Lion One has announced its third consecutive quarter of record gold production for the three-month period ending September 30, producing a notable 3,639 ounces, despite facing downtime in July. This achievement reflects the company’s commitment to maximizing output during the pilot plant phase of its operations at the Tuvatu site, as noted by chairman and CEO Walter Berukoff.
The company’s production in this quarter was notably affected by a scheduled nine-day maintenance shutdown in July 2024, which was necessary for the upkeep and upgrades to the processing plant facilities at Tuvatu. Berukoff emphasized that these upgrades are expected to greatly enhance processing efficiency and lead to significant cost savings in future operations.
While Lion One has not yet conducted a feasibility study to validate the economic and technical viability of its current mining development plan, Berukoff acknowledged the potential uncertainties this may pose regarding mineral recovery and associated costs. Currently, Lion One is operating five drills at Tuvatu, including three underground for grade control and infill drilling, with the remaining two on the surface focusing on near-mine exploration and extension drilling.
In a significant recent finding, the mine reported encountering a high-grade gold zone containing roscoelite, a rare mineral that is an important indicator of higher-grade gold occurrences. An initial bulk sample from this zone yielded an impressive 11.6 grams per tonne of gold from 861 tonnes of mineralized material mined at full widths. Berukoff noted that Lion One is adjusting its mining strategy to incorporate this valuable roscoelite material, which is already being processed in its pilot operations.
Roscoelite is linked to rich gold mineralization at other notable mines like Vatukoula and Porgera, both of which are recognized alkaline gold systems like Tuvatu. The historical production figures from these mines underline the potential of Tuvatu to contribute substantially to the gold market.
Additionally, Lion One has reported drawing down $4 million for a mine enhancement plan aimed at stabilizing and boosting current production to facilitate future expansion of the processing plant operations. Over the past three years, the company has invested a substantial $300 million in Fiji, highlighting its commitment to developing local resources and infrastructure.
Overall, Lion One’s achievements signal a positive trend in their operational capacity, bolstered by strategic investments and promising geological discoveries that could pave the way for sustaining growth in production moving forward. These developments reflect the company’s resilience and potential for long-term success in the mining sector.
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