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Lion One buys drilling equipment in Fiji for Tuvatu gold project

Lion One Metals Ltd. said Jan. 15 that it acquired drilling assets from Geodrill to reduce costs of further work at its Tuvatu gold project in Fiji.

The asset package comprises one surface diamond drill rig capable of drilling up to 800 meters in core and one underground diamond drill rig capable of drilling more than 100 meters in core.

Also included were drilling rods, downhole survey cameras, downhole temperature monitors, spare parts, transport vehicles and support trucks.

Lion One noted that it used the equipment for most of the 28,000 meters of drilling it completed over the past five years and for geotechnical drilling.

The company is planning additional exploration drilling at Tuvatu, to be scheduled at the end of the current wet season.

Lion One signed an agreement in mid-2018 to secure US$40 million for developing the Tuvatu property.