Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX) finished diamond drilling hole TUDDH500 at its Tuvatu project on Fiji, received gravimetric fire assay results and started another hole, it announced in a news release.
The British Columbia-based explorer drilled TUDDH500 to a depth of 863.4 meters (863.4m), where it "passed through the entirety of the targeted CSAMT, or controlled source audio-magnetotelluric, gradient that appears to highlight the location of the feeder zone," the release noted. Subsequently, the hole encountered multiple Tuvatu lodes that appear to occupy splay structures in the feeder structure's hanging wall.
Lion One encountered the feeder structure higher up than it had anticipated and is now thinking it started TUDDH500 in the structure's footwall. To test this theory and get more information about the high-grade feeder zone's orientation, ultimately for better delineation of future drill holes, Lion One began drilling a daughter wedge hole starting at a 400m depth. The company expects the wedge hole to go through the high-grade zone within a few meters of the mother hole.
The gravimetric fire assay results from the two high-grade intervals hit between 558m and 583.4m downhole show significant grade increases over those in the initial fire assay-atomic absorption results, the company stated. Dr. Quinton Hennigh, technical adviser to Lion One, said in the release this isn't uncommon, "especially when dealing with very high-grade mineralization such as that encountered in our newly discovered feeder zone."
"Gravimetric results include 0m grading 46.7 grams per ton gold (46.7 g/t Au) starting at 558m followed by 12.7m grading 55.43 g/t Au starting at 571m. The latter interval includes a subinterval of 4.7m grading 120.16 g/t Au with an exceptionally high-grade core of 0.9m grading 582.33 g/t Au," the release noted.
Lion One noted it has shipped out samples to Australia for screen metallic assays and expects results back in a few weeks.
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