Announcement Date: 2023-08-15
Announcement Type: Drilling Results
Announcement Code: NI43-101
Company name: Lion One Metals Ltd.
Project name: Tuvatu
Location: Fiji
Commodities: Gold
Highlight: Drilling results incl. 1.8m at 314.27g/t Au from 48.2m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: North Vancouver, B.C., August 15, 2023 – Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is issuing an update on composite drill results reported in the company’s August 10, 2023 news release. The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the company’s Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated. Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.
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