ROULSTON UPDATE !!!!!!! Lion One Metals (LIO–TSXV; C$0.74) reported further drill results from its Tuvatu Gold Project in Fiji which continue to extend the zone of known mineralization. Drilling in the 1990s outlined a substantial gold deposit which was accessed with more than 2 kilometers of underground development. Lion One has produced a compliant resource estimate which outlines a total resource (indicated plus inferred) of 652,000 ounces of gold grading 5.7 to 7.0 grams per tonne. The present drilling is intended to expand that resource to over a million ounces as a basis of developing the mine. The recent results suggest that number could be well exceeded. The drilling is focused on an area to the west of the present resource and steps out from earlier results in that area. Highlights include drill hole number TUDDH 341 with 1.5 meters true width at 62.8 g/t; TUDDH 350 with 2.7 meters TW at 15.7 g/t; TUDDH 356 with 2.4 meters TW at 15.4 g/t. The mineralized zones have been identified at surface for up to 1.3 kilometers, providing the scope to substantially extend the zone. Drilling is continuing, intending to infill the drilling to support a resource estimate as well as continuing to push out the mineralized zone. The Tuvatu project is very attractive as a high grade gold deposit, with underground development already in place, in an area with good access and with a government highly supportive of mine development.
Last updated January 2013