Lucky Strike Resources Ltd. ("Lucky Strike" or the "Company") (TSX
VENTURE:LKY)(OTCQX:LKYSF) is pleased to report initial coal
resources in the measured, indicated and inferred resource
categories for the CN Coal Project in the Tuv Aimag province of
Mongolia.
Initial coal quantities at the CN Coal Project includes:
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Measured Resources 158.1 million tonnes
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Indicated Resources 113.9 million tonnes
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Inferred Resources 232.0 million tonnes
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The National Instrument 43-101 (NI 43-101) compliant resource
estimate of 272 million tonnes of measured plus indicated resources
and 232 million tonnes of inferred resources report was prepared by
Norwest Corporation ("Norwest"), of Salt Lake City, Utah. Lucky
Strike has an option to acquire an 80% interest in the CN Coal
Project. Norwest states the five seams that comprise the surface
resource estimate are all classified as Lignite A, according to
ASTM rank classification, typical for thermal coal use. The NI
43-101 technical report will be posted on the Company's website
www.luckystrikeresources.com.
The drillhole data used in quantifying the coal resources was
from two of the six mining exploration licenses which represents
1,132 ha of the total 13,093 ha, or less than 10% of the total
licenced area. Considering the positive confirmation of substantial
initial resource and the lack of sufficient data to estimate
resources for the entire extent of the CN Coal Project, Lucky
Strike will primarily focus on further exploring the CN Coal
Project to test the potential of resource expansion.
The resource estimations are principally from an initial 2,000 m
of drill data collected from the eleven core and rotary holes of a
2009 drill program supervised by Norwest along with supporting
historic drilling. Core recovery for the coal seams sampled was
between 94 and 100 percent. Analytical results from the 2009 coal
core samples indicate the following average coal quality:
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Description Qty
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% air dried Moisture 8.16
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% air dried Ash 17.33
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% air dried Sulfur 1.30
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Air dried Kcal/Kg 5,094
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The CN Coal Properties thermal coal deposit belongs to the Lower
Cretaceous Dzuunbayan suite, located in the south-western corner of
the Greater Nyalga Basin. Several coal fields were identified in
the region. The closest are Khongor, located 75 km to the
southwest; and the Tevshiin Gobi coal deposit located approximately
85 km to the southeast. A joint venture company is currently
operating a mine in a portion of the Tevshiin Gobi coal
deposit.
Borehole data indicates that the strata dip to the northeast at
7 to 10 degrees and the coal seams can be traced laterally across
the drilled properties. The NI 43-101 technical report concludes
that the geology type of the CN Properties is of "Low - type C"
geologic complexity. This is based on the Geological Survey of
Canada (GSC) Paper 88-21, which is a guideline reference for coal
deposits as specified in NI 43-101. Based on the reported coal
thicknesses and depth of the coal occurrences below ground surface
within the mining exploration licenses, the CN Coal Project
sequences are considered to be a "Surface Resource of Future
Interest" deposit type.
As part of the preparation of the independent NI 43-101
technical report, Lucky Strike has completed a Legal Title Opinion
for the six mineral exploration licences covering a contiguous area
of 13,093 hectares (131 sq. km) located approximately 175 km SW of
the capital city of Ulaanbaatar and 45 km SE of the Buren Soum
village center in the Tuv Aimag province in Mongolia.
Norwest recommends a two-phase exploration program. The first
phase would consist of conducting detailed geologic mapping, infill
and step-out drilling (approximately 8,000 m) to increase tonnage
within the measured and indicated assurance categories, hydrologic
and geotechnical testing followed by an interim report. The second
phase would consist of additional drilling (approximately 5,000 m)
on the remaining area covered by all licenses to potentially extend
the resource base. Lucky Strike also plans to have magnetic and
surface geophysics surveys run on the property.
The Company has purchased the data to complete the NI 43-101
technical report in consideration for the payment of $25,000 upon
signing of the data purchase agreement with Gulfside Minerals Ltd.
with a further payment of $300,000 upon the completion of Lucky
Strike's option to acquire an 80% interest in the CN Coal
Project.
Edwin Ullmer, P. Geo., a Qualified Person as defined by National
Instrument 43-101 and an independent consultant of the Company, has
read and approved the technical and scientific information
contained in this news release.
The Company also announces that, subject to regulatory approval,
it has granted to the employees and consultants 250,000 stock
options exercisable at $1.25 per share for a period of five (5)
years, subject to a vesting period of 36 months.
About Lucky Strike Resources Ltd.
Lucky Strike Resources is a growth-focused exploration company
creating shareholder value through the exploration and development
of coal, minerals and energy projects in Mongolia and worldwide.
Mongolia, centered between the growing consumption markets of China
and Russia, holds vast, untapped, rich coal and mineral resources.
Lucky Strike focuses on exploring and developing the CN Project in
Central Mongolia. The Management team has proven experience in the
global exploration and mining industry as well as in Asia.
ON BEHALF OF LUCKY STRIKE RESOURCES LTD.
Cathy Fong, P.Eng, Chairman & CEO
The Company's shares are listed on the Toronto Stock Exchange
under the symbol "LKY" and on the US OTC market as "LKYSF."
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX Venture
Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission.
This release contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation, including
predictions, projections and forecasts. Forward-looking statements
include, but are not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as the completion of the acquisition of the properties described
above, potential future exploration activities on such properties,
the completion of technical reports in respect of such properties,
future business strategy, competitive strengths, goals, expansion,
growth of the Company's businesses, operations, plans and with
respect to exploration results, the timing and success of
exploration activities generally, permitting time lines, government
regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage,
timing and possible outcome of any pending litigation and timing
and results of future resource estimates or future economic
studies.
Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material
factors and assumptions, including the results of the Company's due
diligence investigations in respect of the transaction, that the
Sellers perform their obligations under the Definitive Agreements,
receipt of all necessary regulatory approvals, including that of
the TSX Venture Exchange, the result of drilling and exploration
activities, that contracted parties provide goods and/or services
on the agreed timeframes, that equipment necessary for exploration
is available as scheduled and does not incur unforeseen break
downs, that no labour shortages or delays are incurred, that plant
and equipment function as specified, that no unusual geological or
technical problems occur, and that laboratory and other related
services are available and perform as contracted. Forward-looking
statements involve known and unknown risks, future events,
conditions, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, prediction, projection,
forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
interpretation and actual results of current exploration
activities; changes in project parameters as plans continue to be
refined; future prices of minerals; possible variations in grade or
recovery rates; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of exploration, as well as those factors disclosed in the company's
publicly filed documents. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Lucky Strike Resources Ltd. Cathy Fong, P.Eng Chairman
& CEO 604-360-8199 778-329-1587
(FAX)info@luckystrikeresources.comwww.luckystrikeresources.com
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