North Vancouver, British Columbia–(Newsfile Corp. – February 28, 2018) – Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQX: LOMLF) (FSX: LY1) (the “Company”) announces that a surface sample of 502 g/t gold over 0.70 metres has been returned from the Jomaki prospect 1 km from the planned mill site at its 100% owned and fully permitted Tuvatu Gold Project, now in the development stage, located on the island of Viti Levu in the Republic of Fiji.
The high grade assay result was returned from bench sampling, and extends the Jomaki prospect, located 1,300 metres south-west of the main mineralized zone at Tuvatu, and 1 km south-west of the planned mill site. The Jomaki prospect consists of a zone of closely spaced veins that have been mapped over a strike length of 400 metres which remain open to the north and south. This new sample was taken 21 metres east of a previously collected 125 g/t gold result. Both high-grade samples are from steep east dipping veins within the Nadele Breccia (an extrusive volcanic breccia) and near to the contact with the Navilawa Monzonite.
“The objective of Phase One of the 2018 surface exploration program is to confirm zones of high grade gold inside our Mining Lease but distinct from the main zone of mineralization at Tuvatu,” said Stephen Mann, “We expect to report further results from the 2018 sampling programs soon.”
Figure 1: Geology and surface sampling at the Jomaki Prospect (samples > 2g/t labelled).
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Figure 2: 3D view east of the southern prospects
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Figure 3: Surface benching at Jomaki showing vein structure dipping steeply east (view south)
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For detailed exploration reports including maps, assays, and results, please visit the Company’s website at the following address: https://liononemetals.com/tuvatu-project/maps-resources
Figure 4: The Tuvatu Project Area Schematic Project Map
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QAQC – Sampling Protocols
An excavator cuts a bench along the side of a slope to expose the geology. Structures are mapped geologically with areas of potential such as faults and veins recorded. Channel samples are from a hand-cut channel collected across mapped structures with the orientation of the channel being orthogonal (perpendicular) to the orientation of the structure and hence approximate the true-width. Channel Samples were logged, mapped, and placed in sealed bags and shipped to the facilities of ALS Global in Brisbane and Townsville, Australia, for sample preparation and multi-element ICP analysis. Rigorous quality assurance and quality control procedures, including the use of blanks, standards (inserted into the sample stream at a ratio of 1:20) and duplicates, identified no material issues. Samples were pulverized and analysed by a 50g gold fire assay with either an atomic absorption, or gravimetric finish / over-limit dilution method for samples initially reporting over 100 g/t gold.
Tuvatu is a fully permitted high grade underground gold project located in the South Pacific island Republic of Fiji, 17 km NE of the Nadi International Airport on Fiji’s main island of Viti Levu. Tuvatu is a low sulphidation epithermal gold deposit hosted in the eroded remnants of the Navilawa mineral system, one of Fiji’s largest mineralized volcanic intrusive complexes. The independent Tuvatu NI 43-101 PEA technical report dated June 1, 2015 envisages a low cost underground gold mining operation producing 352,931 ounces of gold over 7 years at head grades of 11.30 g/t Au, and cash costs of US$567 per ounce with all-in sustaining cost of US$779 per ounce. The Company has not based a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability and as a result there is increased uncertainty and economic and technical risks associated. Tuvatu has been fully permitted by the Government of Fiji for operations start-up and has a dual-track strategy of exploration and development inside its mining lease and surrounding exploration license areas.
Lion One is aggressively advancing Tuvatu as a near-term production opportunity with exploration upside in the southwest Pacific Ring of Fire. Lion One has modelled Tuvatu for exploration after regional giants in the low sulphidation family of high grade epithermal gold deposits such as Porgera and Lihir in Papua New Guinea, and Vatukoula in Fiji, which boast production of over 35 million ounces of gold in similar alkaline volcanic settings.
Technical information relating to geology and exploration in this news release concerning the Company’s 2018 Surface Exploration Program has been reviewed and approved by Lion One Managing Director Stephen Mann, member of The Australasian Institute of Mining and Metallurgy, and a Qualified Person (“QP”) under NI 43-101.
About Lion One
Lion One Metals Limited is a mineral exploration and development company based in North Vancouver, BC, focused on advancing to production at its 100% owned and fully permitted high grade underground Tuvatu Gold Project located on the island 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.
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 labour 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.