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Vancouver, British Columbia--(Newsfile Corp. - March 11, 2025) - Lion Rock Resources Inc. (TSXV: ROAR) (FSE: KGB1) (the "Company" or "Lion Rock") is pleased to announce, that further to its news release of October 9, 2024, the TSX Venture Exchange has approved and the Company has closed the option agreement dated October 7, 2024 (the "Option Agreement") between the Company, as optionee, and Tinton Partners and The Tinton Land, LLC, as optionors (together, the "Optionor"), pursuant to which the Optionor has granted to the Company the exclusive right and option to acquire an undivided 100% interest in the Volney property (the "Volney Project").
The terms of the Option Agreement are set out in the Company's news release dated October 9, 2024. Pursuant to its obligations under the Option Agreement, the Company has issued 7,001,000 common shares of the Company (the "Initial Consideration Shares") to Tinton Partners. The Initial Consideration Shares are subject to a four month hold period expiring on July 11, 2025.
On March 11, 2025, the Company filed a technical report regarding the Volney Project which can be found under the Company's SEDAR+ profile at www.sedarplus.ca.
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.
The Company also announces that a total of 5,700,000 incentive stock options have been granted to directors, officers, consultants and employees of the Company pursuant to the Company's stock option plan. The options are exercisable for a period of three years at a price of $0.20 per share and shall vest immediately.
About Lion Rock Resources Inc.
Lion Rock has an option to acquire the Volney Gold/Lithium Project, comprised of private land claims located 20 km south of Spearfish, South Dakota. The property features the Giant Volney pegmatite, historically mined for high grade lithium and tin, as well as gold from the adjacent shear zone. The property is accessible by road and strategically located with proximity to infrastructure and major mining jurisdiction. The Company also holds properties prospective for gold, copper and lithium in Ontario and Quebec.