The zone is characterized by intense fractures,
breccia and minor faults.
To date, this new zone of mineralization is
confined to the area north of the Core Shed Fault, and has already
shown the potential to extend much farther north from the area
previously drilled at Tuvatu.
Results from six diamond drill holes have
recently been received (see Table 1), and are reported in this
release. The details of each hole are included in Table 2. The
drill program is continuing with results from a number of
additional holes still outstanding. The location of these drill
holes is outlined in Figure 2.
Table 1: Diamond Drill Results from Current
Program |
|
Drill Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
TUDDH 442 |
42.59 |
46.25 |
3.66 |
1.74 |
|
49.20 |
51.97 |
2.77 |
85.42 |
|
57.13 |
59.70 |
2.57 |
3.66 |
|
62.55 |
65.77 |
3.22 |
6.83 |
TUDDH 448 |
8.60 |
9.40 |
0.80 |
8.27 |
|
13.43 |
14.20 |
0.77 |
4.08 |
|
20.80 |
21.23 |
0.43 |
6.48 |
|
24.95 |
30.22 |
5.27 |
2.54 |
|
41.70 |
42.30 |
0.60 |
2.32 |
|
50.80 |
53.37 |
2.57 |
2.69 |
TUDDH 449 |
15.10 |
18.60 |
3.50 |
6.00 |
|
33.64 |
34.45 |
0.81 |
2.26 |
TUDDH 450 |
70.54 |
72.00 |
1.46 |
1.41 |
TUDDH 458 |
80.20 |
82.70 |
2.50 |
1.39 |
|
89.70 |
90.9 |
1.20 |
10.17 |
TUDDH 461 |
58.90 |
62.30 |
3.40 |
23.24 |
|
68.60 |
69.28 |
0.68 |
2.10 |
|
78.97 |
80.30 |
1.33 |
4.37 |
|
82.20 |
82.85 |
0.65 |
2.72 |
Table 2: Drill hole details |
|
Hole number |
northing |
easting |
depth |
RL |
dip |
azimuth |
TUDDH 442 |
3921026 |
1876471 |
71.70 |
211.5 |
-55 |
250 |
TUDDH 448 |
3921028 |
1876435 |
92.80 |
207.7 |
90 |
- |
TUDDH 449 |
3921028 |
1876433 |
62.70 |
207.7 |
-60 |
252 |
TUDDH 450 |
3921050 |
1876444 |
77.60 |
192.3 |
-50 |
260 |
TUDDH 458 |
3921033 |
1876485 |
125.70 |
207.3 |
60 |
235 |
TUDDH 461 |
3921012 |
1876481 |
98.60 |
219.5 |
-65 |
248 |
|
|
|
|
|
|
|
Previous results in this area have included
diamond drill holes:
TUDDH004: |
4.30m @ 2.55 g/t Au
from 33.00 meters |
|
3.80m @ 2.98 g/t Au
from 61.20 meters |
TUDDH049 |
1.55m @ 6.16 g/t Au
from 55.45 meters |
|
1.00m @ 10.34 g/t Au
from 64.50 meters |
|
1.35m @ 11.40 g/t Au
from 71.65 meters |
As well as the following previously completed
reverse circulation drill holes which have returned significant
results including:
TURC014 |
3.00m @ 8.25 g/t Au
from 0 meters |
|
3.00m @ 2.70 g/t Au
from 4 meters |
TURC 015 |
7.00m @ 5.09 g/t Au
from 0 meters |
TURC017 |
4.00m @ 1.46 g/t Au
from 12 meters |
Extensional Exploration at TuvatuThe Tuvatu
Gold Project consists of multiple high-grade structures drilled
over a strike-length of approximately 900 meters. Several of the
mineralized zones are open along-strike and down-dip and, as noted
in this release, there are potential new target areas in the
immediate vicinity of the known mineral resource. Tuvatu sits
within an extensive mineralized district with gold occurrences and
geochemistry anomalies extending over an area 6 kilometers by 3
kilometers with several district prospects yet to be adequately
tested. The Company is developing an exploration strategy
that focuses on new mineralization within the current mineralized
envelope, immediate extensional targets and other targets in the
district. The aim is to expand the resource base to continue to
support long-term sustainable mining operations at Tuvatu.
