02:11 PM EDT, 06/05/2024 (MT Newswires) -- Lion One Metals ( LOMLF ) on Wednesday said mechanized production is underway at its Tuvatu Alkaline gold project in Fiji.

The company said the start of mechanized production marks "the transition from predominantly development mining to predominantly production mining".

The company also reported new high-grade gold results from Zone 5 infill and grade control drilling at the project. Top new drill intersects include 393 grams per tonne of gold over 1.2 m.

The purpose of the Zone 5 infill and grade control drill program is to enhance the mine model and inform stope design in advance of mining, Lion One Metals ( LOMLF ) said. It added that the processing plant can now also sustainably process over 400 TPD, which is above the plant's name plate capacity of 300 TPD.

The company's shares were last seen up $0.05 to $0.53 on the TSX Venture Exchange.

Price: 0.53, Change: +0.05, Percent Change: +10.42