Lions Bay Capital Inc. Provides an Update on Savic Exploration

January 20, 2022 9:24 AM EST | Source: Lions Bay Capital Inc.

Vancouver, British Columbia--(Newsfile Corp. - January 20, 2022) - Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or the "Company"), a Toronto Stock Exchange (TSX) listed company, announces they have received the accompanying technical report from SRK Consulting (Australasia) Pty Ltd. ("SRK") on the results from the recent drilling program on the exploration licences (ELs) held by Savic Minerals Pty Ltd (Savic) within western Victoria, Australia. The Savic EL lies immediately adjacent to the recently announced Yellow Tail and Red Tail ionic rare earth elements (REE) discoveries of by Australian Rare Earths.

Lions Bay holds an option to enter into a joint venture agreement under which it can earn a 50 per cent interest in the Savic ELs by spending AUD $5 million (CAD $4.50 million) over 3 years. As part of the Company's due diligence, Lions Bay undertook a widely spaced aircore drilling program targeting extensions to AR3's Yellow Tail and Red Tail prospects within the Savic EL. The results of the drilling campaign confirm the REE mineralisation within the AR3 tenure extends into the Savic ELs. While full results are presented below, a highlight was a 1 metre intercept from 1 metre downhole depth in hole PD 11, which returned a grade of 2140 ppm Total Rare Earth Oxide directly on strike from AR3's Red Tail deposit.

The Executive Chairman of LBI, Mr. John Byrne commented: "These latest results are very encouraging for both ourselves and our partners, Savic Pty Ltd. which is a private Australian company."

LBI is an investment company and while the board remains open to changing the company status from an investment company to a mining company, it remains focused on delivering on its original plan of creating shareholder value through strategic investments in the mineral resource arena. A part of our business is to seed investments in companies that wish to go public and hopefully realise on profits enjoyed by founders of such enterprises.

The following is the full report received from SRK.

Introduction

In October 2021, SRK undertook an initial, scout phase of aircore exploration drilling in Savic'sEL6968 within western Victoria, Australia. This work was conducted on behalf of Savic's joint venture partner, Pan Andean Capital Pty Ltd, an Australian subsidiary of Lion's Bay. The focus of this exploration work was targeting ion absorption clay hosted (REE mineralisation interpreted to be continuous eastward from AR3's immediately adjacent Koppamurra Project prospects (Yellow Tail and Red Tail) (Morgan, 2021) (Figure 1).

Aircore drilling was conducted by Indicator Drilling (Indicator) with a total of 18 holes completed on a spacing of approximately 1km. A total of 130 samples were submitted to assay to the Bureau Veritas Laboratory (Bureau Veritas) in Perth, Western Australia in November 2021.

Assay results from this drilling program were received on the 18th of January 2022 from Bureau Veritas. These results successfully confirmed the continuity of REE mineralisation within the Savic EL.

Summary of Results

The EL6968 drill program was designed to investigate the continuity of REE mineralisation hosted within clays of the Bookpurnong Formation immediately above the Gambier Limestone within the Murray Basin. Mineralisation was interpreted by Savic to be continuous along a southeastwardly trend from the AR3's Koppamurra Project, parallel to the trend of the Kanowinka Fault (Figure 1).

A preliminary, wide spaced (approximately 1km) scout program of 18 holes carried out along the western margin of EL6968 to test this potential extension of REE mineralisation from the adjacent Koppamurra Project (Figure 1). A total of 342m were drilled during this program with drilling terminating at or within the Gambier Limestone, which is interpreted as the geological sequence onto which the clay hosted REE mineralisation has deposited. All holes were sampled on 1m intervals and analysed using an Olympus Vanta portable x-ray fluorescence device (pXRF). Based on pXRF results a total of 130 samples were selected for assay at Bureau Veritas laboratory in Perth.

Assay results from the program have confirmed the presence of REE mineralisation hosted within clays immediately above the Gambier Limestone, interpreted to correlate with the mineralised clays observed within ARE's Koppamurra Project. Preliminary interpretations correlate these clays as equivalents of the Bookpurnong Formation. A summary of the REE assay results converted to oxide values are presented in Table 1 below. Results show elevated Total Rare Earth Oxide (TREO) contents above 700ppm from seven holes and TREO values above 1,000ppm within four holes (holes PD003, PD004, PD007 and PD011). The highest results recorded were within hole PD011 which returned 2,140ppm from 1 to 2m depth and 1,021ppm from 2 to 3m depth highlighting shallow levels of this mineralisation and a thickness of 2m greater than 1000ppm TREO with an average of 1,580ppm across this interval.

