Explorer Boasts Major Gold Find on Viti Levu

Shares of Canadian gold explorer Lion One Metals Ltd. traded 17% increased after the corporate reported it found a significant new gold construction at its Tuvatu Alkaline Gold Undertaking 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 targeted on advancing its absolutely permitted and wholly owned Tuvatu Alkaline Gold Undertaking in Fiji, immediately introduced that it has found a significant new feeder construction at Tuvatu beneath the property’s beforehand recognized useful resource. The agency famous that the newly found ore lies fully throughout the permitted boundaries of its current mining leases.

Lion One Metals reported that drilling at Gap TUG-141 was designed to focus on a number of high-grade constructions known as the five hundred Zone. The corporate acknowledged that it’s right here the place ranging from a depth of 443.4m “it has encountered the longest high-grade intercept but recorded at Tuvatu, 20.86 g/t Au over 75.9m, together with 43.62 g/t Au over 30.0m which incorporates 90.35 g/t Au over 7.2m.”

The agency highlighted that a number of the core samples collected from deeper depths at Gap TUG-141 returned some extraordinarily excessive assay outcomes together with 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 strong high-grade gold feeder mineralization encountered by gap TUG-141 represents a considerable discovery for Lion One…I’ve lengthy inspired our group to seek out that “gold room” at Tuvatu, and gap TUG-141 leads me to consider they’ve discovered it.”

“I’m assured that Tuvatu will in the future fall within the ranks of notable multi-million ounce Au deposits similar to Porgera and Vatukoula,” CEO Berukoff added.

The companies SVP of Exploration Sergio Cattalani acknowledged, “The mineralized intercepts reported by TUG-141 signify a extremely important improvement. The grades and continuity noticed by the intercepts in gap TUG-141 are of a magnitude not beforehand documented at Tuvatu, and highlights the largely untapped potential of this accretion.”

Quinton Hennigh, who serves as Technical Advisor for the corporate, commented, “What’s most enjoyable about this discovery is that now that we’ve a transparent concept the place the deep fluid-tapping conduit of this method is positioned, we are able to successfully chase it to depth… Contemplating this intercept is just roughly 500m under floor, this discovery is broad open for development at depth.”

The agency indicated that Gap TUG-141 is the primary drill gap accomplished to check this a part of the Tuvatu alkaline gold system and suggested that extra drilling continues to be wanted to totally perceive the extent of the brand new discovery.

Lion One Metals is a Canadian gold explorer targeted on advancing its 100% owned and absolutely permitted Tuvatu Alkaline Gold Undertaking positioned on the island of Viti Levu within the South Pacific Island nation of Fiji. The corporate believes that Tuvatu exhibits nice prospects for improvement as a low-cost high-grade underground gold mine with glorious upside potential.

Lion One started the day with a market cap of round $178.3 million with roughly 156.4 million shares excellent. LOMLF shares opened unchanged immediately at $0.9064 (+$0.00, +0.00%) from final Fridays $09064 closing value earlier than reaching a brand new 52-week excessive value this morning of $1.1452. The inventory traded immediately between $0.8826 and $01.1452 per share and closed at $1.06 (+$0.15, +16.79%).

Need extra info on the high-grade gold intercept? You will discover extra Streetwise protection at Lion One Hits Finest-Ever Gap in Fiji.

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