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lka gold inc (LKAI) Key Developments

LKA Gold Incorporated to Release Initial Results of Underground Drilling Program

LKA Gold Incorporated reported it will announced the initial results of the current underground drilling program being conducted at the company's olden Wonder mine next Tuesday, January 20, 2015. Vein material is extracted as 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 cubic 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. The company believes that additional such ore chutes may exist on its mining claims. Upon resuming exploratory operations in the first quarter of 2009, LKA has extracted and/or shipped (sold) twenty-nine bulk samples of crushed vein material containing nearly 4,400 ounces of gold with a net value, after processing, of over $5 million. The company continues to seek and evaluate financing options to expand/accelerate this program. Investors are cautioned that the company continues to generate substantial losses and additional funding and exploration work is required. A commercially viable ore reserve has yet to be established and there can be no guarantee that the company will be successful in this regard.

LKA Gold Incorporated Plans to Commence Underground Drilling to Test Targets Revealed by High-Resolution Mapping

LKA Gold Incorporated reported that it recently engaged San Juan Drilling of Montrose, CO, to commence drilling from the 6th level of the Golden Wonder to test potential, close-in, high-grade targets adjacent to the current exploration areas. Drilling will also probe for extensions of the Golden Wonder vein structure(s) several hundred feet beyond the current working area. Following the high-resolution mapping of the mine's exploration and historic production zones, it is anticipated that this new underground drilling program will provide a much clearer understanding of this unique gold deposit.

LKA Gold Incorporated Initiates High Resolution Mapping of Underground Workings at Golden Wonder Mine

LKA Gold Incorporated reports that it recently engaged Maptek of Denver Colorado to conduct a detailed, 3-D map/model of the company's Golden Wonder mine using its proprietary laser scanning technology, I-Site. Once completed, a high-resolution view will emerge showing the previously extracted vein structures within the mine and their relationship to the surface and previous production zone.an ore shoot which produced more than 135,000 ounces of gold at an average ore grade of 16 ounces gold per ton. On the date of this release, Maptek engineers have completed the initial underground survey and expect to integrate the results, with surface mapping and intuitive software for delivery to LKA in the next 30 days.

LKA Gold Reports Substantial Increase in Grade and Ounces Derived from Exploration Program During First Half of 2014

LKA Gold Incorporated reported that during the first half of 2014, the company's exploratory mining program yielded approximately 774 ounces of gold from 329 tons of gold enriched vein material. This represents an increase of 1.24 ounces in average grade (ounces of gold per ton) and a 281 ounce increase (57%) over the same period last year. Approximately 56% of this material has been shipped and sold. The remaining material will be sold during the current quarter. Final values of stockpiled vein material (grade and ounces) may, and usually does, vary upon actual settlement.

LKA Gold Incorporated announced delayed 10-Q filing

On 05/15/2014, LKA Gold Incorporated announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

 

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