Lupaka Gold (LPK.V) has announced Gordon Ellis replaced Eric Edwards as CEO of the company, but Edwards will remain a director of Lupaka Gold. Meanwhile, the company also announced the results of the Run of Mine bulk test. As you might remember, Lupaka had excavated in excess of 300 tonnes from the Invicta underground mine to be processed at a toll mill for testing purposes.
The total recoveries were pretty good as almost 84% of the gold was recovered as well as almost 96% of the gold. The average grade of the copper concentrate (28.8% copper, 88 g/t gold and in excess of one kilo of silver per tonne of concentrate) was pretty good, but these results even improved after an attempt to optimize the recovery process. Lupaka tested its optimization techniques on a batch of 110 tonnes and its copper concentrate had an average grade of in excess of 30% copper, almost 4 ounces of gold and in excess of 35 ounces per tonne of concentrate and that’s excellent.
It’s very important to emphasize this copper concentrate (which will be the main concentrate coming from the Invicta mine) is really good as the industry average has a copper grade of ‘just’ 28% copper. As the gold and silver grades are also pretty high, it sure looks like the Invicta concentrate is a very saleable concentrate and this could be appealing to several metals traders.
Disclosure: The author holds a long position in Lupaka Gold. Lupaka is a sponsor of the website. Please see our disclaimer for current positions.