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News Update

TICKERS: LIO; LOMLF

Gold Explorer Lays Out Strategy for Expanded Underground Drilling at Fiji Property
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Lion One Metals stated it ordered two new, deep capacity underground diamond core drill rigs that will allow the firm to drill year-round at its high-grade Tuvatu Gold Project in Fiji.

Lion One Tuvatu

In a news release, Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX) announced that it has formulated long-term plans for drilling at its new high-grade discovery located beneath the existing Tuvatu gold resource.

The company indicated that the topography of the property combined with various surface access limitations make for less than optimal drilling conditions particularly during the wet season. To help mitigate these issues the firm advised that it has ordered two new, deep capacity underground diamond core drill rigs from a North American supplier. Lion One Metals indicated that the drills and associated tooling equipment are expected to arrive in Fiji by January 2021.

The company stated that its technical crew has started the preparations for multiple drill stations within the existing Tuvatu decline and other underground workings while it is awaiting the arrival of the two new drills. The firm mentioned that underground drilling provides some specific advantages as it decreases the length of holes needed to reach target depth, offers better angles to intersect high-grade areas and can be conducted year-round.

Lion One Metals' Chairman and CEO Wally Berukoff remarked, "We are very pleased to formulate plans for drilling our exciting new high-grade discovery...After considering various scenarios, we decided securing underground drills suitable for an aggressive drill campaign from our existing underground development is the most advantageous way to move forward. This plan will result in shortened length of drill holes necessary to reach target as well as allow for more optimal angles to intersect these structures. Best of all, we will be able to drill year-round. Our crews have already begun underground preparations for the arrival of these drills. We are excited about this new era in exploration at Tuvatu."

The company provided a summary of gold intercepts it recorded in holes TUDDH500, TUDDH500w1 and TUDDHw2. The bulk of these results was announced in prior news releases issued by Lion One in August 2020. The company stated that some of these core samples from hole TUDDH500 were quite significant including one segment of 12.7 meters of 55.43 g/t Au that contained a 4.7 meter section of 144.81 g/t Au. Hole TUDDH500w1 also returned one segment of 3.3 meters of 85.70 g/t Au. Hole TUDDH500w2 also showed two samples from separate depths that returned 8.5 meters of 3.14 g/t Au. and 6.5 meters of 7.32 g/t Au.

The company discussed the findings from some of its recent drilling activity at drill hole TUDDH500 and daughter wedge holes TUDDH500w1 and TUDDH500w2. The firm noted that the results from the second daughter wedge hole, TUDDH500w2, drilled from mother hole TUDDH500, provided it with much valuable information about the orientation of the newly discovered high-grade structure located underneath the Tuvatu lode system.

"We can now confidently say the high-grade zone has an east-northeast and steeply dipping orientation. This knowledge enables us to better design future drill holes to more effectively intersect this important target," stated Dr. Quinton Hennigh, technical advisor to Lion One.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Lion One. Click here for important disclosures about sponsor fees.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Lion One, a company mentioned in this article.




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