Lion One Extends Tuvatu Prospects in Fiji, Appoints New VP Exploration
TSX VENTURE: LIO
North Vancouver, British Columbia--(Newsfile Corp. - June 7, 2018) - Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQX: LOMLF) (FSE: LY1) is pleased to announce the appointment of Mr Darren Holden as the Company's new Vice-President of Exploration and provides the following exploration update for the Company's 100% owned and fully permitted high grade Tuvatu Gold Project, located near the Nadi International Airport in the Republic of Fiji.
Following the discovery of a new mineralised lode from benching that returned a (non-representative) select sample of 502 g/t gold over 0.70 m (see new release dated March 5, 2018), Lion One's Fiji exploration team has mapped more than 20 previously undefined mineralized structures at the Jomaki-Ura Creek prospect areas and identified potential geological extensions on the main mineralized zones inside the Tuvatu Mining Lease (SML 62) including the following highlights:
- Jomaki-Ura Creek prospect: more than 20 mineralized veins covering a 1,000m x 900m area;
- Ura Creek: mapping of extensions of at least 3 veins in the Ura vein system including continuations NE towards the principal gold bearing veins of the Tuvatu system giving a target strike length of 2.2 km;
- Jomaki: 18 mineralized structures hosted in 2 parallel zones (Jomaki East & Jomaki West) including the previously announced high-grade select sample of 502g/t Au over 0.70 m.
- Tuvatu South: anomalies from multi-element data point to possible 1km extension of main mineralized zone of Tuvatu; to be evaluated as underground drilling targets.
Lion One Managing Director Stephen Mann commented, "In the Tuvatu resource area, approximately half of the 40 veins identified to date have sufficient sample data from drilling to merit inclusion in a resource estimate. We've now identified more than 20 mineralized veins at surface in the Jomaki-Ura Creek area where strong multi-element anomalism suggest potential scale and signature comparable and possibly larger than the main resource area at Tuvatu." (refer to Figure 1) Exploration including the Company's benching and channel sampling programs are continuing with further assay results expected shortly.
Lion One is also pleased to announce the appointment of its new Vice President Exploration. Mr. Darren Holden BSc (Hons) MAusIMM, is a graduate of the University of Otago (NZ) and the University of Western Australia. His previous experience includes roles as a geologist with mining companies such as Western Mining and Western Metals in Australia. He was a senior member of the Perth-based Fractal Graphics geoscience team that won the Goldcorp Challenge in 2001 in the expansion of Goldcorp's Red Lake mine in Ontario. That success resulted in the formation of Geoinformatics Exploration Inc., and a team that made several discoveries in North America from Alaska to Mexico. In addition, they also forged strategic alliances with mining companies such as Kennecott Exploration, Anglo-American, Gold Fields, and Goldcorp, from 2002 to 2008. Since 2008, Mr. Holden has held executive management and board roles with several consulting, and mineral exploration companies in Australia.
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 multiple robust mining assets still in operation, creating over $3 billion of value for shareholders.
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 caldera, one of Fiji's largest mineralized volcanic intrusive complexes.
The independent Tuvatu NI 43-101 PEA technical report by Mr. Ian Taylor, BSc (Hons) MAusIMM (QP) 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. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Tuvatu has been fully permitted by the Government of Fiji for operations start-up and is advancing as a near-term production opportunity with district-scale exploration upside modelled 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 in the southwest Pacific Ring of Fire.
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
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.