Lion One Metals (TSXV: LIO) has reported a record-grade gold intercept at its Tuvatu mine in Fiji in an area close enough to existing underground development that the company says most of the new high-grade intercepts could be incorporated into the mine plan within the next 12 months.
The North Vancouver-based miner reported 715.15 g/t gold over 4.2 metres in hole TGC-0650, beginning at 121.1 metres downhole. That interval included 6,571.20 g/t over 0.45 metre, which Lion One said was the highest-grade individual assay ever returned at Tuvatu.
The same program returned 40.93 g/t over 3.6 metres and 35.24 g/t over 5.1 metres. Fourteen of 18 completed holes intersected high-grade mineralization, while three additional holes were abandoned.
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The drilling targeted extensions of the Ura and Murau lodes below Level 1061 in Zone 2, where mineralization remains sparsely drilled. Most of the reported intercepts sit 15 to 75 metres from underground development and within 50 metres vertically.
The drill figures carry an important caveat. Lion One reports the intercepts as downhole lengths using a 3.0 g/t cutoff, and true widths are unknown. The company says holes were oriented perpendicular to mineralization where possible. Samples above 10 g/t are re-analyzed using a gravimetric method, while duplicates of 5% of samples above 0.5 g/t are sent to ALS Global Laboratories in Australia for check assays.
The results also arrive as Lion One restructures its balance sheet. As of July 23, the company reported approximately US$31.2 million of principal outstanding under its Nebari senior secured loan facility, with Tranche 1 repayment extended to December 31, 2026.
Lion One Metals last traded at $0.145 on TSX Venture, jumping as high as 20.69% on today’s trading.
