Lionsgold’s India exploration and mine development interests are represented by its 21.15% equity holding in Geomysore Services (India) Private Limited (“Geomysore”) a leading Indian mineral exploration group based in Bangalore.

Geomysore has focused exploration on areas mainly covered by Archaean and Proterozoic volcano-sedimentary greenstone belts, which are known to contain abundant precious mineral deposits. Geomysore has a significant portfolio of licences and applications for targets throughout India with priority rights covering in excess of 900km2.

Most advanced India gold project: Jonnagiri

  • targeting to build a producing gold mine to commence production in H2 2019;
  • granted a 30-year mining licence to mine 365,000 tonnes of gold ore per year;
  • drilling undertaken at Jonnagiri totaling 15,800 metres;
  • US$2.4m of new funding from one shareholder for additional drilling of up to 10,000 metres and complete the economic feasibility study (“EFS”);
  • The site is divided into two parts: a prospective shallow open pit mine at the East Block and a potential open pit and underground mine at the West Block;
  • Golders Associates Pty Ltd (“Golders”) recently estimated a JORC compliant resource at Jonnagiri based on data available as at 30 June 2016 of 351,000 ounces (Indicated and Inferred) in aggregate at the East and  West blocks.
  • EFS final findings is expected to be released in by the end of Q4 2017.