Best results were found directly along strike of AR3's Yellow Tail and Red Tail prospect areas, particularly west of Yellow Tail (Figure 1). These results are encouraging especially given the wide spaced nature of the drilling completed to date. SRK recommends further drilling to delineate the extents of the mineralisation within EL6968, as well as infilling the known mineralised areas to fully understand the continuity and thickness of this mineralisation.

Figure 1: Drill hole locations with best TREO assay results from the preliminary scout drill program within EL6968

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Table 1: Results from assayed samples within EL6968

Hole ID	Sample ID	From	To	Lithology	CeO2 ppm	Dy2O3 ppm	Er2O3 ppm	Eu2O3 ppm	Gd2O3 ppm	HO2O3 ppm	La2O3 ppm	Lu2O3 ppm	Nd2O3 ppm	Pr2O3 ppm	Sc2O3 ppm	Sm2O3 ppm	Tb2O3 ppm	Tm2O3 ppm	Y2O3 ppm	Yb2O3 ppm	TREO ppm
PD001	PD111	10	11	Clay	299.73	20.66	11.24	6.09	24.67	4.01	105.43	1.25	120.14	28.79	11.04	25.28	3.66	1.54	120.51	8.81	792.86
PD001	PD112	11	12	Clay	103.68	7.87	4.43	2.33	10.00	1.68	41.75	0.48	46.19	10.80	7.21	9.66	1.47	0.61	52.57	3.45	304.18
PD001	PD113	12	13	Limestone	45.21	4.41	2.50	1.12	4.97	0.93	20.29	0.30	22.16	5.24	5.06	4.71	0.74	0.35	30.35	2.08	150.42
PD001	PD114	13	14	Limestone	25.18	2.27	1.23	0.53	2.60	0.46	12.20	0.16	12.60	3.02	4.14	2.64	0.41	0.18	16.38	1.06	85.08
PD002	PD216	15	16	Clay	286.22	29.50	16.01	7.16	34.81	6.06	145.43	1.60	144.63	35.69	10.89	28.76	5.12	2.06	217.15	11.50	982.58
PD002	PD217	16	17	Limestone	22.85	2.36	1.35	0.60	2.62	0.49	12.43	0.16	11.90	2.77	3.07	2.42	0.40	0.18	19.94	1.01	84.56
PD002	PD218	17	18	Limestone	49.26	4.38	2.49	1.22	4.58	0.96	22.99	0.32	24.03	6.07	7.21	4.39	0.84	0.34	31.62	1.92	162.63
PD003	PD314	13	14	Clay	297.27	31.10	17.04	8.83	37.69	6.29	216.97	1.89	201.79	49.97	15.95	38.27	5.42	2.36	203.18	13.66	1,147.69
PD003	PD316	15	16	Clay	283.76	16.18	7.58	5.97	23.05	2.89	131.35	0.86	146.97	36.75	12.27	27.71	3.04	1.06	85.85	6.18	791.48
PD003	PD317	16	17	Limestone	48.64	3.75	1.96	1.00	4.50	0.71	24.98	0.25	25.19	6.35	6.14	5.00	0.61	0.29	27.05	1.73	158.14
PD004	PD401	0	1	Clay	40.41	3.12	1.99	0.80	3.25	0.69	18.18	0.32	19.25	4.82	18.87	3.88	0.56	0.31	19.05	2.03	137.52
PD004	PD402	1	2	Clay	62.77	3.39	2.30	0.82	3.16	0.72	19.82	0.40	18.08	4.70	22.09	3.70	0.58	0.38	20.57	2.62	166.09
PD004	PD411	10	11	Sand	156.01	7.40	3.66	2.78	9.60	1.39	45.27	0.48	59.95	14.75	4.45	12.41	1.45	0.56	30.48	3.64	354.27
PD004	PD412	11	12	Sand	79.72	7.32	4.60	1.74	8.08	1.65	35.77	0.51	34.99	9.00	8.59	7.39	1.24	0.64	54.99	3.75	259.97
PD004	PD413	12	13	Limestone	14.37	1.30	0.89	0.32	1.58	0.30	8.28	0.09	7.81	1.91	2.45	1.65	0.28	0.11	12.83	0.60	54.78
