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Lucky Minerals renews Fortuna land package

The company said it renewed its full 550-square-kilometre, 12-concession Fortuna project in Ecuador

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Fortuna 3 is one of 12 contiguous concessions which make up the Fortuna property

Lucky Minerals Inc (CVE:LKY) (OTCMKTS:LKMNF) said Wednesday it has renewed the land package on its Fortuna project, which lies around 60 km south-east of the town of Cuenca, Ecuador.

Fortuna consists of 12 contiguous concessions totaling around 54,985 hectares (550 sq/km) and located in the heart of a proven and highly mineralized mineral district in Ecuador but which has seen only limited exploration and has never been drilled.

The company said mapping and surface sampling on the Fortuna 3 concession has been finalized with 316 channel samples assayed so far and 635 assays pending. 

READ: Lucky Minerals very pleased with ongoing reconnaissance exploration at Fortuna project

Fortuna 3 is one of 12 contiguous concessions which make up the Fortuna property.

The company said certain directors and officers advanced funds in the aggregate amount of C$267,000 in interim loan agreements to pay Ecuadorean taxes due on the Fortuna project concessions. The loans are unsecured, 30-day demand instruments that carry an interest rate of 12%, according to a release by the company.

The company said the board of directors continues to discuss and evaluate continuing financing opportunities to finance future exploration objectives.

Shares of Lucky Minerals were at C$0.10 on Wednesday. 

Contact Katie Lewis at [email protected]

Quick facts: Lucky Minerals Inc

Price: 0.02 CAD

TSX-V:LKY
Market: TSX-V
Market Cap: $2.42 m
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