Lion Copper and Gold Announces Agreement for Stage One Work Program with Rio Tinto and Commencement of Permitting Process

Lion Copper and Gold Announces Agreement for Stage One Work Program with Rio Tinto and Commencement of Permitting Process

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG" or the "Company") is pleased to announce it has reached final agreement with Rio Tinto America Inc. ("Rio Tinto") on the scope of the Stage 1 Program of Work referenced in the Parties' March 18, 2022 Option Agreement. See news release dated March 21, 2022 for details.

With this key milestone achieved, Rio Tinto will provide funding to the Company in the amount of US$3,750,000 for Mason Valley project development, exploration efforts and other agreed-upon corporate purposes, including without limitation:

  • Project Permitting and Baseline Studies
    • Exploration Plan of Operations
    • Hydrology
    • Geochemistry
    • Wildlife surveys
    • Pre-Plan of Operations
    • Stakeholder Engagement
    • Permitting/Strategy Development
  • Metallurgical Testing of MacArthur and Yerington Samples
    • Testing of Oxide, Transitional and Primary Copper Sulphide samples with NutonTM technologies
  • Engineering Scoping Studies
    • MacArthur Project and Execution Planning including a refresh of the 2021 study with NutonTM technologies
    • Yerington Project Scoping Study including the application of NutonTM technologies
  • 6,500 ft Drill Program to Evaluate Sulphide Growth Potential
    • Drilling beneath the Yerington pit
    • Drilling beneath the current MacArthur resource pit shell

The Company is pleased to report that a bulk metallurgical sample has been delivered to Rio Tinto's NutonTM labs, where comprehensive metallurgical testing and optimization studies are being undertaken on oxide, transitional and sulphide material sourced from both the MacArthur and Yerington deposits.

Additionally, the Company is pleased to report that on May 12, 2022, it initiated the Project environmental permitting process with the U.S. Bureau of Land Management, a first step in formalizing the Company's permitting efforts.

Travis Naugle, Lion CG's CEO, states, "We appreciate having quickly attained Stage 1 agreement with Rio Tinto's NutonTM team and look forward to further advancing the MacArthur and Yerington projects. Our first emphasis on environmental permitting reflects our shared values in ESG and local stakeholder engagement. We value Rio Tinto's support of our goal to advance the MacArthur Project, Yerington and our other Mason Valley assets with the potential use of NutonTM technology toward the domestic production of copper with low carbon impact."

About Lion CG

Lion Copper and Gold Corp. is a Canadian-based company advancing its flagship MacArthur Copper Project in Mason Valley, Nevada, in addition to advancing its exploration projects including the Chaco Bear and Ashton properties in highly prospective regions in British Columbia, Canada, and the Blue Copper Prospect in Montana, USA.

On behalf of the Board of Directors,
Stephen Goodman
President

For more information please contact:
Karen Robertson
Corporate Communications
778-898-0057
Email: info@lioncg.com
Website: www.lioncg.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124446

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Lion Copper and Gold Corp. Announces Convertible Debenture Financing

Lion Copper and Gold Corp. Announces Convertible Debenture Financing

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG", the "Company") is pleased to announce a non-brokered private placement of unsecured convertible debentures ("Debentures") for gross proceeds of up to US$1,300,000 (C$1,733,333) (the "Offering").

The Debentures will bear interest at the rate of 14% per annum and will mature on the date that is 20 months from issuance (the "Maturity Date"). The principal amount of the Debentures may be converted into common shares of the Company at US$0.05344 (C$0.07125) per share, at any time, before 10 months from the closing date of the Offering (the "Closing Date"), and US$0.075 (C$0.10) per share at any time, after 10 months from the Closing Date and prior to the Maturity Date. The holder will have the option to elect to be repaid in kind at any time prior to maturity of the Debentures by way of shares of Falcon Butte Minerals Corp., or its successor, (the "Falcon Butte Shares") at the rate of US$0.28 (C$0.37) per Falcon Butte Share, provided that any Debenture held by an insider of the Company requires prior stock exchange approval prior to being repaid in kind. Interest accrued on all or any portion of the Debentures being converted by the holder may also be converted into common shares at the option of the Debenture holder at the time of conversion at a conversion price equal to the market price as at the date of conversion. For greater certainty, the Debentures will be subordinated to the US$2 million of convertible debentures issued by the Company in July of 2022.

