Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX) announced in a news release that two recently drilled holes returned high-grade gold mineralization at its Tuvatu project on Fiji.
One the holes, TUDDH514, encountered two high-grade lodes. One lode was 24 meters (24m) of 13.31 grams per ton gold (13.31 g/t Au) starting at 495.6m, including 0.35m of 64.4 g/t Au.
The other lode returned 3.47m of 20.71 g/t Au beginning at 706.94m and included a significantly high-grade interval, 0.23m of 294.5 g/t Au.
TUDDH514 hit the deepest mineralized intercept encountered to date at Tuvatu: 0.35m of 10.52 g/t Au at 983.15m downhole. The hole was drilled down to 1,014.8m.
The company noted that TUDDH514 confirmed the orientation indicated by prior holes of the deep, high-grade lode hit by TUDDH500, that it is northeast and near vertical. It remains open along strike, updip and at depth.
"The high-grade intercept of 3.47m grading 20.71 g/t Au encountered in hole TUDDH514 is fully 100m vertically below and 7m along strike from our high-grade intercept in hole TUDDH500 and its wedge holes," commented Dr. Quinton Hennigh, technical advisor to Lion One. "This is a big step-out and gives us high confidence we have discovered a significant root structure below the Tuvatu lode system."
"In addition, this hole encountered a somewhat shallower high-grade intercept of 2.24m grading 13.31 g/t Au on a second deep-rooted lode. For a system that hosts approximately 2,500-3,000 oz of resource per vertical meter, seeing these deep holes deliver such high-grade intercepts well-below the existing resource is encouraging. We are quite keen to see what wedge hole, TUDDH514w1, and our other deep hole, TUDDH517, deliver as they further test these deep high-grade lodes," Dr. Hennigh added.
As for the second new hole reported, TUDDH518, it returned 0.6m of 2.08 g/t gold between 163.6m and 164.2m downhole, including 0.25m of 255.5 g/t gold between 190.7m and 190.95m downhole, through what the company thinks is the UR2 lode. The hole was drilled to a depth of 197.8m.
"Soon, we will see arrival of our underground drill rigs, further allowing us to ramp up the pace of exploration. This is shaping up to be a very busy year at Tuvatu," Dr. Hennigh stated.
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