Tuvatu’s New Potential For Substantial Resource
InvestorSarfari Comments:
“It is where historical gold production exceeds seven million ounces and exploration – and gold production – is on-going.” References keep referring to substantial resource. It is a matter of time until someone bigger decides to take a dive and buy Lion One. Going to be an interesting Spring/Summer.
A recent discovery in Nadi has confirmed the potential for a deep-rooted gold bearing alkaline gold system, similar to that of the Vatukoula gold system.
By Frederica Elbourne
11 Apr 2022 11:45
From left: Lion One Fiji’s Tuvatu environment manager, Sereana Vatucicila, miner AkuilaTawakedrau, chief operations officer Patrick Hickey, and miner Pauliani Kulavere, outside the mining decline at Tuvatu alkaline gold project site in Sabeto, Nadi, on March 18,2022. Photo: Leon Lord.
A recent discovery in Nadi has confirmed the potential for a deep-rooted gold bearing alkaline gold system, similar to that of the Vatukoula gold system.
The announcement by Lion One Metals Limited, the parent body of Fiji’s second gold mine operator, followed ongoing drilling, said chairman and chief executive officer, Walter Berukoff.
This, as work at Tuvatu extended the drill-confirmed vertical extent with 11 drill holes to depths of as much as 9113.4 metres, he said.
The discovery marks the deepest documented mineralised intercept to date at Tuvatu.
Part of the discovery at Lion One Fiji’s Tuvatu alkaline gold project site in Sabeto, Nadi, on March 18, 2022. Photo: Leon Lord
The latest drilling at Tuvatu extended approximately 300 meters below the base of the current resource, Mr Berukoff said.
“It is where historical gold production exceeds seven million ounces and exploration – and gold production – is on-going.”
Six hundred and fifty metres below the base of the current resource, new results were found, said Lion One’s senior vice president exploration, Sergio Cattalani.
“While the upper 300-metre portion of the feeder zone alone should add significantly to the overall resource at Tuvatu, the lower 350 metres remains essentially undrilled,” Lion One said.
“Where feasible, re-entry of pre-existing drill holes allowed for testing of the structure while saving on total drill meterage.”
But while observations are still very preliminary, Lion One has likened the new findings to that of Newcrest’s Ridgeway gold and copper deposit in the Cadia Intrusive Complex, New South Wales, Australia, and Centerra’s Mt. Milligan gold and copper deposit, BC, Canada.
Feedback: frederica.elbourne@fijisun.com.fj
https://fijisun.com.fj/2022/04/11/tuvatus-new-potential-for-substantial-resource/