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.
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]