Lion One Metals (TSX-V: LIO) announced on Monday that it has encountered high-grade gold mineralization in a diamond wedge hole, drilled to a depth of 709.0 metres at its Tuvatu gold project in the island of Viti Levu, Fiji.
High-grade intervals include 70 g/t Au over 3.3m including two narrower intervals of 305.00 g/t Au over 0.3m and 255.00 g/t Au over 0.6m. High-grade intervals encountered in the mother hole include 2.0m grading 46.70g/t Au and 12.7m grading 55.43g/t Au including sub-intervals of 4.7m grading 120.16g/t Au with an exceptionally high-grade core of 0.9m grading 582.33g/t Au.
The company is now drilling a second daughter wedge hole from the mother hole to further retest the newly discovered high-grade zone under the Tuvatu lode system.
The Tuvatu gold deposit — located on the island of Viti Levu — contains an estimated 1.12 million tonnes of indicated resources at 8.17 g/t Au (294,000 oz. Au) and 1.3 million tonnes of inferred resources at 10.60 g/t Au (445,000 oz. Au).
Shares of Lion One Metals surged 13% on the TSX by 1:45 p.m. EDT Monday. The Vancouver-based miner has a market capitalization of approximately C$288 million.