Home / Mining Company News Releases (Unreviewed) / Lion One Completes Data Review of the Banana Creek Target In the Navilawa SPL Adjacent to the Tuvatu Gold Project

Lion One Completes Data Review of the Banana Creek Target In the Navilawa SPL Adjacent to the Tuvatu Gold Project

Up to 46.3 g/t gold in rock-chips and anomalism over 500 metres x 750 metres

North Vancouver, British Columbia–(Newsfile Corp. – November 30, 2017) – Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQX: LOMLF) (FSE: LY1) (the “Company”) is pleased to announce that following the recently announced award of the Navilawa Special Prospecting Licence (SPL 1412) it has completed a first-pass compilation of data over the Banana Creek Target adjoining the Company’s fully permitted high grade underground Tuvatu Gold Project located on the island of Viti Levu in the Republic of Fiji.

The Banana Creek Target

  • Located only 3 kilometres northeast of the Tuvatu Gold Project
  • Accessible by roads and tracks
  • 114 selective rock chip samples >1g/t gold
  • 46.3 g/t gold peak value in selective rock sample results
  • 160 g/t silver, 2.1% lead, 0.33% zinc peak values in selective rock sample results
  • 1.6 x 0.6 kilometre hydrothermal alteration system defined by radiometric data
  • 750 x 500 metre gold in soil anomaly
  • 6 individual mineralised lodes identified in previous surface work
  • 19.5 g/t gold over 0.4 metres in previous reconnaissance drilling
  • Presents a target for exploration work and to potentially enhance the Tuvatu Gold Project
  • One of eleven exploration targets in the recently acquired Navilawa License
Historic Results
The samples in this press-release are compiled from reports and data provided by the Fiji Government Mineral Resources Department and contain information reported by previous explorers in the area. Whilst every effort has been made to review historic reports and check the data, the samples were collected by previous explorers and cannot be fully verified. Company geologists have visited the project and reported lode style of mineralisation visually similar to Tuvatu, however, the original sample security, laboratory, and assay method cannot be fully verified by the Qualified Person / Competent Person other than disclosure taken from previous company reports. These results are hence considered ‘historic’ and are presented as a guideline only. As a result, the assays reported in this release are not to be considered necessarily representative of the overall system. The Company intends to collect new data in this area, and all historic results will not be used in mineral resource estimation or economic decisions other than to advance exploration. Refer to Appendix 1 for further details.

 

The Banana Creek Target and its relevance to enhancing Tuvatu

The Banana Creek Target is one of eleven exploration targets recently acquired by the Company in an award of tenure from the Mineral Resources Department, Ministry of Lands and Mineral Resources, Government of Fiji (news release November 20, 2017). The Banana Creek Target has been subject to several generations of superficial surface exploration by previous explorers (Appendix 1) which has included geological mapping, soil sampling and rock-chip sampling. The Banana Creek Target is located 3 kilometres northeast of the Company’s fully permitted Tuvatu Gold Project, and hence presents an exploration target within a credible potential trucking distance to the milling operations to be constructed at Tuvatu. As a result, Lion One considers Banana Creek as a clear focus with several mineralised structures potentially capable of complimenting and enhancing production scenarios at the Tuvatu Gold Project.

Previous sample collection

The samples in this press-release are compiled from reports and data provided by the Fiji Government by previous explorers in the area.

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Figure 1 Gold in Soil sampling at the Banana Creek Target (background = shaded terrain model).

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More than 500 soil samples have been collected by previous explorers in the Banana Creek area. This work was principally conducted by Oribi Resources in 1999 to 2001 and consists of ‘C’ horizon soils collected using a 50mm augur and is principally ridge and spur soil sampling. The soil sampling indicates a gold in soil anomaly of >100ppb gold (0.1ppm / 0.1g/t) over an area greater than 500 metres by 750 metres (Figure 1, Appendix 1).

