Net proceeds from the offering will be used to advance the Tuvatu gold project, the company’s flagship asset.
Located on the island of Viti Levu in Fiji, Tuvatu is envisioned as a low-cost high-grade underground gold mining operation with exploration upside. The project is fully permitted and is currently in the drilling stage to define and expand the known mineralization, with a view of upgrading the resource model.
The latest Tuvatu resource estimate (June 2014) showed an indicated resource of 1.1 million tonnes at 8.46 g/t gold for 299,500 oz. of gold and an inferred resource of 1.5 million tonnes at 9.70 g/t gold for 468,000 oz. of gold.
The area surrounding Tuvatu gold deposit and resource area is covered by a 3.85 km² special mining lease, with the broader project area covered by over 13,600 hectares of special prospecting licences covering the balance of the Navilawa caldera, an underexplored yet highly prospective 7 km diameter alkaline gold system.
