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Initial Deep Drill Results from Fiji Gold Project 'Positive'

Streetwise Reports, Streetwise Reports
0 Comments| December 31, 2019

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The assays are presented and reviewed in an Echelon Wealth Partners report.

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In a Dec. 18 research note, Echelon Wealth Partners analyst Ryan Walker reported that Lion One Metals Ltd.'s (LIO:TSX.V; LOMLF:OTCQX) first deep hole at its Tuvatu project in Fiji delivered multiple high-grade intervals.

That maiden hole, TUDDH493, "cut hydrothermal breccia 70 meters (70m) below existing resources," Walker indicated. The mineralization encountered in the hole does not resemble any previously seen at Tuvatu but is similar to that seen previously in the Vatukoula gold mine in the region.

Walker noted gold assay highlights from hole TUDDH493, which include:

  • 0.35m (0.3m estimated true width, from 177.25 downhole) at 105 grams per ton (105 g/t)
  • 3.83m (2.3m true width, 322.17m) at 10.21 g/t, including 0.12m at 56.7 g/t
  • 4.29m (2.5m true width, 422.53m) at 33.22 g/t, including 0.31m (423.41m) at 322 g/t and 0.37m (424.63m) at 22.5 g/t (UR2 lode)
  • 0.38m (507.82m) of 0.97 g/t.

"We note that the broader intervals maintain good grades," commented Walker. In comparison, the gold grade of the existing Tuvatu resource in the Indicated category is 8.46 g/t, and the gold grade of the existing Inferred ounces is 9.7 g/t. Also, importantly, about 80% of the existing resource is within just 200m of surface," the analyst added.

Walker also relayed that the second deep hole of the four-hole program, TUDDH494, has been drilled halfway to its 1,000m target and should be completed in January. The hole "was designed to undercut the above-noted, high-grade UR2 lode (4.29m at 33.22 g/t)," noted Walker. Already, it hit a roughly 2m long "notable mineralized interval" at 188.8m downhole, according to Lion One.

Echelon does not have a rating or target price on the gold exploration company. Lion One's share is trading at around CA$1.31.



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