Lion One Metals Limited ( TSXV: LIO )
Lion One Announces Grant of Mining Lease Approved for High Grade Tuvatu Gold Project in Fiji
- Grant of SML 62 Approved by Fiji's Minister of Lands and Mineral Resources - 21-Year Surface Lease Secured, EIA and EMP's Approved by Dept. of Environment - Exclusive Development Rights Granted for Fiji's Next High Grade Gold Project
NORTH VANCOUVER, BRITISH COLUMBIA--(Mar 23, 2015) - Lion One Metals Limited (TSX VENTURE:LIO)(LLO.AX)(LOMLF)(LY1.F) (the "Company") announces today that Fiji's Minister of Lands and Mineral Resources has approved the grant of a Special Mining Lease (SML) for the Company's wholly owned Tuvatu Gold Project located on the island of Viti Levu.
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.
