Lion One Metals has announced its third consecutive record production at the Tuvatu gold project, successfully producing 3,639 ounces of gold during the three-month period ending on September 30, despite facing operational downtime in July. This achievement marks a significant milestone for the company as it continues to advance through the pilot plant phase of operations.
The production during the quarter was affected by a planned nine-day maintenance shutdown in July 2024, which was necessary for upgrades to the processing plant facilities. Chairman and CEO Walter Berukoff noted that these improvements are expected to significantly enhance processing efficiency and reduce costs in the future.
While Lion One’s ongoing mine development plan currently lacks a feasibility study demonstrating economic and technical viability based on mineral reserves, the company remains focused on mitigating risks associated with developing commercially mineable deposits.
At present, Lion One operates five drills at Tuvatu, with three situated underground for grade control and infill drilling, while the remaining two focus on surface exploration and extension drilling efforts.
In an exciting development, the company announced the discovery of a high-grade gold zone rich in roscoelite at the Tuvatu site. Roscoelite, a rare mica mineral, indicates the presence of higher-grade gold occurrences—valuable information that enhances the mine’s potential. Initial bulk sampling returned impressive results of 11.6 grams per tonne of gold from 861 tonnes of mineralized material.
The newly identified roscoelite zone is anticipated to bolster Lion One’s mining operations, as similar mineralization has proven to be economically significant in other successful gold mines, such as Vatukoula and Porgera.
Furthermore, Lion One has initiated a $4 million mine enhancement plan aimed at stabilizing current production levels and facilitating future expansions of processing capabilities. Over the past three years, the company has invested $300 million into its operations in Fiji, showcasing its commitment to the region’s gold mining industry.
Summary: Lion One Metals has achieved record gold production at Tuvatu despite downtime, enhancing operations with maintenance upgrades. A new high-grade gold zone discovery highlights promising mineral potential, while a comprehensive mine enhancement plan is set to support further growth.
This positive outlook emphasizes Lion One’s dedication to improving its operations and capitalizing on new discoveries. With ongoing upgrades and exploration efforts, the company is paving the way for future successes in the mining sector.
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