Lion One Drills 4.2 m of 715.15 g/t Gold Near Underground Development at Tuvatu Gold Mine in Fiji

Lion One Metals Limited reported 3,337.30 meters of underground infill and grade-control drilling at its Tuvatu Alkaline Gold Project in Fiji. The program targeted the southern and down-dip extensions of the Ura and Murau lodes in Zone 2, located below level 1061, which is the lowest developed level in that zone.

Drilling intersected high-grade mineralization in 14 of the 18 completed holes. Three holes were abandoned, and four returned no results above the 3.0 g/t Au cutoff.

Key reported intercepts, based on downhole lengths at a 3.0 g/t Au cutoff, include:

• TGC-0650: 715.15 g/t Au over 4.2 m, including 6,571.20 g/t Au over 0.45 m
• TGC-0633: 35.24 g/t Au over 5.1 m, including 325.75 g/t Au over 0.4 m
• TGC-0625: 40.93 g/t Au over 3.6 m, including 162.75 g/t Au over 0.5 m
• TUE-0004: 237.58 g/t Au over 0.4 m
• TGC-0617: 95.28 g/t Au over 0.5 m

The company stated that most high-grade intersections are located within 15–75 meters of underground development and within 50 meters of vertical distance. These intersections fall outside the current resource and are anticipated for possible inclusion in the mine plan within 12 months.

Lion One Metals Limited (LIO) reported a new best-in-history drill intercept near existing development, a result that is market-relevant for the emerging producer trading near C$0.15 with a market capitalization near C$64M. The discovery identifies a near-infrastructure step-out in an area of limited drilling, with 14 of 18 holes mineralized, and suggests potential for adding mining levels outside the current resource.

The company remains in forbearance with its senior lender, has breached a working-capital covenant, has recently issued dilutive securities, and carries a going-concern flag. While the drill result represents an excellent high-grade step-out, it is not yet a reserve or resource update, nor does it serve as a solvency solution.

Lion One Metals Limited (LIO) is a Canadian gold producer focused on the 100%-owned Tuvatu Alkaline Gold Project in Fiji, located within the Navilawa Caldera. The project’s infrastructure includes an underground mine, an on-site assay lab, and a 300 tpd pilot plant with expansion underway to 400 tpd and a longer-term target of 700 tpd. The company also holds regional exploration ground and the early-stage Wailoaloa copper-gold porphyry target.

The deposit is characterized as a narrow-vein, high-grade alkaline gold system with known bonanza-grade shoots. Financial statements show positive but volatile net income, elevated debt, a covenant breach, and operating cash flow that has not yet covered capex and working-capital needs.