Lion One Metals Limited (TSXV: LIO | OTCQX: LOMLF | ASX: LLO) has announced an update on the construction progress of its 100% owned Tuvatu Alkaline Gold Project in Fiji, saying it is 75% complete. The Tuvatu Project is located on the island of Viti Levu in Fiji.
With mine construction at approximately 75% complete, Tuvatu remains on track for first gold delivery in Q4 2023. Earthworks and concrete works are substantially complete, with over 3,500 meters cubed of concrete poured to date.
Structural steel is 70% complete and is progressing rapidly. All the components required to commission the processing plant are on site and a team of over 300 contractors and employees are working together to bring the project towards completion.
Once complete, Lion One plans to operate the processing plant at an initial production capacity of 300tpd for the first 18 months of operations before increasing the capacity to 500tpd in mid-2025.
Lion One is fully funded to complete mine construction and bring the Tuvatu Alkaline Gold Project into production by the end of the year. About 350 contractors and employees are working onsite to realize the final 25% of construction, and to commission the processing plant.
The January 2018 mineral resource for Tuvatu comprised 1.007Mt indicated at 8.50g/t Au (274,600oz Au) and 1.325Mt inferred at 9.0g/t Au (384,000oz Au) at a cut-off grade of 3.0g/t Au.
The company envisions it as a low-cost high-grade underground gold mining operation coupled with exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system.
For further information, please visit: www.liononemetals.com