More than 800 rock samples have been collected in the Banana Creek area and are a combination of channel sampling, float (loose material at surface) and rock-chips. Of these 114 samples were greater than 1g/t gold with a peak value of 46.3g/t gold (Figure 2, Appendix 1).

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Figure 2 Banana Creek Rock Chip Samples with samples >5g/t labelled (background = shaded terrain model). (samples rounded to 1 decimal place)

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Previous drilling at Banana Creek consists of 5 diamond core holes drilled by Oribi Resources in joint-venture with Mincor Resources between 1999 to 2001 for a total of 531 metres drilling (average depth = 104 metres). Three of these holes (BCDH001, 002, 003) were drilled away from or parallel to the main structural trends and did not intersect appreciable mineralisation. Holes BCDH004 and 005 respectively were drilled in the central portion of the Banana Creek Target and intersected peak values of 19.5g/t gold and 2.2g/t gold respectively (Figure 3, Appendix 1).

Geology of Banana Creek

The Banana Creek Target consists of altered Navilawa monzonite intrusive flanked by Nadele volcanic breccia and intruded by micromonzonite dykes. The mineralisation has been mapped at surface on lodes that strike NNW-SSE and cross-structures oriented NE-SW. Previous Fiji Government reported airborne surveys indicate that the Banana Creek Target has an elevated potassium signature in radiometrics indicating a zone of hydrothermal alteration approximately 1.6 kilometres by 600 metres and is comparable to the anomaly at the Tuvatu Gold Project (Figure 4). With both gold and base-metal anomalism, the mineralisation may be of a style comparable to the HT Corridor mineralisation at Tuvatu previously announced by the Company.

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Figure 3 Banana Creek Drill Hole locations (on soil sampling, background = shaded terrain model)

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Figure 4 Government airborne potassium radiometric image. Hot colours red->purple->white indicate increasing potassium and is an indication of increasing hydrothermal alteration.

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Figure 5 The Tuvatu Project Area Schematic Project Map

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About Tuvatu / Lion One

Lion One is 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 modelled 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 start-up 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.

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.

The information in this report that relates to the Banana Creek Target is based on information supplied by the Fiji Government to Lion One Limited and reviewed by Darren Holden who is an employee of GeoSpy Pty Ltd, an Advisor to Lion One Ltd, and a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Holden has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’ (JORC code) and National Instrument 43-101 in Canada. Mr Holden consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Refer to Appendix 1 for sample detail disclosure.

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
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: [email protected]

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.

Appendix 1: Banana Creek Data

Table A1.1. Past ownership, report sources and sample details.

Company Report Title / Date Sample Type / Detail Laboratory / Assay Details
Pan Continental Mining Reported as historic results compiled in database from Fiji Government 1986-1993 Reported by Alcaston in 2003 annual report and compiled in databases from Golden Rim mining (2010). Rock and soil samples. Techniques not disclosed. Not disclosed in reports
CRAE Reported as historic results compiled in database from Fiji Government 1994-1998 Reported by Alcaston in 2003 annual report and compiled in databases from Golden Rim mining (2010). Rock and soil samples. Techniques not disclosed. Not disclosed in reports
Oribi Resources NL / Mincor Resources NL Reported as historic results compiled in database from Fiji Government 1999-2002 Reported by Alcaston in 2003 annual report and compiled in databases from Golden Rim mining (2010). 5 diamond drill holes, HQ size core. Soil sampling using 50mm Augur Samples. ‘C’ Horizon Soil. Rock channel sampling ALS Chemex Laboratory in Brisbane. Gold: Fire Assay 50g charge (AA26); Multi-element: Aqua regia digestion / atomic emission spectroscopy MEICP-41
Alcaston Mining NL / Mincor Resources NL SABETO PROJECT Special Prospecting Licence 1412: Annual Reports 2003, 2004, 2005, 2006, 2007 (5 reports) and compiled in databases from Golden Rim mining (2010). Rock chips (2003, 2004) Radiometrics / magnetics 2007 ALS Chemex Laboratory in Brisbane. Gold: Fire Assay 50g charge (AA26); Multi- element: Aqua regia digestion / atomic emission spectroscopy MEICP-41
Golden Rim Ltd / Mincor Resources N: SABETO PROJECT Special Prospecting Licence 1412: Annual Reports 2008, 2009, 2010 (3 reports) Rock chips (2008) Not disclosed in reports but assumed equivalent to above 2003-2007 annual reports.

