Lion One Metals (
TSX: V.LIO,
Stock Forum) had reason to break out the champagne today when the company announced that Fiji’s Minister of Lands and Mineral Resources had approved the grant of a special mining lease (SML) regarding the company’s 100%-owned Tuvatu Gold Project located on the island of Viti Levu, Fiji.
According to the
news release, the SML grants exclusive rights for the potential development, construction, and operation of mining, processing, and waste management infrastructure at Tuvatu and represents the final step in the permitting process as outlined by the Fiji Mining Act.
The mining lease application, first submitted back in 2013, has satisfied all regulatory requirements and covers 373 hectares containing all of the present NI 43-101 resource and multiple high-grade prospects in the Navilawa gold field, one of Fiji’s major volcanic intrusive complexes.
Tuvatu’s indicated resource totals 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.
Company Chairman and CEO, Walter Berukoff, 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.”
He then concluded, “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.”
Lion One Metals was in the news recently when
the North Vancouver-based company announced back in October that it had received environmental approvals for the construction and development of Tuvatu.
Shares climbed 50.00% on the news to $0.30 per share.
Currently there are 60.2m outstanding shares with a market cap of $18.0 million.