A surface channel sampling program at Lion One Metals’ Tuvatu Gold Project has identified a new vein stockwork system with extensive gold grades over wide widths. The company has also made a porphyry exploration breakthrough north of the main Tuvatu resource area.1

The channel sampling has occurred on the ridges above the main Tuvatu gold system. Results include 25.4 metres averaging 5.5 grams/tonne gold, including 4 metres averaging 36.8 grams/tonne; and 112 metres averaging 0.65 grams/tonne, including 3.6 metres averaging 14.4 grams/tonne.

Previous exploration work in this area had focused on high grade veins from underground drilling 250 metres below this newly recognized vein stockwork system. The stockwork consists of centimetre scale quartz veins in several orientations.

All benches show similar stockwork veining and overall indicate a possible mineralized zone 250 metres wide and separated by 90 metres vertically along the upper southern slopes of the Tuvatu Ridge.

Meanwhile, confirmation of gold-bearing porphyry mineralization has resulted from the examination of several holes as well as assays from a hole north of the portal of the Tuvatu exploration decline.

Well defined porphyry-style alteration associated with ore-grade gold values occurs within structures and has been overprinted by the later stage epithermal veins. Historic work focused only on the high-grade epithermal veins and while it was recognized that these vein systems overprinted a monzonitic porphyry intrusive host, the potential for the porphyry system to carry ore-grade gold remained unrecognized until now.

The hole was resampled to include all porphyry related mineralization over the length of the hole. Work is ongoing to assess the relevance of the porphyry mineralization and to develop exploration targets for wider zones either along strike or at depth.

Results from the resampling include 11.5 metres from 20 metres @ 0.59 grams/tonne gold, 8 metres from 70 metres @ 1.6 grams/tonne, 10 metres from 93.5 metres @ 0.93 grams/tonne and 18.5 metres from 93.5 metres @ 1.58 grams/tonne.

The company has received approval from the Mineral Resources Department of Fiji to begin rehabilitation of the underground exploration decline for further pre-development and underground exploration access.

It expects to report new core assays and exploration results regularly as it builds towards a major drilling program which will be designed to rapidly establish the nature and extent of porphyry, stockwork, and epithermal resources on the Tuvatu property. Drill targets will be delineated through further trenching, core analysis and geophysics, which combined with underground access, will provide the company with highly cost-effective means of exploration and resource confirmation, prior to the start of follow-up drill campaigns.

Tuvatu lies within Viti Levu Lineament, a north-west trending belt that hosts a number of alkaline volcanic centres, including the world-class Vatukoula Gold Mine, which lies about 50km to the northeast.

www.liononemetals.com

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