Lion One Metals (TSXV: LIO; OTCQX: LOMLF; ASX: LLO) is calling the latest drill results from its 100%-owned Tuvatu alkaline gold project “significant.” The best assay from drilling results is 1,968.23 g/t over 0.6 metre. And the bonanza grades do not end there. Lion One has also seen assays of 886.25 g/t, 135.60 g/t, 115.86 g/t, and more.
The Tuvatu gold project is located in the South Pacific island nation of Fiji. It is located near the country’s international airport and the second largest port. It is also only 35 km southeast of the Vatukoula gold mine, which has produced over 7 million oz. of gold over the last 87 years.
Lion One is intent on building Fiji’s second gold mine. The Tuvatu project has an indicated resource of 1 million tonnes grading 8.50 g/t gold containing 274,600 oz. plus an inferred resource of 1.3 million tonnes at 9.00 g/t gold containing 384,000 oz. of gold.
The original preliminary economic assessment for the project was made in 2015, but Lion One updated it in 2022. An underground mine is planned using longhole stoping with a small amount of jackleg stoping. The ore is amenable to gravity concentration and flotation followed by cyanidation. Based on metallurgical tests, gold recovery is expected to be about 87.5%.
The project made its first gold pour on Oct. 10, 2023. Mechanized mining will begin next year with zone 500 development beginning in 2025.
Find the PEA on www.LionOneMetals.com.
