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Lucky Minerals Inc
Symbol LKY
Shares Issued 190,507,669
Close 2020-03-09 C$ 0.02
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Lucky Minerals sends exploration crew to Fortuna

2020-03-11 09:14 ET - News Release

Mr. Adrian Rothwell reports

LUCKY ANNOUNCES START OF EXPLORATION WORK ON FORTUNA

Lucky Minerals Inc. has deployed exploration teams at the 100-per-cent-owned Fortuna project, located in southern Ecuador. The company's geological team is led by Victor Jaramillo, master of science, applied, professional geoscientist, exploration manager for Lucky Minerals.

The Fortuna project has potential to host three significant types of gold mineralization -- epithermal, orogenic and placer gold -- as well as copper-gold porphyry systems coincident with 12 known volcanic centres on the property. This latter style of mineralization includes the El Buitre discovery made by the company in 2018. The El Buitre porphyry target on Fortuna 3 is known to host favourable copper-gold mineralization and is a likely target under the company's memorandum of understanding with First Quantum Minerals Ltd.

Lucky's crew is focused on gold discovery on Fortuna and consists of two senior and two junior geologists. Primary objectives are follow-up work of anomalous areas and reconnaissance on the Fortuna 8, 9 and 10 concessions in the northwest and the Fortuna 11 and 12 concessions in the southern region of the concession area, located in the provinces of Zamora Chinchipe and Azuay. This work is concurrent with work being completed by First Quantum Minerals.

Lucky chief executive officer Adrian Rothwell stated: "To date, geological fieldwork has identified several possible volcanic-hosted epithermal-type gold targets in the northwestern section on the Fortuna 8, 9 and 10 concessions. Subject to the success of this program, we look forward to conducting ground IP/resistivity geophysical surveys and soil sampling in order to define potential drill targets this year. Other priority exploration work now under way is to confirm the occurrence of orogenic-type gold mineralization along a metamorphosed Paleozoic belt known in Ecuador as the Cordillera Real (Fortuna 11 and 12 concessions)."

Highlights

Teams have been deployed to assess known areas with the highest potential for the occurrence of gold mineralization and into areas that have never previously been explored by the company. Work will include surface geological mapping and sampling. This work will focus on mapping areas of alteration and taking rock samples. The objective being, to locate the source of the recently observed gold mineralization in the Shincata River regions, to review known areas with anomalous gold and define new areas. This work will define areas for follow-up ground geophysics, trenching and ultimately drill targets.

The property spans the contact between Paleozoic and Mesozoic basement rocks to the east and Tertiary volcanics to the west of the Fortuna concessions. Northeast-trending and structurally controlled (fault bound) geological belts are found within the concessions.

The westernmost belt comprises Tertiary volcanics and has potential for hosting epithermal gold mineralization (Fortuna 8, 9 and 10). The middle belt is mainly of Triassic-age rocks and appears to have been pierced by Miocene-age intrusions and volcanics. Within this belt (Fortuna 3), the El Buitre porphyry target is located.

The Fortuna 2, 6, 7, 11 and 12 concessions lie within a belt of mainly Paleozoic rocks. It has good potential to host orogenic-type gold mineralization, as that found in similar type and age rocks in Peru.

Property geology

Two major geological features stand out. The El Buitre porphyry and breccia zone (Fortuna 3), which consists of a phyllic altered stockwork and breccia zone with anomalous copper, gold and molybdenum. To the west and northwest lies an area of volcanic altered rocks (silica-clay-alunite-jarosite) with areas of quartz stockwork veinlets, including vuggy, colloform and banded quartz textures. This area is anomalous in gold and hosts potential for outlining epithermal precious metal mineralization, of the type found at the El Mozo gold deposit just south of Fortuna 10. Also, historical gold placer mining to the south and west on the property are good indicators for locating the source of this gold mineralization.

It is within these potential gold-bearing zones that will be the focus of this initial phase of exploration for 2020 by the company.

The El Buitre porphyry target and the hydrothermal phyllic alteration and the geochemical signatures observed appear to be distinct from other type porphyries found in Chile and Peru, as the El Buitre porphyry intrusion is emplaced into an S-type meta-granite of Triassic age and into Paleozoic metasediments.

Geological and structural setting

The presence of volcanic domes is significant as gold mineralization (as observed in the El Mozo gold deposit) can be spatially and temporally related. Hydrothermal cells responsible for gold mineralization appear to be controlled by high-angle faults. These same faults can influence the emplacement of volcanic domes, an essential step in the development of gold mineralization.

About Lucky Minerals Inc.

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-per-cent interest in the Fortuna and Emigrant projects.

Qualified person

Mr. Jaramillo, 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.

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