Lion One Receives Special Mining Lease for Tuvatu Gold Project

Lion One Metals Ltd. (TSXV:LIO,ASX:LLO,OTCQX:LOMLF) announced that a special mining lease (SML) has been granted for its Tuvatu gold project by Fiji’s minister of land and mineral resources.

As quoted in the press release:

The SML provides exclusive rights for the potential development, construction, and operation of mining, processing, and waste management infrastructure at Tuvatu and the surrounding lease area. The grant represents the final step in permitting process under Fiji’s Mining Act. The Company filed its Mining Lease application in 2013 and has been notified by Mineral Resources Director Malaki Finau that all of the requirements for the Mining Lease have been satisfied and the grant has been approved.

The Mining Lease area covers 373 hectares and contains all of the current NI 43-101 resource and multiple high grade prospects in the Navilawa goldfield, one of Fiji’s major volcanic intrusive complexes. Tuvatu’s indicated resource comprises 1.1 million tonnes averaging 8.46 g/t gold for 299,500 ounces, with an additional inferred resource of 1.5 million tonnes averaging 9.7 g/t gold for 468,000 ounces, at a cut-off grade of 3.0 g/t Au. The Tuvatu camp is located 16 km by road from the Lion One Fiji head office adjacent to the International Airport in Nadi, and 35 km from the Port of Lautoka.

Walter Berukoff, chairman and CEO of Lion One, commented:

This is a very significant milestone for Lion One and we thank the Government of Fiji for their support in approving the grant of SML 62 for Tuvatu. We are now permitted to enter the next phase of development focused on our goal of bringing Tuvatu into production and becoming Fiji’s next high grade gold mining operation.

Click here to read the full Lion One Metals Ltd. (TSXV:LIO,ASX:LLO,OTCQX:LOMLF) press release.