LUCKY MINERALS FORTUNA 3 CONCESSION, ECUADOR EXPLORATION UPDATE - EL BUITRE TARGET
Lucky Minerals Inc. has released further results of a continuing geological mapping survey conducted on its Fortuna project, located approximately 60 kilometres southeast of the town of Cuenca, Ecuador.
Forty-eight assay results have been received from the November field survey. Assays of less than 50 parts per million up to 0.075 per cent (750 parts per million) copper, less than 50 parts per million up to 0.03 per cent (300 parts per million) molybdenum and 0.01 gram per tonne gold up to 1.21 grams per tonne have been reported. Anomalous gold values from zero up to 130 parts per billion 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 kilometres long with an estimated width of one kilometre; approximately 90 per cent of the porphyry signature has been mapped to date. This structure is trending northwest and lies on the junction of two regional north-northeast and northwest structures.
During this most recent campaign, B veinlets varying between one millimetre to three millimetres have been widely observed in the porphyry as well as major stockworks. The widespread presence of B veins, including some crosscutting D veins, stockworks and numerous molybdenum showings, indicates that the company 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 continuing field follow-up in the coming weeks. Fifty mineralized samples from the aforementioned B veins have been sent for assaying; results are pending.
Rock samples on the project were assayed by ALS in Lima with preparation performed in Quito. Samples were pulverized with 85 per cent being under 75 microns and assayed by XRF (X-ray fluorescence) and ICP (inductively coupled plasma) techniques for multielements (four-acid digestion) and major oxides. Gold was assayed using a 30-gram fire assay with AA finish.
Exploration program design and interpretation of results are performed by a qualified person employing a quality assurance/quality control program consistent with industry best practices, including the use of standards at every 20 samples.
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-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.
"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," said John Mears, chief executive officer.
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, stockwork, 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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