Lion Copper and Gold Corp. [LEO-TSXV; LCGMF-OTCQB], formerly Quaterra Copper, released the results of an updated mineral resource estimate for the MacArthur copper project located in Mason Valley, Nevada.
The estimate was prepared under NI 43-101 standards by Independent Mining Consultants of Tucson, Arizona. The resource estimate includes total contained copper within a pit shell using a variable recovery of four relevant oxidation material types.
Highlights include Measured and Indicated Resource: 300,290,000 tons, grading 0.167% TCu (total copper) containing 1,000,383,000 pounds of total copper and Inferred Resource: 154,792,000 tons, grading 0.151% TCu containing 466,350,000 pounds of total copper
The updated mineral resource estimate results in an increase of over 55% of the Measured and Indicated Resource compared to the prior resource estimate as constrained within the 2014 PEA pit design. The oxide and transition mineralized envelope of the deposit is confirmed to be open to the south-southeast. Additional sulfide mineralization remains open to the north and east
Travis Naugle, CEO, stated, â€œThis substantial increase to the resource is a result of our recent drilling and an improved understanding of the MacArthur mineralization. We are very excited about such a significant upgrade in the mineral resource for the MacArthur copper deposit and the implications this may have on future decisions for the Project. The veracity of the resource modelling approach undertaken by IMC instills confidence in these positive findings. We are intrigued by the mineralization remaining open in numerous directions and look forward to evaluating further potential resource growth in both oxide and sulphide mineralization.â€