VANCOUVER, BC / ACCESSWIRE / July 6, 2020 / Lucky Minerals Inc. (TSXV:LKY) (OTC PINK:LKMNF) (FRA:LKY) (“Lucky” or the “Company“) is pleased to announce that it has entered into a Definitive Option Agreement (the “Definitive Agreement“) on the terms outlined in the Company’s news release dated March 2, 2020. The Definitive Agreement allows the optionee exclusive rights to explore for copper deposits on the Fortuna 3, 4, 5, and 6 Concessions until January 23, 2021 followed by an earn in on copper targets with a potential to host deposits with greater than 500,000 tonnes of payable copper. For details of the option and earn-in readers should be referred to the Company’s news release, dated March 2, 2020. Lucky retains a 100% interest in all primary-gold deposits and copper interests of less than a potential 500,000 tonnes of payable copper on the optioned concessions. This allows the Company the right to explore on the entirety of the project and to focus its efforts on gold targets in 2020. Lucky owns a 100% interest in the Fortuna concessions.
Lucky CEO, Adrian Rothwell, stated “This definitive agreement is testament to the quality and size of the Fortuna Concessions, which lie in a known prolific and underexplored gold and copper district in Ecuador. We look forward to working toward quickly advancing multiple copper targets on Fortuna and to leveraging this work to also advance gold targets.”
Image: Location of Fortuna Concessions in southern Ecuador
This Agreement is subject to TSX Venture Exchange approval.
Image: Concessions under option
Lucky has entered into a Definitive Agreement on terms consistent with the Memorandum of Understanding outlined in the Company’s news release on March 2, 2020. The Definitive Agreement has been refined to include only the Fortuna 3, 4, 5, and 6 Concessions.
The optionee may, over three phases, earn up to a 70% interest in a minimum of 500,000 tonnes of payable copper to be demonstrated in a NI43-101 compliant resource report. After creation of a joint venture the parties must jointly prepare a feasibility study demonstrating the above, with Lucky’s costs to be capped at US$1,500,000.
An initial exclusivity period shall expire on January 23, 2021 at which time the parties may enter into an option and joint venture agreement on specific targets on a portion of the Fortuna 3, 4, 5, and 6 Concessions.
At the commencement of this initial exclusivity period a total of US$159,810 was contributed by the optionee towards the Fortuna Concession fees and there is a commitment to make certain minimum exploration activities to assess the claims, outlined above. These activities will include – but are not restricted to – mapping, sampling, geophysics and any work needed to generate drill targets.
During this exclusivity period, Lucky is entitled to explore gold and precious metal opportunities on these concessions in parallel with these copper exploration…