Lion One Completes Data Review of the Banana Creek Target In the Navilawa SPL Adjacent to the Tuvatu Gold Project

2017-11-30 / @nasdaq

 

NORTH VANCOUVER, British Columbia, Nov. 30, 2017 (GLOBE NEWSWIRE) -- Lion One Metals Limited (TSX-V:LIO) (ASX:LLO) (OTCQX:LOMLF) (FSX:LY1) (the “Company”) is pleased to announce that following the recently announced award of the Navilawa Special Prospecting Licence (SPL 1412) it has completed a first-pass compilation of data over the Banana Creek Target adjoining the Company’s fully permitted high grade underground Tuvatu Gold Project located on the island of Viti Levu in the Republic of Fiji. 

The Banana Creek Target                                                                            

  • Located only 3 kilometres northeast of the Tuvatu Gold Project
  • Accessible by roads and tracks
  • 114 selective rock chip samples >1g/t gold
  • 46.3 g/t gold peak value in selective rock sample results
  • 160 g/t silver, 2.1% lead, 0.33% zinc peak values in selective rock sample results
  • 1.6 x 0.6 kilometre hydrothermal alteration system defined by radiometric data
  • 750 x 500 metre gold in soil anomaly
  • 6 individual mineralised lodes identified in previous surface work
  • 19.5 g/t gold over 0.4 metres  in previous reconnaissance drilling
  • Presents a target for exploration work and to potentially enhance the Tuvatu Gold Project
  • One of eleven exploration targets in the recently acquired Navilawa License
 
Historic Results
The samples in this press-release are compiled from reports and data provided by the Fiji Government Mineral Resources Department and contain information reported by previous explorers in the area. Whilst every effort has been made to review historic reports and check the data, the samples were collected by previous explorers and cannot be fully verified. Company geologists have visited the project and reported lode style of mineralisation visually similar to Tuvatu, however, the original sample security, laboratory, and assay method cannot be fully verified by the Qualified Person / Competent Person other than disclosure taken from previous company reports. These results are hence considered ‘historic’ and are presented as a guideline only. As a result, the assays reported in this release are not to be considered necessarily representative of the overall system. The Company intends to collect new data in this area, and all historic results will not be used in mineral resource estimation or economic decisions other than to advance exploration. Refer to Appendix 1 for further details.
 

The Banana Creek Target and its relevance to enhancing Tuvatu
The Banana Creek Target is one of eleven exploration targets recently acquired by the Company in an award of tenure from the Mineral Resources Department, Ministry of Lands and Mineral Resources, Government of Fiji (news release November 20, 2017).  The Banana Creek Target has been subject to several generations of superficial surface exploration by previous explorers (Appendix 1) which has included geological mapping, soil sampling and rock-chip sampling. The Banana Creek Target is located 3 kilometres northeast of the Company’s fully permitted Tuvatu Gold Project, and hence presents an exploration target within a credible potential trucking distance to the milling operations to be constructed at Tuvatu. As a result, Lion One considers Banana Creek as a clear focus with several mineralised structures potentially capable of complimenting and enhancing production scenarios at the Tuvatu Gold Project.

Previous sample collection
The samples in this press-release are compiled from reports and data provided by the Fiji Government by previous explorers in the area.

To view Figure 1, please visit:
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Figure 1 Gold in Soil sampling at the Banana Creek Target (background = shaded terrain model).

More than 500 soil samples have been collected by previous explorers in the Banana Creek area.  This work was principally conducted by Oribi Resources in 1999 to 2001 and consists of ‘C’ horizon soils collected using a 50mm augur and is principally ridge and spur soil sampling. The soil sampling indicates a gold in soil anomaly of >100ppb gold (0.1ppm / 0.1g/t) over an area greater than 500 metres by 750 metres (Figure 1, Appendix 1).

More than 800 rock samples have been collected in the Banana Creek area and are a combination of channel sampling, float (loose material at surface) and rock-chips. Of these 114 samples were greater than 1g/t gold with a peak value of 46.3g/t gold (Figure 2, Appendix 1).

To view Figure 2, please visit:
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Figure 2 Banana Creek Rock Chip Samples with samples >5g/t labelled (background = shaded terrain model). (samples rounded to 1 decimal place)

Previous drilling at Banana Creek consists of 5 diamond core holes drilled by Oribi Resources in joint-venture with Mincor Resources between 1999 to 2001 for a total of 531 metres drilling (average depth = 104 metres). Three of these holes (BCDH001, 002, 003) were drilled away from or parallel to the main structural trends and did not intersect appreciable mineralisation. Holes BCDH004 and 005 respectively were drilled in the central portion of the Banana Creek Target and intersected peak values of 19.5g/t gold and 2.2g/t gold respectively (Figure 3, Appendix 1).

