Aspiring gold producer Lion One Metals (ASX:LLO) has unearthed a new ‘bonanza-grade’ gold lode about 1km north of its wholly owned Tuvatu Alkaline Gold Project in Fiji.
The $215.52 million market capitalisation company says surface samples gathered from this new zone, dubbed the Lumuni occurrence, have returned multiple ‘high-grade’ results up to 92.55 grams per tonne (g/t) gold.
Key results include sample CH3850 with 66.83g/t gold over 0.7m; sample CH3851 with 48.45g/t gold over 0.7m including 92.55g/t gold over 0.3m; and CH3849 with 15.18g/t gold over 1.1m including 31.25g/t gold over 0.3m.
These results lead to the belief the zone is coincident with a ‘large’ steeply-dipping controlled-source audio-frequency magnetotellurics (CSAMT) resistivity low, which may be indicative of a deeply-rooted structure.
Lion One Metals reports Lumuni was discovered on surface by its regional exploration team along strike from lodes UR1, 2, and 3 and exhibits a width at surface of about 0.5m to over 1m.
Meanwhile, the length of Lumuni has been recorded over 150m, and it remains open to the southeast, where it is obscured under vegetation.
As a result, the company announces it will move forward with refining drill targets to follow up on the Lumuni occurrence once higher-resolution CSAMT data is available.
The new Lumuni zone has been interpreted to be 2 mapped zones of a potential single continuous feature and includes a north-south striking zone that dips steeply to the west, as well as a northwest-southeast striking interval that dips steeply to the southwest.
Speaking on the sampling results, Lion One Metals Chairman and Chief Executive Officer (CEO) Walter Berukoff says: “We’re very pleased with the discovery of the Lumuni occurrence. This discovery was made as part of our ongoing regional mapping and sampling program throughout the Navilawa Caldera. What makes this discovery so outstanding is the continuity of the high-grade material.
“It is not a single bonanza-grade sample, but rather a traceable lode of high- to very-high-grade material that can be followed along at surface.“
It is not a single bonanza-grade sample, but rather a traceable lode of high- to very-high-grade material that can be followed along at surface. The fact that these high-grade samples coincide with a steeply dipping resistivity low is even more compelling, as it provides us with immediate drill targets to pursue. We can now add Lumuni to our growing list of high-priority regional exploration targets.”
Lion One Metals is an ASX-listed gold explorer aiming to become the premier ‘high-grade’ gold producer in Fiji at its wholly owned and fully permitted Tuvatu project.
The project is located on the island of Viti Levu and currently holds a Mineral Resource Estimate (MRE) of 1.007 million tonnes (Mt) indicated at 8.50g/t gold (274,600 ounces gold) and 1.325Mt inferred at 9g/t gold (384,000 ounce gold) at a cut-off grade of 3g/t gold.
Write to Adam Drought at Mining.com.au
Images: Lion One Metals