About Tuvatu / Lion One / Fiji GoldLion One is
aggressively advancing its 100% owned Tuvatu Gold Project as a
world class discovery and near-term production opportunity in the
southwest Pacific Ring of Fire. Tuvatu is modeled for exploration
after regional giants in the low sulphidation family of high grade
epithermal gold deposits such as Porgera and Lihir in PNG, and
Vatukoula in Fiji. These spectacular discoveries have produced over
35 million ounces of gold in similar alkaline volcanic settings.
Tuvatu has been fully permitted by the Government of Fiji for
operations startup and has a dual-track strategy of production
development and resource expansion inside its 385 hectare mining
lease.
Tuvatu is located 17 km from the international
airport in Nadi, on the west coast of Viti Levu in the Republic of
Fiji. Lion One’s CEO Walter Berukoff is leading an experienced team
of 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.
Tuvatu was advanced by previous owners through
underground exploration and development from 1997 through to the
completion of a feasibility study in 2000. Acquired by Lion
One in 2011, the project has over 110,000 meters of drilling
completed to date in addition to 1,430 meters of underground
development.
In January 2016 the Hon. Prime Minister of Fiji,
Mr. V. Bainimarama, formally presented the previously granted
Tuvatu Mining Lease to Lion One. This concluded the
permitting process for the development of an underground gold mine
and processing plant at Tuvatu, demonstrating strong government
support for Fiji’s 85 year-old gold mining industry.
As per its independent June 1, 2015 NI 43-101
PEA Technical Report on the Tuvatu Gold Project, the Company
envisages a low cost underground gold mining operation producing
352,931 ounces of gold at head grades of 11.30 g/t Au over an
initial 7 year mine life. This includes production of 262,000
ounces at 15.30 g/t through to the end of year three.
Estimated cash cost is US$567 per ounce with all-in sustaining cost
of US$779 per ounce. Total capex of US$48.6 million includes a
contingency of US$6.1 million with an 18 month preproduction
schedule and 18 month payback on capital. At a US$1,200 gold
price, the project generates net cash flow of US$112.66 million and
an IRR of 52% (after tax). The Company is not basing its
production decision on a feasibility study of mineral reserves
demonstrating economic and technical viability; as a result there
is increased uncertainty and economic and technical risks
associated with its production decision.
Mine engineering and underground development is
progressing alongside final detailed engineering for the Tuvatu
processing plant and site infrastructure. The Company has now
dewatered the existing Tuvatu exploration decline to 560 meters
from the portal down the decline. The decline was completed in the
year 2000 by Emperor Gold Mines, comprising 1,430 meters of
underground development including drives, cross cuts and raises. In
conjunction with the dewatering, ventilation fans and lighting have
been installed and are running 24 hours per day. The rehabilitation
of the decline is ongoing as dewatering progresses, but in general
the stability and ground conditions have been shown to be very
good. The areas of rehabilitation and regularly reviewed and
approved by Mine Inspectors from Fiji’s Mineral Resource
Department.
Stephen Mann, Managing Director, member of The
Australasian Institute of Mining and Metallurgy, is the Qualified
Person (“QP”) responsible for the Tuvatu Mine exploration and
delineation programs.
For more information on Lion One including
technical reports please visit the Company’s website at
www.liononemetals.com or the SEDAR website at www.sedar.com.
On behalf of Lion One Metals
Limited“Walter H. Berukoff”Chief Executive
Officer
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 "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 labor 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: Plan View of Tuvatu Gold
Deposit Drilling Target Area Cannot view this image of
Figure 1? Please visit
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to view this image.
Figure 2: Drill Plan with Results from
Drilling Target area received to DateCannot view this
image of Figure 2? Please visit
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to view this image.
For further information please contact
Stephen Mann, Managing Director (Perth, Australia) Tel: 604-973-3007
Hamish Greig, Vice President (North Vancouver, BC) Tel: 604-973-3008
Joe Gray, Investor Relations (North Vancouver, BC) Tel: 604-973-3004
Toll Free IR Line (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
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