- Lion Copper and Gold (TSXV:LEO) has amended its Stage 2 Program of Work of its earn-in agreement with Nuton LLC, a joint venture of Rio Tinto (ASX:RIO)
- The agreement has been extended by nine months to Sept. 12, 2024, to complete a prefeasibility study incorporating Rio Tinto’s Nuton technology
- Stage 2 will be divided into Stage 2a to complete the original work scheduled until Jan. 12, 2024, and Stage 2b for the extended term
- Shares of Lion Copper and Gold are unchanged at C$0.08
Lion Copper and Gold (TSXV:LEO) has amended its Stage 2 Program of Work of its earn-in-agreement with Nuton LLC, a joint venture of Rio Tinto (ASX:RIO).
In a news release, the company stated the agreement has been extended to Sept. 12, 2024, to complete a prefeasability study that will incorporate Rio Tinto’s Nuton technology.
The Nuton technology is an elevated-temperature bioleaching process that can potentially unlock low-grade sulphide resources and reprocess stockpiles and mineralized waste.
“We are pleased to continue our partnership with Rio Tinto to further assess deployment of their innovative Nuton technologies at our Yerington Copper Project,” Travis Naugle, CEO of Lion Copper and Gold, said in a statement. “The prefeasibility study will provide critical data to inform next steps and potential creation of a joint investment vehicle for development.”
Under the terms of the amendment, Stage 2 will be divided into Stage 2a that will include work completed up to the original end date of Jan 12. 2024, and Stage 2b, which will cover the rest of the term.
Rio Tinto will advance US$10 million of the stage 3 earn-in amount to Lion Copper and Gold for the Stage 2b program after 30 days of completing Stage 2a.
Lion Copper and Gold is advancing its flagship copper projects at Yerington, Nevada, through an option to earn-in agreement with Rio Tinto.
Shares of Lion Copper and Gold are unchanged at C$0.08.
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