Lovitt Resources Inc.
LRCFF
Other OTC0.02
USD
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Lovitt Resources Inc.
LRCFF
(Other OTC)
Recent
price
0.02
P/E
ratio
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div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Lovitt Resources Inc. (TSX Venture: LRC.H; OTC: LRCFF) focuses on the acquisition, exploration, and development of gold and silver mineral properties in North America. The Vancouver-based company, founded in 1980 and headquartered at 1942 167 Street, Surrey, British Columbia, Canada, operates primarily through its wholly owned subsidiary Lovitt Mining Corporation, Inc. (Lovitt Mining), a Washington State entity incorporated in 1949 that also owns subsidiary Gold King Inc.; Lovitt Mining holds substantial assets in Wenatchee, Washington, including over 250 acres of fee simple real estate, mineral rights to more than 670 acres, water rights, extensive historical gold and silver mine workings with engineered maps and drawings, and a comprehensive Wenatchee Gold Belt database. Core assets encompass the historic Lovitt Gold Mine, which produced over 410,000 ounces of gold and 625,000 ounces of silver from 1950 to 1966 at a gold equivalent grade of 14.3 grams per tonne, adjacent to the Cannon Mine that yielded 1.1 million ounces of gold and 1.6 million ounces of silver; additional properties include the 270-acre Squilchuck Valley site and 550 acres of mineral rights near Wenatchee city limits, with revenue potential from surface gravel, clay, and gold ore sales; the company maintains an extensive exploration database from prior operators such as Teck Corporation, Cyprus-Anvil, and Asamera Minerals (US) Inc., supporting planned deep diamond drilling below known workings. Lovitt Resources finances operations partly through land sales across its U.S. and Canadian geographic segments and targets expansion along the seven-mile Wenatchee Gold Belt trend, which features significant historical gold showings open at both ends. Recent developments include earnings reports for periods ended March 31, 2023, and December 31, 2022, alongside a 2022 funding receipt of CAD 0.226 million from Scientific Industrial Systems, Inc., and ongoing strategic focus on initiating deep diamond drill programs to test for additional gold resources. The company benefits from proximity to infrastructure, including a main east-west rail hub within two miles, skilled labor, local power, roads, and high-tech surveillance on private land.