Geology of Banana Creek
The Banana Creek Target consists of altered Navilawa monzonite intrusive flanked by Nadele volcanic breccia and intruded by micromonzonite dykes. The mineralisation has been mapped at surface on lodes that strike NNW-SSE and cross-structures oriented NE-SW. Previous Fiji Government reported airborne surveys indicate that the Banana Creek Target has an elevated potassium signature in radiometrics indicating a zone of hydrothermal alteration approximately 1.6 kilometres by 600 metres and is comparable to the anomaly at the Tuvatu Gold Project (Figure 4). With both gold and base-metal anomalism, the mineralisation may be of a style comparable to the HT Corridor mineralisation at Tuvatu previously announced by the Company.

To view Figure 3, please visit:
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Figure 3 Banana Creek Drill Hole locations (on soil sampling, background = shaded terrain model)

To view Figure 4, please visit:
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Figure 4 Government airborne potassium radiometric image. Hot colours red->purple->white indicate increasing potassium and is an indication of increasing hydrothermal alteration.

To view Figure 5, please visit:
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Figure 5 The Tuvatu Project Area Schematic Project Map

About Tuvatu / Lion One
Lion One is advancing its 100% owned Tuvatu Gold Project as a world class discovery and near-term production opportunity in the southwest Pacific Ring of Fire. Tuvatu is modelled for exploration after regional giants in the low sulphidation family of high grade epithermal gold deposits such as Porgera and Lihir in PNG, and Vatukoula in Fiji. These spectacular discoveries have produced over 35 million ounces of gold in similar alkaline volcanic settings. Tuvatu has been fully permitted by the Government of Fiji for operations start-up and has a dual-track strategy of production development and resource expansion inside its 385 hectare mining lease. 

Tuvatu is located 17 km from the international airport in Nadi, on the west coast of Viti Levu in the Republic of Fiji. Lion One’s CEO Walter Berukoff is leading an experienced team of mine builders, and has owned or operated over 20 mines in 7 countries.  As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders. 

Tuvatu was advanced by previous owners through underground exploration and development from 1997 through to the completion of a feasibility study in 2000.  Acquired by Lion One in 2011, the project has over 110,000 meters of drilling completed to date in addition to 1,430 meters of underground development.

In January 2016 the Hon. Prime Minister of Fiji, Mr. V. Bainimarama, formally presented the previously granted Tuvatu Mining Lease to Lion One.  This concluded the permitting process for the development of an underground gold mine and processing plant at Tuvatu, demonstrating strong government support for Fiji’s 85 year-old gold mining industry.

Stephen Mann, Managing Director, member of The Australasian Institute of Mining and Metallurgy, is the Qualified Person (“QP”) responsible for the Tuvatu Mine exploration and delineation programs.

The information in this report that relates to the Banana Creek Target is based on information supplied by the Fiji Government to Lion One Limited and reviewed by Darren Holden who is an employee of GeoSpy Pty Ltd, an Advisor to Lion One Ltd, and a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Holden has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’ (JORC code) and National Instrument 43-101 in Canada. Mr Holden consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Refer to Appendix 1 for sample detail disclosure.

For more information on Lion One including technical reports please visit the Company’s website at www.liononemetals.com or the SEDAR website at www.sedar.com.

On behalf of Lion One Metals Limited

“Walter H. Berukoff”

Chief Executive Officer

For further information please contact 

Stephen Mann, Managing Director (Perth, Australia) Tel: 604-973-3007
Hamish Greig, Vice President (North Vancouver, BC) Tel: 604-973-3008
Joe Gray, Investor Relations (North Vancouver, BC) Tel: 604-973-3004
Toll Free IR Line (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com 

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Banana Creek Data 
Table A1.1. Past ownership, report sources and sample details. 

