Lion Rock Drilling Update for High-Grade Gold-Lithium Project at Volney, South Dakota

Rhea-AI Summary

Lion Rock Resources (OTCQB: LRRIF) reported progress from its inaugural Volney drill program in the Black Hills, South Dakota on December 2, 2025. The company completed ~2,400 m across 10 holes targeting gold and lithium near historic Giant Volney, Rusty and Rough & Ready mines. Following a $5.3M financing in Q3 2025, drilling intersected sulphide-bearing shear zones with quartz veining and multiple spodumene-bearing pegmatite intercepts (e.g., VOL25-009: 48.3–76.9 m and 103.5–120.3 m). Surface samples cited up to 14.0 g/t Au and up to 3.6% Li2O. Core is being logged and shipped for assay; results will be released as available.

Positive

• $5.3M financing closed in Q3 2025
• Completed 2,400 m across 10 drillholes
• Multiple drillholes intersected spodumene-bearing pegmatite
• Sulphide-bearing shear zones and quartz veining observed matching surface high-grade samples

Negative

• No assay results released yet; core assays are pending
• No defined mineral resource or drilling-grade intervals reported to date

News Market Reaction

-2.97%

1 alert

-2.97% News Effect

On the day this news was published, LRRIF declined 2.97%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Drilling completed: 2,400 m Drillholes completed: 10 holes Financing: $5.3 million +5 more

8 metrics

Drilling completed 2,400 m Inaugural Volney drill program to date

Drillholes completed 10 holes Volney Project, gold and lithium targets

Financing $5.3 million Q3 2025 financing to fund Volney drilling

Gold grade 14.0 g/t Au Historical grab samples cited in update

Lithium grade 3.6% Li2O Previous surface sampling near spodumene pegmatites

Form D amount raised $661,780 USD Regulation D, Rule 506(b) exempt equity and warrant offering

Investors 23 investors Participants in the Form D exempt offering

Warrant exercise price CDN $0.30 Warrants exercisable until Sept. 15, 2027

Market Reality Check

Price: $0.3614 Vol: Volume 61,899 is at 52% o...

low vol

$0.3614 Last Close

Volume Volume 61,899 is at 52% of the 20-day average, indicating subdued trading interest ahead of assays. low

Technical Price 0.3609 is trading above the 200-day MA 0.21, reflecting a pre-existing upward trend into this update.

Peers on Argus

While LRRIF was up 0.83%, several peers in Other Industrial Metals & Mining also...

While LRRIF was up 0.83%, several peers in Other Industrial Metals & Mining also showed modest gains (e.g., LBNKF +0.82%, NATBF +1.32%, CAMZF +0.78%), but momentum scanners did not flag a coordinated sector move.

Historical Context

4 past events · Latest: Dec 02 (Positive)

Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Dec 02	Drilling progress update	Positive	-3.0%	Reported 2,400 m drilled with sulphide and spodumene intersections, assays pending.
Nov 03	Drilling commencement	Positive	+5.8%	Commenced inaugural Volney drilling after $5.3M financing across 1,000 m strike.
Aug 25	Drill permit approval	Positive	+16.2%	Received permit for 78 drill pads with high-grade gold and lithium sampling.
Aug 11	Geophysical survey results	Positive	+3.2%	High-resolution magnetic survey confirmed large gold and LCT pegmatite system.

Pattern Detected

Positive Volney-related updates have usually seen supportive price reactions, but this drilling update coincided with a -2.97% pullback, showing one instance of divergence amid generally aligned responses.

Recent Company History

This announcement continues a sequence of Volney-focused milestones in 2025. Earlier, on Aug 11, Lion Rock reported magnetic survey and 3D inversion results suggesting a large structurally controlled gold and LCT pegmatite system, followed by drill permit approval on Aug 25. Drilling formally commenced on Nov 3 after a $5.3M financing. Today’s update confirms completion of ~2,400 m across 10 holes with sulphide and spodumene-bearing zones intersected, while assays remain pending.

Market Pulse Summary

This announcement details tangible progress at Volney, with ~2,400 m drilled across 10 holes targeti...

Analysis

This announcement details tangible progress at Volney, with ~2,400 m drilled across 10 holes targeting both gold-bearing structures and lithium-bearing pegmatites. Core logging and sampling are underway, and assays remain pending, leaving grade confirmation as a key future catalyst. Earlier work highlighted high surface grades up to 14.0 g/t Au and 3.6% Li2O. Investors may focus on upcoming assay releases and follow-on drilling plans, alongside capital-raising activity disclosed in the recent Form D filing.

Key Terms

spodumene, pegmatite, Li2O, g/t, +3 more

7 terms

spodumene medical

"Spodumene has been identified in multiple pegmatite intercepts in the Giant Volney..."

