Junior roundup: Lumina, Inca, GoldQuest

Vancouver-based Lumina Gold entered into a non-binding letter of intent for an earn-in agreement with First Quantum Minerals on its Orquideas and Cascas concessions in Ecuador, according to a statement.

The agreement is based on a minimum commitment of US$1.5mn in year one and would allow First Quantum to earn 51% ownership in the properties if they choose to continue funding and payments totaling an additional US$37mn over five years.

The agreement is expected to be formalized by the end of the year.

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Peru-focused Inca Minerals plans to raise up to Aus$3.45mn (US$2.64mn) through a non-renounceable rights issue, said a press release.

The proceeds will be used to fund exploration at its Cerro Rayas and Riqueza zinc-silver-lead properties in Peru and for working capital.

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Vancouver-based GoldQuest Mining reported assay results from the latest drill hole and the lower part of a previous drill hole at its Cachimbo discovery in the Dominican Republic, with highlights including 26.6m grading 4.2g/t gold equivalent.

Step out drilling is ongoing, seeking a potential sub-seafloor copper-gold rich feeder system, analogous to the core of the company's Romero deposit, it said in a statement.