Author: Atrium Research September 24, 2026
Ben Pirie| Equity Research Analyst | [email protected] | 647-688-9661
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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LIO released assays from 4,370m of underground drilling in Zone 5, the main production area at Tuvatu, where 30 of 34 holes hit high-grade gold.
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Hole TGC-0532 returned 82.28 g/t Au over 4.6m (incl. 302.15 g/t over 0.4m), one of eight intercepts above 100 g/t Au.
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Most intercepts sit within 25m of existing workings, and management expects them to feed the mine plan within six months, with some already being developed for stoping.
This morning, Lion One Metals Ltd. (LIO:TSXV, LOMLF:OTC) reported drilled results from 4,370m of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. Amongst over a dozen high-grade intercepts reported in today’s release, the highlight intercepts were 82.28 g/t Au over 4.6m and 169.47 g/t Au over 1.0m in hole TGC-0532 (separate intercepts) and 153.94 g/t Au over 1.1m in hole TGC-0535. The drill results reported today were from two underground drill stations that allowed the Company to test both the uppermost and lowermost areas of active mining in Zone 5. High-grade mineralization was intersected in 30 out of 34 drill holes with three additional holes abandoned. We are maintaining our BUY rating and target price of $0.60/share on Lion One Metals.
As mentioned above, the drilling in today’s release was from two near-surface underground drill stations (1160 and 1082) and was designed to test the up-dip and down-dip extensions of the UR lodes in Zone 5 (see Figure below). The program was highly successful in intersecting high-grade across almost all drill holes and, importantly, intersected most of this mineralization within 25m of underground development. As a result, it is anticipated that this mineralization can be incorporated into the mine plan within the next six months. Drilling continues at both Zone 5 and Zone 2.
Highlights from today’s results include:
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TGC-0532: 82.28 g/t Au over 4.6m, incl. 302.15 g/t over 0.4m (from 72.7m depth).
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TGC-0532: 169.47 g/t Au over 1.0m, incl. 502.48 g/t over 0.3m (from 58.4m depth).
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TGC-0535: 153.94 g/t Au over 1.1m, incl. 547.05 g/t over 0.3m (from 24.3m depth).
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TGC-0544: 93.94 g/t Au over 1.7m, incl. 350.00 g/t over 0.4m (from 60.5m depth).
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TGC-0542: 186.00 g/t Au over 0.4m (from 108.1m depth).
Our Take Today’s batch of drill results continue to prove that Tuvatu is one of the higher-grade deposits globally and that there is large upside through the drill bit. As mentioned in our previous research note (highlight intercept being 715 g/t Au over 4.2m, read it here), the newly purchased underground core drill rig is allowing for more efficient drilling as well as better access to target areas that were previously less drillable due to the full dip range of the new drill. We anticipate a steady flow of drill results to continue to roll out through the remainder of the year and expect these results to drive a more robust development and mine plan going forward.
Catalysts
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Production and Financial Results – Ongoing
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Exploration Results and Mine Development Progress – Ongoing
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