June 10, 2022 (Investorideas.com Newswire) One drillhole returned the longest, high-grade intercept up to now on the Fiji challenge, 20.86 grams per ton gold over 75.9 meters, a “potential recreation changer” in Lion One’s improvement.
Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LLO:ASX; LY1:FSE) found a significant high-grade gold, deep feeder construction at its Tuvatu challenge, which is “a possible recreation changer,” reported Eight Capital analyst Akin Akinwale in a June 7 analysis notice.
“The construction stays extensive open at depth, underscoring Tuvatu’s potential as a large-scale, high-grade underground mine,” Akinwale added.
Intercepts from gap TUG-141 point out the presence of this feeder, positioned at depth beneath the present useful resource boundary, relayed Akinwale. A kind of intercepts is the longest ever encountered at Tuvatu, and its grade is about 2.4 occasions that of the full useful resource, which is 8.78 grams per ton gold (8.78 g/t Au). This standout intercept is 75.9 meters (75.9m) of 20.86 g/t Au beginning at 443.4m downhole.
TUG-141 hit different spectacular intercepts as effectively. They embody 19.2m of 5.63 g/t Au starting at 311.7m downhole, together with 3m of 20.50 g/t Au. One other is 10.2m of 4.48 g/t Au from 109.8m downhole, together with 0.3m of 38.27 g/t Au.
The opening was positioned within the higher portion of the deep feeder Zone 500, about 300m beneath the present Tuvatu useful resource, the place it’s believed to attach with the boundary of the Inferred useful resource. There, Lion One drilled between the depths of 450m and 550m.
The Canadian firm’s earlier drilling-specifically holes TUG-135, TUG-136, and TUG-138-returned bonanza-grade mineralization much like that demonstrated in TUG-141, Akinwale identified. Collectively, these outcomes counsel the newly found feeder is probably sturdy in measurement.
Current infill drill outcomes from Zone 5 included shallow intercepts of exceptionally excessive grades, famous Akinwale. For example, gap TUDDH-586 returned 292.69 g/t Au over 0.6m, together with 584.07 g/t Au over 0.3m. Lion One is predicted to finish the present drill marketing campaign this summer time.
“The part two infill drilling marketing campaign, mixed with the deep feeder discoveries, bode effectively for useful resource growth sooner or later useful resource replace,” wrote Akinwale.
Eight Capital has a Purchase ranking and a CA$3 per share worth goal on Lion One, which is at the moment buying and selling at round CA$1.58 per share.
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