The Tuvatu Alkaline Gold Project is 100 percent owned and fully permitted. It sits on the island of Viti Levu, in the Republic of Fiji. In an interview with BTV-Business Television, world-renowned technical advisor, Dr. Quinton Hennigh says, “Tuvatu has similarities to a number of other gold alkaline systems, which happen to be a very uncommon and rare deposit around the world.” CEO and chairman, Walter Berukoff confirms that this is in fact one of nine alkaline deposits of this size, in the entire world.
Hennigh says, “This revelation, the finding that this is indeed an alkaline system, gave everyone comfort that there should be a feeder zone down deeper.” Late last year, four riggs began drilling 24 hours a day, with the goal of locating the root feeder of the system. Furthermore, an analysis of core samples reveals high-grade material, confirming the hypothesis of the Tuvatu Alkaline Gold Project.
Hole 500 discovered 53 grams, 55.43 grams over 12.7 metres. This adds traction to the notion that there is a feeder present, perhaps even the principle feeder. Moreover, Hennigh believes that this a great indication, and a great outcome. He also believes that Lion One Metals has a very high-grade system at depth.
Due to Covid-19, there may be delays in building the mine and getting ex-pats that are needed into Fiji. That being said, the drilling itself for the Tuvatu Alkaline Gold Project will not be affected. Rather, there will be many more ounces ready before the company goes into production.
Lion One Metals has an aggressive plan. It encompasses a cost-effective and environmentally responsible construction, financed by $60 million that the company has raised. The company is at an advantage by having its own world-class assay lab and its own drills available readily around the clock. This project is fully permitted and licensed, with all the engineering complete. The plan includes continuing to add ounces by drilling 20,000 to 25,000 meters a year for the next three to four years, deep into the exploration of an entire caldera.
Berukoff is the former CEO and founder of Miramar Mining, which was acquired by Newmont in 2007 for $1.5 billion. Berukoff is hopeful that there is up to 20 million ounces of gold in what he calls, ‘Mother Nature’s jewel box.’
Simi Kaila, BTV Writer
FULL DISCLOSURE: Lion One Metals Ltd. is a client of BTV-Business Television. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.