Mar 24 2014
LKA Gold Incorporated announced that ore deliveries, derived from it's 2013 exploration program, yielded 829.76 ounces of gold. The average grade of the ore delivered for the year was 1.13 oz. (31.18 grams) gold per ton.
According to LKA President, Kye Abraham, "While not our primary objective at this stage, ore sales are a welcome by-product of the exploration program and continue to cover the cost of our operations….which is highly unusual in this business. If we can nail down a financing package we can increase revenues and the pace of our search for the next big ore shoot….which would make these ore shipments and grades look insignificant by comparison."
The Company also reports that the current quarter ore grades have risen considerably (more than double 2013 averages) as focus has shifted to an area above the mine's 6 level in the North Raise. Year-end 2013 financial results will be reported in the Company's 10-K which is scheduled for filing with the SEC at the end of the current quarter. Detailed ore shipment records, through 2013, can be found on the Home Page of the Company's website at: www.lkagold.com
All 2013 ore shipments/sales were made to Kinross and Freeport McMoRan.
More discussion on this and related subjects can be found in the "President's Email Updates" and "President's Archive" on the Company's website at: https://lkagold.com/
About LKA's exploration program at its Golden Wonder mine
Vein material is extracted as mining crews follow the volcanic vent system along the wall of the Uncompahgre Caldera. This method of exploratory mining and underground drilling proved successful in locating the first commercial ore body which yielded more than 133,000 ounces of gold from a single ore chute measuring less than 10,000 square feet. From 1998, through the second quarter of 2006, the average grade of Golden Wonder ore was 16.01 ozs. (454 grams) gold per ton. LKA believes that additional such ore bodies may exist on its mining claims. Upon resuming exploratory operations in the first quarter of 2009, LKA has shipped twenty-nine bulk ore samples containing nearly 4,00 ounces with a net value, after processing, of over $4.3 million. Ore sales to date have funded LKA exploration program. The Company is currently evaluating financing options to expand/accelerate this program. Investors are cautioned that additional exploration is required and a commercially viable ore reserve has yet to be established.
Source: http://www.lkagold.com/