Source: Streetwise Reports 06/06/2022
Shares of Canadian gold explorer Lion One Metals Ltd. traded 17% higher after the company reported it discovered a major new gold structure at its Tuvatu Alkaline Gold Project on the island of Viti Levu in Fiji.
Vancouver-based gold explorer Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LLO:ASX; LY1:FSE), which is primarily focused on advancing its fully permitted and wholly owned Tuvatu Alkaline Gold Project in Fiji, today announced that it has discovered a major new feeder structure at Tuvatu beneath the property’s previously identified resource. The firm noted that the newly discovered ore lies completely within the permitted boundaries of its existing mining leases.
Lion One Metals reported that drilling at Hole TUG-141 was designed to target several high-grade structures referred to as the 500 Zone. The company stated that it is here where starting from a depth of 443.4m “it has encountered the longest high-grade intercept yet recorded at Tuvatu, 20.86 g/t Au over 75.9m, including 43.62 g/t Au over 30.0m which includes 90.35 g/t Au over 7.2m.”
The firm highlighted that some of the core samples collected from deeper depths at Hole TUG-141 returned some extremely high assay results including 0.30 m of 244.37 g/t Au, 0.30 m of 340.07 g/t Au and 0.30 m of 600.42 g/t Au.
Lion One Metals CEO Walter Berukoff remarked, “This new robust high-grade gold feeder mineralization encountered by hole TUG-141 represents a substantial discovery for Lion One…I have long encouraged our team to find that “gold room” at Tuvatu, and hole TUG-141 leads me to believe they have found it.”
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“I am confident that Tuvatu will one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula,” CEO Berukoff added.
The firms SVP of Exploration Sergio Cattalani stated, “The mineralized intercepts reported by TUG-141 represent a highly significant development. The grades and continuity observed by the intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the largely untapped potential of this deposit.”
Quinton Hennigh, who serves as Technical Advisor for the company, commented, “What is most exciting about this discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is located, we can effectively chase it to depth… Considering this intercept is only approximately 500m below surface, this discovery is wide open for growth at depth.”
The firm indicated that Hole TUG-141 is the first drill hole completed to test this part of the Tuvatu alkaline gold system and advised that additional drilling is still needed to fully understand the extent of the new discovery.
Lion One Metals is a Canadian gold explorer focused on advancing its 100% owned and fully permitted Tuvatu Alkaline Gold Project located on the island of Viti Levu in the South Pacific Island nation of Fiji. The company believes that Tuvatu shows great prospects for development as a low-cost high-grade underground gold mine with excellent upside potential.
Lion One began the day with a market cap of around $178.3 million with approximately 156.4 million shares outstanding. LOMLF shares opened unchanged today at $0.9064 (+$0.00, +0.00%) from last Fridays $09064 closing price before reaching a new 52-week high price this morning of $1.1452. The stock traded today between $0.8826 and $01.1452 per share and closed at $1.06 (+$0.15, +16.79%).
Want more information on the high-grade gold intercept? You can find additional Streetwise coverage at Lion One Hits Best-Ever Hole in Fiji.
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