Fiji Gold Project Returns Multiple Bonanza Grade Intercepts

Lion One Metals’ infill drilling at its Tuvatu gold undertaking in Fiji, in an space earmarked for early manufacturing, has outlined “exceptionally high-grade mineralization.”

Gold is not the very first thing that involves thoughts for most individuals when they give thought to the South Pacific islands of Fiji, however its location within the Pacific Ring of Hearth locations it in an space famous for big gold mines, together with Porgera and Lihir in Papua New Guinea, and Vatukoula in Fiji.

Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LLO:ASX; LY1:FSE) is aiming to open Fiji’s subsequent gold mine at its 100%-owned Tuvatu undertaking. In response to Lion One, the corporate “envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with thrilling exploration upside inside its tenements masking all the Navilawa caldera, an underexplored but extremely potential 7km diameter volcanic edifice of alkaline affinity.” This geological construction is just not not like these seen at Porgera, Lihir and Vatukoula.

Since final June, Lion One has been conducting a near-surface infill drill program at Tuvatu, geared toward filling within the database gaps in an space earmarked for early manufacturing. To this point, as a part of this program, the corporate has drilling 6,735 meters in 35 holes, out of a deliberate complete of 8,000 meters.

Assays of 10 of those holes had been simply launched, and so they returned some eye-popping grades, similar to 359.8 grams per tonne (g/t) gold over 1.8 meters, together with 1,616.0 g/t over 0.4 meters, and 295.5 g/t gold over 0.3 meters.

Evidently, administration likes the brand new assay outcomes. Sergio Cattalani, Lion One’s senior vice chairman of exploration, feedback, “Exceptionally excessive grade mineralization has been outlined within the near-surface portion of the deposit. Excessive grade mineralization is exhibiting to be extra constant and seems to kind wider zones with good continuity than what had been beforehand modelled.”

The corporate plans to start out mining on a comparatively small scale and develop from there. As Cattalani explains, “Our goal stays clear: to work towards a near-term modest manufacturing begin, concomitant with an aggressive exploration program aimed on the continued enlargement of bonanza-grade sources each near-surface and alongside outlined feeder conduits at better depths, for the eventual scaled-up growth of a bigger and extra priceless useful resource.” 

“I’m more and more assured that after underground mining is underway, the common head grade of the ore earmarked for early manufacturing will likely be increased than beforehand modelled,” Cattalani states. “The extra knowledge generated by the infill drilling and resampling packages presently underway are indicating that parts of the orebody return increased grades over multiples of minimal mining widths that weren’t outlined by the present, but now more and more outdated, useful resource mannequin.” The newest preliminary financial evaluation, launched in September 2020, estimated 274,500 ounces of gold within the Indicated class and 384,000 ounces Inferred. Indicated sources are primarily based on enough sampling that leads to an estimate of the useful resource that can be utilized to guage financial viability and mine planning; Inferred sources are estimates primarily based on extra restricted sampling and have a decrease stage of confidence than Indicated.

Lion One boasts an skilled administration crew. Chairman and CEO Walter Berukoff has owned or operated over 20 mines in seven international locations and has a observe file of constructing mining firms, together with Northern Orion, Miramar Mining and La Mancha, creating greater than $3 billion in shareholder worth alongside the best way. Different senior executives have a long time of expertise in exploration and mine constructing. Technical advisor Dr. Quinton Hennigh, a widely known title in exploration circles, additionally serves as chairman and president of Novo Sources Corp.

The corporate has the benefit of proudly owning its personal diamond drill rig and working its personal on-site lab in Fiji, permitting it to sidestep the delays skilled by many explorers. Core samples are sawn in half, and pulp duplicates of samples returning values better than 0.5 g/t gold are despatched to ALS International Laboratories in Australia for third-party analysis.

Lion One has roughly 156 million shares excellent, 167 million totally diluted. Amongst its high-profile buyers are Donald Smith Worth Fund (12.09% possession), Franklin Templeton Valuable Metals Fund (9.58%) and CEO Water Berukoff (13%). Analyst Akin Akinwale of Eight Capital covers the corporate.


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