Lion One Metals Acquires Assets of Nadi-based Drilling Company for the Tuvatu Gold Project in Fiji
TSX VENTURE: LIO
North Vancouver, British Columbia--(Newsfile Corp. - January 15, 2019) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX:LLO) ("Lion One" or the "Company") is pleased to announce the purchase of the drilling assets of Nadi-based drilling company Geodrill to service the Company's 100% owned Tuvatu Gold Project located on the island of Viti Levu in the Fiji Islands.
The Geodrill asset package includes one surface diamond drill rig capable of drilling up to 800 meters in HQ sized (63.5mm diameter) drill core, and one underground diamond drill rig capable of drilling in excess of 100 meters in NQ sized (47.6mm diameter) drill core. The package also included drilling rods, down-hole survey cameras, down-hole temperature monitors, a spare parts inventory, transport vehicles, and support trucks. The Company used this surface drill rig for the majority of the 28,000 meters of exploration and resource definition diamond drilling undertaken over the past five years as well as the majority of the PQ sized geotechnical drill holes completed for the tailings storage facility, new portal location for the underground development, and the process plant and surface infrastructure areas.
"With the purchase of these drilling assets Lion One has also hired an experienced local drilling team that will ensure the Company has readily available, cost effective drilling capabilities well into the future," said Lion One's Managing Director Stephen Mann. "We can now plan future exploration drilling and have access to essential equipment at a significantly reduced cost to undertake that work. Such further work will be scheduled following the end of the current wet season in Fiji."
About Lion One
Lion One Metals Limited is a Canadian exploration and development company focused on advancing its 100% owned and fully permitted Tuvatu Gold Project towards production. Lion One envisions a low-cost high grade underground gold mining operation with district-scale exploration upside, located near the Nadi International Airport on the island of Viti Levu in the South Pacific island nation of Fiji.
On behalf of the Board of Directors of Lion One Metals Limited
Chairman & CEO
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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.