LION ROCK Acquires High-Grade GOLD-Lithium Volney Project IN South Dakota
LION ROCK RESOURCES INC.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
LION ROCK ACQUIRES HIGH-GRADE GOLD-LITHIUM VOLNEY PROJECT IN
SOUTH DAKOTA
Vancouver, British Columbia – October 9, 2024 – Lion Rock Resources Inc. (TSX-V: ROAR), (FSE:
KGB1) (the “Company” or “ Lion Rock ”) is pleased to announce that it has entered into an option
agreement dated October 7, 2024 (the “ Option Agreement”) with Tinton Partners and The Tinton Land,
LLC (together, the “Optionor”), pursuant to which the Optionor has granted to the Company the exclusive
right and option (the “Option”) to acquire an undivided 100% interest in the Volney property (the “Volney
Project”), a high-grade gold-lithium project, strategically located in the northern Black Hills of South
Dakota (Figure 1) (the “Transaction”). The Volney Project is comprised of 38 private claims extending
over 351 acres (142 ha) and features two predominant styles of mineralization: shear-hosted gold and
Lithium-Tantalum-Tin within the pegmatites. The Voln ey Project hosts the Giant Volney Pegmatite (Li)
and numerous historic workings including Rusty Mine (Au), Rough and Ready (Sn) and Hydliff Adit (Au)
shown in Figure 2. Historic results include 18.2 g/t Au over 18.3 m in channel sampling at Rough and
Ready and 15 grab samples with an average grade of 4.4% Li2O at the Giant Volney pegmatite (Table 1).
Figure 1. Volney Project regional map in the Black Hills, South Dakota.
LION ROCK RESOURCES INC.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
Figure 2. Volney Project map showing documented pegmatite locations, historic shafts and gold hosted
shear zone.
Dale Ginn, President and CEO of Lion Rock, stated, “ The Volney Project is unique in that it contains
multiple commodities including gold, lithium, tantalum and tin, all of which are of a high-grade nature and
near surface. The gold system runs the full length of the property and contains numerous shallow trenches,
pits and other workings, but is remarkably absent of any meaningful drilling or recent exploration work.
The fact that the entire project lies on private land and is road accessible year-round, decreases permitting
time and allows for a timely and aggressive exploration program.”
Acquisition Highlights
The Volney Project. The Volney Project is 142 ha in the Tinton District of the Black Hills. The
Tinton District was the second-most productive alluvial goldfield in the Black Hills. Adjacent and
parallel to the Giant Volney pegmatite is a 3.5 km long shear zone, host to multiple occurrences of
gold mineralization and historic workings. Gold mi neralization in at least three different settings
including sheared/altered amphibolite, broadly mine ralized basalt and iron formation. Historic
pegmatites on the Volney Project comprise of seven discrete pegmatite bodies ranging from 10 to
23 m wide, converging to the south to form a >120 m wide lithium-rich pegmatite, the Giant
Volney, over a known strike length of 635 m at surface (Figure 2)1.
1 Nellis, D.A., 1973, Tantalum in the Volney Pegmatite, Tinton, South Dakota, Boston, Boston University Ph.D.
LION ROCK RESOURCES INC.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
Historic High-Grade Gold Mineralization: The Volney Project contains an extensive shear
hosted gold system, bordering the western extents of the Giant Volney. The shear zone is within an
amphibolite schist derived from an archean basalt, measuring 73m wide and tested over a strike
length of 3.5km. Historical workings at th e Rusty Mine had reported intersections of 5 g/t- 15 g/t
Au over 15-45 m in the main altered amphibolite zone2. Petrography of the core from Homestake
Mining reveal the dominant sulphide minerals as pyrite, arsenopyrite and pyrrhotite. Arsenopyrite
is concentrated along the margins of the quartz veins, which contains abundant magnetite inclusions
making it highly magnetic. The mineralized quartz veins were observed to have native gold grains
as fracture filling and between the arsenopyrite grains3
Drilling: In 1975, Homestake Mining Company drilled at the historic Rusty Shaft, intercepting
gold mineralization in eight shallow holes. HMC-3 highlights 36.6 m at 1.52 g/t Au including
four higher grade sections starting at surface to the end of the hole (Figure 4). All holes were no
deeper than 50 m below surface.
Historic High Grade LCT Pegmatite at Giant Volney.
o 15 grab samples collected by Nellis (1973) from the exposed quartz- spodumene orebody at
the extreme southern end of the Giant Volney averaged a grade of 4.4% Li2O (Table 1)1.
o 31 mini-bulk sample sites ranging from 45-900 kg averaged a grade of 2.4% Li2O1.
o Only two holes tested the down-dip extent of mineralization. None of the known pegmatites
have been drilled below a depth of 30 m.
o Drill hole DDH VN-25 (1967) graded 19.56 m at 2.01 wt% Li2O beginning at a depth of 6.73
meters, including two higher-grade intervals separated by a barren pegmatite screen of 8.83 m
at 2.30 wt% Li2O and 5.66 m at 2.83 wt% Li2O (Figure 3)1.