Spodumene is a hard mineral that contains much of the world’s recoverable lithium, the key metal used in rechargeable batteries for electric cars and grid storage. For investors it matters because spodumene deposits and the mines that produce them influence lithium supply, costs and company valuations—think of it as a pantry of battery ingredients whose size, quality and accessibility affect prices and the profitability of battery- and EV-related businesses.

pegmatite technical

"Spodumene has been identified in multiple pegmatite intercepts in the Giant Volney..."

A pegmatite is a type of coarse‑grained igneous rock that forms when the last, water‑rich portion of magma cools, often producing very large mineral crystals like a batch of cookie dough with oversized chocolate chips. It matters to investors because pegmatites frequently host concentrations of valuable and strategic minerals (for example lithium, tantalum, and rare earth elements), making them prime exploration targets and potential sources of high‑value mining projects that can affect commodity supply and company valuations.

Li2O technical

"surface sampling that returned up to 3.6% Li2O and are consistent with mapped..."

Li2O (lithium oxide) is a chemical compound made of lithium and oxygen, commonly encountered as a white solid used in the production of lithium-based ceramics, glass and as an intermediate in battery material processing. For investors, Li2O is important because it represents a measurable form of lithium content and feedstock in the battery supply chain—think of it as a raw ingredient whose availability, price and purity can affect costs and production for companies making batteries and electric vehicles.

g/t technical

"grab samples returned up to 14.0 g/t Au (see Lion Rock news release..."

g/t stands for grams per tonne, a measure of how many grams of a metal—most often gold or other precious metals—are contained in one metric tonne of rock or ore. Investors use it to judge how “rich” a mineral deposit is: higher g/t means more metal per amount of material to process, which can make mining cheaper and projects more likely to be profitable—like measuring teaspoons of sugar per cake to gauge sweetness value.

Regulation D regulatory

"filed a Form D reporting a Regulation D, Rule 506(b) exempt offering..."

Regulation D is a set of rules that govern how companies can raise money from investors without going through the full process required for public stock offerings. It provides simplified options for private placements, making it easier for companies to seek investments from a smaller group of investors. For investors, it offers opportunities to invest in private companies, often with fewer restrictions, but also with different levels of risk and disclosure.

Rule 506(b) regulatory

"reporting a Regulation D, Rule 506(b) exempt offering of equity and related warrants."

Rule 506(b) is a U.S. securities exemption that lets companies sell shares or debt privately without full public registration, provided sales are primarily to accredited investors, up to 35 non‑accredited but financially knowledgeable buyers, and there is no public advertising or solicitation. It matters to investors because offerings under 506(b) usually include less public disclosure than registered securities—like buying from a private seller rather than a retail store—so buyers must do more of their own fact‑checking and rely on their financial sophistication.

warrants financial

"exempt offering of equity and related warrants. The issuer raised $661,780 USD..."

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - December 2, 2025) - Lion Rock Resources Inc. (TSXV: ROAR) (FSE: KGB) (OTCQB: LRRIF) (the "Company") is pleased to provide an update on its inaugural drill program at Volney in the historic Black Hills mining district of South Dakota, USA. Volney has historically produced high-grade gold, lithium, and tin.

Following the completion of a $5.3 million financing in Q3 2025, Lion Rock is well funded to advance its multi-phase exploration and drilling program at the Volney Project (see Lion Rock news release dated September 15, 2025).

News Highlights

• Mineralized and Altered Shear Zones Successfully Intersected: Drilling has encountered sulphide-bearing shear intervals with associated quartz veining and silicification hosted in altered rocks. Of note, drill core displays similar characteristics to mapping and surface sampling, where grab samples returned up to 14.0 g/t Au (see Lion Rock news release dated May 28, 2025).

• Spodumene-bearing Pegmatite Intersected: Spodumene has been identified in multiple pegmatite intercepts in the Giant Volney and Rough & Ready mine areas. Drillhole VOL25-009 intercepted two spodumene-bearing pegmatite zones from 48.3 to 76.9 m and from 103.5 to 120.3 m (Figure 2). Of note, these pegmatites occur near areas of previous surface sampling that returned up to 3.6% Li₂O and are consistent with mapped pegmatite system in the Volney target area (see Lion Rock news release dated May 13, 2025).

• Ten Drillholes Completed - 2,400 m drilled: The Company has completed approximately 2,400 m across ten drillholes targeting both interpreted gold-bearing horizons and lithium-bearing pegmatites near the historic Giant Volney Mine, Rusty Mine, and Rough & Ready mine areas (Figure 1). Of the holes completed to date, six have targeted lithium-bearing pegmatites and four have targeted gold-bearing structures (Table 1). This represents the first modern drill testing along the Volney trend.