 

Table A1.2 Banana Creek Rock Sampling Data > 1g/t, sorted by gold grade from various reports as compiled by Alcaston Mining and Golden Rim Mining noted above. Sample Type: Rock = rock sample collected in outcrop; Channel = channel sample collected in outcrop or trench; Rock unclassified = rock sample with unknown sampling technique. Bd = below detection; “-” = not assayed. Highest samples per assay result highlighted in bold. Coordinates in Fiji Map Grid (Vitu Levu). All samples are considered ‘selective’ in that they were selected by geologist or field technician from specific mineralised lodes reported between 0.1 and 2 metres wide and may not be representative of the overall system.

Easting (m) Northing (m) Sample Type Gold (g/t) Silver (g/t) Copper (ppm) Lead (ppm) Zinc (ppm)
1878501.95 3923403.66 Rock 46.3 14.4 146 1110 276
1878642.91 3923306.93 Rock 32 20.9 579 8130 1860
1878436.26 3923432.09 Rock unclassified 21.9 130 5000 335
1878632.66 3923332.84 Rock 20 11.6 234 2000 1185
1878505.75 3923424.71 Rock 19.45 3.8 199 605 357
1878643.91 3923305.94 Channel 18.9 20.1 413 671 1340
1878624.05 3923283.25 Rock unclassified 16.6 115 1500 110
1878463.08 3923403.5 Rock unclassified 15.3 3 85 365 60
1878602.42 3923228.14 Rock unclassified 15 3 30 60 55
1878777.77 3923124.34 Rock unclassified 13.3 5 85 370 35
1878659.21 3923551.47 Rock unclassified 13.2 125 550 55
1878696.47 3923140.36 Rock 10.6 1.5 65 930 17
1878468.64 3923442.12 Rock unclassified 10.05 1 45 30 15
1878688.04 3923499.74 Rock unclassified 10 2 215 1800 390
1878371.68 3923301.29 Rock unclassified 8.55 25 135 15
1878596.3 3923287.85 Rock unclassified 8.3 2 165 1980 120
1878661.37 3923478.24 Rock unclassified 8.2 115 320 65
1878453.76 3923353.73 Rock unclassified 8.2 75 40 60
1878785.37 3923670.21 Rock unclassified 7.75 110 50 120 20
1878626.05 3923370.31 Rock unclassified 7.6 80 390 240
1878438.07 3923340.62 Rock unclassified 7.5 45 220 75
1878813.94 3923418.56 Channel 6.86 2.5 166 49 49
1878618.66 3923152.15 Rock unclassified 6.7 570 205 360
1878503.9 3923332.64 Rock unclassified 6.5 5 145 1650 3350
1878634.25 3923299.73 Rock unclassified 6.5 395 3850 340
1878813.94 3923418.56 Rock 6.23 1.3 52 53 21
1878453.56 3923436.63 Rock unclassified 6.2 bd 145 960 50
1878888.23 3923605.73 Rock unclassified 6 2 370 80 210
1878632.14 3923295.78 Rock unclassified 5.97 215 400 185
1878508.28 3923355.51 Rock unclassified 5.3 40 150 65
1878505.77 3923333.48 Rock unclassified 5.12 bd 240 790 475
1878476.59 3923401.37 Rock unclassified 5.09 bd 135 315 210
1878665.11 3923480.73 Rock unclassified 4.94 290 160 100
1878522.69 3923431.07 Rock unclassified 4.93 bd 170 890 695
1878699.66 3923116.19 Rock unclassified 4.81 1 280 275 355
1878301.32 3923438.79 Rock unclassified 4.78 280 430 145
1878603.86 3923266.32 Rock unclassified 4.73 bd 505 275 1950
1878507.42 3923334.58 Rock unclassified 4.6 bd 255 55 355
1878743.85 3923672.77 Rock unclassified 4.36 60 65 45 15
1878721.54 3923241.63 Channel 4.31 1.1 203 180 213
1878675.17 3923434.39 Rock unclassified 4.1 350 445 310
1878579.53 3923530.93 Rock unclassified 4.09 50 230 60
1878780.71 3923446.82 Rock unclassified 3.99 120 50 25
1878787.38 3923665.86 Rock unclassified 3.98 160 55 190 30
1878797.64 3923423.65 Rock unclassified 3.95 bd 125 2400 105
1878872.19 3923317.57 Rock unclassified 3.9 90 130 50
1878647.69 3923458.12 Rock unclassified 3.9 380 370 205
1878464.31 3923442.91 Rock unclassified 3.57 40 350 40
1878698.29 3923186.61 Rock unclassified 3.46 720 21000 400
1878494.3 3923049.58 Rock unclassified 3.35 195 2900 515
1878689.28 3923505.2 Rock unclassified 3.33 bd 250 390 160
