- Lion One Metals (LLO) is up 126 per cent on the market today after finding high-grade mineralisation at the Tuvatu alkaline gold project in Fiji
- Two high-grade intervals have been found between hole depths of 558 and 583.4 metres, which includes a two-metre grading at 35.28 grams per tonne of gold
- Hole TUDDH500 is currently at a depth of 641.4 metres, which is en route to its targeted depth of 1000 metres
- Lion One expects to have this hole completed within the next couple of weeks
- Lion One is up 126 per cent on the market this afternoon and is trading for $4.25 per share
Lion One Metals’ (LLO) share price has more than doubled after finding high-grade mineralisation in a diamond drill hole at Tuvatu alkaline gold project in Fiji.
Two high-grade intervals have been found between hole depths of 558 and 583.4 metres, which includes a two-metre grading at 35.28 grams per tonne of gold.
The high-grade intercepts are found above the target convergence of the main Tuvatu lode system.
Hole TUDDH500 is currently at a depth of 641.4 metres, which is en route to its targeted depth of 1000 metres. Lion One is expecting to have this hole completed within the next couple of weeks.
These current results with the future results will put Lion One in a better position to interpret whether these high-grade intercepts represent new lodes or a complicated structural regime in which the main Tuvatu lode connects.
Technical advisor Dr Quinton Hennigh said the mineralisation in hole TUDDH500 is looking more like a feeder mineralisation from an alkaline gold system.
“This is encouraging because it suggests we are now in the right part of the system to find more such mineralisation,” he said.
“Hole TUDDH500 continues to its targeted depth of 1000 metres. It will be quite interesting to see what else is encountered,” he added.
Lion One is up 126 per cent on the market this afternoon and is trading for $4.25 per share at 12:50 pm AEST.