Lions Bay Capital Inc. Announces Update on Potential Rare Earth Project in Western Victoria, Australia
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2021) - Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or the "Company") announces they have received a high level independent review from SRK Consulting (Australasia) Pty Ltd ("SRK") of the mineral potential of the exploration licences and licence applications of Savic Minerals Pty Ltd ("Savic") in Western Victoria, Australia. As reported in the Company's news release on August 25, 2021, LBI has entered into an option agreement with Savic under which it will have the right to enter into a Joint Venture agreement with Savic to earn a 50 per cent interest in the areas.
The below map from the SRK report shows the location of the recently announced Koppamurra rare earth element (REE) discovery in South Australia, on the border with Victoria, relative to the Savic licenses.
To view an enhanced version of Map 1, please visit:
The SRK report concludes: "The primary focus of this report was to investigate the potential for REE mineralisation hosted in ionic clays of the Murray Basin Bookpurnong Beds. These clays have been identified as the primary host of REE mineralisation in Australian Rare Earths Ltd's Koppamurra project in South Australia, which is immediately adjacent to EL6968.
From this review, continuity of the clays is interpreted to extend into EL 6968-either as laterally continuous clay beds or spatially discrete zones beneath the Parilla Sands and north of the Kanowinka Fault. It remains uncertain if the REE mineralisation is continuous throughout the clay sequences or localised in discrete zones".
As part of the review, LBI has received recommendations from SRK for the next stage of testing, which includes shallow drilling and geochemical / assay testing of material held in Government core sheds. A budget for this testing program was also provided with SRK's recommendations.
SRK has been authorized to proceed with this work as quickly as possible, which will assist LBI's directors on deciding whether to proceed with the Joint Venture.
As previously reported, if it elects to proceed LBI has the right to earn a 50 per cent interest in the Savic ground by spending AUD $5.0 million (CAD $4.57 million) over 3 years.
Ben Jupp B.Sc.(Hons), MAIG, is a Qualified Person in the context of National Instrument 43-101, 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.
Tel: +61 3 9236 2800
For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.
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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/96828