Lion Copper and Gold Corp (Lion CG) has entered into an option to earn-in agreement with Rio Tinto America Inc., to advance studies and exploration at its copper assets in Mason Valley, Nevada.
Under the agreement, Rio Tinto has the option to earn a 65% interest in the assets, comprising 34 494 acres of land, including the historic Yerington mine, greenfield MacArthur Project, Wassuk property, the Bear deposit, and associated water rights. In addition, Rio Tinto will evaluate the potential commercial deployment of its NutonTM technologies at the site. NutonTM offers copper heap leaching technologies developed by Rio Tinto to deliver greater copper recovery from mined ore and access new sources of copper, such as low-grade sulfide resources and reprocessing of stockpiles and mineralised waste. The technologies have the potential to deliver leading environmental performance through more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing waste.
Travis Nauglel, Lion CG CEO, comments:
“We are pleased to have entered into this agreement with a leading global mining and metals company in Rio Tinto. The agreement offers the potential to both increase the scope and scale of our development and accelerate the path to first production. As stewards of significant copper resources and water rights in the State of Nevada, we recognise our role in a sustainable and circular economy. Should Rio Tinto exercise its earn-in option, we are confident that it will bring its own level of quality to progress the development of the mining assets towards becoming a strategic domestic copper producer with the highest ESG standards and performance. We look forward to continuing to advance the MacArthur Project and our other Mason Valley assets through constructive relationships with Rio Tinto, the local community, Native American Tribes, the State of Nevada, and other valued stakeholders.”
Bold Baatar, Rio Tinto Copper Chief Executive, comments:
“This agreement will allow us to explore the potential commercial deployment of our NutonTM copper leaching technologies in a historical mining district with a large copper endowment. These technologies not only offer Rio Tinto the potential to unlock additional copper, but to also deliver low carbon production with significant environmental benefits through reprocessing old stockpiles and tailings, and reducing waste from new and ongoing operations.”