Lion Copper and Gold Corp (TSX-V:LEO, OTCQB:LCGMF). has released assay results from the Rio Tinto stage 1 work program at its wholly-owned properties at Yerington, Nevada, including nearly 1,600 feet of continuous copper mineralization intersected in drill hole YM-046 located beneath the legacy Yerington pit.
The company said that exploration drilling objectives included evaluation of the mineralized potential beneath the legacy Yerington pit, the Montana-Yerington prospect located between the Ann Mason project and the Yerington pit, and verification work around the MacArthur Project. Additionally, an expansion of this year's exploration scope allowed the company to initiate surface trenching at the Mason Pass oxide copper prospect.
It highlighted that MacArthur drilling returned near-surface oxide mineralization that is stronger than interpreted in the current resource model—157 feet of 0.25% total copper (TCu) including an interval of 58.5 feet of 0.40% TCu in drill hole QM-330.
READ: Lion Copper and Gold completes exploration core drilling program as part of the stage 1 work program with Rio Tinto venture, Nuton
"We are very encouraged to have obtained such promising initial results from the Montana-Yerington and Mason Pass prospects, just the first among a group of twenty compelling copper targets assembled by the Lion CG and Rio Tinto exploration teams, based on decades of work by Anaconda and Company geologists,” Travis Naugle, Lion CG's CEO, said in a statement.
“We feel that the results at the MacArthur Project and Yerington pit give us even firmer footing as we advance toward our Stage 2 Earn-in decision with Rio Tinto. We are very appreciative of the value resulting from our collaboration with the Rio Tinto NutonTM team, as even evidenced by these exploration results."
At the Montana-Yerington prospect, located between the Yerington pit and the Ann Mason deposit, drill hole MY-001 intersected 8.5 ft of 1.64% TCu and 23.5 ft of 0.49% TCu and a lower zone of sulphide mineralization, the company said, adding that this mineralization may be related to the eastern continuation of the Ann Mason deposit and also appears to remain open to the west on ground held by the company.
Five trenches completed at the partially-covered Mason Pass oxide copper prospect, located approximately 1.5 miles south-southwest of the MacArthur pit, contain visible oxide copper mineralization. Assays from the trenching are pending, the company said.
The company also said Travis Naugle, CEO, has been appointed as Co-Chairman of the board.
"We welcome Travis as Co-Chairman of the board. His leadership and engineering skills will be critical going forward, particularly as we continue to constructively partner with Rio Tinto to advance the Mason Valley projects toward production utilizing NutonTM technologies,” said Tom Patton, Lion CG's Co-Chairman.
Contact the author at jon.hopkins@proactiveinvestors.com