PD004	PD414	13	14	Limestone	16.83	1.73	0.83	0.49	1.94	0.34	9.07	0.11	8.42	2.13	3.37	1.67	0.25	0.13	13.71	0.73	61.76
PD004	PD415	14	15	Limestone	18.30	1.68	0.88	0.43	1.74	0.36	9.02	0.11	8.64	2.18	2.45	1.58	0.28	0.14	11.94	0.87	60.58
PD005	PD501	0	1	Clay	57.37	3.93	2.29	0.96	4.02	0.71	22.87	0.28	22.51	5.50	13.96	4.45	0.67	0.37	21.97	2.38	164.23
PD005	PD506	5	6	Sand	136.35	4.38	2.38	1.32	4.92	0.87	32.60	0.34	30.09	8.67	14.88	6.25	0.78	0.38	23.11	2.48	269.82
PD005	PD507	6	7	Clay	330.44	26.97	15.32	7.33	30.08	5.49	155.98	1.72	155.13	38.74	20.40	30.73	4.78	2.12	166.36	12.30	1,003.89
PD005	PD508	7	8	Limestone	24.94	7.87	4.80	1.45	7.84	1.73	27.80	0.44	24.96	5.42	5.68	5.28	1.27	0.63	68.57	3.45	192.12
PD006	PD601	0	1	Clay	66.21	7.13	4.15	1.54	7.48	1.51	32.84	0.48	32.78	7.68	13.19	6.81	1.12	0.61	49.40	3.67	236.58
PD006	PD623	22	23	Clay	175.66	14.81	9.18	3.66	17.29	3.25	79.87	1.14	79.20	19.66	13.50	15.07	2.57	1.28	121.28	7.42	564.83
PD006	PD624	23	24	Clay	54.54	3.70	2.20	1.04	4.32	0.77	23.57	0.26	24.61	6.07	8.13	4.89	0.67	0.31	26.16	1.84	163.09
PD006	PD625	24	25	Clay	49.01	3.21	1.68	1.05	3.98	0.66	20.52	0.26	23.33	5.66	9.51	4.48	0.62	0.25	20.19	1.54	145.97
PD006	PD626	25	26	Clay	185.49	11.71	5.17	3.96	14.87	2.06	67.20	0.67	86.08	21.07	9.97	16.93	2.13	0.77	65.53	4.70	498.30
PD006	PD627	26	27	Clay	146.18	9.18	4.63	3.15	12.10	1.72	52.54	0.53	69.40	17.55	7.36	14.15	1.71	0.59	53.84	3.85	398.50
PD006	PD628	27	28	Clay	124.07	7.01	3.53	2.54	9.62	1.36	45.86	0.41	57.97	14.39	8.44	11.46	1.37	0.49	41.27	2.86	332.65
PD006	PD629	28	29	Clay	114.49	7.82	4.19	2.40	9.42	1.55	45.86	0.50	56.45	13.69	9.66	10.77	1.40	0.59	48.13	3.55	330.47
PD006	PD630	29	30	Clay	83.53	5.00	2.48	1.76	6.83	1.00	31.55	0.30	40.47	9.88	7.67	7.97	0.98	0.35	29.46	2.07	231.31
PD007	PD701	0	1	Clay	51.96	4.19	2.62	0.98	4.26	0.84	22.87	0.39	22.98	6.13	15.34	4.59	0.69	0.40	24.13	2.51	164.87
PD007	PD702	1	2	Clay	59.45	4.26	2.53	1.12	4.61	0.86	32.25	0.38	27.53	6.92	21.63	5.26	0.71	0.40	27.05	2.71	197.67
PD007	PD703	2	3	Clay	54.66	4.34	2.47	0.97	4.13	0.84	32.13	0.40	24.38	6.68	26.53	4.81	0.66	0.40	25.14	2.66	191.21
PD007	PD704	3	4	Sand	137.58	6.71	3.84	2.01	6.89	1.34	35.18	0.59	38.61	10.03	13.34	9.22	1.17	0.62	30.22	4.18	301.55
PD007	PD705	4	5	Clay	388.17	28.58	15.55	9.08	37.11	5.70	189.99	1.73	202.95	51.73	12.12	40.24	5.19	2.04	182.87	12.07	1,185.13
PD007	PD706	5	6	Limestone	124.07	8.55	4.97	2.76	10.75	1.81	56.29	0.57	59.14	14.63	5.83	11.54	1.59	0.67	60.19	3.79	367.15
PD007	PD707	6	7	Limestone	65.11	4.79	2.70	1.24	5.29	0.97	31.67	0.35	32.89	7.89	4.91	6.41	0.78	0.34	34.03	1.82	201.19
PD007	PD708	7	8	Limestone	34.27	2.56	1.22	0.80	3.14	0.50	17.12	0.17	17.73	4.32	3.07	3.37	0.45	0.17	18.79	1.02	108.72
