14:06:34 EST Wed 19 Feb 2020
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Lucky Minerals Inc
Symbol LKY
Shares Issued 119,191,415
Close 2019-04-03 C$ 0.095
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Lucky Minerals renews Fortuna land package

2019-04-03 14:53 ET - News Release

Mr. Robert Rosner reports


Lucky Minerals Inc. has renewed its full 550-square-kilometre, 12-concession Fortuna project in Ecuador. The concessions are located within the fertile Jurassic tract, which in turn is situated along a major porphyry copper trend established by the U.S. Geological Survey and on one of the four suture zones of Ecuador.

Mapping and surface sampling conducted to date on the recently discovered El Buitre porphyry system, located in the central cordillera, which is contained within the Fortuna 3 concession, about 40 kilometres west of the Fruta del Norte deposit, have been finalized with 316 channel samples assayed so far, including 26 standards. Additional assays on 635 samples are pending. Fortuna 3 is one of 12 contiguous concessions that make up the Fortuna project.

The company reports that certain directors and officers advanced funds in the aggregate amount of $267,000 by way of interim loan agreements in order to ensure the timely payment of Ecuadorean taxes due on the aforementioned Fortuna project concessions. The loans are unsecured, 30-day demand instruments that carry an interest rate of 12 per cent per year. The funds were provided to the company while the board of directors continues to discuss and evaluate continuing financing opportunities to finance future exploration objectives. The directors and officers who advanced funds by way of loan agreements are as follows: Joao Carrelo ($102,000); Robert Rosner ($90,000); Alain Moreau ($50,000); and Francois Perron ($25,000).

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 NI 43-101 instrument.

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