• Assays Pending: Core from the completed drillholes is currently being logged and sampled, and shipments to SGS in Denver have begun for analysis. Assay results will be reported as they become available.

Dale Ginn, President and CEO of Lion Rock, stated, "The Volney drill program is proceeding at a strong, steady pace and we are highly encouraged by the geological features observed to date in the drill core. While assays are pending, I can state that we have multiple holes intersecting sulphide mineralization, shearing, veining and strong alteration in the areas we projected, based on high-grade gold mineralization documented at surface.

"Likewise, all six drillholes targeting pegmatites have encountered spodumene-bearing zones, which have the potential to host high-grade lithium. Drilling is ongoing and we look forward to sharing a significant number of assays in the coming weeks."

Figure 1. Plan map showing completed drillholes as part of the ongoing drill program at the Volney Project, South Dakota.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8985/276543_6a061196442728d2_001full.jpg

Figure 2. Cross section looking northwest of drillhole VOL25-009 showing projected spodumene pegmatite with surface mapping and sampling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8985/276543_6a061196442728d2_002full.jpg

Table 1. Drilling Completed to Date

Hole Number	Target	Northing (m)	Easting (m)	Elevation (m)	Azimuth	Dip	Length (m)
VOL25-001	Gold	4914064	575579	1787	60	-45	402
VOL25-002	Gold	4914024	575714	1810	50	-45	312
VOL25-003	Gold	4914024	575715	1810	80	-45	153
VOL25-004	Lithium	4914142	575732	1818	60	-50	141
VOL25-005	Lithium	4914142	575732	1818	75	-50	19
VOL25-006	Gold	4914141	575728	1818	240	-45	363
VOL25-007	Lithium	4914107	575755	1819	60	-45	240
VOL25-008	Lithium	4914202	575714	1818	60	-45	258
VOL25-009	Lithium	4914295	575628	1828	30	-45	270
VOL25-010	Lithium	4914295	575628	1828	60	-45	240

 

About the Volney Project

The Volney property is a multi-commodity project strategically located in South Dakota's Black Hills, a historically rich and active mining region (Figure 3). The Homestake Mine in the Black Hills produced more than 40 million ounces of gold, making it one of the most significant gold producers in North American history.¹ The Volney Project is home to the Giant Volney pegmatite, a 635 m long LCT (Lithium-Cesium-Tantalum) pegmatite which remains untested at depth. The district continues to attract modern exploration efforts, with companies such as Dakota Gold Corp. actively advancing projects within the Black Hills. The project is accessible year-round and consists of private claims with surface and mineral rights, which facilitates rapid permitting and project advancement.

Figure 3. Volney Project regional map in the Black Hills, South Dakota.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8985/276543_6a061196442728d2_003full.jpg

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.

About Lion Rock Resources Inc.

Lion Rock Resources Inc. is a Canadian mineral exploration company committed to advancing high-grade gold and lithium projects across North America. The Company's flagship asset, the Volney Project, is located in South Dakota's Black Hills, a mining-friendly jurisdiction surrounded by active gold operations. The Company is led by an award-winning team with a proven track record of mineral discoveries, project development, and financing.

On Behalf of the Board,

R. Dale Ginn, President & Chief Executive Officer
O: 604-678-5308
E: dale@rsdcapital.com

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.

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 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. Such forward-looking information is based on the current expectations of management of the Company. The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of risks and uncertainties, including without limitation risks 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. In making the forward-looking statements in this press release, the Company has applied several material assumptions. 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.

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¹ James Norton, 1974, Gold in the Black Hills, South Dakota, and how new deposits might be found, USGS Publications Warehouse

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276543

FAQ

How many metres did Lion Rock (LRRIF) drill at Volney as of December 2, 2025?

Lion Rock completed approximately 2,400 m across 10 holes targeting gold and lithium.

What notable mineral intersections did Lion Rock report from Volney drilling on December 2, 2025?

Drilling intersected sulphide-bearing shear zones and multiple spodumene-bearing pegmatite intervals (e.g., VOL25-009).

When will Lion Rock (LRRIF) publish assay results for the Volney drill program?

Core has been logged and shipped to SGS Denver; assay results will be reported as they become available, with the company noting results expected in the coming weeks.

Does Lion Rock have funding to complete the Volney program after the December 2, 2025 update?

Yes. The company completed a $5.3 million financing in Q3 2025 to advance multi‑phase exploration at Volney.

What historical surface grades are cited for the Volney project referenced by Lion Rock?

Surface sampling referenced includes up to 14.0 g/t Au (gold) and up to 3.6% Li2O (lithium oxides).