- Lion One Metals (LIO) has leapt up 12 per cent after releasing more promising grades from its Tuvatu alkaline gold project in Fiji
- A fresh wedge drilling program at the site intersected 85.70 grams per tonne gold over 3.3 metres
- The ongoing program also intersected 12.7 metres at 55.43 grams per tonne gold, as well as an exceptionally high grade of 582.33 grams per tonne gold across 0.9 metres
- With the first wedge hole now complete the company is preparing to drill a second, which will retest mineralisation data gathered in the previous program
- Lion One Metals (LIO) is up 13.19 per cent and is trading at C$2.06 per share
Lion One Metals (LIO) has leapt up 13 per cent after releasing more promising grades from its Tuvatu alkaline gold project in Fiji.
After first hitting high grades in late July, the company commenced a diamond wedge drilling program to further outline the recently intersected mineralisation. The first hole in the program reached a depth of 709 metres and successfully hit similar high grades during its decent.
Notably, drilling intersected 85.70 grams per tonne gold over 3.3 metres, with two higher internal assays reaching 305 grams per tonne and 255 grams per tonne across 0.3 metres and 0.6 metres, respectively.
Drilling also intersected 12.7 metres at 55.43 grams per tonne gold and an exceptionally high grade of 582.33 grams per tonne gold across 0.9 metres.
With the first hole now complete the company is preparing to drill a second, which will retest mineralisation data gathered in the previous program.
Technical advisor to Lion One, Dr. Quinton Hennigh said the company was intrigued by the new structures easterly trend.
“Although we need data from our second wedge hole to better assess its precise orientation, it appears to trend in a similar orientation to the Murau lodes comprising the West Tuvatu lode system situated immediately to the west,” he said.
With information in hand, we are currently preparing drill pads to the south of this area so we can aggressively drill this target at a more orthogonal orientation along strike and at depth,” he added.
Lion One Metals (LIO) is up 13.19 per cent and is trading at C$2.06 per share at 10:52am EDT.