PD008	PD801	0	1	Clay	38.69	3.05	1.91	0.78	3.33	0.66	20.41	0.28	19.83	4.79	9.05	3.68	0.58	0.30	21.97	1.86	131.16
PD008	PD802	1	2	Clay	62.03	4.75	2.97	1.42	5.94	1.01	26.39	0.34	31.73	7.79	13.96	6.22	0.81	0.43	29.33	2.63	197.75
PD008	PD803	2	3	Clay	49.26	3.31	1.91	0.79	3.08	0.63	22.75	0.27	20.88	5.45	19.17	3.84	0.45	0.29	20.45	1.75	154.27
PD008	PD804	3	4	Clay	48.28	4.35	2.97	0.76	4.05	0.95	26.97	0.50	22.74	5.92	20.09	4.45	0.66	0.47	28.70	3.10	174.97
PD008	PD805	4	5	Clay	62.28	4.09	2.71	0.68	3.75	0.85	28.97	0.43	22.16	6.00	17.95	4.74	0.63	0.43	25.40	2.92	183.99
PD008	PD815	14	15	Clay	135.12	10.33	6.17	2.80	12.33	2.37	73.65	0.78	60.30	16.97	9.82	13.22	1.90	0.85	55.11	4.83	406.56
PD008	PD816	15	16	Clay	99.75	8.56	4.92	2.21	9.69	1.84	49.14	0.59	46.31	11.47	15.18	9.21	1.44	0.70	62.61	4.05	327.67
PD008	PD817	16	17	Clay	91.15	7.41	4.16	1.85	8.69	1.51	40.81	0.48	40.36	9.97	14.26	8.62	1.22	0.61	57.27	3.68	292.05
PD008	PD818	17	18	Limestone	33.17	2.66	1.50	0.71	3.10	0.63	15.36	0.16	16.33	3.80	6.14	3.12	0.47	0.23	20.32	1.46	109.15
PD008	PD819	18	19	Limestone	12.06	1.18	0.58	0.35	1.18	0.23	6.72	0.07	6.51	1.56	2.30	1.24	0.18	0.08	8.99	0.49	43.72
PD009	PD905	4	5	Clay	41.52	4.01	2.39	0.91	3.92	0.78	22.75	0.33	21.58	5.25	14.72	4.45	0.64	0.34	22.86	2.06	148.53
PD009	PD906	5	6	Clay	73.95	6.69	3.38	1.78	6.79	1.19	39.17	0.42	38.72	9.75	22.09	7.87	1.17	0.51	36.07	3.19	252.76
PD009	PD907	6	7	Clay	90.16	8.33	4.70	2.35	8.99	1.67	47.85	0.63	46.89	11.94	30.37	10.68	1.46	0.69	44.57	4.11	315.39
PD009	PD908	7	8	Clay	137.58	17.45	9.39	4.84	18.33	3.40	51.72	1.22	81.76	18.72	35.89	21.10	3.00	1.38	83.05	8.53	497.37
PD009	PD909	8	9	Clay	254.28	12.28	6.80	3.57	13.83	2.42	53.60	0.78	73.25	17.79	35.74	15.42	2.12	0.97	68.07	5.83	566.74
PD009	PD910	9	10	Clay	219.88	11.16	6.09	3.46	14.18	2.30	83.39	0.66	81.41	20.71	24.54	15.31	2.05	0.87	75.05	5.09	566.16
PD009	PD911	10	11	Limestone	49.14	3.70	1.94	1.17	4.26	0.78	23.93	0.22	25.43	6.31	9.51	4.96	0.64	0.27	22.10	1.65	156.00
PD009	PD912	11	12	Limestone	37.34	2.48	1.40	0.82	3.23	0.52	18.41	0.14	19.71	4.97	8.28	3.66	0.49	0.19	15.11	1.12	117.88
PD009	PD913	12	13	Limestone	30.83	2.00	1.01	0.63	2.36	0.39	14.07	0.11	15.16	3.82	5.98	2.92	0.35	0.14	11.56	0.87	92.19
PD009	PD914	13	14	Limestone	31.20	1.96	0.98	0.71	2.27	0.40	14.07	0.09	15.28	3.97	5.98	2.75	0.36	0.14	11.56	0.76	92.48
PD009	PD915	14	15	Limestone	30.34	1.82	1.07	0.71	2.46	0.33	14.19	0.09	15.51	3.92	6.14	3.27	0.36	0.14	11.58	0.73	92.66
PD009	PD916	15	16	Limestone	32.55	2.04	1.06	0.65	2.52	0.37	14.31	0.14	15.51	4.24	5.83	3.15	0.39	0.15	11.99	0.81	95.71
PD009	PD917	16	17	Limestone	31.08	1.91	0.88	0.74	2.10	0.36	13.25	0.10	15.28	3.76	5.68	2.96	0.33	0.13	10.79	0.73	90.06
