Significant High Grade At The Tuvatu Alkaline Gold Project

NORTH VANCOUVER - Lion One Metals Limited reported significant new high-grade gold results from ongoing infill and grade control drilling at its Tuvatu Alkaline Gold Project in Fiji. Assay results from the infill and grade control drilling completed in the Zone 2 area of Tuvatu show multiple bonanza grade gold results such as 448.98 g/t, 202.34 g/t, 108.5 g/t, 92.89 g/t, and 82.35 g/t. These drill intercepts are all located in the near surface portion of Tuvatu and are scheduled for mining in the short term. The results are from drill holes that targeted the URW1 and Murau lode systems proximal to underground development. Previous results from Zone 2 drilling were reported prior. Mining operations are also advancing in Zone 2 and in Zone 5. A total of 2,630 m of sludge hole drilling has been completed in advance of longhole mining in Zone 2. In Zone 5, airleg stoping on the UR2 lode is ongoing, with two leadings stopes underway and sublevels being driven for a gallery stope. Longhole production drilling is expected to commence in both Zone 2 and Zone 5 in late April, generating production tonnes in mid-May.

The Zone 2 area of Tuvatu is located in the northwest part of the deposit, near the main portal. The URW1 and Murau lode systems are the primary mineralized systems in Zone 2, with production mining starting first in URW1 and then in Murau. A total of 38 drill holes are reported, including 18 targeting the URW1 lodes and 20 targeting the Murau system.

The URW1 drilling was designed to provide grade control results between the 1161 and 1101 levels in Zone 2, and to provide infill and down-dip extension results in the URW1 system below the 1101 level. Leading edge airleg stoping has been completed on the 1141 level, and a 5 m wide access drive on the 1161 level has also been completed. The 1161 access drive will provide longhole drill and underground loader access to the upper part of the URW1 lode system for mechanized production.

The Murau drilling was designed to provide infill and grade control results in the upper portion of the Murau lode system, which will be the first part of the system to be mined and is scheduled for production in Q3 2024. The Murau lode system dips moderately to the SSW and is open down dip and at depth. The upper portion of the system that is targeted for near-term mining has a strike length of 80m and extends down dip for a length of 100 m.

The Murau lode system will be the second area to enter production in Zone 2 after the URW1 lode system. The drilling is infill and grade control drilling in the upper portion of the system. View is to the southeast, looking approximately down the decline from the entrance portal. The intersections on the bottom left of the image represent newly discovered mineralized lodes to be followed up with near-mine exploration drilling.

The URW1 lodes will be the first at Tuvatu to undergo mechanized production mining. Development has been ongoing across the 1101, 1121, 1141, and 1161 levels in advance of production. A leading airleg stope has been completed on the 1141 level, and the 1141 A and B vein drives are undergoing stripping to facilitate larger equipment, in preparation for bulk stoping. An access drive has been completed on the 1161 level and will provide access for the longhole drills and larger loaders.

The URW1 lodes consist of primary subvertical veins with a halo of stockwork mineralization. Sludge drilling is being conducted in advance of mining to confirm the extent of stockwork mineralization beyond the primary vein as well as to inform the final stope design. A total of 1,930 m of sludge hole drilling has been completed in the URW1 lode system. Sludge hole drilling on the 1101 level is complete (1,200 m) and is ongoing on the 1121 and 1141 levels (730 m complete to date). Longhole drilling will commence in the URW1 lode system in late April with production mining of the 1101 level starting in May. Sludge drilling has also commenced on the Murau lode system with 700 m complete to date.

In Zone 5, airleg stoping on the UR2 lode is underway on the 1130 North level and on the 1120 South level. Airleg development is ongoing on the URW3 lode with airleg rises planned above the 1126 Sublevel. Mineralization in the UR2 and URW3 lodes is predominantly subvertical high-grade narrow-vein gold with minimal stockwork veining. Longhole mining is scheduled to take place in Zone 5 on the 1120 North UR2 drive, beginning in May.

Two remote-capable loaders required to facilitate the extraction of material from longhole stopes have been acquired. A CAT 1700 loader fitted with remote technology will be commissioned in May for bogging of the 1101 bulk stope at the URW1 lodes, and a CAT 1300 remote loader from Australia is now on site and will also be commissioned in early May. These loaders will enable increased production from the mine.

The first of two blowers ordered to upgrade the CIL circuit and improve aeration within the tanks has arrived on site and will be installed by April 30, 2024. The second blower is scheduled to arrive by the end of April and will be installed in early May. Air sparger installation in the CIL tanks was completed in April resulting in improved aeration and gold recovery in the CIL circuit, with gold recoveries of over 80% achieved. Installation of the new blowers is anticipated to further improve aeration and recoveries in the CIL circuit.