Lion One Drills 448.98 g/t, 202.34 g/t, and 108.5 g/t Gold at Tuvatu, Provides Operations Update

North Vancouver, British Columbia--(Newsfile Corp. - April 25, 2024) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to report significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji and provides an update to mining operations at Tuvatu.

Assay results are presented here for infill and grade control drilling completed in the Zone 2 area of Tuvatu and include multiple bonanza grade gold results such as 448.98 g/t, 202.34 g/t, 108.5 g/t, 92.89 g/t, and 82.35 g/t. These drill intercepts are all located in the near surface portion of Tuvatu and are scheduled for mining in the short term. The results included in this news release are from drill holes that targeted the URW1 and Murau lode systems proximal to underground development. Previous results from Zone 2 drilling are available in the news releases dated October 19, 2023 and September 14, 2023.

Mining operations are also advancing in Zone 2 and in Zone 5. A total of 2,630 m of sludge hole drilling has been completed in advance of longhole mining in Zone 2. In Zone 5, airleg stoping on the UR2 lode is ongoing, with two leadings stopes underway and sublevels being driven for a gallery stope. Longhole production drilling is expected to commence in both Zone 2 and Zone 5 in late April, generating production tonnes in mid-May.

Highlights of Zone 2 drill results (3.0 g/t cutoff):

• 226.55 g/t Au over 0.6 m (including 448.98 g/t Au over 0.3 m) (TGC-0113, from 84.6 m depth)
• 18.35 g/t Au over 4.8 m (including 40.99 g/t Au over 0.6 m) (TUDDH-686A, from 128.9 m depth)
• 9.99 g/t Au over 8.1 m (including 30.34 g/t Au over 0.3 m) (TGC-0121, from 65.0 m depth)
• 82.35 g/t Au over 0.9 m (including 82.35 g/t Au over 0.9 m) (TGC-0110, from 65.1 m depth)
• 7.48 g/t Au over 9 m (including 20.78 g/t Au over 0.9 m) (TGC-0118, from 86.3 m depth)
• 105.86 g/t Au over 0.6 m (including 202.34 g/t Au over 0.3 m) (TGC-0121, from 83.3 m depth)
• 14.9 g/t Au over 4.2 m (including 21.44 g/t Au over 2.4 m) (TUDDH-698, from 146.3 m depth)
• 8.27 g/t Au over 7.2 m (including 25.58 g/t Au over 0.3 m) (TGC-0127, from 66.0 m depth)
• 27.94 g/t Au over 2.1 m (including 54.65 g/t Au over 0.9 m) (TGC-0118, from 66.2 m depth)
• 15.72 g/t Au over 3.6 m (including 25.53 g/t Au over 1.2 m) (TUDDH-682, from 74.3 m depth)
• 16.29 g/t Au over 3.3 m (including 46.63 g/t Au over 0.6 m) (TGC-0130, from 107.8 m depth)
• 33.92 g/t Au over 1.5 m (including 92.89 g/t Au over 0.3 m) (TGC-0134, from 113.8 m depth)
• 20.86 g/t Au over 2.4 m (including 23.67 g/t Au over 1.2 m) (TGC-0125, from 14.4 m depth)
• 11.08 g/t Au over 4.5 m (including 46.77 g/t Au over 0.6 m) (TGC-0102, from 41.4 m depth)
• 13.18 g/t Au over 3.3 m (including 22.4 g/t Au over 0.9 m) (TGC-0125, from 100.2 m depth)

Highlights of operations update:

• 2,630 m of sludge hole drilling complete in the URW1 and Murau lodes in Zone 2.
• Airleg mining of the UR2 leading stopes ongoing in Zone 5.
• Two longhole drill rigs successfully commissioned.
• Two remote capable loaders to be commissioned by early May.
• Upgrades to CIL circuit advancing, two new blowers to be installed in late April and early May.

Figure 1. Location of Zone 2 infill and grade control drillholes. Left image: Plan view of Tuvatu showing Zone 2 infill and grade control drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Right image: Oblique view of Zone 2 infill and grade control drilling looking approximately northeast.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_001full.jpg