PD010	PD1001	0	1	Other	63.88	8.56	4.63	2.67	10.70	1.74	72.01	0.48	64.50	15.80	11.04	11.83	1.51	0.63	69.21	3.55	342.74
PD010	PD1002	1	2	Clay	100.61	6.75	3.64	1.92	8.10	1.36	37.30	0.41	39.42	9.54	16.41	8.26	1.23	0.54	42.92	3.33	281.73
PD010	PD1003	2	3	Clay	83.04	5.78	3.14	1.66	6.64	1.20	34.48	0.39	35.69	9.14	14.72	7.29	1.08	0.46	36.32	2.71	243.75
PD010	PD1004	3	4	Limestone	14.99	1.39	0.65	0.44	1.67	0.26	8.78	0.09	9.38	2.18	3.99	2.01	0.25	0.10	9.73	0.61	56.52
PD010	PD1005	4	5	Limestone	17.20	1.65	0.96	0.51	1.86	0.32	9.08	0.10	10.00	2.39	4.14	2.05	0.29	0.13	11.12	0.74	62.53
PD010	PD1006	5	6	Limestone	18.67	1.66	0.87	0.53	2.10	0.36	10.66	0.09	11.90	2.95	3.99	2.20	0.30	0.11	10.41	0.66	67.47
PD010	PD1007	6	7	Limestone	16.71	1.43	0.64	0.54	1.73	0.27	9.12	0.09	10.36	2.52	4.29	1.86	0.25	0.10	8.36	0.69	58.97
PD010	PD1008	7	8	Limestone	22.23	1.63	0.85	0.51	1.82	0.33	10.34	0.11	11.90	2.94	5.52	2.40	0.31	0.13	8.99	0.72	70.73
PD011	PD1101	0	1	Clay	55.89	4.06	2.42	1.02	4.24	0.84	20.88	0.32	21.23	5.37	26.23	4.58	0.64	0.38	21.08	2.38	171.56
PD011	PD1102	1	2	Clay	719.84	60.60	32.13	18.29	71.12	11.80	294.37	3.46	398.91	97.02	32.06	81.40	10.68	4.56	276.84	26.99	2,140.06
PD011	PD1103	2	3	Clay	228.48	28.23	14.52	9.08	36.88	5.62	193.51	1.51	213.45	52.55	24.69	39.54	5.10	1.92	156.20	10.54	1,021.84
PD011	PD1104	3	4	Limestone	71.00	9.77	4.72	2.48	11.09	1.91	46.09	0.45	52.49	12.05	10.28	10.92	1.73	0.63	64.13	3.46	303.20
PD012	PD1210	9	10	Clay	77.63	4.33	2.31	1.35	5.12	0.95	34.25	0.30	31.38	8.36	11.81	5.79	0.81	0.38	27.30	2.49	214.54
PD012	PD1211	10	11	Limestone	32.68	2.87	1.67	0.74	2.97	0.64	19.47	0.16	18.66	4.63	5.83	3.84	0.46	0.23	21.59	1.36	117.79
PD012	PD1212	11	12	Limestone	37.10	3.04	1.19	0.86	3.62	0.56	19.47	0.19	21.35	5.22	7.82	4.26	0.54	0.18	19.18	1.16	125.73
PD012	PD1213	12	13	Limestone	31.20	2.24	1.25	0.73	2.48	0.45	14.31	0.13	16.91	4.14	6.90	3.14	0.44	0.17	13.46	0.93	98.88
PD012	PD1214	13	14	Limestone	38.08	2.71	1.52	0.80	3.04	0.56	16.18	0.17	18.66	4.55	10.12	3.57	0.48	0.22	13.71	1.29	115.68
PD012	PD1215	14	15	Limestone	40.78	3.14	1.56	0.86	3.46	0.61	18.65	0.22	21.35	5.22	9.05	4.43	0.54	0.23	16.00	1.38	127.46
PD012	PD1216	15	16	Limestone	35.26	2.63	1.46	0.78	2.69	0.52	15.83	0.16	18.31	4.38	7.52	3.33	0.45	0.21	14.60	1.16	109.27
PD013	PD1303	2	3	Clay	318.16	25.13	13.15	6.72	26.74	4.96	86.32	1.59	121.31	28.67	32.98	28.76	4.22	1.93	140.96	11.84	853.44
PD013	PD1304	3	4	Limestone	85.50	9.30	5.15	3.25	13.25	2.05	75.76	0.56	78.62	18.61	9.66	14.73	1.65	0.70	90.29	3.88	412.95
PD013	PD1305	4	5	Limestone	32.31	3.76	2.04	1.20	4.46	0.71	25.22	0.25	28.93	6.79	5.68	5.16	0.63	0.27	31.87	1.54	150.82
