Lion One Metals has achieved an impressive milestone by reporting its third consecutive quarter of record gold production despite experiencing operational downtime. For the three-month period ending September 30, the company produced 3,639 ounces of gold, showcasing resilience and commitment to its operational goals.
Chairman and CEO Walter Berukoff highlighted the company’s accomplishments during the pilot phase of operations at the Tuvatu site, noting that the recent production figures are remarkable given a scheduled nine-day maintenance shutdown in July 2024. This maintenance was essential for upgrades to the processing plant, aimed at improving efficiency and achieving cost savings in the future.
While Lion One’s current mine development plan has not been based on a comprehensive feasibility study of its mineral reserves, the company acknowledges the potential risks related to recovering minerals economically. With five active drill rigs, the company is actively engaged in both underground drilling for grade control and surface exploration to extend its mineral resources.
In a promising development, Lion One has recently reported the discovery of a near-surface roscoelite-bearing high-grade gold zone at the Tuvatu project. This mineral, which is associated with higher-grade gold deposits, showed promising results in an initial bulk sample that returned 11.6 grams of gold per tonne from 861 tonnes of material.
The presence of roscoelite at Tuvatu aligns with other successful gold mining operations, such as the Vatukoula mine, which has a rich history of gold production over the past 95 years, as well as the renowned Porgera gold mine in Papua New Guinea, which has produced over 25 million ounces of gold. These geological indicators add to the optimistic outlook for Tuvatu’s potential.
Additionally, Lion One has executed a $4 million drawdown for a mine enhancement plan aimed at stabilizing current production while laying the groundwork for future expansion of the processing plant. The company has invested a substantial $300 million in its operations in Fiji over the last three years, reflecting its long-term commitment to the region.
The combination of record production, strategic investments, and promising geological discoveries positions Lion One for continued growth and success in the gold mining sector, promoting a hopeful future for the company’s operations.
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