Meta analyses of magmatic estimates 33 m ounces for Tuvatu ......that drilling keeps finding new gold resources outside the current mining plan keeps moving us forward to that ultimate estimate decades from now when all is said and done
ORIGINAL: Lion One Drills 4.8 m of 30.48 g/t Gold in Near-Mine Expansion at Tuvatu
2024-05-08 08:01 ET - News Release
North Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to report significant new high-grade gold results from near-mine expansion drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for near-mine expansion drilling in the Murau down-dip extension and SKL areas of Tuvatu. Both areas are outside the current mine plan yet are close to current underground workings and are being brought into the mine plan for late 2024 and 2025. The Murau down-dip extension drilling represents an expansion of the Murau lode system in Zone 2, which will be entering production in CY Q3 2024. Previous drill results from the Murau system are available in news releases dated April 25, 2024 and October 19, 2023. The SKL area is in Zone 5 near the entrance to the historical exploration adit and is one of Lion One's priority resource expansion targets. High-grade results have been returned from both the Murau down-dip extension and the SKL target areas.
Highlights of near-mine drill results (3.0 g/t cutoff):
- 64.46 g/t Au over 8.1 m (including 268.36 g/t Au over 1.2 m) (TGC-0150, from 16.5 m depth)
- 30.48 g/t Au over 4.8 m (including 104.55 g/t Au over 0.6 m) (TUDDH-732, from 36.1 m depth)
- 39.05 g/t Au over 3.3 m (including 223.05 g/t Au over 0.3 m) (TUDDH-729, from 98.8 m depth)
- 76.49 g/t Au over 1.2 m (TUDDH-715, from 174.8 m depth)
- 71.46 g/t Au over 0.9 m (TUDDH-704, from 84.9 m depth)
- 28.44 g/t Au over 2.1 m (including 45.96 g/t Au over 1.2 m) (TGC-0150, from 43.8 m depth)
- 26.28 g/t Au over 2.1 m (including 66.32 g/t Au over 0.3 m) (TUDDH-728, from 51.4 m depth)
- 20.89 g/t Au over 2.4 m (including 38.76 g/t Au over 0.6 m) (TUDDH-710, from 75.2 m depth)
- 26.56 g/t Au over 1.8 m (including 52.34 g/t Au over 0.6 m) (TUDDH-710, from 101.3 m depth)
- 8.51 g/t Au over 5.0 m (including 54.34 g/t Au over 0.3 m) (TUDDH-727, from 184.4 m depth)
*All drill intersects are downhole lengths
Figure 1. Location of Murau extension and SKL near-mine expansion drillholes. Left image: Plan view of Tuvatu showing Murau and SKL drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Right image: Oblique view of Murau and SKL drilling looking approximately northeast.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/208360_dc1c95c1c4111a98_001full.jpg
Table 1. Highlights of composited drill results in the Murau Extension and SKL areas, 3.0 g/t Au cutoff. For full results see Table 4 and Table 5 in the Appendix.
| Hole ID | | From | To | Interval (m) | Au (g/t) |
| TGC-0150 (Murau) | | 16.5 | 24.6 | 8.1 | 64.46 |
| | including | 16.5 | 17.7 | 1.2 | 7.57 |
| | and | 17.7 | 18.6 | 0.9 | 15.89 |
| | and | 18.6 | 19.5 | 0.9 | 21.50 |
| | and | 19.5 | 20.7 | 1.2 | 268.36 |
| | and | 20.7 | 21.6 | 0.9 | 31.47 |
| | and | 21.6 | 22.5 | 0.9 | 38.79 |
| | and | 22.5 | 23.7 | 1.2 | 60.66 |
| | and | 23.7 | 24.6 | 0.9 | 23.78 |
| TUDDH-732 (SKL) | | 36.1 | 40.9 | 4.8 | 30.48 |
| | including | 36.1 | 36.4 | 0.3 | 10.88 |
| | and | 36.4 | 36.7 | 0.3 | 10.63 |
| | and | 36.7 | 37.3 | 0.6 | 11.47 |
| | and | 37.3 | 37.9 | 0.6 | 39.34 |
| | and | 37.9 | 38.5 | 0.6 | 35.92 |
| | and | 38.5 | 39.1 | 0.6 | 22.23 |
| | and | 39.1 | 39.7 | 0.6 | 104.55 |
| | and | 39.7 | 40.9 | 1.2 | 9.79 |
| TUDDH-729 (Murau) | | 98.8 | 102.1 | 3.3 | 39.05 |
| | including | 98.8 | 99.1 | 0.3 | 34.52 |
| | and | 99.1 | 99.4 | 0.3 | 31.78 |
| | and | 100.0 | 100.3 | 0.3 | 14.28 |
| | and | 100.3 | 100.6 | 0.3 | 223.05 |
| | and | 101.2 | 101.8 | 0.6 | 29.88 |
| | and | 101.8 | 102.1 | 0.3 | 56.34 |
| TUDDH-715 (Murau) | | 174.8 | 176.0 | 1.2 | 76.49 |
| TUDDH-704 (SKL) | | 84.9 | 85.8 | 0.9 | 71.46 |
| TGC-0150 (Murau) | | 43.8 | 45.9 | 2.1 | 28.44 |
| | including | 44.7 | 45.9 | 1.2 | 45.96 |
| TUDDH-728 (SKL) | | 51.4 | 53.5 | 2.1 | 26.28 |
| | including | 51.4 | 52.0 | 0.6 | 18.39 |
| | and | 52.0 | 52.6 | 0.6 | 15.24 |
| | and | 52.6 | 52.9 | 0.3 | 66.32 |
| | and | 52.9 | 53.5 | 0.6 | 25.20 |
