Lion One Metals has announced a remarkable achievement in its gold production, reporting a record output of 3,639 ounces for the three-month period ending September 30. This notable accomplishment occurred despite experiencing operational downtime in July, underscoring the resilience of its Tuvatu gold mine. Walter Berukoff, the company’s chairman and CEO, highlighted that this marks the third consecutive quarter of record production during the ongoing pilot phase of operations at Tuvatu.
During this quarter, production was impacted by a planned nine-day maintenance shutdown in July 2024, which was necessary for upgrades at the Tuvatu processing plant. Berukoff emphasized that these enhancements are expected to significantly improve processing efficiency and result in cost savings moving forward.
While Lion One has yet to base its current mine development plan on a thorough feasibility study of its mineral reserves, Berukoff acknowledged the accompanying uncertainty regarding the recovery of minerals and the associated costs. The company currently employs five drilling units at Tuvatu, with three focused on underground operations for grade control and infill drilling, and two dedicated to surface exploration and expansion efforts.
In an exciting development last month, the Tuvatu project reported the discovery of a near-surface, high-grade gold zone characterized by the presence of roscoelite, a rare mica mineral. This mineral is often linked to significant gold deposits, and initial samples from this zone returned promising results, averaging 11.6 grams of gold per tonne from 861 tonnes of mineralized material. The discovery of roscoelite is particularly encouraging, considering its association with high-grade gold occurrences at renowned global mines like Vatukoula and Porgera.
Furthermore, Lion One has initiated a $4 million mine enhancement plan aimed at stabilizing and boosting current production levels while positioning the site for future expansion of its processing capabilities. Over the past three years, the company has made a substantial investment of $300 million in Fiji, reflecting its commitment to the region and the potential for further development.
In summary, Lion One Metals continues to demonstrate its growth potential with record production and strategic investments, suggesting a bright outlook for the future of the Tuvatu gold mine. The ongoing enhancements and discoveries pave the way for increased efficiency and higher yields, affirming the company’s dedication to maximizing its resources and delivering shareholder value.
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