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Lion Copper and Gold Corp. Receives Nuton Funding Decision of US$11,500,000 to Complete the Yerington Copper Project Prefeasibility Study and Exploration on the Bear Deposit
Yerington, Nevada and Vancouver, British Columbia--(Newsfile Corp. - December 22, 2023) - Lion C...
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"Lion Copper and Gold Corp. Receives Nuton Funding Decision of US$11,500,000 to Complete the Yerington Copper Project Prefeasibility Study and Exploration on the Bear DepositYerington, Nevada and Vancouver, British Columbia--(Newsfile Corp. - December 22, 2023) - Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) (\"Lion CG\" or the \"Company\") is pleased to announce that Nuton LLC (\"Nuton\"), a wholly-owned subsidiary of Rio Tinto, has formally opted into Stage 2b of the Option to Earn-in Agreement, details of which were announced on October 20, 2023. Stage 2b provides full funding of US$10 million for completion of a pre-feasibility study for the Yerington Copper Project, projected to finish in Q3 2024. Additionally, based on the positive 2023 drilling results previously announced on October 27, 2023, Nuton has provided a further US$1.5 million advance on Stage 3 funding for exploration on certain portions of the Bear deposit. Funds in the amount of US$11.5 million will be deposited into Company accounts by end of December 2023, to be spent against a detailed work scope to be agreed between the parties.\"We look forward to the nearing completion of the preliminary economic assessment, and are thrilled to initiate a pre-feasibility study evaluating Nuton technologies and their potential to unlock substantial value at our Yerington Copper Project,\" stated Travis Naugle, co-chairman & CEO of Lion CG. \"Additionally, the latest exploration results offer tantalizing evidence that we have only begun to uncover the immense potential of the Bear deposit. With Nuton's support, we will methodically advance both the study and ongoing drilling efforts to demonstrate the exceptional prospects we see emerging here in Nevada.\"The Company further updates that it has entered into a fourth amendment to the option to purchase agreement with Circle Bar N Ranch, LLC, on a private land parcel adjacent to the Yerington Copper Project that composes part of what the Company refers to as the Bear land package, whereby the Company may exercise its option to purchase for the value of US$12 million on or before June 15, 2025, US$13 million on or before June 15, 2026, or US$14 million on or before June 15, 2027. About Lion CG (www.lioncg.com, nuton.tech/partnerships)Lion Copper and Gold Corp. is a Canadian-based company advancing its flagship cop...