18 May Lion CG reaches funding agreement with Rio Tinto for Nevada copper project
Lion Copper and Gold (Lion CG) has arrived at a final agreement with Rio Tinto America covering the scope of a Stage 1 work programme at the MacArthur Copper Project in the US state of Nevada.
The TSXV-listed junior struck an option to earn-in agreement in March with Rio to advance studies and exploration at its flagship project in Mason Valley. Rio has the option to earn a 65% interest in the assets, comprising 34,494 acres of land.
Under the work schedule arrangement, Rio will provide US$3.75 million to Lion CG for Mason Valley project development, exploration efforts and other agreed upon corporate purposes, including: project permitting and baseline studies, metallurgical sample testing, engineering scoping studies and a 6,500 feet drill programme to evaluate sulphide growth potential.
Lion CG also reported delivery of a bulk metallurgical sample to Rio’s NutonTM labs, where comprehensive metallurgical testing and optimisation studies are being undertaken on oxide, transitional and sulphide material sourced from both the MacArthur and Yerington deposits.
Rio’s NutonTM technology aims to enhance copper recovery from already processed ore at mine sites.
In addition, the Canadian firm last week initiated the project’s environmental permitting process with the US Bureau of Land Management. “Our first emphasis on environmental permitting reflects our shared values in ESG and local stakeholder engagement,” said Lion CG CEO Travis Naugle.
“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.”