Lion Copper and Gold post drill results for Yerington Copper Project, Nevada

Lion Copper and Gold Corp. [TSXV-LEO; OTCQB-LCGMF] released assay results from its 2024 exploration drilling program at the Yerington and MacArthur properties, which are part of the company’s Yerington Copper Project. The drill program was completed using Stage 2b funding provided under terms of the company’s agreement with Nuton LLC, a Rio Tinto venture.

The objective of the 2024 Yerington drilling program was to convert as much of the inferred resource as possible to the indicated resource classification so that it can be included in the prefeasibility study (PFS). The recently concluded drilling, together with the discovery of an additional 17 historic Anaconda holes that were not included in the January 2024 Preliminary Economic Assessment (PEA), are now being incorporated into an updated mineral resource as a key input into the PFS now in process.

Notably, the four angle drill holes at the Yerington Pit discovered an extension of the mineralized footprint compared to what was presented in the PEA. Even with the recent information, the mineralized extent at the Yerington Pit remains open to the north and at depth.

Yerington drill hole YM-047A intercepted oxide, transition and sulfide mineralization as step-out drilling within the PEA pit shell grading 0.23 % TCu from 219.5-1,083.5 (TD) feet (864 ft).

Yerington drill hole YM-048 extended oxide, transition and sulfide mineralization in northern step-out drilling from the PEA pit shell from 499-1,270 (771 ft), grading 0.20% TCu.

MacArthur drilling intercepted oxide and transition mineralized zones in 14 of the 18 drilled reverse circulation (RC) drill holes with an average grade of 0.18% TCu.

Steven Dischler, CEO, stated, “The recent drilling and additional historical drill logs increase our confidence in the mineral resource estimates at both Yerington and MacArthur sufficient to make additional drilling, including expensive barge drilling, unnecessary. This has the potential to both upgrade and increase the current mineral resources at the Yerington Copper Project toward the completion of our PFS . These results reinforce our belief that current estimates of copper pounds in the ground have strong potential to increase. We are looking forward to investigating these opportunities and how they may positively improve the scale, life and economics of our project.”

Drilling operations in 2024 at the Yerington Pit completed 3,326 feet of drilling in 4 core drill holes. Borehole YM-047 was redrilled as borehole YM-047A due to loss of the YM-047 borehole. Results of the 2024 drilling, along with the additional 17 historic Anaconda drill holes will be added to update to the resource model Technical Report. The 17 historic drill holes not included in the previous resource model are now deemed acceptable for inclusion in the resource model update because the drill hole location, assay and geologic log records were recently recovered from the Anaconda archives.

The Yerington drill results include significant mineralization found in the step-out drilling of YM-047A. YM-047A intercepted 415.5 feet of oxide mineralization grading 0.26% TCu from 219.5 to 635 feet and 448.5 feet of primary sulfide mineralization grading 0.20% TCu from 635 to 1,083.5 feet. Hole YM-048, a further 300-foot step out drill hole north of YM-047A, encountered 348 feet of oxide mineralization grading 0.21% TCu from 499 to 847 feet and 423 feet of sulfide mineralization grading 0.18% TCu from 847 to 1,270 feet.

MacArthur drilling operations completed a total of 6,165 feet of drilling in 18 RC drill holes. Results from drilling completed in 2022, 2023 and 2024 will be added for an update to the resource model Technical Report. The MacArthur drill program intercepted oxide mineralization in 14 of the 18 RC drill holes. Drilling was targeted in areas of oxide mineralization within a resource pit shell where an increase in drill sample density is expected to support a resource classification upgrade.

The oxide mineralization ranged from 25- to 445-foot-thick zones in 14 RC drill holes with an average grade of 0.18% TCu. Drill holes were intentionally bottomed above the level of sulfide mineralization.

Lion Copper and Gold is advancing its flagship copper assets at Yerington, Nevada through an option to earn-in agreement with Nuton, a Rio Tinto venture.