Sample assays over the footwall vein on the 3,400 level averaged 9.86g/t gold equivalent over 130m with an average width of 6.1m.

"These results demonstrate the high-grade, continuous nature of the mineralised system at Invicta and help validate the expected grade in our mine plan from the 3,400 level," president and CEO Will Ansley said.

The company's preliminary economic assessment for the project was released earlier this month and outlined a US$4.3 million pre-production capex with payback within a year, an initial six-year mine life producing an annual 33,700oz AuEq during steady state, at an all-in sustaining cost of $575/oz AuEq.

The PEA focused on the viability of mining the Atenea vein close to the existing 3,400 level adit, using a sub-level longhole open stoping mining method and toll treatment processing.

It also updated the indicated resource to 3 million tonnes at 5.78g/t AuEq and an inferred 0.6Mt at 5.29g/t AuEq.

The company announced last month it had the funds to take Invicta into production.

Lupaka shares lost half a cent on Friday to C23c but are up 39.39% year-to-date, capitalising it at $26.5 million.