Lucky Field Exploration Update and Discovery of New Quartz Veins on The Fortuna Property in Ecuador
Vancouver, British Columbia, September 11, 2020 – Lucky Minerals Inc. (TSXV:LKY, OTC:LKMNF, FRA:LKY) (“Lucky” or the “Company”) is pleased to announce that a system of quartz veins have been discovered in the Fortuna 3 and 4 concessions. The Fortuna Property in its entirety comprises approximately 55,000 hectares in a well-known mineralized zone in southern Ecuador.
Lucky’s CEO, Mr. Adrian Rothwell, stated: “The identification of another target zone proximal to the El Buitre porphyry is testament to the quality of this project and represents a proof of concept on Fortuna as a potential host of epithermal gold mineralization. Congratulations to the team and a big thanks for their hard work and relentless belief in this project.
For more information on the Shincata Gold Trend, readers are encouraged to view the Company’s news release of August 18, 2020.
Fortuna 3 and 4: Reconnaissance work completed by Lucky’s team has identified two sets of quartz veins in Fortuna 3 and 4. The majority of these veins are of quartz; some contain tourmaline and others mainly quartz and iron oxides, and also fine disseminated pyrite. The widths of these veins range from 0.40 m to 2.0 m.
Image: Fortuna 3 and 4 showing quartz vein sampled location and trends
The map shows two sets of veins. One set that trends NW and the other set that trends NE. Most of these veins cut across the foliation of Paleozoic meta-sediments (schistose rocks). The significance of these two sets of quartz veins (NW & NE) is being reviewed from a structural perspective and its possible relation to the El Buitre porphyry target (Fortuna 3) and the El Garo epithermal zone.
Following are photos of these veins
Photo: Quartz Vein (Sample 261072) – Width 1.0m trending NW on Fortuna 9
Photo: Quartz vein 3m wide trending NE (Fortuna 3)
Photo: Quartz vein fragment from sample 261184 (Fortuna 3) - NE trend
Photo: Quartz vein outcrop (Fortuna 3) - Sample 261183, trend NW, 2m in width. Contains disseminated hematite and pyrite
Our field crews are in the process of taking samples from these veins for assay.
El Garo Target Update
Further to the company’s news release on September 2, 2020, the Lucky exploration team has traversed the northern area of Fortuna 1. The El Garo epithermal alteration zone was extended to an area of approximately 1.6 km x 0.8 km and remains open in all directions.
Permitting for the planned soil grid sampling program over an area of approximately 4 km x 2 km is complete and work will begin next week. The results of the soil sampling program will assist in outlining anomalous areas where hand trenching will be completed.
El Garo is characterized by vuggy silica, hydrothermal breccias with a silica matrix, jarosite, alunite and advanced argillic alteration, all typical of epithermal gold systems.
Thirteen rock specimens were sent for Terraspec analyses and returned minerals such as alunite (both Na and K types), silica, pyrophyllite, dickite and smectite. All these minerals are typical of alteration zones associated with precious metal epithermal systems. Please see the linked photos below.
Early field work appears to indicate that the volcanics in this area are mostly horizontal (flat lying) to sub horizontal. If confirmed, the El Garo epithermal target may be comprised of “stacked lithocaps” in which the more porous volcanics would be better receptors for gold mineralization.
Lithocaps are horizontal to sub horizontal blankets of residual quartz and advanced argillic alteration of hypogene origin, occurring over intrusions.
To advance exploration work in this area, Lucky has started the permitting process for initial trenching and scout drilling.
QA/QC Protocols
All rock samples are submitted to ALS Chemex laboratories in Quito for preparation work, and the analytical work is completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory.
QA/QC protocols are in place and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.
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 hectares 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, which comply with national and international safety standards, thereby guaranteeing the health and safety of the communities surrounding the Fortuna project, as well as our team on field. Lucky has commenced field work consisting of prospecting, geophysics and geochemical testing to confirm drilling targets.
Lucky Minerals will impose every action in coordination with national and provincial authorities. The company will have 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 will be housed in separate and private accommodations and will not have opportunity to share in 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.