Lion Copper and Gold Corp (TSX-V:LEO, OTCQB:LCGMF) said it has amended the Stage 2 program of work of its Option to Earn-In Agreement with Rio Tinto venture Nuton for Lion’s copper assets in Nevada.
The company said that under the amendment, Stage 2 of the Agreement has been extended by nine months to September 12, 2024.
This is to enable the completion of a pre-feasibility study incorporating Rio Tinto’s Nuton technologies, coal heap leaching technologies developed by Rio Tinto to deliver greater copper recovery from mined ore and access new sources of copper such as low-grade sulphide resources and reprocessing of stockpiles and mineralized waste.
Lion said Stage 2 will now be split into Stage 2a, work completed up to the original January 12, 2024, deadline, and Stage 2b, covering the extended term.
It added that subject to approvals, Rio Tinto will bring forward US$10 million of the Stage 3 earn-in amount to Lion for the Stage 2b program within 30 days of the conclusion of Stage 2a.
The companies will decide after Stage 2b if an additional Stage 2c work program is required and, if pursued and subject to approvals, Rio Tinto will advance another US$5 million for the program within 30 days of executing the scope of work agreement.
"We are pleased to continue our partnership with Rio Tinto to further assess deployment of their innovative Nuton technologies at our Yerington copper project,” Lion CEO Travis Naugle said in a statement.
“The pre-feasibility study will provide critical data to inform next steps and potential creation of a joint investment vehicle for development."
Lion Copper and Gold is a Canadian-based company advancing its flagship copper projects at Yerington, Nevada through an Option to Earn-in Agreement with Rio Tinto.
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