Lion One Metals Ltd. (
TSX: V.LIO,
Stock Forum) announced the completion and approval of its environmental impact assessment (EIA) for its Tuvatu gold project located near Nadi on the island of Viti Levu in Fiji.
Tuvatu is a high-grade alkalic epithermal gold deposit situated in one of Fiji's largest volcanic-intrusive complexes, located along trend from a geologically analogous and similar scale volcanic-intrusive complex at Vatukoula, where over seven million ounces of gold have been produced since the 1930's.
According to the
Lion One Metals press release, Fiji's Department of Environment has approved the company's EIA for Tuvatu and has recommended that mining activities can proceed.
Additionally, in December 2013, the Director of Mines published the company's Notice for a Mining Lease Application in the Fiji Government Gazette and two national newspapers, and has since notified the company that no public objections were lodged during the proscribed 30-day window.
The granting of the mining lease is now contingent upon the grant of the surface lease. Advanced discussions are underway with the iTaukei Land Trust Board concerning the terms of compensation for land use at Tuvatu, which is a necessary prerequisite for the grant of the surface lease. The company anticipates finalizing the terms of compensation for the surface lease in a timely manner and will provide further guidance as warranted.
Lion One completed the acquisition of Tuvatu and obtained a TSX-V listing in January 2011. In addition to Tuvatu, the company holds exploration-stage properties in Australia, Argentina, and additional exploration properties in Fiji.
On Tuesday morning, Lion One was up 7.5% and was trading at $0.36 a share. The company had a market cap of $21.7 million, based on 60.2 million shares outstanding.