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Lucky Minerals Inc
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Close 2018-11-26 C$ 0.125
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Lucky Minerals finds mineralized porphyry at Fortuna

2018-11-27 09:13 ET - News Release

Mr. John Mears reports


Lucky Minerals Inc. has released the results of a continuing geological mapping survey conducted on its Fortuna project located approximately 60 kilometres southeast of the town of Cuenca, Ecuador.

Surface prospecting has defined a mineralized porphyry system that displays an ovoid shape being 1.2 kilometres long, with an estimated width of 800 metres. This structure is trending northwest and lies on the junction of two regional north-northeast and northwest structures. Main lithologies are a porphyritic dacite surrounded by a coarse-grained granodiorite. The porphyritic dacite is of light green colour, having 5 per cent phenocrysts within a fine feldspar matrix. The granodiorite is of white-green colour containing 30 per cent white quartz crystals, 45 per cent potassic feldspar and 25 per cent biotite. Both rocks exhibit strong hydrothermal alteration and mineralization (pyrite, chalcopyrite and molybdenite).

In addition, two mineralized hydrothermal breccias were also mapped with abundant pyrite. The breccia consists in porphyritic clasts within an oxidized matrix. These breccias have, respectively, minimum dimensions of 400 metres by 50 metres and 200 metres by 50 metres. Lucky's exploration team believes that this current mapping program has defined a large-scale porphyry system that will subject to detailed mapping in the coming weeks. Fifty mineralized samples have been sent rush for assaying.

Next steps

Starting early 2019, an airborne geophysical survey will be undertaken. Improvement of the existing dirt road and trails to an all-weather 14-kilometre 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-kilometre major regional north-northeast structure. Other major regional north-northeast-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 copper-gold mineralization throughout the Fortuna concessions.

"Our field teams have been doing an incredible amount of high-quality effort to progress the Fortuna 3 concession. The initial indications are extremely positive and we couldn't be more pleased. We will continue to move forward with aggressive sampling and mapping for the remainder of the year," said John Mears, chief executive officer of Lucky.

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 and breccias, geochemical anomalies, and placer mining supports potential for copper/gold porphyry systems and epithermal gold deposits similar to numerous multimillion-ounce gold and bulk-tonnage copper deposits approximately 40 kilometres away.

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.

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