The Lucky Fortune magnetite skarn occurrence is situated west of Lakelse Lake, approximately 12.5 kilometres south of Terrace, B.C.

Paleozoic sediments consisting of limestone, quartzite, and shale are intruded by diorite and later granodiorite of the Cretaceous to Tertiary Coast Plutonic Complex. The sediments are altered to skarn composed of epidote and garnet with disseminated and patchy chalcopyrite, molybdenite and magnetite.

The skarn deposit is part of a package being re-evaluated by Durango Resources Inc. along with the HAL skarn occurrence (103I 192) and the MAYNER'S FORTUNE limestone deposits (102I 113) (Durango Resources Inc. PR June 3, July 24 2019). Mapping conducted in the LUCKY FORTUNE area showed that porphyritic diorite intrusions intrude roughly parallel to the limestone bedding, with a strike of 355-360°. Several gabbroic intrusions were identified cross-cutting the limestone unit in several places. These dykes were observed to be 5 to 15 metres in thickness, inferred to be up to 25-30 metres in some locations.