Lionsgold LTD (LON:LION) has two main strings to its bow. The first is that it explores for and plans to produce gold. The second is that it is developing physical gold as a currency, in a tradeable form known as ‘Tally’.
The new Tally currency takes shape
Formerly known as "Goldbloc", Tally is designed to give people the choice with their money to be able to access a 100%-reserve banking platform using hard currency.
Each Tally is a milligram of gold directly owned by the customer and utilised in their individual banking account and debit card. Tally is not a fiat (government-issued) currency, nor is it a cryptocurrency. Tally is a tangible asset held in a customer's banking account, with a debit card that operates complementarily to fiat currencies using the mainstream banking system.
The new holding page for the product is www.TallyMoney.com where people can register to receive priority access to open a Tally account upon the platform's public release.
"The board and staff would like to thank shareholders for their patience and support as Lionsgold transitions through this pivotal phase of its corporate and commercial development,” said chief executive Cameron Parry.
“And finally, we wish to reassure all shareholders of our complete commitment to see the Company make application to recommencing trading of its shares on AIM in the first quarter of 2019."
Mining assets continue to show value
Lionsgold continues to support partners in both India and Finland, one being a leading Indian gold exploration company, Geomysore Services India Limited, and the other Lionsgold's Finnish Joint Venture company, Kalevala Gold Oy.
"It has been a constructive year in relation to our two most developed projects, being Jonnagiri in India, and Kuikka in Finland,” said Parry.
“The teams on the ground have each achieved significant progress, albeit at times under challenging circumstances.
Progress in India
Lionsgold has a diversified set of interests in exploration and mining projects in India through its 21.92% shareholding in Geomysore Services India Pvt Limited. Geomysore holds exploration rights covering in excess of 900 square kilometres in India, including a granted 30-year mining lease at Jonnagiri covering six square kilometres.
An NI 43‐101 compliant feasibility study was completed in late 2017, resulting in a decision to mine. At full production, Jonnagiri is forecast to produce approximately 25,000 ounces of gold per annum.
In addition to Jonnagiri, Geomysore's portfolio contains numerous exploration and development targets and its South Kolar Project, situated in the Southern part of the Kolar Gold Field, represents the next target contemplated for mine development.
The South Kolar target has been refined to an area covering approximately 10 square kilometres, and Geomysore has signed a Memorandum of Understanding with the government of Andhra Pradesh to progress development of the area into commercially viable mine.
Licence application continues in Finland
Lionsgold's Finnish joint venture company, Kalevala, holds approximately 1,500 square kilometres of gold prospective ground in Finland, including over 90% of the Suomussalmi greenstone belt and significant coverage of the Kuhmo greenstone belt.
The Kuikka gold deposit is located within the Syrjälä project area on the Suomussalmi greenstone belt.
The licence application process for a bulk sample at Kuikka in Finland continues. Concurrently an application is ongoing for the small-scale underground mining of the high-grade deposit at Kuikka.