Lucky Minerals is a potential new gold discovery story in a rich mineralized region
Last updated: 21:03 20 Dec 2023 GMT, First published: 11:30 26 Oct 2021 BST
Snapshot
- Lucky Minerals inks option deal to acquire Prudhomme project in Quebec
- Lucky Minerals releases assay results from drilling at Wayka Project in Ecuador
About the company
Lucky Minerals is a TSX-V listed gold exploration company focused on advancing its Fortuna Project located in Ecuador. The company’s most advanced project is the Wayka Epithermal Gold Discovery where a program of trenching has defined a large area of epithermal gold mineralisation at surface. The scale of system has yet to be fully defined and more work is required to understand the target’s full potential. The company expects to be drilling the Wayka project in the coming months.
How it is doing
Lucky Minerals (TSX-V:LKY, OTC:LKMNF) Inc announced that it has entered into an arm's length option agreement to acquire 100% of the previously explored Prudhomme polymetallic project in Quebec, which is jointly held by Fire Gold Resources Inc and Patricia Lafontaine.
The exploration and development company said to acquire 100% of the property it must incur at least C$4 million in exploration expenditures over four years, which includes a minimum of $1.5 million in the first two years.
As well, Lucky Minerals (TSX-V:LKY, OTC:LKMNF) must issue a total of C$750,000 in company shares in tranches over a period of three years.
And, Lucky Minerals must make milestone cash payments to the sellers of up to C$6.25 million in total should the Prudhomme project reach the commercial production stage.
Lucky Minerals (TSX-V:LKY, OTC:LKMNF) Inc announced that it has discovered large intersections of gold mineralization in the initial 384 metres (m) of the ongoing drill program at its Wayka Project in Ecuador, with results that included 5.24 grams per tonne (g/t) gold over 14m in drill hole DDHW-001-2023 in the southern edge of trench 21.
The exploration and development company said it has completed the first five shallow drill holes at Wayka, which is designed to follow up on the trenches previously announced in the Discovery Zone.
Lucky Minerals Inc (TSX-V:LKY, OTC:LKMNF) has announced the closing of a non-brokered private placement of 12,500,000 units at a price of C$0.056 each for gross proceeds of C$700,000.
The net proceeds of the offering will be used to support the drill program at the company's Fortuna Project in Ecuador and for general working capital purposes.
What management says
Lucky Minerals (TSX-V:LKY, OTC:LKMNF) CEO Francois Perron joined Steve Darling from Proactive to share news the company has released initial assay results from its drilling Program at the Wayka Project Perron says company has announced it has discovered intersections of gold mineralization in shallow holes that were designed to follow up on their successful trenching program. The company expects more drilling to continue in the weeks ahead.