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Be the first with the news that moves the market- Lion One (LIO) has identified gold-bearing lodes on its newly acquired Navilawa tenement in Fiji
- The lodes were discovered at the Banana Creek target, where the company has been trenching and drilling
- The trenching assays include 39.74 grams per tonne gold over 0.6 metres and 17.37 grams per tonne gold over 0.45 metres
- Banana Creek is about three kilometres from the main mineralised zone on the Tuvatu project
- Lion One (LIO) is up 3.2 per cent and is trading at C$1.58 per share
Lion One (LIO) has identified gold-bearing lodes on its newly acquired Navilawa tenement in Fiji.
The Navilawa tenement encompasses the Banana Creek target and the wider Tutavu project.
The company’s first rig recently completed drilling two diamond drill holes at the Tutavu West site and has resumed deeper drilling under the main Tuvatu lode system.
The second rig has begun drilling targets within Navilawa. Alongside this drilling work, Lion One has begun aggressively opening roads and trenching cuts, specifically along the Banana Creek target.
The results from outcropping some of these lodes have returned 39.74 grams per tonne gold over 0.6 metres and 17.37 grams per tonne gold over 0.45 metres.
Other results include 10.82 grams per tonne gold over 0.7 metres and 12.71 grams per tonne gold over 0.4 metres.
The company also sampled a lode on the nearby Vunilolo prospect, which graded at 31.22 grams per tonne gold over 0.8 metres.
Technical Advisor for Lion One, Quinton Heinnigh said the program was becoming busy and exciting, with crews were finding new outcropping lodes at the Banana Creek target and surrounding areas.
“Many of these trenches are generating high-grade assays and appear similar to gold lodes seen at Tuvatu nearly three kilometres to the south west.
“We are now seeing a steady stream of assays come in from these new areas and we expect many more over coming months.
“Two holes at Tuvatu West appear to have encountered high level play restores, possible above a deeper feeder structure. We plan more drilling at a deeper level in this area later this year,” he said.
Lion One (LIO) is up 2.3 per cent and is trading at C$1.58 per share at 1:00 pm EDT.
