Lion One (LIO.V): Encounters Shallow and Deep High Grade Gold Mineralization at Its Tuvatu Alkaline Gold Project

North Vancouver, British Columbia–(Newsfile Corp. – February 3, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce recent shallow and deep high-grade gold drill results from two diamond drill holes, both still in progress, at its 100% controlled Tuvatu alkaline gold project, Fiji.

Highlights:

• Hole TUDDH520, a southeast oriented diamond drill hole still in progress, has encountered high-grade gold mineralization including 12.45m grading 21.31 g/t Au including 0.35m grading 544.00 g/t Au in a shallow intercept through the URW1 lode at a down hole depth beginning at 90.10m, or a depth below surface of approximately 75m (see table below). Historic drilling in this area only returned 2m grading 6.4g/t Au (TUDDH076 from 101m), however these new results show a wider width, multiple structures and visible gold indicating a stronger mineralized system in the near-surface. Interestingly, an older drill hole, TUDDH160, encountered a very high grade intercept of 0.50m grading 1,614 g/t Au in the URW1 lode about 320m below this new intercept. Lion One now takes the view that the URW1 lode is likely a deep-rooted high-grade lode structure worthy of further extensional deep testing.
•  An intercept of 2.35m grading 4.00 g/t Au including 0.45m grading 13.58 g/t Au was encountered deeper in hole TUDDH520 at a down hole depth of 125.85m. This intercept corresponds to the URW2 lode.
• Hole TUDDH520 is still in progress. Drilling was recently suspended for a few days as a major weather system event affected site.

Note: true width of intersections are yet to be accurately determined due to the distance below the known resource, the numerous lodes intersected to date, and variability or oriented core data at depth.

• Hole TUDDH517W, a north-oriented diamond drill hole, encountered 0.3m grading 114.10 g/t Au beginning at a down hole depth of 594.60m (please see table below). This intercept is believed to be in a splay structure coming off of a nearby deep high-grade lode being targeted by Lion One. This hole is still in progress, and drilling will resume as site weather conditions improve.

• Two underground drill rigs purchased by the Company and discussed in a news release dated November 4, 2020, are now expected to arrive in Fiji around February 7. These drill rigs will allow Lion One 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 drill rigs, Lion One’s technical crew has begun preparing multiple drill stations within the existing Tuvatu decline and other underground workings. Underground drilling allows certain advantages including: 1) decreasing the length of holes needed to reach target depth, 2) more favorable angles at which deep, steep high-grade structures can be intersected, and 3) year-round, continuous drilling.

“We are starting to see a clearer picture develop around which lode structures are deep-tapping and likely prospective for high-grade gold mineralization,” commented Dr. Quinton Hennigh, technical advisor to Lion One. “Our recent shallow drilling shows that the URW1 lode is one of these. We are seeing very high gold grades in this lode, a likely product of deep-sourced gold-rich fluids having utilized this structure as a main conduit at the time of gold deposition. This bodes well for deep potential on this structure, too. In addition to these exciting shallow results, we are seeing yet further high-grade intercepts in our deep target regime that bolster our confidence in that part of the system. We hope to generate a long stream of such exciting drill intercepts as we ramp up our drill program at Tuvatu through the early part of 2021 and beyond.”

CLICK HERE to read the full news release.