Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX) announced in a news release the results of two diamond drill holes, still in progress, at its Tuvatu project on Fiji.
Both holes returned shallow and high-grade gold, the company stated.
"We are starting to see a clearer picture develop around which lode structures are deep tapping and likely prospective for high-grade gold mineralization," Dr. Quinton Hennigh, technical adviser to Lion One, said in the release. "Our recent shallow drilling shows that the URW1 lode is one of these."
Hole TUDDH520, oriented in a southeast direction, returned 12.45 meters (12.45m) of 21.31 grams per ton gold (21.31 g/t Au), including 0.35m of 544 g/t Au in a shallow intercept through the URW1 lode, starting at 90.10 meters downhole. The company noted that the results show a wider width than that encountered on historical drilling along with numerous structures and visible gold, indicating a stronger mineralized system near surface. According to Lion One, the URW1 lode warrants further extensive deep testing.
Deeper in TUDDH520, at 125.85 meters downhole, the drill bit intersected 2.35m of 4 g/t Au, including 0.45m of 13.58 g/t Au. This aligns with the URW2 lode.
As for the second hole, TUDDH517W, oriented to the north, it returned 3m of 114.1 g/t Au starting at 594.6 meters downhole.
"This intercept is believed to be in a splay structure coming off of a nearby deep high-grade lode being targeted by Lion One," the release noted.
The company intends to continue drilling these two holes, and ramp up its Tuvatu drill program this year. Two underground drill rigs purchased by Lion One are expected to arrive in Fiji around February 7.
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her 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.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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.
