Impact: Mildly Positive
Lion One announced results from a surface sampling campaign at its Navilawa exploration licence on its 100%-owned and fully permitted Tuvatu alkaline gold project in Fiji. The company conducted surface sampling to follow up on strong bulk leach extractable gold (BLEG) stream sediment samples collected in 2019. With ~600m of assays left from its second, deep drill hole and results from two additional holes still to come, we believe the company is well positioned to make a new discovery with its recent confirmatory geophysical work and surface sampling. We maintain our $1.70/sh target; however, we are adjusting our rating to HOLD (was BUY) based on share price appreciation.