Lion One Metals shares leap after mineralisation surpasses borders at Tuvatu Project in Fiji

Fiji-based gold explorer Lion One Metals (ASX:LLO) has expanded the gold mineralisation at its wholly owned Tuvatu Alkaline Gold Project in Fiji following an underground sampling program. 

The company, which has a $179.43 million market capitalisation, says sampling conducted along the walls of the URW1a and URW1b mine drives has returned ‘high-grade’ gold (Au) results up to 32.34 grams per tonne (g/t). 

These grades have been interpreted by Lion One to represent an extension of mineralisation beyond the walls of the current drives and indicate ‘high-grade’ gold mineralisation associated with these lodes is also greater in width than that which was estimated from drilling. 

As a result, Lion One announces an investigation is underway to determine how far the mineralisation extends beyond the current walls of the drives and how much additional material can be mined from these drives. 

It is believed additional information gained from this investigation will pave the way for the implementation of a mine design for these lodes moving forward. 

Shares in Lion One Metals were up 10.34% to $0.96 as of 11:30am AEST

Key results from URW1b include 18.70g/t Au over 17.8m (including 91.15g/t Au over 1m) and 32.34g/t Au over 10m (including 149.86 and 80.11g/t Au over 1m each). 

Other notable results returned from URW1a include 17.11g/t Au over 18m (including 150.77g/t Au over 1m); 20.72g/t Au over 11m (including 107.56g/t Au over 1m); and 24.76g/t Au over 7m (including 67.06g/t Au over 1m). 

Mining of the URW1 lodes has been ongoing since 18 May 2023 and is being conducted through the use of airleg mining, which represents a precise method of mining ideal for narrow vein mineralisation, as seen at Tuvatu.  

Addressing the expansion of mineralisation, Lion One Metals Chairman and Chief Executive Officer (CEO) Walter Berukoff commented: “We’re very pleased with the results from our wall sampling program. The program was initiated following the identification of coarse visible gold in veinlets in the walls of both the URW1a and URW1b mine drives. 

We’re very pleased with the results from our wall sampling program”

The results indicate that there is significant gold mineralisation present in the walls of both drives and that the mineable width of both drives is therefore considerably wider than we expected based on drill results. An investigation is now underway to determine how far this additional gold mineralisation extends into the walls of both drives and how much additional high-grade material we can expect to mine from these lodes. 

Mining is ongoing in both drives, and we’re hopeful that this additional gold mineralisation will provide a further boost to our growing stockpile in advance of our plant commissioning later this year.”

Lion One Metals is a gold explorer poised 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 Au (274,600 ounces Au) and 1.325 million tonnes inferred at 9g/t Au (384,000 ounce Au) at a cut-off grade of 3g/t Au.

Write to Adam Drought at Mining.com.au

Images: Lion One Metals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.