Table 1. Highlights of composited infill and grade control drill results in the Zone 2 area, 3.0 g/t Au cutoff. For full results see Table 3 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0113		84.6	85.2	0.6	226.55
	including	84.6	84.9	0.3	448.98
TUDDH-686A		128.9	133.7	4.8	18.35
	including	128.9	129.5	0.6	20.80
	and	129.5	130.1	0.6	40.99
	and	130.7	131.3	0.6	9.97
	and	131.9	132.8	0.9	30.02
	and	132.8	133.4	0.6	18.88
	and	133.4	133.7	0.3	13.23
TGC-0121		65.0	73.1	8.1	9.99
	including	65.0	65.3	0.3	30.34
	and	68.3	69.2	0.9	11.96
	and	70.1	71.3	1.2	22.51
	and	71.3	72.2	0.9	12.22
	and	72.2	73.1	0.9	15.63
TGC-0110		65.1	66.0	0.9	82.35
TGC-0118		86.3	95.3	9.0	7.48
	including	87.2	88.1	0.9	20.27
	and	91.1	92.3	1.2	8.33
	and	93.2	94.1	0.9	20.78
TGC-0121		83.3	83.9	0.6	105.86
	including	83.3	83.6	0.3	9.38
	and	83.6	83.9	0.3	202.34
TUDDH-698		146.3	150.5	4.2	14.90
	including	146.3	146.9	0.6	20.45
	and	146.9	147.5	0.6	28.43
	and	147.5	148.1	0.6	20.89
	and	148.1	148.7	0.6	15.99
	and	149.3	150.5	1.2	8.96
TGC-0127		66.0	73.2	7.2	8.27
	including	66.0	66.6	0.6	25.25
	and	67.2	67.8	0.6	8.10
	and	69.9	70.2	0.3	15.57
	and	70.2	70.5	0.3	13.03
	and	70.5	71.1	0.6	7.91
	and	71.1	71.4	0.3	6.29
	and	71.4	71.7	0.3	19.87
	and	71.7	72.0	0.3	25.58
TGC-0118		66.2	68.3	2.1	27.94
	including	66.2	67.1	0.9	54.65
	and	67.1	68.3	1.2	7.91
TUDDH-682		74.3	77.9	3.6	15.72
	including	74.3	75.5	1.2	25.53
	and	76.4	77.3	0.9	11.87
	and	77.3	77.9	0.6	25.25
TGC-0130		107.8	111.1	3.3	16.29
	including	107.8	108.4	0.6	8.66
	and	108.4	109.0	0.6	46.63
	and	109.0	109.6	0.6	17.82
	and	110.2	111.1	0.9	8.16
TGC-0134		113.8	115.3	1.5	33.92
	including	113.8	114.1	0.3	58.96
	and	114.1	114.4	0.3	92.89
	and	114.4	114.7	0.3	9.39
TGC-0125		14.4	16.8	2.4	20.86
	including	14.4	14.7	0.3	8.60
	and	14.7	15.9	1.2	23.67
	and	15.9	16.8	0.9	21.22
TGC-0102		41.4	45.9	4.5	11.08
	including	41.4	42	0.6	15.02
	and	42.9	43.5	0.6	46.77
	and	43.5	43.8	0.3	11.96
	and	44.7	45.3	0.6	7.21
TGC-0125		100.2	103.5	3.3	13.18
	including	100.2	100.8	0.6	25.65
	and	100.8	101.1	0.3	15.69
	and	101.1	101.4	0.3	10.76
	and	102.3	102.6	0.3	15.92
	and	102.9	103.2	0.3	21.22
	and	103.2	103.5	0.3	30.11

 

Zone 2 Drilling

The Zone 2 area of Tuvatu is located in the northwest part of the deposit, near the main portal. The URW1 and Murau lode systems are the primary mineralized systems in Zone 2, with production mining starting first in URW1 and then in Murau. A total of 38 drill holes are reported in this news release, including 18 targeting the URW1 lodes and 20 targeting the Murau system.

The URW1 drilling reported here was designed to provide grade control results between the 1161 and 1101 levels in Zone 2, and to provide infill and down-dip extension results in the URW1 system below the 1101 level. Leading edge airleg stoping has been completed on the 1141 level, and a 5 m wide access drive on the 1161 level has also been completed. The 1161 access drive will provide longhole drill and underground loader access to the upper part of the URW1 lode system for mechanized production.

Figure 2. Zone 2 URW1 drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Drilling below the 1101 level is targeting URW1 down-dip extension, drilling above the 1101 level is grade control drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_002full.jpg

The Murau drilling reported here was designed to provide infill and grade control results in the upper portion of the Murau lode system, which will be the first part of the system to be mined and is scheduled for production in Q3 2024. The Murau lode system dips moderately to the SSW and is open down dip and at depth. The upper portion of the system that is targeted for near-term mining has a strike length of 80m and extends down dip for a length of 100 m.

Figure 3. Zone 2 Murau drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. The Murau lode system will be the second area to enter production in Zone 2 after the URW1 lode system. The