Lucky Minerals Inc (CVE:LKY) (OTCPINK:LKMNF) (FRA:LKY) said it has joined the Extractive Industries Transparency Initiative (EITI).
The company said EITI is the global standard for the good governance of oil, gas, and mineral resources throughout the world, as it promotes the open and accountable management of a country's natural resources.
Lucky Minerals said EITI also is aligned with the Open Government Partnership in which Ecuador is a signatory to fight corruption and promote transparent, participatory, and accountable governance.
READ: Lucky Minerals identifies new epithermal system, the Wayka target, in southern Ecuador
To date, 55 countries have implemented the EITI standard and Ecuador joined the initiative in October 2020.
The company noted that adherence to the EITI standard requires the government of Ecuador to publicly disclose information and full transparency regarding all stages in resource extraction such as:
- Contracts & Licenses
- Production
- Revenue Collection & Allocation
- Social and Economic Spending
"We are pleased to have been accepted as an EITI member and join an internationally recognized framework that aligns with our commitment to industry best practices in social and corporate responsibility, accountability, and performance excellence,” said Lucky Minerals CEO Francois Perron in a statement.
“We are committed and strongly believe that by implementing international standards of the industry and by providing a transparent and responsible mining sector, will result in positive development and bring enhancements to areas where the projects are located."
Lucky Minerals announcement comes as the company has identified the Wayka target, a new epithermal system in which initial assay results from surface outcrop panel samples have returned up to 2.90 grams per ton (g/t) gold at its 100%-owned Fortuna Property in southern Ecuador.
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