South African project Canadian miner Lupaka Gold has secured $12.5 million to invest in its Invicta gold and copper project in Peru.
Will Ansley, the president and CEO of Lupaka, said that his company is "well funded to deliver on its objectives of advancing the Invicta Gold Development Project towards potential production in the second half of 2018."
Lupaka says the company’s Invicta project is an advanced stage gold-copper polymetallic underground deposit, located approximately 120 kilometres north of Peru’s capital Lima. More than $15 million has been spent by the asset’s previous owners on development and infrastructure at Invicta. Lupaka’s management expects to commence potential production by using third-party mining contractors and utilizing the adit and existing workings, according to the company.
Lupaka says that a preliminary economic assessment (PEA) is on track for completion in the first quarter of this year.