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Lion One Metals (TSXV: LIO) says preliminary operating results from its Tuvatu gold mine in Fiji showed a 15% increase in production compared to the previous quarter.
The company reported a quarterly gold recovery of 3,796 ounces at an average grade of 4.3 grams of gold per tonne. Not only did this represent a 15% increase from the previous quarter, it also is a 39% increase in production from the quarter ending March 31.
Lion One also showed underground mine development of 1,539 metres, down from the previous quarter’s development of 1,660 metres.
Located on the island of Viti Levu in Fiji, Tuvatu is a high-grade underground gold operation. The greater project also comprises the high-grade Tuvatu alkaline gold deposit, the expanded pilot plant and an assay lab.
Shares in Lion One initially rose as much as 6.06% Tuesday morning in Toronto, but closed unchanged at 17¢ apiece.
LM90 delivery
Lion One also says its new Boart Longyear LM90 underground core drill has arrived at Tuvatu ahead of schedule and is now in operation.
The drill is planned to support resource expansion and upgrades in Zone 500 and the West Zone. The company says the arrival of the LM90 enables them to drill faster and at lower cost.