Business
Lion Rock Enters into Letter Of Intent to Acquire Volney Lithium Project in the Black Hills
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - Lion Rock Resources Inc. (TSX...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"Lion Rock Enters into Letter Of Intent to Acquire Volney Lithium Project in the Black HillsVancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - Lion Rock Resources Inc. (TSXV: ROAR) (FSE: KGB) (the \"Company\" or \"Lion Rock\") is pleased to announce that it has entered into a non-binding letter of intent (the \"LOI\") with Tinton Partners, LLC (the \"Tinton Partners\") to acquire the Volney Lithium Project, strategically located in the northern Black Hills of South Dakota (Figure 1). The Volney Lithium Project is comprised of 114 private land claims extending over 510 ha which is host to the historic Giant Volney pegmatite. Figure 1. Lion Rock Resources' Volney Lithium Project map in the Black Hills, South Dakota.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8985/196199_ced41a7034a02a3d_001full.jpgProject HighlightsThe Volney Lithium Property (the \"Property\"). The Property is 510 ha in the Northwestern district of the Black Hills known as Tinton. Historic pegmatites on the property comprise of seven discrete pegmatite bodies ranging from 10 to 23 m wide, converging to the south to form a single large lithium-rich pegmatite, the Giant Volney, over a known strike length of 635 m at surface (Figure 2).[1] None of the known pegmatites have been drilled below a depth of 50 m. There are 9 claims within the traditional boundaries of the Property which are excluded from the Property (the \"Carve Out Property\").Property Geology. Tinton pegmatite camp in the northern Black Hills is underlain by a domal inlier exposing a late Neoarchean greenstone-supracrustal belt heavily invaded by a swarm of 2.61 to 2.48 Ga rare metal pegmatites. The pegmatites at Tinton belong to the same global superswarm of major lithium pegmatites formed at the end of the Archean.[2] The pegmatites were historically mined for Tin with limited investigation into the LCT pegmatite potential.Figure 2. Lion Rock Resources' Volney Lithium Project map showing documented pegmatite location from Nellis, 1973.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8985/196199_figure2lionrock.jpgTerms of Option The LOI provides for the parties to enter into a formal option agreement (the \"Option Agreement\") under which the Company will be granted the sole an...