Lucky Outlines The Sherman Prospect - Sampling 1.6 g/t Gold at Surface
Vancouver, British Columbia, October 27, 2020 – Lucky Minerals Inc. (TSXV:LKY, OTC:LKMNF, FRA:LKY) (“Lucky” or the “Company”) is pleased to announce that field work on the southwestern section of the Fortuna 4 concession, has outlined the Sherman Prospect (“Sherman”), An area of significant quartz veining, measuring approximately 5.5 km by 4.5 km. Sherman lies approximately 6.6 km southwest of the Emma Prospect (See location map below). Results from rock chip samples confirm the alteration area has anomalous gold with samples up to 1.6 g/t gold.
Lucky’s CEO, Mr. Francois Perron stated: “The team has outlined another significant prospect at Sherman. We are still in the early days of understanding how the gold is related to a set of veins that are being uncovered. What is important is not only the scale of size, of 20 km2 but also the evidence of the presence of gold. I am very excited that our first campaign in this area has already confirmed enough potential to warrant more exploration work in the future. Our COVID-19 health & safety protocols continue to allow the team to be effective in the field. I want to thank them personally for the work they are carrying out.”
The El Garo, Emma, and Sherman Prospect Locations
Geological outcrop mapping has outlined a large area ranging from 1 millimetre up to 2 meter-wide quartz veins with fine disseminated pyrite. The 1 millimetre-wide quartz veinlets are generally hosted in schistose rocks of probable Paleozoic age, and the wider quartz veins are mostly hosted in a meta-granite of Triassic age. These quartz veins have been observed to either follow the rock foliation and/or cut across it.
Outcrop Geology Map: Sherman Prospect
Sherman Prospect: Rock chip sampling progress results
See the table below for gold analytical results (received to date) from rock chip channel and panel sampling, provided in ranges. All assays below the threshold (0.020 ppm gold) are considered background and non anomalous results. For reference 1ppm = 1 gram.
Below is an image of a typical quartz vein found at the Sherman Prospect. This vein lies within a meta-granite and trends parallel to the rock foliation.
Quartz Vein (approx. 20 cm wide): Sherman Prospect
One rock chip sample taken across a length of 1.0 m in weathered schists containing 1 millimetre-wide quartz veinlets returned 1.66 g/t gold (See image below). Though only one sample, the company is exploring the possibility these thin quartz veinlets may in greater number point to a larger target.
Weathered schistose rock outcrop (Sample 261057). A chip channel sample taken across 1.0m returned 1.66 g/t gold
Additionally, another rock chip panel sample taken approximately 8.0 m from the above sample, returned 0.102 g/t gold. See image below (Sample 261221).
Stockwork iron oxide-silica veinlets in Schists (261221)
More detailed geological field work will continue in order to examine the mineralization potential in both schists and meta-granites, particularly as they relate to both stockwork and quartz vein type mineralization.
The following is an outcrop geology map with the locations of the El Garo, Emma and the Sherman Prospects.
El Garo, the Emma, and Sherman Prospects: Outcrop Geology Map
All rock samples are submitted to ALS Chemex laboratories in Quito for prep 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.
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.
Engagement of Trading Services
Lucky Minerals Inc. has engaged the services of the Independent Trading Group (“ITG”) Inc. as its Issuer Designated Market Maker for its shares on the TSX Venture Exchange and other trading platforms. Lucky Minerals has agreed with ITG for an initial trial period of up to 90 days for $15,000 which can be extended thereafter for a cost of $5,000 per month. The engagements of ITG are subject to regulatory approval.
ITG is Canada's only brokerage firm dedicated specifically to professional trading. As Canada's foremost Market Making Firm, ITG provides Market Making and Liquidity Provider services that are objective and focused. ITG employs real traders and provides real liquidity, with an underlying emphasis on integrity and success.
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.