Lion One Metals Limited
Lion One Targets High-Grade Feeder Beneath Tuvatu Alkaline Gold Resource, Fiji
DGAP-News: Lion One Metals Limited
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North Vancouver, British Columbia–(Newsfile Corp. – October 1, 2019) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the start of its high-grade feeder diamond drill program at the Company’s 100% owned and fully permitted Tuvatu Alkaline Gold Project in Fiji. The first drill hole, TD01, is an 800m long hole designed to target down dip extensions near the center of the current resource in an area where an extremely high-grade feeder structure appears to be coalescing. Nearby drill hole TUDDH-160 intersected 1,614 g/t Au over 0.50m within a broader interval of 367 g/t over 2.92m, from 333m down hole depth. A second planned hole, TD02, is 1,000m long and targets a further 300m downdip below TD01. Two additional planned holes, TD03 and TD04, each 1000 m long, will test down dip areas 200m north and 200m south of TD02, respectively. This drill program is designed to demonstrate that the Tuvatu resource has the potential to extend to vertical depths beyond 1,000m, so 2-3 times the current resource depth. The program also tests for potential high-grade feeder structures emerging from the interpreted magma chamber underlying the 7km diameter Navilawa Caldera. The Company will utilize a deep penetrating surface drill belonging to its own drilling company, Geodrill Fiji. Once collared, TD1 is anticipated to take approximately 6-8 weeks to complete. Assays will be analysed at the Company’s own geochemical laboratory in Fiji, with duplicates of significant mineralized intercepts sent to an independent laboratory in Australia. Lion One will soon be undertaking a systematic controlled source audio-magnetotelluric (“CSAMT”) geophysical survey over the recently consolidated, district-scale exploration license area covering the Navilawa Caldera. The goal of this survey is to identify deep gold-bearing structures, and it complements a recent reinterpretation of an IP survey completed in 2012 that identifies significant deep geophysical anomalies north of the Tuvatu resource thought to be associated with the core of the hydrothermal system. Once CSAMT data have been interpreted, the Company’s drilling program is likely to expand to include targets in the northern part of the caldera including Banana Creek, approximately 3,000m northeast of the Tuvatu resource area. Lion One technical advisor Quinton Hennigh commented: “this high-grade feeder drill program enables Lion One to test the alkaline gold model that we believe drives the expansive gold system within the Navilawa Caldera. We believe the deeper potential beneath the current Tuvatu resource combined with the more extensive potential of other targets within the Company’s new license area within the Navilawa Caldera creates a great opportunity for Lion One to demonstrate Tuvatu’s potential tier-one gold asset status.” Maps showing drill hole locations are available at www.liononemetals.com Appendix Long Section N-S Projection of proposed drill holes (in yellow), To view an enhanced version of this graphic, please visit: Select High Grade Drill Intercepts from Deepest Points Drilled at Tuvatu
Qualified Person About Tuvatu About Lion One Metals Limited On behalf of the Board of Directors of For further information Neither the TSX Venture Exchange nor its Regulation Service Provider This press release may contain statements that may be deemed to be “forward-looking statements” 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 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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48359 Click on, or paste the following link into your web browser,to view the associated documents http://www.newsfilecorp.com/release/48359News Source: Newsfile
01.10.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Lion One Metals Limited |
Canada | |
ISIN: | CA5362161047 |
EQS News ID: | 883649 |
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