Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) held a ceremony in celebration of the first gold pour at its flagship mining operation in Fiji on the country’s national holiday, an event that attracted over 900 attendees.
The North Vancouver-based mining company hosted the event at its Tuvatu gold mine on Fiji Day, October 10. It was attended by the country’s minister for mineral resources, other government officials, Lion One’s leadership and various local communities and businesses.
“This marks the beginning of our next phase of growth as we look forward to ramping up to commercial production at Tuvatu,” said the company’s Chairman and CEO Walter Berukoff, a major shareholder in the company.
Lion One says construction of the mine is now complete, ahead of schedule, and that the mill will be capable of processing 300 tonnes per day by the end of the month.
“The future looks good for Tuvatu, the best is yet to come,” said Maciu Nalusima, Fiji’s Minister for Mineral Resources.
The first gold pour at Tuvatu was witnessed by the company’s Process Operations Manager David Towle, Berukoff and Nalusima. Photo via Lion One Metals
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Lion One’s mining license covers Tuvatu and other prospects in the region and is valid until 2035 when it will need to be renewed. The company says it has identified over 30 high-potential drill targets in the mine’s surrounding area and the site is fully permitted for underground development.
The mine employs over 250 locals on the country’s island of Viti Levu. In August, the company discovered a gold-bearing structure north of the mine that yielded bonanza-grade samples containing up to 92.5 g/t gold.
Lion One aims to start commercial production at the Tevatu operation in 2025.
During the 2020-2021 financial year over $191 million worth of gold was shipped out of Fiji, according to a recent article from the country’s oldest-running newspaper — The Fiji Times.
Lion One shares rose by 3.3 per cent Tuesday to $0.93 on the TSX Venture Exchange and the company currently has a market capitalization of $191.9 million.
rowan@mugglehead.com
