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Lion One Metals (TSXV: LIO; US-OTCQX: LOMLF; ASX: LLO) continues to expand the Deep Feeder Zone 500 at its Tuvatu alkaline gold project in Fiji.
The latest assay results reveal how the company traces bonanza-grade intercepts in a new feeder zone. It is interpreted as confirming a significant vertical extension and proving the continuity of the URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone.
The North Vancouver-based explorer reported several high-grade intercepts, such as hole TUG-149 that returned 12.89 grams gold per tonne over 12.9 metres from 254.4 metres depth, 84.61 grams gold over 3.9 metres from 318.6 metres, and 48.65 grams gold over 5.4 metres from 423.3 m depth.
According to the company’s Nov. 18 news release, the new drill intercepts, in tandem with results from the previously drilled TUG-138, correspond to a significant increase in grade towards depth, as several bonanza-grade intercepts return gold assay values ranging from 100-800 grams gold per tonne.
The drilling extended this distinct portion of the 500 zone feeder by at least 180 metres, and the prospective zone remains open at depth.
Lion One says the drill results come from the aggressive deep drilling adopted by the company since the initial discovery of the deep feeder zone by hole TUDDH-500, in July 2020.
The company’s technical advisor, Dr. Quinton Hennigh, said in a release the team was only starting to get into the main mineralizing conduit of the system.
“This drilling leads us closer to the main conduits of this remarkable high-grade gold system. Without question, URW3 is turning into a big branch of the ‘tree,’” said Hennigh.
“The junction between it and the rest of the 500 Zone looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we chase this down with further drilling, I think it could lead us to parts of the system where considerable gold was deposited.”
Located on the island of Viti Levu in Fiji, Tuvatu is envisioned as a low-cost, high-grade underground gold mining operation with exploration upside. The project is fully permitted and is currently in the drilling stage to define and expand the known mineralization to upgrade the resource model.
The latest Tuvatu resource estimate (June 2014) showed an indicated resource of 1.1 million tonnes at 8.46 grams gold per tonne for 299,500 oz. of gold and an inferred resource of 1.5 million tonnes at 9.7 grams for 468,000 oz.
The area surrounding the Tuvatu gold deposit and resource area is covered by a 3.85 sq. km special mining lease, with the broader project area covered by over 136 sq. km of special prospecting licences covering the balance of the Navilawa caldera, an underexplored yet highly prospective 7 km diameter alkaline gold system.
Lion One’s ongoing drill program is taking a two-pronged approach, which includes shallow infill drilling to improve its current resource and deep drilling focussed on a better understanding of the underlying “high-grade feeder network.” The latest discovery is a part of the latter program.
At 86¢ per share, Lion One equity is down 30% over the 12 months after trading between 59¢ and $1.66. It has a market cap of $149.4 million.