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Lion Copper and Gold Announces Agreement for Stage Two Work Program with Nuton, a Rio Tinto Venture, and an Advance on Stage 3 Work Program Funding

Lion Copper and Gold Announces Agreement for Stage Two Work Program with Nuton, a Rio Tinto Venture, and an Advance on Stage 3 Work Program Funding

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG" or the "Company") is pleased to announce it has completed the Stage 1 Program of Work and has reached an agreement with Rio Tinto America Inc. ("Rio Tinto") on the scope of the Stage 2 Program of Work with Nuton, a Rio Tinto venture, referenced in the Parties' March 18, 2022 Option Agreement. See news release dated March 21, 2022 for details. Additionally, the Parties have also agreed to an early advance of the Stage 3 Program of Work for exploration activities.

With this key milestone achieved, Rio Tinto will provide Stage 2 funding of US$5,000,000 and an immediate advance of US$2,500,000 on part of the Stage 3 funding, for a total amount of US$7,500,000 to the Company for Mason Valley project development, exploration efforts and other agreed-upon corporate purposes, including without limitation:

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Lion Copper and Gold Corp. Announces Positive Mason Valley Exploration Results

Lion Copper and Gold Corp. Announces Positive Mason Valley Exploration Results

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG" or the "Company") is pleased to announce the assay results from the Mason Pass prospect surface trenching program, as discussed in the November 10, 2022 press release at its 100%-owned properties at Yerington, Nevada. Lion CG completed this program utilizing funding provided by Rio Tinto as a part of the Stage 1 Work Program.

Highlights:

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Lion Copper and Gold Corp. Closes Convertible Debenture Financing

Lion Copper and Gold Corp. Closes Convertible Debenture Financing

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG", or the "Company") is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement of unsecured convertible debentures ("Debentures") for gross proceeds of US$1,075,000.

The Debentures bear interest at the rate of 14% per annum and mature on February 17, 2024. The Debentures may be converted into shares of the Company at US$0.067 per share until June 17, 2023 and thereafter at US$0.078 per share. The holder has the option to elect to be repaid in kind at any time prior to maturity of the Debentures by way of shares the Company owns of 1301666 BC Ltd., or its successor, (the "BC Ltd. Shares") at the rate of US$0.25 per BC Ltd. Share, provided that any Debenture held by an insider of the Company requires prior stock exchange approval prior to being repaid in kind.

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Lion Copper and Gold Corp. Announces Termination of Water Rights Sale, Debt Settlement, Grant of Stock Options, and Financing

Lion Copper and Gold Corp. Announces Termination of Water Rights Sale, Debt Settlement, Grant of Stock Options, and Financing

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG" or the "Company") is pleased to announce that it has reached an amicable agreement with Desert Pearl Farms to terminate the contract on the sale of the Company's water rights (as previously announced in a news release dated February 21, 2021). In light of the Company's agreement with Rio Tinto, the return of these water rights to the Company are expected to play a critical role in the reclamation and development of the MacArthur and Yerington projects.

As a consequence of the termination, the Company will recover the water permit designated for mining and milling use and will return the US$1,000,000 deposit to Desert Pearl Farms. This water permit is currently subject to court proceedings and settlement discussions between the Company and the State of Nevada.

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Silver47 Conducts Prospecting and Soil Geochemical Surveys at Its Adams Plateau SEDEX Silver-Zinc-Lead-Copper-Gold Project, BC, Canada

Silver47 Conducts Prospecting and Soil Geochemical Surveys at Its Adams Plateau SEDEX Silver-Zinc-Lead-Copper-Gold Project, BC, Canada

Silver47 Exploration Corp. (TSXV: AGA,OTC:AAGAF) (OTCQB: AAGAF) ("Silver47" or the "Company") is pleased to announce the 2025 exploration program is nearing completion at its wholly-owned Adams Plateau Project (the "Project") in southern British Columbia, a silver-zinc-copper-gold-lead SEDEX project.

Gary Thompson, CEO of Silver47, stated: "We are glad to continue our work on Adams Plateau toward defining drill targets on this road-accessible project. The abundance of surface mineralization on the Project is very encouraging for the potential of new and exciting discoveries. The Company has received a 5-year permit for drilling. This year is shaping up to be transformational for the Company with a full season of drilling at the flagship Red Mountain Project and the pending merger with Summa Silver."

