Mr. Stephen Goodman
LION COPPER AND GOLD CORP. ANNOUNCES COMPLETION OF EXPLORATION PROGRAM, OPTION GRANT, AND US REPORTING
Lion Copper and Gold Corp. has completed its exploration core drilling program, which commenced May 20, 2022, as part of the stage 1 work program with Nuton LLC, a Rio Tinto venture (see news release dated May 18, 2022, for details).
The program has been completed safely and on schedule, with objectives including the evaluation of mineralized potential beneath the legacy Yerington pit, the Montana-Yerington prospect located between the Ann Mason project and the Yerington pit, along with verification works around the MacArthur project resource. The drill program was composed of five drill holes totalling 4,752 feet.
Drill core has already been logged by company personnel and assays are in process with Skyline Assayers and Laboratories in Tucson, Ariz., with assay results expected in approximately two months.
Lion has granted incentive stock options pursuant to its stock option plan to consultants and one director of the company, to purchase up to an aggregate of 2,394,283 common shares of the company. The stock options are exercisable at a price of 7.2 cents (5.5 U.S. cents) per share and expire three years from the date of grant.
As more than 50 per cent of the company's common shares are held by U.S. shareholders, the company no longer meets the definition of foreign private issuer under U.S. securities laws. The company currently files reports with the U.S. Securities and Exchange Commission's (SEC) using the forms and rules prescribed for companies that qualify as foreign private issuers. As a result of no longer meeting the foreign private issuer definition, commencing in 2023, the company will be required to use forms and rules prescribed for U.S. domestic companies, including the requirement that financial statements be presented in accordance with U.S. GAAP (generally accepted accounting principles) instead of IFRS (international financial reporting standards). The company's common shares will continue to be listed on the TSX Venture Exchange and quoted on the OTCQB.
About Lion Copper and Gold Corp.
Lion Copper and Gold is a Canadian-based company advancing its Mason Valley, Nevada, copper assets with Rio Tinto America Inc., in addition to advancing its exploration projects including the Chaco Bear and Ashton properties in highly prospective regions in British Columbia, Canada, and the Blue Copper prospect in Montana, United States.
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