Mining company announces new high-grade gold discovery
LION One Metals Ltd has announced the results of its annual and special general meeting of shareholders held on December 15, 2022. Despite a significant decrease in investments and an overall loss for the year ended June 30, 2022, the company has continued its projects with minimal interruption.
According to the company’s report, on August 8 they were granted an extension of the Tuvatu Mining Lease for an additional 10-year term renewable to February 28, 2035. On August 29, 2022, the company announced a new regional high gradegold discovery, the Batiri Creek Vein, located in the Navilawa Caldera 2km northeast of the Tuvatu Alkaline Gold Project.
“The company has encountered multiple high-grade intercepts from its 2020-2022 high-grade feeder diamond drill program, which supports the alkaline gold model and the concept that Tuvatu has highgrade gold mineralisation extending and evolving at great depths. The company will continue this deep hole drill program, up to depths of over 1000m below the surface, to gain a better understanding of the underlying plumbing system which allowed a conduit for the gold-rich fluids from the base of the crust in that area. Alkaline-hosted gold deposits are known to extend to great depths, so there are many areas to explore.
“In March 2022, the company procured two additional Zinex rigs, which arrived in September 2022, and concurrently expanded the laboratory capacity. By purchasing the two additional rigs, the company has complete flexibility to deploy these high-performance rigs both underground and on surface, either at Tuvatu or on regional targets, or both, as required by our aggressive exploration and infill drill programs.”
According to Lion One Metals they are focused on advancing premium quality gold assets in Fiji and currently utilise six active diamond drilling rigs capable of operating year-round through the rainy season.