Lion One Metals (ASX:LLO) has discovered copper porphyry-style mineralisation in a newly identified mineralised system 1km northwest of its wholly owned Tuvatu Alkaline Gold Project in Fiji.
The company says the mineralisation was uncovered from surface drilling at the Wailoaloa prospect as part of its regional exploration program.
Bench sampling has revealed a wide stockwork area of anomalous copper, gold, and tellurium mineralisation at surface, which resulted in an initial drillhole. It is here that porphyry-style mineralisation was flagged, with further copper being unearthed 120m to 200m in downhole length in 3 subsequent holes.
The copper is interpreted to be ‘strongly correlated’ with anomalous gold mineralisation downhole and, given that it has been found early in the Wailoaloa exploration program, is ‘very encouraging’ and indicates the potential for a much larger system nearby.
Lion One also announces the project is currently in the pilot plant stage of operations, with a focus on the development of underground access and open stope mining, which is scheduled to begin this month before increasing through April and May 2024 with the introduction of mechanised mining.
Mechanised mining will begin on Zone 2 stopes in the URW1 stockwork vein system and will consist of long hole open stoping. The first long hole drill is currently in operation on site and is conducting sludge hole drilling to confirm stope boundaries at URW1.
Meanwhile, open stope mining in Zone 5 will initially consist of airleg stoping before the introduction of limited long hole open stoping in April. Airleg stoping has begun at Zone 5 at the UR2 lode system and will be initiated at the URW3 lode system in late March.
On 14 February 2024, Lion One Metals was suspended from quotation due to a failure to comply with Listing Rule 7.1. The company is still in suspension as of today (5 March 2024).
Lion One Metals is a Canadian gold producer headquartered in North Vancouver, with new operations established in late 2023 at its wholly owned Tuvatu Project in Fiji.
The project comprises the ‘high-grade’ Tuvatu Alkaline Gold deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab.
Write to Adam Drought at Mining.com.au
Images: Lion One Metals
