LION ONE REPORTS RECORD GOLD PRODUCTION AT TUVATU

Plant Expansion and Significant Gold-in-Soil Anomalies Discovered

Lion One Metals Limited (ASX: LLO) (TSX-V: LIO) (OTCQX: LOMLF) s pleased to report record preliminary gold production at Tuvatu for the month of June and significant expansion of the surface gold-in-soil anomaly to the south of Tuvatu. The company also announces an increase in the planned mill expansion to 600-700 TPD and files an updated NI43-101 compliant Technical Report with an effective date of June 24, 2024.

Gold production at Tuvatu has steadily increased since the completion of mill commissioning in December 2023/January 2024. A step change in production occurred in June following the commencement of mechanised production. The total gold recovered for the month of June up to and including June 24th is approximately 1370 oz of gold, with projected gold recovered of approximately 1700 oz for the month.

Soil sampling to the south of Tuvatu has revealed a 650 m extension of anomalous gold at surface. High-grade gold in soil results were recovered along a north-south corridor directly south of and along strike from the known deposit at Tuvatu. The gold anomaly is coincident with wider arsenic, lead, and zinc anomalies, which are known pathfinders for gold, thereby widening the potential footprint of the gold mineralisation. The Tuvatu deposit has a north-south strike length of approximately 950 m. The southern soil extension therefore represents a potential 70% increase in the overall strike length of Tuvatu. These soil results are a significant discovery at Tuvatu and represent a prime target for near-mine exploration and resource expansion. They highlight the potential for more discovery both near-mine at Tuvatu and regionally throughout the Navilawa Caldera.

The planned mill expansion has been increased to 600-700 TPD. The current pilot plant operation has a name plate capacity of 300 TPD, and the originally planned expansion was to 500 TPD. The expansion has now been increased to 600-700 TPD, which represents a doubling of the name plate capacity at Tuvatu. The expansion is expected to be complete in mid-2025.

Highlights:

  • Record gold production for the month of June
  • Consistent month-over-month increase in gold production since January 2024
  • 650 m high-grade gold-in-soil anomaly extension to the south of Tuvatu
  • Coincident arsenic-, lead-, and zinc-in-soil anomalies
  • Potential 70% increase in strike length of Tuvatu
  • Increased planned mill expansion to 600-700 TPD

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