Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX) announced in a news release the "delivery and mobilization of two new drilling rigs and continued high grade gold results from surface drilling and underground channel sampling programs from the company's 100% owned fully permitted Tuvatu Gold Project in Fiji."
The company stated that it purchased two new Canadian built Zinex drill rigs along with ancillary equipment in late 2020. Lion One Metals advised the drill rigs and related equipment arrived in the second week February at the Port of Lautoka in Fiji and that all of the equipment cleared customs and was then transported to the project site. The firm noted that these two newly acquired rigs are scheduled to be fully operational by late March and that they possess the capability to drill to depths of 1,000 meters starting from either surface or underground.
Lion One's CEO Walter Berukoff commented, "With the deployment of these rigs the company will have six rigs operating as it transitions into Fiji's dry season, with four rigs focused on continued near surface and deep drilling at Tuvatu and two rigs focused on drilling CSAMT anomalies exceeding depths of 1.2 km in the surrounding Navilawa Caldera."
The firm noted that its two other deep capacity drill rigs are currently deployed at drill holes TUDDH-522 and TUDDH-523. These rigs are tasked with targeting extensions of hole TUDDH-500 at depths of greater than 800 meters. The company noted that as it announced in August 2020, hole TUDDH-500 intersected 0.30 m of 1,400 g/t Au.
The company advised that it received additional near surface high-grade gold results from hole TUDDH-521, "which has intersected four shallow high grade intercepts infilling near-surface gaps in or adjacent to the current lode resource model." Assay results from this hole include 0.13 m of 51.69 g/t Au, 0.50 m of 25.34 g/t Au, 0.38 m of 30.05 g/t Au and 0.23 m of 32.23 g/t Au.
Lion One noted that the latest results obtained from hole TUDDH-521 combined with recently collected data from hole TUDDH-520, which intersected 12.45 m of 21.31 g/t Au, including 0.35 m of 544 g/t Au at a vertical depth of 75m, "demonstrates a significant increase in the grade of the lodes in this area."
The firm added that its Fiji staff have modified the existing Tuvatu underground workings and undertaken systematic sampling of the primary lode structures targeted in this particular area in preparation for planned underground drilling. Lion One reported that "several select high grade channel samples exceeding 50 g/t gold were recently taken with the highest values of 560 g/t Au over 0.10m, 91.77 g/t Au over 0.13m, 60.46 g/t Au over 0.12m, and 56.94 g/t Au over 0.11m (SKL lode), with 43.67 g/t Au over 0.15m (Snake lode), and 45.63 g/t Au over 0.13m (UR2 lode)."
The firm noted that its wholly owned Tuvatu Alkaline Gold Project is its fully permitted flagship asset. The company stated that it envisions Tuvatu as being a low-cost source of high-grade underground gold and that the project's highly prospective Navilawa Caldera 7 km diameter alkaline gold system offers "exciting exploration upside."
Read what other experts are saying about:
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 Metals. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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 Metals, a company mentioned in this article.