Lion One has achieved its third consecutive record production despite facing downtime during the recent quarter. The Tuvatu gold producer reported a significant output of 3,639 ounces of gold for the three-month period ending September 30. This milestone comes after a scheduled nine-day maintenance shutdown in July, aimed at enhancing its processing facilities.
Walter Berukoff, chairman and CEO, expressed optimism about the future, stating, “These upgrades will have a significant impact on processing efficiency and cost savings moving forward.” This proactive approach signals a commitment to improving operational effectiveness, a critical consideration for the company’s long-term success.
While Lion One has yet to base its current mine development plan on a feasibility study of mineral reserves, which introduces some uncertainty regarding mineral recovery and associated costs, the company remains focused on its exploration efforts. Currently, five drills are actively working at the Tuvatu site, with three positioned underground for grade control and infill drilling, and two on the surface engaged in near-mine exploration.
In a promising development, Lion One recently reported the discovery of a near-surface roscoelite-bearing high-grade gold zone at Tuvatu. This mineral is an important indicator of higher-grade gold occurrences in alkaline gold systems like Tuvatu, further solidifying the potential for economic viability. An initial bulk sample from this area returned an impressive 11.6 grams per tonne gold from 861 tonnes of mineralized material.
The presence of roscoelite is noteworthy, as it correlates with productive gold mines in the region, including the Vatukoula and Porgera gold mines, which have yielded millions of ounces over decades. This association enhances Lion One’s confidence in the Tuvatu project’s potential.
To support ongoing enhancements and prepare for future expansion, Lion One has initiated a $4 million mine enhancement plan, reinforcing its commitment to increasing production. Over the past three years, the company has invested $300 million in Fiji, indicating a robust strategic vision for growth.
This blend of record production and promising geological findings positions Lion One as a dynamic player in the mining sector, with the potential for continued success in the future.
In summary, Lion One’s achievements and strategic initiatives reflect a positive outlook for the company’s growth trajectory, emphasizing its commitment to operational improvements and sustainable practices in the mining industry.
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