Lion Copper Discovers Massive Copper Resource at Nevada's Bear Deposit

Lion Copper & Gold has made a significant discovery at its Bear deposit in Nevada, with a maiden indicated resource of 1.06 billion tonnes grading 0.29% copper.

The deposit contains an estimated 6.71 billion pounds of copper, and a further 8.77 billion pounds is classified as inferred. The estimate was effective July 21 and was based on 79 drill holes and 25,825 assays.

The resource was constrained inside an open-pit shell using a 0.10% copper cutoff, a net copper-price assumption of $4.22 per pound, and an assumed 75% recovery rate.

Bear forms part of a group of Yerington-area assets covered by Lion's earn-in agreement with Nuton, a wholly owned subsidiary of Rio Tinto. Under the agreement, Nuton holds the exclusive right to acquire at least 65% of a future limited liability company that could receive Bear.

Lion plans to assess how Bear could be incorporated into the broader Yerington development plan, which includes other assets such as the Yerington mine and MacArthur. The company has already received $30.5 million in funding for Stage 3 work, with up to another $31 million committed by Nuton.