North Vancouver, British Columbia–(Newsfile Corp. – July 12, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report Q2 CY2024 gold production for the Tuvatu Gold Mine in Fiji.
Highlights:
- 3,551 oz of gold recovered during Q2 2024
- 3,251 oz of gold poured during Q2 2024
- 32,100 tonnes milled during Q2 2024
Quarterly Production Results
Lion One Metals has produced 3,551 oz of gold during the three-month period ending June 30th, 2024. This marks an increase from the prior three-month period ending March 31st, 2024, during which 1,394 oz of gold was produced, and represents a ramp-up of mining and processing activities during the pilot plant phase of operations (Figure 1).
The increase in production is due to the introduction of mechanized production in May and June, as well as the increased mill throughput from February to May (Figure 2). A total of 32,100 tonnes of mineralized material was processed during Q2 CY2024, compared to 20,751 tonnes in Q1 CY2024.
Lion One Chairman and CEO Walter Berukoff commented: “We’re pleased with the production results at Tuvatu this quarter. Commissioning of the processing plant was only completed in January, with some components only installed in April and May.”
“This quarter represents a milestone for the company as it is the first quarter in which the plant has been operating at full capacity. It is also the first quarter in which we have had mechanized production. We are just beginning to see the potential at Tuvatu and we’re excited as we look forward to doubling the plant capacity from 300 TPD to 600-700 TPD, and to advancing towards the ultra-high-grade Zone 500.”
Figure 1. Tuvatu Monthly Gold Production. Gold recovery and production has increased steadily at Tuvatu as mining and processing activities have ramped up during the pilot plant phase of operations. A step change increase in production occurred in May and June following the introduction of mechanized production.
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Figure 2. Tuvatu Monthly Mill Throughput. Mill throughput at Tuvatu has steadily increased since the first gold pour in October 2023. The second quarter or 2024 is the first quarter in which the Tuvatu processing plant has been operating at full capacity.
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Board of Directors
Mr. David Tretbar has resigned from the company’s Board of Directors. Mr Tretbar has resigned due to his increased management responsibilities at San Cristobal Mining, for which he is the founder, Senior Vice President of Exploration, and Director. Mr Tretbar was appointed to the Board of Directors in June 2020 and helped guide Lion One Metals through a period of tremendous growth, including the discovery of the Zone 500 feeder zone, the construction and commissioning of the Tuvatu underground gold mine and processing plant, the first gold pour at Tuvatu, and the ramp-up of gold production during the 300 TPD pilot plant phase.
Lion One CEO Walter Berukoff commented, “We’re grateful for all the contributions David has made to the success of Lion One over the past four years. The Tuvatu gold project has benefitted greatly from David’s technical knowledge and experience, and we wish him all the best in his work with San Cristobal Mining.”
Competent Persons Statement
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Alex Nichol, who is the company’s Vice President of Geology and Exploration. Mr Nichol is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Nichol has read and approved this news release and consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO
Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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