Lion One Metals Ltd (AX:LLO) takes steps to commence early production at Tuvatu, with dewatering and repair of the existing development decline, to access gold mineralized material for early production. Infill drilling increases confidence in ability to stockpile ore for early processing. We maintain our Buy rating.
Summary of highlights at year-end 2016:
- Completed 7 drill holes, 5 of which were over one meter at grades at or above the resource estimate, including TUDDH-410 with 2.42 meters at 24.07 g/t gold.
- Exploration decline dewatered beyond the Core Shed Fault (140 meters from the portal) and installed ventilation fans for ongoing rehabilitation and exploration.
- Pending award of SPL 1412 exploration permit for balance of Navilawa Caldera.
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