Lion One has recently announced its impressive third consecutive quarter of record gold production despite experiencing some downtime. During the three-month period ending on September 30, the Tuvatu gold manufacturer produced a total of 3,639 ounces of gold, which showcases remarkable resilience and operational success. This achievement comes after a scheduled nine-day maintenance shutdown in July, which was necessary for conducting essential upgrades and maintenance at the processing plant facilities.
Walter Berukoff, Lion One’s chairman and CEO, expressed optimism regarding the impact of these upgrades, highlighting that they are expected to significantly enhance processing efficiency and result in cost savings moving forward. Although the company has not yet conducted a feasibility study demonstrating the economic and technical viability of its current mine development plan, Berukoff indicated that the ongoing efforts are poised to mitigate uncertainties associated with mineral recovery and operational costs.
Currently, Lion One has five drills operational at the Tuvatu site, with three positioned underground for grade control and infill drilling. The other two drills are on the surface, focusing on near-mine exploration and additional drilling. This strategic approach reflects Lion One’s commitment to expanding its operational capacity and enhancing productivity.
Recently, the mine reported a promising discovery of a near-surface roscoelite-bearing high-grade gold zone at the Tuvatu project. Roscoelite, a rare mineral associated with higher gold grades, has shown positive results, with initial bulk sampling yielding 11.6 grams of gold per tonne from a sample of 861 tonnes of mineralized material. Berukoff noted that Lion One is actively integrating this roscoelite material into its mine plan, further emphasizing the potential of the Tuvatu project.
Moreover, Lion One has recognized the significance of roscoelite not only at Tuvatu but also at the nearby Vatukoula and Porgera mines, both of which are known for their high gold production. The connection between these renewable resources provides a hopeful perspective for Lion One’s future, as similar geological features could lead to productive yields.
As part of its strategic plans, Lion One has drawn down $4 million for a mine enhancement initiative that aims to stabilize current production levels and position the mine for future expansion. Over the past three years, the company has invested $300 million in Fiji, a testament to its commitment to fostering sustainable mining operations in the region.
In summary, Lion One’s ability to achieve record production amidst challenges signals a promising trajectory for the company, bolstered by recent discoveries and strategic enhancements that are set to improve efficiency and support future endeavors. This positive momentum reinforces Lion One’s potential role as a significant player in the gold mining sector.
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