Lion One Plans Additional Mine Investment Of Over $140 Million

Lion One Metals Limited plans to purchase excess of a more $140 million in the Tuvatu Gold Mine Job over the next 18 months.The company

's managing director Stephan Mann said Lion One has actually planned to continue its investment in mineral exploration and mining in Fiji.He said although the extended 2017- 2018 wet season in Fiji decreased the existing development work on website, work has however advanced.

"The structure of the business's new cutting-edge geochemical and metallurgical laboratory in Nadi is well in progress and will be completed later on in 2018," Mr Mann stated.

"Civil earthwork, ground preparation for the process plant site and surface facilities on website at Tuvatu began late in 2017, and is advancing well."

Mr Mann also announced the appointment of Darren Holden as the company's new Vice-President of Expedition.

"We understand that the long term future of the Tuvatu gold job will rely on additional discoveries and subsequent advancement."

"The employment of a Vice President Expedition identifies our dedication to find and establish further resources."

The Tuvatu Gold Project is situated 24 km northeast of Nadi and lies in the southern reaches of the Navilawa volcano, ignoring the Sabeto River valley and town of Nadi.Following the discovery of a brand-new mineralised lode from benching that returned a(non-representative)choose sample of 502 g/t gold over 0.70 m on March 5, 2018, Lion One's Fiji exploration group has mapped more than 20 previously undefined mineralised structures at the Jomaki-Ura Creek prospect areas and identified prospective geological extensions on the main mineralised zones inside the Tuvatu Mining Lease." We are presently carrying out an extensive surface geological mapping and sampling programmes. ""To date these programs have determined numerous brand-new mineralised lodes away from the existing gold resource at Tuvatu.Further surface work will be undertaken to further delineate these areas, and upon the completion of that work, a drilling program will be prepared."As for the discovery of new areas, Mr Mann stated both brand-new areas and extensions to previously known, but improperly explored or comprehended zones of gold mineralisation have actually been targeted." Lion One was informed that it was the successful tenderer for the Navilawa tenement, right away north and surrounding to the Tuvatu task."The processing of that tenement application is still underway.""That area will greatly increase the location of extremely prospective period we have in the area."He stated Lion One's current mining lease was roughly 380 hectares in size and includes numerous additional exploration targets for future development"Lion One finished an extremely effective drilling programme late in 2015, however it was well into 2018 prior to all the geochemical results for that drilling were received.Since that time, the Company has actually been examining and translating the arise from that work, as well as carrying out a great deal of preliminary operate in preparation for the next phase of drilling later in the year. ""The Business continues to employ local contractors and direct workers for its activities in Fiji.

"He stated all the agreements which have presently been let, and totaled up to a number of million dollars, have actually been let to local companies. "Much of the Lion One employees on website are sourced from the regional communities."

Tuvatu is the largest undeveloped gold project in Fiji and among greatest grade gold projects throughout the world; focused on building production of 100,000 oz. annually over Ten Years. Envisaged production based on 600 tpd CIL operation yielding recoveries of 86 percent with as much as 40 percent of gold recoverable through the gravity circuit.The Tuvatu gold job is 100 per cent owned by Lion One Limited, fully allowed for construction, mining and processing operations with 21-year surface area lease, subject to a 5 pe rcent Government royalty and three percent export tax.Feedback: [email protected]!.?.!

Source

http://fijisun.com.fj/2018/06/16/lion-one-plans-further-mine-investment-of-over-140-million/