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Fiji-focused gold developer Lion One Metals (TSXV: LIO) (ASX: LLO) has poured first gold at its 100% owned flagship Tuvatu alkaline gold project, with construction of the mine completed ahead of schedule.
Mill construction began in August 2022 and commissioning began in September 2023. The mill is expected to ramp up to 300 tonnes per day by the end of October 2023, expanding further to 500 tonnes in mid-2024, the company said.
The first gold pour coincided with Fiji Day on October 10, 2023. A ceremonial first gold pour was conducted on site with over 900 members of local communities, businesses, employees and government officials in attendance.
“The first gold pour at Tuvatu is a landmark event in the history of our company. We have successfully transitioned from explorer to producer and have delivered on our promise to build the South Pacific’s newest gold mine in the heart of Fiji,” Lion One CEO Walter Berukoff said in a statement.
Located on the island of Viti Levu, Tuvatu is envisioned as a low-cost, high-grade underground gold mining operation with exploration upside. The project is fully permitted and is currently in the drilling stage to define and expand the known mineralization, with a view of upgrading the resource model.
The latest resource estimation for Tuvatu contains 1.0 million tonnes of indicated material at 8.5 g/t gold for 274,600 oz. of contained gold and 1.3 million tonnes inferred at 9.0 g/t Au for 384,000 oz. of gold.
Shares of Lion One Metals were up 4.4% as of noon EDT Tuesday, giving the company a market capitalization of C$193.3 million ($142.3 million).
