Lion Copper and Gold Corp (TSX-V:LEO, OTCQB:LCGMF), formerly Quaterra Resources Inc, said it has released an updated geology and resource presentation for its flagship MacArthur copper project in Nevada, where it says there is "strong motivation" to complete an updated preliminary economic assessment (PEA).
As reported in January this year, the explorer announced an updated resource for the property, which showed a 55% increase in the higher confidence measured and indicated (M&I) category.
The M&I resource was pegged at over 1 billion pounds (1,000,383,000) of contained copper from 300.29 billion tons of material at a grade of 0.167%, compared to a previous M&I estimate of 676 million pounds of copper.
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The MacArthur asset is interpreted as an oxidized portion of a porphyry copper system and the oxide and transition mineralized envelope of the deposit has been confirmed as being open to the south-southeast. Additional sulfide (deeper) mineralization remains open to the north and east.
"We believe the recently announced MacArthur mineral resource statement, which generated a 55% increase in the measured and indicated copper resources, provides a strong motivation for completing an updated PEA," said Travis Naugle, Lion CG's CEO in a statement.
"The Lion CG team is committed to advancing the MacArthur Copper project with priority, while diligently incorporating our environmental sustainability values," he added.
The new presentation on MacArthur can be accessed on the company website HERE.
Contact the author at giles@proactiveinvestors.com