Vancouver, British Columbia--(Newsfile Corp. - October 19, 2021) - Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or the "Company") announces that it has received the following update from the Company's geological consultants, SRK Consulting (Australasia) Pty Ltd ("SRK") regarding the drill testing of the mineral tenements held by Savic Pty Ltd ("Savic") in Western Victoria, Australia, as initially announced in the Company's October 8, 2021 news release. The Company has paid AUD $200,000 (CAD $183,000) for an option to enter a Joint Venture under which it can earn a 50 per cent interest in the Savic tenements by spending AUD $5.0 million (CAD $4.57 million) on exploration activities over 3 years.
By way of its interim report dated 19/10/21, SRK notes "Preliminary aircore drilling within Savic's exploration licence (EL6968) in western Victoria was completed on the 14th of October, 2021. Drilling was conducted by Indicator Drilling Services Pty Ltd ("Indicator Drilling") with supervision and logging completed by a SRK's geologist. Drilling was designed to test the presence of the Bookpurnong Formation above the Duddo/Mt Gambier Limestone and test its potential to host enrichment of rare earth elements (REE) similar to that observed within the third party held Koppomurra Project located 2 km to the west of EL6968 in South Australia. A total of 18 holes were drilled within EL6968 for a total of 341 drilled meters on an approximate 1km spaced grid. Preliminary pXRF analysis underway, and samples with elevated levels will be included in lab testing. Evaluation of the stratigraphic correlations of the clay intervals is underway."
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.
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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