Lion One Metals has celebrated a third consecutive quarter of record gold production despite facing operational challenges during the past three months. For the quarter ending September 30, the company successfully produced 3,639 ounces of gold at its Tuvatu project, even after experiencing a downtime during July due to a planned nine-day maintenance shutdown at the processing plant.
Chairman and CEO Walter Berukoff highlighted this achievement, noting that ongoing upgrades to the Tuvatu processing facilities are expected to significantly enhance processing efficiency and yield cost savings in the future. However, the company is moving forward without a dedicated feasibility study to demonstrate the economic viability of its current mine development plan, leading to potential uncertainties regarding mineral recovery and associated costs.
Currently, Lion One is operating five drills at Tuvatu, which are engaged in both underground and surface exploration activities. Notably, last month, the new mine reported the discovery of a high-grade gold zone containing roscoelite, a rare mineral that acts as an important indicator of high-grade gold occurrences in alkaline gold systems, such as those found at Tuvatu.
An initial bulk sample from this recently identified roscoelite zone returned impressive results, yielding 11.6 grams of gold per tonne from 861 tonnes of mineralized material. This discovery is poised to enhance the mine plan as processing of this gold-rich material has already begun.
In addition to these developments, Lion One announced a $4 million drawdown for a mine enhancement scheme aimed at stabilizing current production levels while also preparing for future expansion of its processing capabilities. The company has made significant investments totaling $300 million in Fiji over the past three years, underscoring its commitment to the region and its mining initiatives.
As Lion One continues to strive for operational excellence and further discoveries, the outlook remains optimistic, indicating potential growth and success for both the company and the local economy in Fiji.
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