"Green Light" for Development of High Grade Tuvatu Gold Deposit
- Mining Lease Approved in March 2015
- 21-Year Surface Lease Agreement
- Environmental Impact Assessment & EMP's Approved
Lion One's main asset is the Tuvatu Gold Project, located on the island of Viti Levu in Fiji. The project is accessed by a 15 km drive from Lion One's headquarters adjacent to the Nadi International Airport, 35 km from the port of Lautoka. The project is fully permitted for development, with the approval of the Tuvatu mining lease by Fiji's Minister of Lands and Mineral Resources in March 2015.
Tuvatu is a high grade vein-hosted gold deposit related to one of Fiji's major volcanic intrusive complexes, characterized by steeply dipping veins extending 600 meters N-S and 500 meters E-W, 540 meters vertically. A total 39 veins are included in the resource model, including widths up to 9 meters, with average widths of 2.2 meters. Free gold is present in both fine and coarse grains and is potentially amenable to conventional gravity processing. Gold is also contained in quartz and pyrite composite particles, potentially amenable to extraction by flotation and leaching.
The mining lease covers the entire Tuvatu resource area and several high grade exploration prospects in the large underexplored volcanic goldfield of the Navilawa Caldera. Lion One secured a 21 year surface lease agreement in 2014, and previously received Department of Environment approvals for its 2013 Environmental Impact Assessment and 2014 Environmental Management Plans.
The Company has focused, in tandem with the permitting process, on the confirmation, validation, and expansion of an extensive exploration database and resource. Work to date includes check sampling historic drill core, geophysics, geochemical analysis, surface mapping, trenching, sampling, and 14,000 of new drilling to add to 87,000 meters of historic drilling. Previous work includes 1,340 meters of underground development, consisting of a 600 meter decline to a depth of 240 meters, with cross cuts, raises, and drill stations. Engineering work for potential mine design, processing, and waste management commenced in October 2014.
Tuvatu hosts a National Instrument (NI) 43-101 resource comprising:
- 1.1 million tonnes indicated grading 8.46 g/t gold for 299,500 ounces gold
- 1.5 million tonnes inferred grading 9.7 g/t gold for 468,000 ounces gold
For details on the resource refer to the technical report entitled "Independent Technical Report and Resource Estimate on the Tuvatu Gold Deposit", dated May 6, 2014, and prepared by Mining Associates Limited. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Click to download NI 43-101 Technical Report Independent Technical Report And Resource Estimate On The Tuvatu Gold Deposit
Lion One's strategy is to advance Tuvatu towards production and
while furthering exploration within its mining lease area and surrounding ground.