Volney Project History
Gold was discovered and mined in alluvi al drainage below the Volney Project in the late 1800’s. Rusty
Mine, Hydliff and Giant development and workings followed. The Rough and Ready Mine was primarily
a Tin producer, however extensive drifting and deve lopment for gold was undertaken in the adjacent
sheared amphibolite unit. The Giant Volney Mine consists of both surface and underground workings with
high grade concentrates of Lithium and Tantalum produced in the 1940’s. Limited and sporadic exploration
for gold and lithium occurred in the 1960’s and 1970’s, and no significant exploration has taken place since.
Table 1. Mining and Exploration History of the Volney Project
2 Johnson, A.I., 1956. Origin of gold mineralization at Tantalum Hill, Tinton, SD. Private Report in SDSM&T
Devereaux Library Archives, 47 pp.
3 Norby, J.W., 1984. Geology and geochemistry of Precambrian amphibolites and associated gold mineralization,
Tinton District, Lawrence County, South Dakota. Master’s Thesis, South Dakota School of Mines and Technology,
144 pp.
Years Active Mine explored Company/Group Details of Activity Reference
1886 Rough & Ready Unknown 6.5 t of ore averaging 4.6%
Sn shipped to Cornwall for
treatment
Nellis (1973)
1903 to 1927 Rough & Ready Tinton Mining Co.
Tinton Reduction Co.
Black Hills Tin Co.
Development of 740 m of
underground mine
workings and production of
105,039 lbs of tin
Hess and Bryan
(1938)
LION ROCK RESOURCES INC.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
Years Active Mine explored Company/Group Details of Activity Reference
Smith and Page
(1941)
1928 to 1929 Rough & Ready
Tantalum Hill
Black Hills Tin Co. Production of 1.5 t of
cassiterite concentrate @
30.7% Sn and 13.1 t of
tantalite concentrate @
38.7-57% Ta2O5
Redfern (1992)
1941 to 1944 Giant-V olney Fansteel Mining Corp.
under lease from Black
Hills Tin Co.
Production of 1,080 t of
spodumene concentrate
with grades of 5.6% to
6.3% Li2O, 400 t of
amblygonite concentrate @
8.3% Li2O, 21,884 lbs of
tantalite concentrates @
45% Ta2O5, and 3,800 lbs
of cassiterite
Page et al. (1953)
Redfern (1992)
1967 Giant-V olney Norton Company Drilled eight diamond core
holes totaling 387.9 m
targeting Ta(-Li)
mineralization and 22,074
lbs of bulk samples
collected
Nellis (1973)
1973-1974 Giant-V olney &
Rusty
Homestake Mining
Company
8 rotary drill holes drilled
to test shallow gold
occurrence at the Rusty
shaft
Shaddrick (1974)
Norby (1984)
LION ROCK RESOURCES INC.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
Figure 3. Drill results from VN-25 and three of the mini bulk samples taken from the Volney Project
(Nellis,1973).
Table 2. Grab samples taken by Nellis (1973) at the Volney Project in the Black Hills, South
Dakota.
Sample No. Quartz
Modal %
Spodumene
Modal %
Plagioclase
Modal %
Li2O
(wt%)
Tts-11 37.0 56.2 1.1 5.0
Tts-17 33.2 51.7 5.2 4.1
Tts-18 35.4 59.5 2.4 5.2
Tts-19 48.0 50.0 0.1 4.4
Tts-21A 38.3 57.5 0.2 5.1
Tts-23 36.6 63.4 <0.1 5.4
Tts-25 36.7 49.6 <0.1 4.6
Tts-26 54.6 35.9 1.0 2.9
Tts-38 35.7 49.5 4.7 4.6
Tts-39 37.6 44.6 11.0 4.2
Tts-42 36.6 44.1 16.1 3.4
LION ROCK RESOURCES INC.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
Sample No. Quartz
Modal %
Spodumene
Modal %
Plagioclase
Modal %
Li2O
(wt%)
Tts-45 45.8 44.1 2.7 4.1
Tts-48 30.5 65.3 3.4 4.3
Tts-64 40.3 58.8 0.3 5.0
Tts-67 42.2 49.1 2.4 2.7
Surface rock samples, by their nature, are selective and may not represent the true nature of the mineral
content.
Figure 4. Drill results from Homestake Mining Company, targeting the historic Rusty Shaft on the Volney
Project (Nellis, 1973).
A qualified person from the Company has not verified th e above-referenced results. All results have been
sourced from the referenced historical documentation.
