Lucky Identifies Multiple Gold Zones With Bulk Tonnage Potential At The Sherman Prospect
Vancouver, British Columbia, November 20, 2020 – Lucky Minerals Inc. (TSXV:LKY, OTC:LKMNF, FRA:LKY) (“Lucky” or the “Company”) is pleased to announce that it has identified an area with good potential for a large tonnage low grade type target at the Sherman Prospect. This area is characterized by 1 mm wide sheeted type quartz veins hosted in schists (up to 1.66 g/t gold), and two stockwork quartz vein zones comprised of less than 1 mm up to 3 cm wide quartz veins hosted in a meta-granite (up to 0.477 g/t gold). (See sample location map of zones below).
Lucky’s CEO, Mr. Francois Perron stated: “The discovery of three zones with bulk tonnage potential at the Sherman prospect is exciting. While still early in the exploration program, it is encouraging to discover this type of mineralization. Part of the upcoming field work will focus in this area”.
Sherman Prospect – Quartz veins in schists and stockwork quartz veins in meta-granites
The Sherman prospect was initially explored based on regional features, namely quartz veins, identified as trending northeast and northwest. The current area of interest lies at the intersection of these two regional trends. This area of Sherman lies within the intersection of quartz veins (0.20 m – 1.0 m wide) that trend northwest, and a system of quartz veins (1.0 m – 3.0 m wide) that trend northeast. It appears that within the area of vein intersections (Sherman Prospect), the meta-granites have been subjected to strong brittle fracturing, thus allowing hydrothermal fluids to migrate and deposit quartz-pyrite as narrow veins within fractures in the meta-granite.
Lucky has now received all the remaining analytical results from rock chip samples taken from the northwestern section of the Sherman Prospect (Fortuna 4 concession).
Below is a table showing the total number of rock chip samples taken at Sherman, and the gold sample results in ranges.
Table: Gold sample results in ranges
Note: 1 ppm = 1 gram
Though still early stage, Lucky is very excited about this significant area, as it may have potential for a large tonnage low grade type target. Of interest is that the rivers and creeks at the Sherman Prospect flow into the Shincata River, where alluvial gold operations have occurred for over 300 years and continue to the present day.
Sample & Assay Map Showing Location of Anomalous zones 1, 2 and 3: Sherman Prospect
Geological field work has identified three zones with significant potential for large tonnage mineralization at Sherman. Zones 1 and 2 are characterized by stockwork quartz veins (1 mm to 3 cm wide) with disseminated pyrite and iron oxides, hosted in a meta-granites (up to 0.477 g/t gold), and zone 3 is characterized by narrow quartz veins hosted in schists. At this time, macroscopic examination of the meta-granites shows no alteration.
Next Steps
Current compilation efforts will include completing the analysis of multi-element rock geochemistry and a more detailed review of the structural geology of the area explored. More detailed field work, such as mapping, and sampling is needed between zones 1 and 2. These two zones are separated by approximately 1.7 km. Zone 3 lies approximately 1.5 km southwest from zone 2. The next step will include detailed field reconnaissance, trenching and sampling. This work will help to understand and define the size of the area, the behaviour of the quartz vein stockwork and its gold content. Permitting for hand trenching is currently underway.
All rock samples were submitted to ALS Chemex laboratories in Quito for prep work, and the analytical work was completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. QA/QC protocols were in place and included the insertion of a coarse blank, a standard and a duplicate sample on every batch of 25 samples.
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.
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.
ON BEHALF OF THE BOARD
“Francois Perron”
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 Francois Perron, 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.