Lion One Metals has engaged two independent specialist engineering firms to conduct independent studies and deliver quotations for the design, construction and commissioning of processing plant facilities for its Tuvatu Gold Project in Fiji.
The company expects to receive quotations and commence negotiating terms of a formal commercial agreement for a fixed price turnkey operation upon the conclusion of the studies, which are expected to be completed within two months.
Lion One expects that these studies will enhance its understanding of the economic potential of the Tuvatu project prior to embarking on further advanced studies which could result in an economic analysis of the project.
Tuvatu is a high-grade, low sulphidation, narrow vein gold deposit on the island of Viti Levu in Fiji. Tuvatu is on the Viti Levu lineament, 35km along trend from Vatukoula, Fiji’s largest gold deposit and oldest gold operating mine, with more than 7 million ounces of production over 75 years.
Both deposits are low-sulphidation epithermal gold deposits related to alkalic volcanic intrusive complexes. In late 2013 Lion One received Department of Environment approval for the Tuvatu Environmental Impact Assessment, and in 2014 signed a 21-year surface lease and upgraded Tuvatu’s indicated resource to 1.101 million tonnes at a grade of 8.46 grams/tonne gold and inferred resource to 1.506 million tonnes at a grade of 9.70 grams/tonne, at a cut-off grade of 3.0 grams/tonne.
Lion One Metals is a mineral exploration and development company based in North Vancouver, BC, focused on the advancement of its high grade Tuvatu Gold Project. In South Australia it is targeting a major magnetite resource on its Olary Creek Iron Project, held in a joint venture with China’s Henan Yukuang.