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Osisko Metals Infill and Expansion Drilling Intersects New Wide Mineralization at Gaspé Copper

Osisko Metals Infill and Expansion Drilling Intersects New Wide Mineralization at Gaspé Copper

 

   New Expansion Hole Intersects    279    Metres Averaging    0.49    % Cu   

 

   Nine Drill Rigs Now Active on Site   

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Vertex Minerals Limited  Reward Gold Mine Project Update

Vertex Minerals Limited Reward Gold Mine Project Update

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX,VTXXF) (OTCMKTS:VTXXF) is pleased to announce that the underground mining operation is on track to be producing high grade gold feed to the recently commissioned gravity gold plant in the coming weeks.

HIGHLIGHTS:

- Operational Milestones

o VTX remains firmly on track to commence production of high-grade ore from the underground mine in the forthcoming weeks.

o Transformer and cabling for the installation of 11kV high voltage underground power system on site with installation commenced.

o Preparations for the underground mine startup up progressing as planned and stripping of the main access is completed.

o New Aramine L350D has departed France for the journey to Hill End. Arrival in Orange NSW expected in by 26th August where it will be fitted with an RCT remote control system for open stoping operations.

o Mining the Reward Gold Mine - Resource 225kozs at 16.7g/t (VTX ASX Announcement 21 June 2023).

o Weekly Gold production Oz's from Stockpiles improving with depth in the stockpiles, with coarser particle size and better process throughput experienced.

- Mine start up

o Fan chambers have been excavated to provide secondary ventilation for production activities, exploration drilling and the future southern access toward the Fosters' exploration target.

o Primary ventilation fan has been installed and bulkhead completed.

o High voltage surface substation has been installed.

o High voltage cabling installation commences next week, with power up of the system scheduled for 28 July 2025.

o Stripping of the main accessis completed with the final elements of ground support (approx. 30m) to be completed before power cable installation starts next week.

o Cable bolts installed for the intersection of Lady Belmore exploration drive with first cut drilled out and ready to charge.

o Development Jumbo #1 (Epiroc T1D) is exceeding performance expectations.

o Dewatered of declines well underway.

o Mine schedule for FY26 finalised.

o First airleg stope secondary vent installed and specialty equipment on site to start first air leg stope.

o First long hole stope planned for August. High grade from airleg and longhole stopes to complement larger tonnage from development ore headings.

- People that have been onboarded

o 2x Drill Fitters and Heavy diesel fitter.

o Process superintendent commences next week.

o Full Tech team started including mine surveyor this week.

o Have back-to-back airleg miners for stoping.

o Full underground and mill crews.

- Improvements to plant

o DSM screen installed to improve product delivery to Wilfley Table.

o Gemini table improvements with new tabletop and gearbox improving final concentrate grade to over 20% gold (suitable for direct smelting to Dore on site).

o Process water pump upgrade improving ore washing and Tomra performance.

- Revised mine plan and schedule completed and ready to implement

- Updated Reward Gold mine mining plan and mine schedule completed.

- Adding a high-grade long hole stope upfront to be mined concurrently with the high grade airleg stope.

Vertex Director Declan Franzmann commented: "It is great to see all the elements of re-developing the underground mine and processing facility coming together so rapidly. The most pleasing aspect is our success in employing an incredible team of people to run the operation and all credit to management for developing great "esprit de corps" and a single sense of purpose as we push to full production."

As previously announced, the startup mine schedule includes mining 2,075 tonnes at 17.8 g/t Au from a developed airleg stope block. The planned stope width is the same as the interpretation of the mineralisation. (Refer to Table 1 in Appendices 1) (VTX ASX announcement 26/06/23).

Given this stope will take some time to extract, the Vertex geology and Mining Team have additionally brought forward a very high-grade long hole stope to commence mining in August as well. Further optimisations to the mining schedule will continue to be made.

This stope can be exploited as soon as services have been established. The mining crews have done a great job in the access drive to make room for the services (11kV cable, water and air lines) while improving accessibility for the mobile mining equipment selected for the Project.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/OUQP5Z21

 

About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX,VTXXF) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.

 

 

Source:
Vertex Minerals Limited

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