Lion One Metals Limited
Lion One Metals Limited is set to become the premier high grade gold producer in the mining friendly South Pacific island nation of Fiji at its 100% owned and fully permitted Tuvatu Gold Project on the main island of Viti Levu. Lion One is focused on cost effective and environmentally responsible construction, development, and advancement of Tuvatu towards production, and exploration of its license areas covering the highly prospective and underexplored Navilawa Caldera volcanic system.
Tuvatu Gold Project, Fiji
The independent Tuvatu NI 43-101 PEA technical report dated June 1, 2015 envisages a low cost underground gold mining operation producing 352,931 ounces of gold over 7 years at head grades of 11.30 g/t Au, and cash costs of US$567 per ounce with all-in sustaining cost of US$779 per ounce.
Tuvatu Resource Estimate
The June 2014 Tuvatu resource estimate reported an Indicated resource of 1,101,000 tonnes at 8.46 g/t Au for 299,500 ounces of gold and an Inferred resource of 1,506,000 tonnes at 9.70 g/t Au for 468,000 ounces of gold. The Tuvatu resource is reported at a 3 g/t Au cutoff representing a resource amenable to underground production.
2018 Mining Lease Upside
The Phase One exploration program to delineate southern extensions of the main mineralized zone of the Tuvatu gold deposit on three priority prospects at Ura Creek, Jomaki, and Kubu, located approximately one kilometre southwest of the planned mill site at Tuvatu.
Surface sample of 502 g/t gold over 0.70 metres returned from the Jomaki prospect inside the mining lease 1 km from the planned Tuvatu mill site.
Project Development Update
On March 5, 2018, Lion One Metals Limited provided development update on engineering and construction activities at its Tuvatu Gold Project:
Bulk earthworks are progressing in all plant site areas. Clearing and grubbing are substantially complete. Two rock crushing plants are now in operation. Construction of the Company's assay laboratory commences in the month of March in Nadi. All long lead laboratory equipments have been purchased.
Detail engineering continues on the process plant, infrastructure and tailings storage facility. Design of two new bridge crossings over major creeks near Tuvatu is now complete with bridge construction to begin immediately after abatement of wet season high water flows. The Company continues metallurgical test work on high pH leach pretreatment methods to improve gold recovery.
The Company is nearing contract awards for its prime mining contractor, equipment suppliers, and EPC contractor. The Company plans to use both new and refurbished equipment for underground mining. A new senior mining engineer will be appointed shortly.
Lion One's Chief Development Officer Ian Chang stated, "We're aggressively advancing to production and have progressed significantly in recent months on preparation of the mill site and infrastructure. We remain focused on delivering Fiji's next high grade underground gold mining operation while continuing to qualify the upside of Tuvatu's district scale exploration opportunity".
Management and Directors
Walter Berukoff, Founder, Chairman and Chief Executive Officer
Mr. Berukoff is leading an experienced team of mine builders, and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mining Corporation, Northern Orion, and La Mancha Resources, Mr. Berukoff is credited with building over $3 billion of value for shareholders. Mr. Berukoff is also Managing Director of Red Lion Management, and has raised over $1 billion for global mining and real estate projects.
Stephen Mann, Managing Director and Director
Mr. Mann is a geologist with over thirty years industry experience in mineral exploration and development. Mr. Mann was Exploration Manager and Managing Director of Cogema Australia Pty Ltd./AREVA. Mr. Mann was also Managing Director of Avocet Resources Limited.
Ian Chang, M.A.Sc, P.Eng., Chief Development Officer
Mr. Chang has over 30 years of experience in executive roles, project and engineering management. Mr. Chang was Vice-President, Project Development for Pretium Resources Inc. (Brucejack Project). Mr. Chang was previously Project Director and Head of Project Management for Fluor Canada Limited.
Tony Young, Chief Financial Officer
Mr. Tony Young has over 17 years experience in financial roles for mining companies operating in both Canada and Latin America. Mr. Young was most recently the Director of Finance at Red Eagle Mining Corporation.
Stephanie Martel, BA, Vice President Administration
Ms. Martel is the Chief Operating Officer for Red Lion Management, a private investment firm, and is a former Director of American Eagle Resources, Inc.
Hamish Greig, Vice President and Corporate Secretary
Mr. Greig joined the Company in 2010 and was appointed VP Investor Relations in November 2011, and Director in June 2012. Directly and indirectly Mr. Greig has raised over $50 million in public equity financings and has experience in various public market roles including investor relations, corporate finance, and administration.
Richard J. Meli, Director (Audit Committee)
Kevin Puil, Director (Audit Committee)
John Robinson, CPA, CA, Director (Audit Committee)
On March 5, 2018, Lion One Metals Limited provided development update on engineering and construction activities at its 100% owned and fully permitted high grade Tuvatu Gold Project, located on the island of Viti Levu in the Republic of Fiji.