Fiji Gold Property Returns Bonanza Grade Intercepts

(MENAFN- Investor Ideas)

February 9, 2022 (Investorideas.com Newswire) Eight Capital stated in a research note that results from Lion One Metals Ltd.'s infill drill program at its Tuvatu Project in Fiji have returned spectacular intercepts that on average are 2.6x higher than the amounts outlined in the company's 2018 technical resource report. The company announced that one notable drill hole at Tuvatu returned 1.8 m of 359.76 g/t Au, including 0.4 m of 1,616 g/t Au.

Eight Capital mining analysts Akin Akinwale and Felix Shafigullin commented in a February 1 research note that the research firm is upgrading its forecast model for Vancouver gold explorer Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LLO:ASX; LY1:FSE) in order to adjust for the company's recent drill results from its wholly owned Tuvatu gold project located in Fiji.

The analysts indicated that based upon the positive results from near-surface infill drilling, the research firm has tweaked its conceptual mine plan and boosted its expectations for higher-than-expected average head grade in area targeted for early production when underground mining commences.

The analyst highlighted recent drilling results that returned what was referred to as 'bonanza-grade intercepts' at the Tuvatu project located on the island nation of Fiji. The drill results included hole TUDDH555 which returned 126.62 g/t Au over 0.70m, hole TUDDH562 which returned 111.40 g/t Au over 0.40m, hole TUDDH563 that returned 68.50 g/t Au over 0.30m and most notably hole TUDDH565 which returned 359.76 g/t Au over 1.80m.

Data from the Deep Feeder Zone 500 displayed high-grade mineralization extending around 150m along strike and 300m vertically and open along strike and at depth. Intercepts in the area returned weighted average grades of 23 g/t Au which the analysts stated is 2.6x greater than the grades of 8.78 g/t Au outlined in Tuvatu's 2018 resource report.

The company's infill drill work is focusing on areas previously classified as Inferred. The firm is expected to initiate regional drill programs to test remote areas of the Navilawa caldera in 2022.

The analyst noted that some potentially positive catalysts might come from the company's ongoing drilling campaign at Tuvatu which focused currently on infill drilling, deep extensional step-out drilling, and regional targets in the Navilawa caldera.

Lion One is a Canadian gold explorer focused on advancing its 100% owned and fully permitted Tuvatu Alkaline Gold Project in Fiji.

The research firm envisions that the model for the Tuvatu mine will include a 900 tpd underground operation designed to target the 1 Moz gold deposit at the property. Eight Capital forecasts a 10-year mine-life for Tuvatu with annual average production of 75 Koz Au.

Eight Capital anticipates that the underground mining operation at Tuvatu will require an initial investment of US$80 million and an another US$50 million in sustaining CAPEX over the life of the mine. The analysts stated that Eight Capital's projects call for 'average LOM cash costs and AISC of US$483/oz and US$553/oz, respectively.'

Eight Capital advised that it is reiterating its CA$3.00 target price and 'Speculative Buy' rating on Lion One Metals Ltd.

Lion One shares trade on the TSX Venture Exchange under the symbol 'LIO' and last closed for trading at CA$1.11 on Tuesday, February 8, 2022. In addition, the company's shares trade under the ticker 'LOMLF' on the OTCQX market and 'LLP' on the Australian Securities Exchange.

Disclosure:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

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Disclosures and Disclaimers, Eight Capital, Lion One Metals Ltd., Feb. 1, 2022

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