ASX-listed Lion One Metals (ASX:LLO) has reported ‘significant high-grade’ gold results from ongoing grade control drilling at its wholly owned Tuvatu Alkaline Gold Project in Fiji.
The company says its drilling program is currently on-schedule, and the results to date confirm the local understanding of the URW1 and Zone 5 area geological models.
‘Significant’ new grade control drilling results include hole TGC-0042 with 2.1m @ 52.05g/t Au from 118m, including 345.3g/t Au over 0.3m; hole TGC-0040 with 3.6m @ 23.11g/t Au from 65.4m, including 125.31g/t Au over 0.3m; and hole TGC-0045 with 0.9m @ 33.99g/t Au from 62.1m, including 100.89g/t Au over 0.3m.
Lion One Metals’ share price spiked 8.441% at $0.835 on Thursday (15 June 2023).
The drilling program was completed on the URW1 lode system, alongside the Zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, YR3, UR4, URW2, URW3, URW1A, and UR2.
Lion One says the grade control drilling was designed to provide a much higher resolution of the lode arrays in comparison to infill drilling
Lion One says the grade control drilling was designed to provide a much higher resolution of the lode arrays in comparison to infill drilling, which is being undertaken on 20m centres.
The company adds drilling in the Zone 5 area is being conducted in anticipation of future mining, with the area scheduled for mining early next year. The drilling also aims to increase the company’s knowledge of the deposit in that area.
Lion One Metals is an exploration company focused on its flagship Tuvatu Alkaline Gold Project on the island of Viti Levu in Fiji.
Write to Aaliyah Rogan at Mining.com.au
Images: Lion One Metals