Fiji Gold Producer Gains 10% After Buying Rig to Hit Zone From Underground

By: Tomas Ronolski - AllPennyStocks.com News

Monday, July 27, 2026

Underground producers that can shorten and steepen drill holes into high-grade veins from working levels cut both metres and cycle time versus surface pads. When a new purpose-built underground rig unlocks first-time lateral shots into named deep zones, the so-what is resource conversion and production optionality at depth, not just another piece of iron.

Lion One Metals Limited (TSX-Venture: LIO) (OTCQX: LOMLF) rose Monday after announcing the purchase of a new Boart Longyear LM90 underground core drill for its 100%-owned Tuvatu alkaline gold mine in Fiji.

The LM90 is rated to a maximum drill depth of 990m with a full dip range from vertically up (+90) to vertically down (-90). Delivery is expected by mid-October 2026. Management says the primary intent is to target Zone 500 and the West Zone from depth underground for the first time, with a dedicated station under development off Level 1051 via an 80m drive south of Zone 2. From that pad, the company plans to drill Zone 500, the West Zone, and up-dip into Zone 5, plus along strike of those zones.

Importantly, all prior holes into Zone 500 and the West Zone were drilled from near-surface positions. Lion One frames underground stations as shorter, quicker, and cheaper holes with better intercept angles into steeply dipping high-grade veins. The LM90 is also smaller than the current underground fleet, so it can move through smaller development drifts. With the purchase, the company will have six operating drills: Three Zinex U5 electric underground units, one Zinex U5 diesel surface drill, one leased EDR450 track-mounted surface drill, and the LM90. CEO Ian Berzins tied the buy to a renewed strategy to expand and upgrade resources in Zone 500 and the West Zone and ultimately lift production at depth.

Next catalysts are completion of the Level 1051 drill station, LM90 delivery in mid-October, and the first underground lateral programs into Zone 500 and the West Zone. Recall, Lion One also recently started a Phase 1 plant expansion from 300 tpd to 400 tpd with a filter-press upgrade (July 21, 2026).

Shares of LIO / LOMLF are up 10.7% and 7.0% to C$0.15 US$0.108, respectively.

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