Lucky Minerals Begins Field Exploration Program On Fortuna, Ecuador
Vancouver, British Columbia, August 18, 2020 – Lucky Minerals Inc. (TSXV:LKY, OTC:LKMNF, FRA:LKY) (“Lucky” or the “Company”) is pleased to announce it has recommenced field exploration work on its 100% owned Fortuna Property. Fortuna comprises approximately 55,000 hectares in a known mineralized zone in southern Ecuador.
Lucky’s CEO, Mr Adrian Rothwell stated: “Lucky Minerals is excited to commence field exploration on the Fortuna Project and, in particular, on the newly defined Shincata Gold Trend on the property. The Company expects this initial program to be for a three-month period, and critical to defining drill targets.”
The Shincata Epithermal Gold Trend
The exploration program for the next three months will focus on a northeast trending Miocene volcanic belt known as “The Shincata Gold Trend” that is host to the El Mozo epithermal gold deposit and includes several anomalous areas through the Fortuna 1, 4, 5, 8, 9 and 10 concessions. This trend extends for approximately 22 kilometres from Fortuna 10 in the SW to Fortuna 1 in the NE. See the map linked below.
Three exploration crews have started reconnaissance field geological work to assess known areas with the highest potential for the occurrence of gold mineralization, and into areas that have never previously been explored by the Company.
One crew has been deployed to the northern area of Fortuna 1, where a large gossanous area of hematite and jarosite has been identified by satellite imagery.
The second crew has been deployed to the Fortuna 4 concession where anomalous gold in stream sediments and rock chips has been outlined from previous field work. Each field crew consists of a senior geologist, a junior geologist and a field assistant.
The third field crew consists of an experienced prospector and a field assistant. This crew will traverse into the central area of Fortuna 1 concession. Other work will include prospecting along the deeper incised creeks in the Fortuna 8, 9 and 10 concessions, and examining some quartz veins up to 1.50 meters true width previously identified in early 2018. This later work will be focused on the Fortuna 4 and 5 concessions and target epithermal and intrusive gold type targets
The Company’s geological team is led by Mr. Victor Jaramillo, M.Sc.A., P.Geo., Exploration Manager for Lucky Minerals.
Image: Shincata Epithermal Gold Trend with location of El Garo area in Fortuna 1 and the south Fortuna 10 anomalies. El Mozo epithermal deposit shown just south of Fortuna 10. Also is the location of the El Buitre porphyry target area.
El Garo Target
Exploration crews have discovered in the Fortuna 1 concession a large alteration area (called El Garo) measuring approximately 1.2 km long by approximately 600 meters wide, this area remains open in all directions. It is characterized by vuggy silica, hydrothermal breccias with a silica matrix, jarosite and also alunite impregnations all typical of epithermal gold systems.
Lucky Exploration Manager, Victor Jaramillo, P.Geo., stated “The discovery of a large area of altered volcanics in the “El Garo” area (Fortuna 1), with quartz veinlets, hydrothermal breccias, areas of clay alteration, strong silicification, jarosite, hypogene alunite and vuggy silica, are all good indications of a precious metal epithermal type system never before recognized in this area. With only a few days of field work completed, we are excited to continue mapping and extending the area, including doing Terraspec analysis to determine alteration minerals and extend rock sampling throughout the area”.
Image: Hand specimen from El Garo area of a hydrothermal volcanic breccia (Fortuna 1). It is silicified, with silica flooding in the matrix and alunite impregnations.
Image: El Garo Area outcrop of vuggy silica and boxwork type cavities with limonite and alunite in Fortuna 1.
South Fortuna 10 Soils
Other work will include a grid soil sampling program on the southernmost area of the Fortuna 10 concession. This area lies approximately 1.5 kms north of the El Mozo epithermal gold deposit, and field mapping has identified a 3.8 km x 1.8 km area of residual soils and scattered fragments of silica vein float. Rock grab samples have returned anomalous geochemical results for silver, arsenic, antimony, barium and bismuth. These are typical pathfinder elements generally associated to epithermal gold mineralization at depth and will be followed up with the grid soils and geophysical testing.
Image showing area of residual soils in the Fortuna 10 concession. Approximately 1.5 kms South is the El Mozo Gold Deposit.
Image showing soil grid lines (green) in Fortuna 10
Work on Fortuna 8, 9, and 10
During February 15th to March 15th, Lucky Minerals’ geological staff completed an initial phase of field reconnaissance work on the Fortuna 8, 9, and 10 concessions, along the northeast trending Shincata Epithermal Gold Belt.
Image: Geochem (Stream Sediments) on Fortuna 2, 3, and 6 and 11, also showing El Garo and El Mozo. Compilation of work 2007-2019.
In the above image to the left, a cluster of anomalous gold in stream sediment samples is shown. This area will require follow-up work to explore for the source of the gold.
The open area between the Fortuna 4 and 9 concessions lies along the drainage of the Shincata River which has seen extensive alluvial gold mining. This river originates from the Fortuna 1, 3 and 4 concessions. This river follows a NE structural trend that is parallel to the Miocene volcanic belt that hosts El Mozo gold deposit.
About Lucky
Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna and Emigrant Projects.
The Company’s Fortuna Project is a royalty-free 550 km2 (55,000 Ha, or 136,000 Acres) exploration concession. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador. Lucky has a memorandum of understanding on Fortuna with First Quantum Minerals Ltd. (“First Quantum”) whereby First Quantum is able to earn up to 70% of copper targets.
The Emigrant Creek Project covers a 15 km2 area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana.
Covid-19 Safety Protocols
After a country wide two-month shutdown due to the COVID-19 pandemic. The government approved new health and safety protocols for the transportation of workers to and from mine sites.
The company has presented all the necessary protocols required by the national government for the restart of activities and has imposed every action in coordination with national and provincial authorities. These protocols comply with national and international safety standards which were adopted to protect the health and safety of the communities surrounding the Fortuna project, as well as our team working in the field. Lucky has commenced field work consisting of prospecting, geophysics and geochemical testing to confirm drilling targets.
Lucky Minerals has strict rules in place for all workers arriving to and from field sites. All personnel will be tested upon arriving and leaving and be tested every two weeks. All personnel are housed in separate and private accommodations and are isolated from the community. There are no more than three workers per vehicle.
Qualified Person:
Victor Jaramillo, M.Sc.A., P.Geo., Lucky’s Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.
ON BEHALF OF THE BOARD
“Adrian Rothwell”
Chief Executive Officer
Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedar.com, or by contacting Adrian Rothwell, President and CEO, by email at [email protected] or by telephone at (866) 924 6484.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.