Lucky Minerals Fortuna 3 Concession, Ecuador Exploration Update – El Buitre Target
Lucky Minerals Fortuna 3 Concession, Ecuador Exploration Update – El Buitre Target
Vancouver, BC January 8, 2019 Lucky Minerals Inc. (TSX.V: LKY) (OTCPK: LKMNF) (FRA: LKY) (“Lucky” or the "Company") is pleased to announce further results of an on-going geological mapping survey conducted on its Fortuna Project (the “Project”) located approximately 60 km south-east of the Town of Cuenca, Ecuador.
48 assay results have been received from the November field survey. Assays of less than 50 ppm up to 0.075% Cu (750 ppm), less than 50 ppm up to 0.03% Mo (300 ppm) and 0.01 g/t Au up to 1.21 g/t Au have been reported. Anomalous gold values from 0 of up to 130 ppb have been also reported in the breccias within the Porphyry.
Surface prospecting undertaken in early December has located what management believe is a mineralized Porphyry system that displays an ovoid shape being 1.3 km long with an estimated width of 1 km; approximately 90% of the Porphyry signature has been mapped to date. This structure is trending north-west and lies on the junction of two regional NNE and NW structures.
During this most recent campaign, B veinlets varying between 1mm to 3mm have been widely observed in the Porphyry as well as major stockworks. The widespread presence of B veins, including some cross-cutting D veins, stockworks and numerous Mo showings indicate that we are on top of the Porphyry system and getting closer to the core of mineralization. It should be noted that no A veins have been encountered yet.
Lucky’s exploration team believes that this current mapping program has identified a large-scale Porphyry system that will be subjected to detailed and ongoing field follow-up in the coming weeks.
50 mineralized samples from the above referenced B veins have been sent for assaying; results are pending.
QUALITY CONTROL
Rock samples on the Project were assayed by ALS in Lima with preparation performed in Quito. Samples were pulverized with 85% being under 75 microns and assayed by XRF and ICP techniques for multi-elements (four acid digestion) and major oxides. Gold was assayed using a 30g fire assay with AA finish.
Exploration program design and interpretation of results is performed by a Qualified person (QP) employing a Quality Assurance/Quality Control program consistent with industry best practices including the use of standards at every 20 samples.
NEXT STEPS
Starting early 2019, finalization of the current mapping program will be undertaken along with an airborne geophysical survey. Improvement of the existing dirt road and trails to an all-weather 14 km gravel road will be undertaken upon social approval. Aggressive grid-style sampling will continue on Fortuna 3 as well as regional prospecting on the 40 km major regional NNE structure. Other major regional NNE trending structures observed on the property will also be mapped and sampled.
This may be followed by a drilling program later in 2019. Fortuna 3 is one of 12 contiguous concessions which make up the Fortuna Property. Virtually no exploration has been done on these highly prospective concessions. Considerable potential exists for finding significant porphyry and epithermal Cu-Au mineralization throughout the Fortuna concessions.
“Lucky Minerals is very pleased by the results of this ongoing reconnaissance exploration program and we will continue to characterize in more details the identified porphyry system. We are excited to aggressively explore and prospect other targets on Fortuna 3 as well as on the 11 remaining concessions”, says CEO John Mears.
About Lucky
An exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits.
The Fortuna Project
Lucky Minerals holds a 100% interest in Fortuna, a 550 km2 property in the heart of a proven and highly mineralized mineral district in Ecuador but which has seen only limited exploration and has never been drilled.
Evidence of significant hydrothermal alteration, stockwork, breccias, geochemical anomalies and placer mining supports potential for Cu/Au porphyry systems and epithermal Au deposits similar to numerous multi-million-ounce Au and bulk tonnage Cu deposits ~40km away.
This press release has been prepared by Alain Moreau, P.Geo., VP-Exploration at Lucky Minerals Inc., a “qualified person” as defined by NI 43-101 instrument. For further information, please consult Lucky’s website or contact: Tel: 866 924- 6484, [email protected] www.luckyminerals.com.
ON BEHALF OF THE BOARD John Mears
Chief Executive Officer
Further information regarding the Company can be found on SEDAR at www.SEDAR.com.
Neither 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. This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Lucky’s periodic reports including the annual report or in the filings made by Lucky from time to time with securities regulatory authorities. We seek safe harbor.