Luk Project

About this Project

Buchans owns 100% interest in the Luk Project, located 8 km southwest of Vale’s Voisey’s Bay nickel-copper-cobalt mine and is surrounded by the Voisey’s Bay mine property.

Buchans’ Luk property encompasses gabbros of the Pants Lake Gabbro Complex, which contains host rocks with alteration and nickel mineralization styles consistent with high nickel prospectivity.  There are clear similarities between the geology, setting, age, petrology, and geochemistry of the Pants Lake Gabbro Complex underlying Buchans’ Luk property which are analogous mafic rocks of the Voisey’s Bay mine area deposits.

In March 2023, Vale announced an update on its Voisey’s Bay mine indicating recent exploration success had resulted in their dramatically increasing exploration spending to include in excess of 300,000 m of near mine exploration drilling per year at Voisey’s Bay over the next 5 years. Vale cited favourable drilling results obtained at their Reid Brook Extension zone in 2022 that include a mineralized intercept assaying 2.79% Ni and 1.31% Cu over 92.6 m core length.

Buchans plans to review available historic exploration data on the Luk property prior to determining a strategy to advance this prospective nickel-copper-cobalt property.