Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion
One” or the “Company”) announces a significant milestone at Tuvatu. Initial mining of near-surface, high-grade gold bearing mineralization has commenced from a recently discovered mineralized lode. To date, strike driving along the new lode totals 14 cuts for an estimated 475 tonnes, much of which has already been added to the Company’s mining inventory stockpile. The high-grade inventory stockpile will constitute the initial feed for the Company’s custom-designed-for-purpose processing facility, currently under construction.
The new lode was discovered in late 2022, 75 meters into the new development decline, and was subsequently defined by underground mapping, chip-channel sampling, and diamond drilling.
Development along the strike has since been extended by 13m, by way of 7 separate cuts, each cut representing approximately 30 tonnes of material. Vertical development of 9m as a 1.5 x 1.5m rise has been completed, as well as an additional 7 cuts, for a total of approximately 475 tonnes of gold mineralized material, to date. Tuvatu has implemented airleg mining, which allows for flexibility and optionality to deliver low-cost tonnage at minimum mining widths of 1.8m and a rate of advancement of 4m/day.
Several recent drillholes have intersected multiple high-grade intercepts. Systematic face sampling provides detailed information that compare favourably with previous drill results.
The material extracted from this drive represents the first modern extraction from the Tuvatu deposit, and as such represents a significant milestone for the company.
