The Lucky Creek JV comprises three tenements located 200 kilometres west of Townsville in North Queensland.
Agreement has been reached with Beacon Minerals Limited who has the right to earn 80% equity in the Lucky Creek tenements by spending $850,000 within 3 years from the execution date of the JV agreement (12 January 2007). Once Beacon has earned its equity, Glengarry will be free carried until completion of a feasibility study that supports mining.
In 2007, Beacon expended approximately $350,000 on the Lucky Creek JV. Exploration carried out included geochemical sampling, reverse circulation percussion drilling and airborne geophysical surveys. Positive results were returned from a number of prospects including Steam Engine where drilling intersected up to 6 metres @ 5.5 g/t gold down plunge of previously defined mineralisation.
Beacon plan to continue exploration at Lucky Creek in 2008 with work including additional drilling and field verification of geophysical anomalies.