PD013	PD1306	5	6	Limestone	27.88	2.72	1.48	0.89	3.35	0.53	17.47	0.17	19.48	4.65	5.06	3.73	0.41	0.21	23.49	1.24	112.77
PD013	PD1307	6	7	Limestone	24.94	2.67	1.54	0.76	3.04	0.61	14.54	0.19	16.80	3.97	4.45	3.15	0.46	0.22	25.78	1.23	104.36
PD013	PD1308	7	8	Limestone	29.36	2.79	1.70	0.74	3.27	0.61	16.18	0.20	17.96	4.38	5.21	3.61	0.48	0.24	26.54	1.40	114.69
PD013	PD1309	8	9	Limestone	29.60	2.61	1.37	0.83	3.30	0.50	16.30	0.17	18.66	4.40	5.37	3.68	0.45	0.19	21.72	1.20	110.35
PD013	PD1310	9	10	Limestone	28.38	2.41	1.32	0.79	2.88	0.45	15.01	0.15	17.15	3.97	4.75	3.20	0.38	0.18	17.65	1.08	99.74
PD013	PD1311	10	11	Limestone	34.03	2.46	1.38	0.76	3.38	0.54	16.54	0.17	18.20	4.38	5.68	3.70	0.48	0.18	18.67	0.99	111.52
PD014	PD1401	0	1	Clay	86.85	6.03	3.59	1.90	7.62	1.33	33.19	0.47	40.12	9.68	10.74	8.09	1.07	0.49	41.78	2.74	255.69
PD014	PD1425	24	25	Clay	131.44	10.21	5.48	2.47	12.45	2.02	68.26	0.78	69.98	17.20	9.20	14.03	1.86	0.82	52.95	5.20	404.37
PD014	PD1426	25	26	Clay	76.28	6.46	3.97	1.46	7.27	1.32	37.88	0.49	38.37	9.30	5.21	8.05	1.04	0.59	40.13	3.67	241.50
PD014	PD1428	27	28	Clay	51.96	4.37	2.16	1.20	4.48	0.82	24.04	0.30	24.14	5.92	7.21	4.85	0.73	0.33	25.91	2.12	160.55
PD014	PD1429	28	29	Mudstone	41.03	2.71	1.48	0.75	3.20	0.52	17.71	0.20	17.96	4.46	7.36	3.68	0.46	0.22	16.00	1.34	119.08
PD014	PD1430	29	30	Mudstone	36.61	2.56	1.38	0.69	2.94	0.54	16.42	0.18	16.91	4.35	6.44	3.46	0.45	0.19	15.87	1.25	110.26
PD014	PD1431	30	31	Mudstone	38.94	2.51	1.50	0.71	2.89	0.50	16.89	0.18	17.03	4.22	7.98	3.48	0.43	0.22	15.37	1.29	114.13
PD014	PD1432	31	32	Mudstone	38.08	2.51	1.41	0.72	2.95	0.49	16.89	0.18	16.80	4.49	7.82	3.54	0.45	0.19	14.48	1.13	112.13
PD015	PD1501	0	1	Sand	12.65	1.08	0.64	0.21	0.98	0.23	5.76	0.10	5.61	1.43	0.77	1.03	0.15	0.10	6.53	0.68	37.95
PD015	PD1502	1	2	Sand	8.55	0.75	0.37	0.09	0.60	0.13	4.37	0.08	3.53	0.91	0.46	0.70	0.13	0.07	4.57	0.52	25.83
PD015	PD1525	24	25	Limestone	35.99	3.39	2.05	0.89	3.94	0.74	16.54	0.28	18.08	4.40	3.37	4.02	0.59	0.31	23.37	1.92	119.89
PD015	PD1526	25	26	Limestone	32.80	3.14	1.77	0.81	3.43	0.66	14.89	0.20	16.56	4.04	2.61	3.75	0.54	0.25	19.30	1.55	106.32
PD016	PD1627	26	27	Sand	95.32	9.98	5.31	2.67	11.76	1.97	40.46	0.61	54.00	12.29	9.51	11.51	1.73	0.73	64.64	4.26	326.76
PD016	PD1628	27	28	Clay	66.82	6.94	3.61	1.81	7.98	1.31	28.50	0.41	36.16	8.36	5.98	7.42	1.24	0.54	43.43	3.29	223.80
PD016	PD1629	28	29	Clay	39.55	3.65	2.10	1.02	4.37	0.73	17.59	0.23	20.18	4.77	4.29	3.97	0.64	0.31	22.60	1.87	127.89
PD016	PD1632	31	32	Clay	49.38	4.42	2.81	1.04	5.04	0.93	22.17	0.39	23.56	5.93	7.82	4.72	0.67	0.42	37.72	2.69	169.70
PD016	PD1633	32	33	Clay	39.68	2.78	1.54	0.86	3.19	0.54	17.12	0.23	16.56	4.55	8.59	3.35	0.45	0.23	17.40	1.38	118.45
