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Lucky Minerals Inc
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Close 2018-10-16 C$ 0.135
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Lucky Minerals finds two porphyry systems at Fortuna

2018-10-16 06:56 ET - News Release

Mr. John Mears reports


Lucky Minerals Inc. has released the results of a geological reconnaissance mapping survey conducted on its Fortuna project located approximately 60 kilometres southeast of town of Cuenca, Ecuador. Prospecting and mapping were undertaken based on prior structural and enhanced alteration mapping studies using satellite imagery which were conducted in May/June, 2018. Results from these studies led to the identification of four high prospectivity areas (A to D) covering eight kilometres in the Fortuna 3 concession.

Subsequent prospecting and mapping of area A (two km) resulted in the discovery of two porphyry systems with approximate dimensions of 1.2 km on strike by 300 m wide. A plurikilometric oxidation blanket composed of silica, limonite, jarosite and hematite surrounds the two porphyry systems.

Preliminary assessment of these two porphyry systems using major elements calculations is confirming field observations with an extensive potassic signature enrichment including an outer shell of pyrite mineralization typical of phyllic alteration that has been traced for more than 300 m. Lucky's exploration team believes that these two porphyry systems may in fact form one single doughnut-shaped body measuring approximately two km in diameter.

Saw sampling over the area outlined quartz monzonite rocks with pyrite and oxidized pyrite being the dominant sulphide mineral along with minor chalcopyrite, chalcosine, molybdenite and malachite (oxide). One hundred seventy-six samples were sent to MS Analytical laboratory including 15 control samples for major oxides and ICP (inductively coupled plasma) multielement assays; multielement results are pending.

Next steps

Lucky's immediate next steps to advance exploration on the property will be an airborne magnetics combined with radiometry survey with 3-D inversion, improving the existing dirt road and trails to an all-weather 14 km gravel road, to be followed by an aggressive grid-style comprehensive sampling program along the two identified porphyry systems on Fortuna 3 as well as regional prospecting on the 40 km major regional north-northeast structure and other major regional north-northeast-trending structures observed on the property. This may be followed by a drilling program in 2019. Fortuna 3 is one of 12 contiguous concessions which make up the Fortuna property which has seen virtually no exploration and where considerable potential exists for finding significant porphyry and epithermal Cu-Au mineralization. It should be noted that no fieldwork has been undertaken yet by Lucky and limited historical work was performed on the remaining 11 Fortuna concessions.

Quality control

Rock samples on the project were assayed by standard 30-gram fire assaying with atomic absorption finish for gold, four-acid ICP-OES (inductively coupled plasma optical emission spectroscopy) for multielements (including Cu and Mo) and XRF (X-ray fluorescence) for major elements (oxides) at MS Analytical in Vancouver, B.C. Exploration program design and interpretation of results are 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 10 samples.

Lucky is very pleased by the results of this summer 2018 reconnaissance exploration program and will continue to characterize in more details the two identified porphyry systems and aggressively exploring and prospecting other targets on Fortuna 3 as well as on the 11 remaining concessions of its Fortuna project.

About Lucky Minerals Inc.

Lucky Minerals is 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-per-cent interest in Fortuna, a 550-square-kilometre 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 -- breccias, geochemical anomalies and placer mining -- supports potential for Cu/Au porphyry systems and epithermal Au deposits similar to numerous multimillion-ounce Au and bulk-tonnage Cu deposits about 40 km away.

The Emigrant Creek project covers a 15-square-kilometre area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana.

Nine highly mineralized breccia pipes and two porphyry targets are known to exist within the company's claims and have been variously explored by drilling, induced polarization geophysical surveys, rock chip sampling, and geologic and alteration mapping.

This press release has been prepared by Alain Moreau, PGeo, vice-president, exploration, at Lucky Minerals, a qualified person as defined by National Instrument 43-101 instrument.

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