1878706.5 3923332.69 Rock unclassified 3.05 bd 190 1450 145
1878860.85 3923626.02 Rock 2.93 bd 60 125 15
1878874.45 3923624.11 Rock unclassified 2.93 bd 60 125 15
1878722.42 3923692.65 Rock unclassified 2.89 290 1500 280
1878471.07 3923401.95 Rock unclassified 2.87 bd 345 170 545
1878544.17 3923435.94 Rock unclassified 2.87 bd 315 50 330
1878481.04 3923403.29 Rock unclassified 2.86 bd 235 800 560
1878696.57 3923523.68 Rock unclassified 2.82 50 850 70
1878879.85 3923281.12 Rock 2.79 1.9 237 197 83
1878698.86 3923117.8 Rock unclassified 2.7 bd 560 11400 520
1878509.07 3923335.78 Rock unclassified 2.68 3 200 480 375
1878514.95 3923357.08 Rock unclassified 2.66 85 1350 570
1878705.63 3923387.25 Rock unclassified 2.64 bd 115 70 120
1878498.77 3923331.41 Rock unclassified 2.6 bd 115 80 275
1878571.55 3923193.23 Rock unclassified 2.35 3 630 15500 535
1878512.94 3923071.1 Rock unclassified 2.26 2 1180 5400 1200
1878704.26 3923460.9 Rock unclassified 2.17 bd 210 135 170
1878694.68 3923202.44 Rock unclassified 2.13 615 790 860
1878340.61 3923401.23 Rock unclassified 2.08 35 50 80
1878479.37 3923402.63 Rock unclassified 2.02 bd 215 200 420
1878489.76 3923331.25 Rock unclassified 1.9 3 270 920 515
1878530.54 3923433.47 Rock unclassified 1.89 bd 235 710 250
1878778.88 3923447.97 Rock unclassified 1.88 215 55 100
1878517.95 3923403.81 Rock 1.87 0.9 115 361 225
1878541.07 3923505 Rock unclassified 1.85 bd 310 20 160
1878879.85 3923281.12 Rock 1.85 1.3 155 89 53
1879008.91 3923608.39 Rock unclassified 1.85 4 85 50 125
1878570.39 3923195.49 Rock unclassified 1.81 bd 485 2500 750
1878453.2 3923391.47 Rock unclassified 1.75 255 660 525
1878538.1 3923494.44 Rock unclassified 1.73 40 50 50
1878687.92 3923496.99 Rock unclassified 1.71 bd 160 130 40
1878445.39 3923166.18 Rock unclassified 1.69 30 1500 190
1878499.91 3923267.09 Rock unclassified 1.65 1 215 35 200
1878325.29 3923405.65 Rock unclassified 1.63 50 450 235
1878766.84 3923320.08 Rock 1.62 1.4 178 36 115
1878916.97 3923601.92 Rock unclassified 1.6 125 1450 115
1878348.93 3923373.51 Rock unclassified 1.6 35 140 60
1878757.63 3923350.21 Rock unclassified 1.54 bd 245 460 280
1878800.01 3923350.11 Rock unclassified 1.54
1878538.26 3923081.13 Rock unclassified 1.54   485 4500 440
1878731.67 3923480.39 Rock unclassified 1.53 bd 270 260 290
1878816.27 3923133.93 Rock unclassified 1.53 2 250 65 65
1878511.76 3923356.5 Rock unclassified 1.53 120 890 595
1878609.12 3923548.51 Rock unclassified 1.52 140 340 90
1878775.38 3923428.16 Rock unclassified 1.5 285 1550 275
1878623.05 3923382.72 Rock unclassified 1.49 1 265 45 650
1878515.57 3923068.33 Rock unclassified 1.468 5 640 7200 665
1878538.74 3923501.57 Rock unclassified 1.45 1 220 -5 130
1878497.35 3923331.39 Rock unclassified 1.43 bd 185 90 290
1878640.53 3923312.71 Rock unclassified 1.4 165 330 165
1878433.76 3923340.82 Rock unclassified 1.4 165 65 445
1878854.61 3923343.56 Rock unclassified 1.32 65 135 45
1878691.77 3923526.87 Rock unclassified 1.3 5 270 150 420
1878863.27 3923595.13 Rock unclassified 1.24 bd 300 180 495
1878495.29 3923331.19 Rock unclassified 1.24 1 195 175 450
1878689.84 3923208.32 Channel 1.18 0.5 213 88 193
1878752.06 3923336.53 Rock unclassified 1.119 bd 330 10 170
1878440.4 3923396.71 Rock unclassified 1.04 bd 340 350 630
1878781.55 3923660.96 Rock unclassified 1.03 6 185 295 50
1878442 3923169.5 Rock unclassified 1.029 170 1250 375
1878706.5 3923451.55 Rock unclassified 1.012 360 35 215
1878522.17 3923064.1 Rock unclassified 1.004 150 1750 405
1878510.49 3923336.91 Rock unclassified 1.002 bd 215 90 630

