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Lion One Metals Ltd.
Summary
| Project: | Tuvatu | |
|---|---|---|
| Deposit: | Tuvatu | |
| Location: | Fiji | |
| Commodities: | Gold | |
| Date: | 11/23/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 23-11-2016: Lion One Metals Ltd. announces an Exploration/Drilling Update report for its Tuvatu deposit at the Tuvatu project. Drilling results incl. 8.41m @ 71.41g/t Au from 96.10m. North Vancouver, B.C., November 23, 2016. Lion One Metals Limited (TSX-V | |
| Resources: | (Resource, Ind.): 1.12Mt @ 8.17g/t Au for 294000oz Au contained (3g/t Au cut-off) | |
| CP/QP: | [Overall Report]: Stephen Mann (Internal) | |
| ABSTRACT: | North Vancouver, B.C., November 23, 2016. Lion One Metals Limited (TSX-V: LIO) (ASX: LLO) (OTCQX: LOMLF) (FSX: LY1) (the “Company”) is pleased to announce that drilling, dewatering, and development has begun at the Company’s 100% owned and fully permitted Tuvatu Gold Project located on the island of Viti Levu in Fiji. Initial drilling results include 71.41 g/t Au over 8.41 meters from infill drill hole TUDDH 406, including 126.67 g/t Au over 4.56 meters, drilled from surface to a vertical depth of 92 meters. Lion One has commenced ongoing drilling of infill and extensional targets of the Tuvatu gold deposit, with one surface drill rig currently operating, and one underground drill rig onsite and ready to be mobilized as the dewatering of the Tuvatu decline progresses. “These initial infill drilling results further confirm the high grades and continuity of near surface mineralization at Tuvatu”, said Stephen Mann, Lion One’s Managing Director. “Our objective with our ongoing drilling programs is to extend and increase confidence in the resource ahead of mine development at Tuvatu.” The Tuvatu decline was developed during a previous feasibility study and consists of 1,341 m of decline, strike and rise development to a depth of 240 m below surface. Previous work included systematic geological mapping and channel sampling of the UR, URW, GRF, SKL, and Murau lodes. A total of 588 historic channel samples from this area exceeded 1.0 g/t Au, 214 channel samples exceeded 10.00 g/t Au, and 32 samples exceeded 100 g/t Au. The highest historic value from this program was a channel sample of 0.60m grading 840 g/t Au. | |
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