Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX) announced in a news release that diamond drill hole TUDDH500 intersected high-grade feeder-style mineralization at its Tuvatu gold project on Fiji.
"Notably, textures of gold suggest rapid deposition from what was possibly a gold-saturated mineral-forming fluid," Dr. Quinton Hennigh, technical adviser to Lion One, said in the release. "This is encouraging, because it suggests we are now in the right part of the system to find more such mineralization."
Assay results show TUDDH500 encountered two high-grade intervals between 588 and 583.4 meters (583.4m) downhole, the company reported.
One was 2m grading 35.28 grams per ton (35.28 g/t) gold starting at 558m. The other was 7m grading 46.14 g/t gold starting at 571m and included a subinterval of 4.7m grading 120.16 g/t gold with a significantly high-grade core of 0.9m grading 506.4 g/t gold.
"We are pleased to see our hypothesis that a high-grade feeder underlies Tuvatu supported," Hennigh added.
These two intercepts occur above the targeted convergence of the main Tuvatu lode system. Lion One estimates that contact with the convergence would take place at between 650 and 900m downhole, and hole TUDDH500 is currently at a vertical depth of 641.4m. Lion One intends to finish taking the hole down to 1,000 meters in the next several weeks.
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