Lucro gains option on Motherlode

In return for 500,000 of its shares, Lucro Capital (ASE) is acquiring High River Gold’s (TSE) option to earn up to a 51% interest in the former-producing Motherlode copper-gold property, near Greenwood, B.C.

Lucro can initially earn a 25% interest from property owner YGC Resources (VSE) by spending $200,000 on exploration by year-end, and an additional 25% interest by spending $300,000 by the end of 1997. It can acquire a further 1% interest at any time by paying $50,000.

While past exploration was directed toward copper deposits, recent skarn-type gold discoveries in the area have prompted YGC to reassess the property. It intends to perform geophysical follow-up work on targets before summer, when drilling is scheduled.