The Lady Luck occurrence is located 9.5 kilometres southwest of Terrace, 4.5 kilometres west of Lakelse Lake.
Paleozoic sediments and volcanics are intruded by diorite, which has been intruded by a northwest trending granodiorite stock and related dikes. The intrusive rocks are part of the Cretaceous to Tertiary Coast Plutonic Complex. The volcanic rocks consist of greenstones and the sediments are largely coarsely recrystallized limestone and thin bedded impure quartzites with intercalated graphitic shale and argillaceous limestone. Locally, the limy sediments are altered to skarn composed of epidote and garnet with lesser amounts of calcite and magnetite. Disseminations and patches of pyrite, sphalerite, chalcopyrite and molybdenite occur in several of the skarn zones.
The main mineralized zone measures 490 by 30 metres and trends northwest near the granodiorite contact. A smaller parallel zone, 260 metres to the northeast, yielded assays of 0.55 per cent copper, 22.0 per cent zinc, 0.01 per cent molybdenum and 21 grams per tonne silver (Assessment Report 4978). Average assays of a trench in the south part of the main zone yielded 0.32 per cent copper, 0.80 per cent zinc and 0.29 per cent molybdenum over 29 metres, and drill intersections in the north part of the zone returned values up to 0.87 per cent copper, 0.043 per cent molybdenite and 6.2 grams per tonne silver over 1.5 metres (Assessment Report 4978).
The property was prospected and staked in the late 1950s by Ken Mayner who discovered that the skarn zones contained magnetite, copper and zinc sulphides, and molybdenite.
In early 1965-66, some unrecorded work took place on the property. In 1967, Cree Lake Mining Ltd. undertook photogeological surveys, soil sampling, magnetometer surveys, geological mapping, trenching and drilling. Further work was recommended based on favourable results.
In 1970, Nittetsu Mining Company acquired an interest in the property and completed detailed investigations of the area. This included a magnetometer survey, geologic mapping and approximately 914 metres of drilling in six holes. The drill core from this operation was shipped to Japan. In 1971, Hanna Mining Company Ltd. completed geological mapping, soil sampling, magnetometer surveying and topographic surveying. Their findings did not warrant further work at this time.
Through the late 1970s to the early 1990s, Ken Manyer and W.H. McRae continued to hold and work on the property. In this period, the property was reviewed by various exploration companies and their geologists. In 1989, Burton Consulting Ltd. was hired to assess the property. D.F. Symonds reviewed the property and recommended further work due to the notion that the earlier exploration focused on base metals and few if any samples were analysed for gold or silver. He also related that areas outside the sulphide-bearing skarn zones should be explored as the parent rock may also have significant mineralization.
In 2006, W.H. McRae conducted prospecting and clearing of an old helicopter landing pad on the Lady Luck property.
