Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) reported a series of “incredible” drill results from the near surface portion of its flagship Fiji gold mining operation on Wednesday.
Most notably, they included 1,986 g/t Au over 0.6 metres and 198.75 g/t over 1.5 metres with a rich 0.3 metre interval containing 866.25 g/t Au. The company plans to mine the areas that yielded the intercepts within the next two years.
“These incredible results add to the growing list of exceptional drill results returned from Tuvatu and provide strong support for our ongoing mining efforts,” the company’s CEO, Walter Berukoff, said.
Lion One reported high-grade intercepts at the mine in early November as well. The most remarkable contained 90.75 g/t Au over 2.4 metres, including 261.5 g/t Au in a 0.6 metre interval.
The new core samples. Image via Lion One Metals
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Lion One held a ceremony celebrating its first gold pour at the Tuvatu mine on Fiji’s national holiday in October. Over 900 people attended the event.
That month, the company said it had identified more than 30 high-potential drill targets in the mine’s surrounding area. The miner has now had immense success with some of those targets considering that the new drill results came from 20 metres outside the current mine plan.
Tuvatu is expected to enter the commercial production phase in 2025. The project comprises a gold deposit, underground mine, pilot plant and assay lab.
It is located about 35 kilometres from the Vatukoula gold mine, which has produced more than 7 million ounces of gold over the past 87 years.
What a view. pic.twitter.com/ub8do8ept5
— Lion One Metals (@liononemetals) October 4, 2023
Fiji’s government said last month that US$13.9 billion was expected to be invested in the nation within the next few years. The primary source of revenue for the country will be tourism.
In addition to gold, Fiji exports significant quantities of the aluminum-rich rock bauxite and iron ore. In 2017, the country’s Ministry of Economy issued 78 exploratory mining licenses as part of its most recent national development plan.
rowan@mugglehead.com