PD016	PD1635	34	35	Clay	35.26	2.38	1.38	0.61	2.58	0.42	14.89	0.16	14.00	3.77	8.13	2.64	0.36	0.18	12.95	1.04	100.75
PD016	PD1636	35	36	Limestone	38.69	2.24	1.33	0.79	2.43	0.46	16.42	0.18	15.28	4.13	10.58	3.32	0.40	0.19	13.46	1.13	111.03
PD016	PD1637	36	37	Limestone	41.40	2.34	1.25	0.81	2.84	0.52	17.36	0.17	16.56	4.52	10.58	3.65	0.38	0.19	14.10	1.30	117.96
PD017	PD1701	0	1	Sand	29.36	2.07	1.51	0.56	2.41	0.47	12.67	0.25	13.88	3.56	6.75	2.75	0.37	0.23	14.22	1.50	92.54
PD017	PD1723	22	23	Clay	101.22	7.15	4.47	2.15	7.94	1.47	45.27	0.57	41.99	10.65	16.26	8.67	1.27	0.63	46.22	3.71	299.64
PD017	PD1724	23	24	Clay	39.06	2.51	1.44	0.75	2.88	0.53	16.89	0.18	16.91	4.34	4.45	3.48	0.44	0.22	14.98	1.33	110.40
PD017	PD1725	24	25	Clay	38.33	2.40	1.46	0.81	2.95	0.47	16.07	0.17	16.91	4.39	4.91	3.40	0.44	0.21	14.48	1.21	108.59
PD017	PD1726	25	26	Clay	83.16	5.99	3.51	1.53	6.55	1.16	36.71	0.49	37.09	9.25	12.88	7.44	1.02	0.48	36.19	2.80	246.26
PD018	PD1820	19	20	Clay	162.15	11.43	6.43	2.94	13.02	2.35	66.26	0.92	73.83	18.26	17.79	15.89	2.04	0.99	56.89	6.41	457.61
PD018	PD1823	22	23	Clay	158.46	13.20	7.63	3.54	14.98	2.75	62.86	0.94	72.08	17.91	22.70	15.42	2.39	1.07	80.51	6.32	482.78
PD018	PD1826	25	26	Clay	51.96	3.72	2.24	0.91	4.14	0.73	20.76	0.23	22.74	5.52	6.60	4.88	0.68	0.30	22.60	1.63	149.65
PD018	PD1827	26	27	Clay	45.57	3.44	2.17	0.82	3.34	0.68	18.88	0.24	20.06	4.90	8.44	4.16	0.59	0.27	20.19	1.46	135.23
PD018	PD1828	27	28	Clay	45.21	3.01	1.62	0.87	3.53	0.62	19.23	0.20	19.48	4.72	9.66	4.09	0.55	0.23	18.29	1.31	132.62
PD018	PD1829	28	29	Clay	40.54	2.73	1.66	0.79	2.58	0.56	17.59	0.23	16.45	4.40	9.36	3.63	0.44	0.24	15.87	1.41	118.47
PD018	PD1830	29	30	Clay	40.91	2.66	1.65	0.71	2.47	0.53	18.06	0.18	16.68	4.45	11.20	3.18	0.41	0.24	15.75	1.40	120.46
PD018	PD1831	30	31	Clay	41.03	2.50	1.51	0.75	3.01	0.48	17.71	0.17	17.15	4.47	8.74	3.34	0.48	0.22	15.49	1.37	118.42
PD018	PD1832	31	32	Clay	41.27	2.40	1.51	0.73	2.77	0.56	18.06	0.22	17.61	4.55	11.04	3.55	0.43	0.23	16.00	1.43	122.36
PD018	PD1833	32	33	Clay	36.97	2.43	1.41	0.66	2.62	0.50	15.95	0.22	14.81	4.08	10.58	2.75	0.46	0.21	14.35	1.26	109.27
PD018	PD1834	33	34	Clay	39.55	2.16	1.56	0.65	2.70	0.50	17.59	0.20	15.86	4.17	9.66	3.63	0.41	0.22	14.35	1.29	114.50
PD018	PD1835	34	35	Clay	36.24	2.22	1.48	0.76	2.69	0.45	16.07	0.15	15.16	3.90	8.59	3.01	0.35	0.19	13.71	1.07	106.03
PD018	PD1836	35	36	Clay	36.73	2.46	1.53	0.60	2.77	0.47	15.95	0.17	16.68	4.05	9.82	2.68	0.40	0.19	13.33	1.01	108.84
PD018	PD1837	36	37	Clay	39.06	2.41	1.43	0.67	2.90	0.47	17.12	0.18	15.51	4.05	9.20	3.25	0.43	0.19	14.60	1.09	112.58
PD018	PD1838	37	38	Clay	38.57	2.33	1.40	0.79	2.51	0.47	16.65	0.19	15.86	4.12	8.90	3.13	0.38	0.21	13.59	1.21	110.30