CompanyReport Title / DateSample Type / DetailLaboratory / Assay Details
Pan Continental MiningReported as historic results  compiled in database from Fiji Government 1986-1993
Reported by Alcaston in 2003 annual report and compiled in databases from Golden Rim mining (2010).		Rock and soil samples. Techniques not disclosed.Not disclosed in reports
CRAEReported as historic results  compiled in database from Fiji Government 1994-1998
Reported by Alcaston in 2003 annual report and compiled in databases from Golden Rim mining (2010).		Rock and soil samples. Techniques not disclosed.Not disclosed in reports
Oribi Resources NL / Mincor Resources NLReported as historic results  compiled in database from Fiji Government 1999-2002
Reported by Alcaston in 2003 annual report and compiled in databases from Golden Rim mining (2010).		5 diamond drill holes, HQ size core.
Soil sampling using 50mm Augur Samples. ‘C’ Horizon Soil.
Rock channel sampling		ALS Chemex Laboratory in Brisbane. Gold: Fire Assay 50g charge (AA26); Multi-element: Aqua regia digestion / atomic emission spectroscopy MEICP-41
Alcaston Mining NL / Mincor Resources NLSABETO PROJECT
Special Prospecting Licence 1412: Annual Reports 2003, 2004, 2005, 2006, 2007
(5 reports) and compiled in databases from Golden Rim mining (2010).		Rock chips (2003, 2004)
Radiometrics / magnetics 2007		ALS Chemex Laboratory in Brisbane.
Gold: Fire Assay 50g charge (AA26); Multi-element: Aqua regia digestion / atomic emission spectroscopy MEICP-41
Golden Rim Ltd / Mincor Resources N:SABETO PROJECT
Special Prospecting Licence 1412: Annual Reports 2008, 2009, 2010 (3 reports)		Rock chips (2008)Not disclosed in reports but assumed equivalent to above 2003-2007 annual reports.
    

Table A1.2 Banana Creek Rock Sampling Data > 1g/t, sorted by gold grade from various reports as compiled by Alcaston Mining and Golden Rim Mining noted above. Sample Type: Rock = rock sample collected in outcrop; Channel = channel sample collected in outcrop or trench; Rock unclassified = rock sample with unknown sampling technique. Bd = below detection; “-” = not assayed. Highest samples per assay result highlighted in bold. Coordinates in Fiji Map Grid (Vitu Levu).  All samples are considered ‘selective’ in that they were selected by geologist or field technician from specific mineralised lodes reported between 0.1 and 2 metres wide and may not be representative of the overall system.  