| TUDDH-710 (SKL) | | 75.2 | 77.6 | 2.4 | 20.89 |
| | including | 75.2 | 75.8 | 0.6 | 32.78 |
| | and | 76.4 | 77.0 | 0.6 | 38.76 |
| TUDDH-710 (SKL) | | 101.3 | 103.1 | 1.8 | 26.56 |
| | including | 101.3 | 101.9 | 0.6 | 52.34 |
| | and | 101.9 | 102.6 | 0.7 | 18.89 |
| TUDDH-727 (Murau) | | 184.4 | 189.4 | 5.0 | 8.51 |
| | including | 184.4 | 184.7 | 0.3 | 54.34 |
| | and | 184.7 | 185.0 | 0.3 | 29.99 |
| | and | 188.8 | 189.1 | 0.3 | 14.93 |
| TGC-0174 (Murau) | | 83.7 | 86.1 | 2.4 | 15.60 |
| | including | 83.7 | 84.0 | 0.3 | 38.46 |
| | and | 84.3 | 84.6 | 0.3 | 30.99 |
| | and | 84.6 | 84.9 | 0.3 | 10.27 |
| | and | 84.9 | 85.5 | 0.6 | 11.32 |
| | and | 85.5 | 86.1 | 0.6 | 10.68 |
*All drill intersects are downhole lengths
Murau Extension Drilling
The Murau lode system is located in the Zone 2 area of Tuvatu, in the northwest part of the deposit. It has historically been modelled as a series of relatively flat-lying lodes that strike approximately east-west and dip moderately to the south. The system is now understood to consist of a stockwork zone of mineralization dipping moderately to the SSW. Underground development has reached the upper portion of the Murau system and additional development is underway ahead of the start of production from the Murau system in Q3 2024.
The Murau drilling included in this release targeted the down-dip extension of the Murau system. A total of 34 Murau drillholes are included in this release, including 18 holes drilled from underground and 16 drilled from surface. The drilling targeted a down-dip area of the Murau system over a strike length of 50 m and a dip length of 115 m, with a drill density of 20 m. This area is outside the current mine plan and is being brought into the mine plan for late 2024 and 2025. The Murau system remains open at depth and along strike.
Figure 2. Murau down-dip extension drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/208360_dc1c95c1c4111a98_002full.jpg
SKL Drilling
The SKL lodes are located in the Zone 5 area of Tuvatu, in the northeast part of the deposit proximal to the historical exploration adit. They are north of the steeply dipping UR lodes, which are the primary lodes in Zone 5. Minor underground development and trial mining was conducted on the SKL lodes in the late 1990s, and some confirmatory infill drilling was completed in 2019. No significant drilling has been completed on the SKL lodes since 2019 and the SKL drilling reported here represents the start of the first modern systematic drill program targeting the area.
The SKL lodes have historically been modelled as a series of stacked flat-lying mineralized lodes, known as flatmakes. They typically have limited lateral extent, approximately 50 m to 100 m, but with very high bonanza grades (>30 g/t gold). These lodes are associated with stockwork veining, similar to the URW1 and Murau lodes in Zone 2. A total of 27 SKL lodes have been modelled at Tuvatu, including 11 SKLW lodes which are located west of the historical exploration adit, and 16 SKL lodes which are located proximal to and east of the exploration adit. The drilling reported in this news release targeted 11 of those lodes; SKL1 to SKL7, as well as SKL1A, SKL1B, SKL2A, and SKL7A. The SKL lodes are not included in the current mine plan at Tuvatu. The purpose of this drilling was to confirm the orientation of the mineralization so that a follow-up infill drill program can be designed. The goal of the infill drill program will be to bring the SKL mineralization into the mine plan for 2025. The current SKL drill program is ongoing.
Figure 3. SKL exploration drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. The SKL lode system has historically been modelled as a series of stacked flat-lying mineralized lodes (light brown). The drillholes reported here are the first modern drillholes designed to target the SKL lodes and represent near-mine expansion of the Tuvatu resource. View is to the northeast.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/208360_dc1c95c1c4111a98_003full.jpg
Qualified Person (NI43-101)
In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43- 101"), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and has reviewed, validated, and approved the technical and scientific content of this news release.