The Transaction
Pursuant to the terms of the Option Agreement, in order to exercise the Opti on and acquire the Volney
Project, the Company must:
A. issue the following common shares of the Company (“Common Shares”) to the Optionor:
1. within five business days of the date the Company receives final TSX Venture Exchange
acceptance (the “Exchange Approval Date”), such number of Common Shares as is equal
LION ROCK RESOURCES INC.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
to 9.9% of the Company’s issued and outstanding Common Shares following such issuance
on an undiluted basis;
2. within ten business days from the first annive rsary of the Exchange Approval Date, such
number of Common Shares as is equal to the greater of: (A) the number of Common Shares
as is required to maintain the Optionor’s shareholding in the Company at an amount equal
to 9.9% of the Company’s issued and outstanding Common Shares following such issuance
on an undiluted basis, and (B) Common Shares having an aggregate value of US$500,000;
and
3. within ten business days from the second anniversary of the Exchange Approval Date, such
number of Common Shares as is equal to the greater of: (A) the number of Common Shares
as is required to maintain Optionor’s shareholding in the Company at an amount equal to
9.9% of the Company’s issued and outstanding Common Shares following such issuance
on an undiluted basis, and (B) Common Shares having an aggregate value of US$750,000;
B. make the following cash payments to the Optionor:
1. US$400,000 on or before the date that is six months from the Exchange Approval Date;
2. US$1,050,000 on or before the date that is 18 months from the Exchange Approval Date;
and
3. US$1,950,000 on or before the date that is 30 months from the Exchange Approval Date;
and
C. incur the following exploration expenditures:
1. US$1,000,000 on or before the first anniversary of the Exchange Approval Date; and
2. US$1,500,000 on or before the second anniversary of the Exchange Approval Date.
The Optionor retains (a) a net smelter returns royalty of 2% on all gold mined from the property (the “NSR
Royalty”), subject to a buy-back option for 1% of the NSR Royalty (effectively reducing the NSR Royalty
to 1%) for US$1,000,000, exercisable by the Company for a period of five years from the commencement
of commercial production, and (b) a gross proceeds royalty of 2% on all other minerals (the “GP Royalty”),
subject to a buy-back option for 1% of the GP Royalty (effectively reducing the GP Royalty to 1%) for
US$1,000,000, exercisable by the Company for a period of five years from the commencement of
commercial production.
The Transaction is subject to the final acceptance of the TSX Venture Exchange.
About the Volney Lithium Project
The Volney Project is comprised of 38 private land claims totaling 142 ha in the Black Hills. The property
is located 20 km south of Spearfish, South Dakota and approximately 15 km west of Leads. Pegmatites are
within a Neoarchean greenstone belt, featuring the Giant Volney pegmatite, historically mined for tin. The
property is accessible by road and strategically located with proximity to infrastructure and major mining
jurisdiction.
LION ROCK RESOURCES INC.
200 Burrard Street, Suite 1615
Vancouver, BC, V6C 3L6
The technical content of this news release has been reviewed and approved by Carl Ginn, P.Geo., consultant
to the Company and a Qualified Person pursuant to National Instrument 43-101. The Qualified Person
has not completed sufficient work to verify th e historical information on the Volney Project disclosed
herein, including the sampling, analytical and test data underlying the information or opinions
contained in the written disclosure.
About Lion Rock Resources Inc.
Lion Rock Resources Inc. is a brownfields expl oration company focused on the Maybrun Copper-Gold
Project in northwestern Ontario, approximately 80 km from New Gold’s Rainy River Gold Mine and 15
km from First Mining Gold’s Cameron Lake Project. The Company also holds pr operties prospective for
lithium in Ontario and Quebec.
On Behalf of the Board
R. Dale Ginn, President & Chief Executive Officer
O: 604-678-5308
Caution Regarding Forward-Looking Information
Certain statements contained in this news release may constitute “forward-looking information” within the meaning
of Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words
such as “anticipate”, “plan”, “estimate”, “expect”, “may ”, “will”, “intend”, “should”, “potential”, “indicative”
and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements
regarding: the Company’s plans and expectations regarding the Volney Project; and the potential exercise of the
Option by the Company, including incurring the exploration expenditures and issuing the Common Shares and making
the cash payments to the Optionor. Forward-looking info rmation involves known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ materially from those anticipated in such forward-
looking information. The Company’s actual results could d iffer materially from those anticipated in this forward-
looking information as a result of ri sks and uncertainties inherent in the exploration and development of mineral
properties, fluctuations in commodity prices, counterparty risk, market conditions, regulatory decisions, competitive
factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s
strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company
believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct and such forward-looking information should not be unduly
relied upon. Any forward-looking information contained in this news release represents the Company’s expectations
as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to
update or revise any forward-looking information whether as a result of new information, future events or otherwise,
except as required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.