Lion One has achieved a remarkable milestone, reporting its third consecutive quarter of record gold production despite some downtime. The company produced 3,639 ounces of gold for the three months ending September 30, 2024, even after facing a scheduled maintenance shutdown at its Tuvatu processing plant in July.
Chairman and CEO Walter Berukoff emphasized the significance of this achievement, noting that the ongoing upgrades to the mill will enhance processing efficiency and result in substantial cost savings in the future. He cautioned, however, that Lion One has yet to conduct a feasibility study on its mineral reserves, which introduces some uncertainty regarding recovery rates and associated costs.
Currently, the Tuvatu site has five drilling machines in operation, with three underground for grade control and two on the surface for exploration and infill drilling. A recent discovery of a high-grade gold zone with roscoelite—a rare mineral associated with higher gold grades—has further bolstered the mine’s prospects. An initial bulk sample from this zone yielded 11.6 grams of gold per tonne from 861 tonnes of material.
This mineral is not only indicative of the potential for significant gold occurrences but also mirrors findings at prominent sites like the Vatukoula and Porgera gold mines, both of which are known for producing millions of ounces of gold. This correlation enhances the optimism around Tuvatu’s prospects.
In addition, Lion One has initiated a $4 million mine enhancement plan aimed at stabilizing current production while preparing for future expansion of its processing capabilities. Over the past three years, the company has invested a total of $300 million in Fiji.
Overall, Lion One’s consistent record production paired with strategic upgrades and promising geological findings positions the company for a hopeful future in the gold mining industry.
Summary: Lion One has reported a record production of 3,639 ounces of gold for the third quarter of 2024, marking three consecutive quarters of new production highs. Despite facing a nine-day mill maintenance shutdown, the company is poised for increased efficiency and cost savings due to ongoing upgrades at its Tuvatu project. Additionally, the discovery of high-grade gold zones presents further potential for growth, following significant investments in the region.
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