‘Seven Times The Average Mining Width’
LION ONE ANNOUNCES DRILL FINDINGS OF 17.53 GRAMS PER TONNE OVER 23.7 METERS
Fiji’s next major high-grade discovery and world-class gold deposit continues to grow from strength to strength, this time with “outstanding” and “exceptional” drill results.
Lion One Metals, owner and operator of the alkaline gold deposit site at Tuvatu, near Nadi, announced drill findings of 17.53 grams per tonne of gold over an interval of 23 metres, which proved the extent of the zone could be much greater than previously thought.
The recent findings are seven times the average mining width, and almost twice the average grade of existing ore, says senior vice president exploration, Sergio Cattalani.
Company chief executive officer, Walter Berukoff, said the results were a further effort to define the proverbial ‘jewel box’ that he felt was there all along.
“It continues to lend credence and proof-of-concept to the thesis of a deeper, very high-grade, feederstyle zone at depth,” Mr Berukoff said.
“We look forward to further results in the very near future.
“This hole is consistent with Lion One’s geological model of a robust alkalic gold system with increasing
gold grade at depth.”
As a comparison, most gold mines average less than 10 grams of gold for every tonne of ore extracted.
“We are currently drilling several additional holes to test the possible plunge extent estimated by oriented core structural measurements,” Mr Cattalani said.
The news was “transformational” for Lion One, as it confirmed continuity and implied extensive volume of the mineralised feeder zone below the current resource.
The results are part of ongoing exploration, infill, and grade-control drill programmes, and confirms the company’s earlier announcements in October and February, and will be applied to the ongoing remodeling of the Tuvatu orebody, that will inform the resource update and preliminary economic assessment (PEA), scheduled for the first quarter of 2023, Mr Berukoff said.
Background
Lion One maintains it is on track to meet production dates by late next year, as it builds its worldclass mine and milling facility.
The Canadian-registered company, which has for the past 17 years carried out special exploration work at Tuvatu, is often compared to Papua New Guinea’s Porgera Gold Mining, for the style of its findings to date.
Lion One was awarded a special mining license in August, extending its lease to 2035.