Easting (m)Northing (m)Sample TypeGold (g/t)Silver (g/t)Copper (ppm)Lead (ppm)Zinc (ppm)
1878501.953923403.66Rock46.314.41461110276
1878642.913923306.93Rock3220.957981301860
1878436.263923432.09Rock unclassified21.9-1305000335
1878632.663923332.84Rock2011.623420001185
1878505.753923424.71Rock19.453.8199605357
1878643.913923305.94Channel18.920.14136711340
1878624.053923283.25Rock unclassified16.6-1151500110
1878463.083923403.5Rock unclassified15.338536560
1878602.423923228.14Rock unclassified153306055
1878777.773923124.34Rock unclassified13.358537035
1878659.213923551.47Rock unclassified13.2-12555055
1878696.473923140.36Rock10.61.56593017
1878468.643923442.12Rock unclassified10.051453015
1878688.043923499.74Rock unclassified1022151800390
1878371.683923301.29Rock unclassified8.55-2513515
1878596.33923287.85Rock unclassified8.321651980120
1878661.373923478.24Rock unclassified8.2-11532065
1878453.763923353.73Rock unclassified8.2-754060
1878785.373923670.21Rock unclassified7.751105012020
1878626.053923370.31Rock unclassified7.6-80390240
1878438.073923340.62Rock unclassified7.5-4522075
1878813.943923418.56Channel6.862.51664949
1878618.663923152.15Rock unclassified6.7-570205360
1878503.93923332.64Rock unclassified6.5514516503350
1878634.253923299.73Rock unclassified6.5-3953850340
1878813.943923418.56Rock6.231.3525321
1878453.563923436.63Rock unclassified6.2bd14596050
1878888.233923605.73Rock unclassified6237080210
1878632.143923295.78Rock unclassified5.97-215400185
1878508.283923355.51Rock unclassified5.3-4015065
1878505.773923333.48Rock unclassified5.12bd240790475
1878476.593923401.37Rock unclassified5.09bd135315210
1878665.113923480.73Rock unclassified4.94-290160100
1878522.693923431.07Rock unclassified4.93bd170890695
1878699.663923116.19Rock unclassified4.811280275355
1878301.323923438.79Rock unclassified4.78-280430145
1878603.863923266.32Rock unclassified4.73bd5052751950
1878507.423923334.58Rock unclassified4.6bd25555355
1878743.853923672.77Rock unclassified4.3660654515
1878721.543923241.63Channel4.311.1203180213
1878675.173923434.39Rock unclassified4.1-350445310
1878579.533923530.93Rock unclassified4.09-5023060
1878780.713923446.82Rock unclassified3.99-1205025
1878787.383923665.86Rock unclassified3.981605519030
1878797.643923423.65Rock unclassified3.95bd1252400105
1878872.193923317.57Rock unclassified3.9-9013050
1878647.693923458.12Rock unclassified3.9-380370205
1878464.313923442.91Rock unclassified3.57-4035040
1878698.293923186.61Rock unclassified3.46-72021000400
1878494.33923049.58Rock unclassified3.35-1952900515
1878689.283923505.2Rock unclassified3.33bd250390160
1878706.53923332.69Rock unclassified3.05bd1901450145
1878860.853923626.02Rock2.93bd6012515
1878874.453923624.11Rock unclassified2.93bd6012515
1878722.423923692.65Rock unclassified2.89-2901500280
1878471.073923401.95Rock unclassified2.87bd345170545
1878544.173923435.94Rock unclassified2.87bd31550330
1878481.043923403.29Rock unclassified2.86bd235800560
1878696.573923523.68Rock unclassified2.82-5085070
1878879.853923281.12Rock2.791.923719783
1878698.863923117.8Rock unclassified2.7bd56011400520
1878509.073923335.78Rock unclassified2.683200480375
1878514.953923357.08Rock unclassified2.66-851350570
1878705.633923387.25Rock unclassified2.64bd11570120
1878498.773923331.41Rock unclassified2.6bd11580275
1878571.553923193.23Rock unclassified2.35363015500535
1878512.943923071.1Rock unclassified2.262118054001200
1878704.263923460.9Rock unclassified2.17bd210135170
1878694.683923202.44Rock unclassified2.13-615790860
1878340.613923401.23Rock unclassified2.08-355080
1878479.373923402.63Rock unclassified2.02bd215200420
1878489.763923331.25Rock unclassified1.93270920515
1878530.543923433.47Rock unclassified1.89bd235710250
1878778.883923447.97Rock unclassified1.88-21555100
1878517.953923403.81Rock1.870.9115361225
1878541.073923505Rock unclassified1.85bd31020160
1878879.853923281.12Rock1.851.31558953
1879008.913923608.39Rock unclassified1.8548550125
1878570.393923195.49Rock unclassified1.81bd4852500750
1878453.23923391.47Rock unclassified1.75-255660525
1878538.13923494.44Rock unclassified1.73-405050
1878687.923923496.99Rock unclassified1.71bd16013040
1878445.393923166.18Rock unclassified1.69-301500190
1878499.913923267.09Rock unclassified1.65121535200
1878325.293923405.65Rock unclassified1.63-50450235
1878766.843923320.08Rock1.621.417836115
1878916.973923601.92Rock unclassified1.6-1251450115
1878348.933923373.51Rock unclassified1.6-3514060
1878757.633923350.21Rock unclassified1.54bd245460280
1878800.013923350.11Rock unclassified1.54----
1878538.263923081.13Rock unclassified1.54 4854500440
1878731.673923480.39Rock unclassified1.53bd270260290
1878816.273923133.93Rock unclassified1.5322506565
1878511.763923356.5Rock unclassified1.53-120890595
1878609.123923548.51Rock unclassified1.52-14034090
1878775.383923428.16Rock unclassified1.5-2851550275
1878623.053923382.72Rock unclassified1.49126545650
1878515.573923068.33Rock unclassified1.46856407200665
1878538.743923501.57Rock unclassified1.451220-5130
1878497.353923331.39Rock unclassified1.43bd18590290
1878640.533923312.71Rock unclassified1.4-165330165
1878433.763923340.82Rock unclassified1.4-16565445
1878854.613923343.56Rock unclassified1.32-6513545
1878691.773923526.87Rock unclassified1.35270150420
1878863.273923595.13Rock unclassified1.24bd300180495
1878495.293923331.19Rock unclassified1.241195175450
1878689.843923208.32Channel1.180.521388193
1878752.063923336.53Rock unclassified1.119bd33010170
1878440.43923396.71Rock unclassified1.04bd340350630
1878781.553923660.96Rock unclassified1.03618529550
18784423923169.5Rock unclassified1.029-1701250375
1878706.53923451.55Rock unclassified1.012-36035215
1878522.173923064.1Rock unclassified1.004-1501750405
1878510.493923336.91Rock unclassified1.002bd21590630
        

Table A.2 Banana Creek Drill Data Details. Coordinates in Fiji Map Grid (Vitu Levu)

Hole IDEASTNORTHAZIMUTHDIPHole DepthFromToPeak Assay (Au g/t)
BCDH11878435.313923382.39315-60101.110110.61
BCDH21878439.453923379.97135-60100.458590.4
BCDH31878637.913923316.77135-60100.6120.5
BCDH41878559.043923329.88337-60102.63232.419.51
BCDH51878558.183923334.4323-75116.51151162.16
         

__________________

1 Alcaston Annual report for the Sabeto Project (2003) records this result as 23.4g/t gold in the body of the report. However, the subsequent database supplied reports the result as 19.5g/t gold 

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