 

Table A.2 Banana Creek Drill Data Details. Coordinates in Fiji Map Grid (Vitu Levu)

Hole ID EAST NORTH AZIMUTH DIP Hole Depth From To Peak Assay
(Au
g/t)
BCDH1 1878435.31 3923382.39 315 -60 101.1 10 11 0.61
BCDH2 1878439.45 3923379.97 135 -60 100.4 58 59 0.4
BCDH3 1878637.91 3923316.77 135 -60 100.6 1 2 0.5
BCDH4 1878559.04 3923329.88 337 -60 102.6 32 32.4 19.51
BCDH5 1878558.18 3923334.4 323 -75 116.5 115 116 2.16

 

____________________

1 Alcaston Annual report for the Sabeto Project (2003) records this result as 23.4g/t gold in the body of the report. However, the subsequent database supplied reports the result as 19.5g/t gold

 

Disclaimer: This is an unedited and minimally reviewed public mining company press release originally published at http://www.newsfilecorp.com/release/30866/Lion-One-Completes-Data-Review-of-the-Banana-Creek-Target-In-the-Navilawa-SPL-Adjacent-to-the-Tuvatu-Gold-Project. We have linked to our knowledge base articles from within the content of this release in order to help explain some of the terminology used and provide continuity from previous and related news coverage. You can access more in-depth mining company project reviews on our site, as well a knowledge base of articles on mineral exploration, mining and geology-related topics.

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