North Vancouver, British Columbia–(Newsfile Corp. – March 1, 2019) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that Dr. Quinton Hennigh has been appointed as Technical Advisor for the Company’s 100% owned and fully permitted high grade Tuvatu Gold Project in Fiji.
Dr. Hennigh is an internationally-renown economic geologist, with over 25 years of exploration experience and expertise with major gold mining companies such as Homestake Mining Company, Newcrest Mining Limited, and Newmont Mining Corporation where he last served as senior research geologist in 2007. He has since made a number of significant gold discoveries for Canadian exploration companies such as the 5 million oz. Springpole alkaline gold deposit near Red Lake, Ontario, for Gold Canyon Resources, and the Rattlesnake Hills gold project for Evolving Gold. He is currently Chairman and President of Novo Resources Corporation, which he helped start in 2010.
“Quinton is the ideal person to direct our Fiji exploration activities in conjunction with Lion One Managing Director Stephen Mann, and VP Exploration Darren Holden,” said Lion One Chairman and CEO Walter Berukoff. “We’re excited about him joining our team as we advance this project towards production. He clearly shares our thesis that Tuvatu is a gold system of similar potential scale to the world-class Vatukoula gold deposit 40 km away where 7 million ounces of gold have been produced.”
“I recently visited Walter Berukoff and his Fiji exploration team and I’m very excited to provide strategic technical advice to Lion One on Tuvatu”, said Dr. Hennigh, “After completing my site visit and technical review I believe that Tuvatu has similarities not only to Vatukoula and other large alkaline systems in the South Pacific, but also to several multi-million oz. alkaline gold systems I’m familiar with in North America. Given that only a very small volume of the overall system has been explored, I see excellent potential for growth at Tuvatu.”
Dr. Hennigh holds a Bachelor of Science from the University of Missouri, and M.Sc. and a Ph.D. in geology and geochemistry from the Colorado School of Mines. He is a member of the Society of Economic Geologists, the Mining and Metallurgical Society of America and the Association of Professional Geoscientists of Ontario.
The Company also announce it has granted a total of 3,285,000 stock options exercisable at a price of $0.75 and 100,000 stock options exercisable at a price of $1.00 for a period of 5 years from the date of grant to various advisors, directors, officers, employees, and consultants.
The Tuvatu Gold Project is located 17 km from the Nadi International Airport on the main island of Viti Levu in Fiji. Discovered in 1987, Tuvatu was advanced by previous owners through underground exploration and development from 1997 through to the completion of a feasibility study in 2000. Acquired by Lion One in 2011, the project has over 110,000 meters of drilling completed to date, and 1,600 meters of underground development. Tuvatu is a high grade gold deposit associated with alkaline magmatism, located in the Navilawa Caldera, on the Viti Levu lineament, Fiji’s gold corridor. In January 2016 the Hon. Prime Minister of Fiji, Mr. V. Bainimarama, formally presented the Tuvatu Mining Lease to Lion One, concluding the permitting process for the development of an underground gold mine and processing plant at Tuvatu, demonstrating strong government support for Fiji’s 85 year-old gold mining industry.
Stephen Mann P. Geo, Managing Director, is a “Qualified Person” as such term is defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information included in this News Release.
About Lion One Metals Limited
Lion One Metals Limited is a Canadian exploration and development company focused on advancing its 100% owned and fully permitted Tuvatu Gold Project towards production. Lion One envisions a low-cost high grade underground gold mining operation with district-scale exploration upside, located near the Nadi International Airport on the island of Viti Levu in the South Pacific island nation of Fiji.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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On behalf of the Board of Directors of Lion One Metals Limited
Chairman & CEO