Conclusions

Results from Savic's preliminary drilling program within EL6968 have successfully confirmed the presence of REE mineralisation within the interpreted Bookpurnong Formation of the Murray Basin. This mineralisation is interpreted to represent a continuation of the mineralised clays observed within AR3's Koppamurra Project located immediately adjacent and to the west of EL6968. Whilst Savic's exploration work is early-stage, scout drilling, these results provide encouragement for the delineation of REE mineralisation within the licence area. Additional exploration drilling is recommended to define the extents of this mineralisation.

SRK's geologist, Ben Jupp B.Sc.(Hons), MAIG, is a Qualified Person in the context of National Instrument 43-101, and has read and approved the technical content of this News Release.

About Lions Bay Capital Inc.

Lions Bay Capital Inc. is a TSX-V listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it provides public and private companies with strategic and financial support.

On behalf of the Board of Lions Bay.

John Byrne
Executive Chairman
Tel: +61 3 9236 2800
Email: jbyrne@lionsbaycapital.com

For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Disclaimer & Forward-Looking Statements: This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as "may", "should", "intend", "expect", "plan", "anticipate", "believe", "estimate", "project", "predict", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information ("FOFI") within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide readers with an outlook for our future activities.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110977

Lions Bay Capital Inc. Provides an Update on Savic Exploration

January 20, 2022 9:24 AM EST | Source: Lions Bay Capital Inc.

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