Lion One Mine has announced yet another milestone, achieving record gold production despite facing downtime during a three-month period ending September 30. The Tuvatu gold mine delivered an impressive output of 3,639 ounces of gold, marking the third consecutive quarter of record production during its pilot plant phase.
During this quarter, production was affected by a planned nine-day maintenance shutdown in July 2024, aimed at upgrading the processing facilities at Tuvatu. Despite this setback, CEO Walter Berukoff highlighted that these enhancements would lead to significant improvements in processing efficiency and cost savings in the future.
It’s worth noting that Lion One’s current mine development strategy has not been based on a feasibility study of mineral reserves, which introduces some uncertainty regarding the expected recovery levels of minerals and the associated costs.
Currently, Lion One operates a total of five drills at the Tuvatu site, including three underground drills focused on grade control and infill drilling, while the other two are dedicated to near-mine exploration on the surface.
In recent developments, Lion One announced the discovery of a high-grade gold zone containing roscoelite, a rare mineral that often indicates the presence of higher-grade gold deposits. Initial results from a bulk sample revealed an impressive 11.6 grams of gold per tonne from 861 tonnes of material. Berukoff stated that the mine plan is being enhanced with this gold-rich material, which is already undergoing processing.
The presence of roscoelite at Tuvatu is notable, as it aligns with findings in successful gold mines such as Vatukoula and Porgera, which share similar geological characteristics. The correlation of this mineral with gold mineralization in these high-yield mines underscores the potential of Tuvatu.
Moreover, Lion One has recently taken a significant financial step by drawing down $4 million for a mine enhancement plan aimed at stabilizing and increasing current production capabilities while preparing for future expansion of the processing facility. Over the past three years, the company has invested $300 million in Fiji, demonstrating a strong commitment to the growth and development of its operations.
This ongoing progress at Lion One reflects the resilience of the mining sector amid challenges and the potential for future success in gold production.
With these advancements and investments, Lion One is not just securing immediate production gains but is also laying the groundwork for a prosperous future in the gold mining industry.
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