Lion Copper tables maiden estimate for Nevada deposit
Lion Copper and Gold Corp. [LEO-TSXV, LCGMF-OTCQB] has announced a maiden resource estimate for the Bear Deposit, which is located within the company’s Yerington copper project in Lyon County, Nevada.
The maiden resource estimate of approximately 6.71 billion pounds of contained copper {1,064 million tonnes at 0.29% copper) and an inferred resource of 8.77 billion pounds of contained copper (1,770 million tonnes at 0.22% copper) represents a defining technical milestone for Lion and significantly enhances the scale and long term potential of the Yerington Copper Project, said Lion Copper CEO John Banning.
Lion Copper shares were unchanged Tuesday at 28.5 cents and trade in a 52-week range of 46.5 cents and 12 cents.
“Early in my time with Lion, our Co-Chair Dr. Tom Patton – whose career includes leading exploration teams responsible for world-class discoveries of the Diavik diamond mine in Canada and the Penasquito silver deposit in Mexico- challenged management to ‘Tackle the Bear!’ That simple challenge became one of our strategic priorities,’’ Banning said. “We immediately set about systematically reevaluating our existing knowledge of the deposit, geological modelling and data compilation with rigorous technical analysis to determine its true potential.’’
Banning went on to say that the maiden resource estimate is a culmination of that work. “With approximately 43% of the contained copper classified as an indicated mineral resource, Bear provides a strong foundation for future engineering studies while also presenting significant opportunities to further upgrade and expand the inferred mineral resource through additional drilling.’’
Meanwhile, Lion intends to continue evaluating options to integrate the deposit into broader district planning alongside its Yerington Copper Project, which is currently in the definitive feasibility study stage of development.
The Bear Deposit forms part of the “Mining Assets” subject to the option to earn-in agreement between the company,’ its wholly-owned subsidiary Singatse Peak Services LLC (SPS) and Rio Tinto America Inc. from March 2022. Rio Tinto America later assigned all of its rights and obligations under the option agreement to its indirect wholly-owned subsidiary, Nuton LLC in November, 2025.
In December, 2025, the company, SPS, and Nuton entered into a definitive earn-in agreement relating to the ‘Mining Assets’, which includes the Yerington Mine, the MacArthur Property, The Wassuk properties, the Bear Option, the Mason Valley Claims and certain associated rights including water rights.
Under the earn-in agreement, and subject to Nuton satisfying the applicable funding requirements, Nuton has the right to acquire 65% of the ownership interest in a newly formed limited liability company (LLC). Following the investment decision contemplated by the earn-in agreement, if both the company and Nuton elect to proceed, the earn-in deal provides for the LLC to be formed and for the mining assets to be transferred into it, other than any other assets Nuton elects not to have transferred.
Nuton’s ongoing evaluation activities currently remain focused on the Yerington Copper Project and assessing the potential application of its sulfide leaching technology in the deposit, with the company and SPS remaining responsible for mining operations relating to the Mining Assets during the term of the earn-in agreement.