Lucky Minerals Inc. (TSXV:LKY), (OTC PINK:LKMNF), (FRA:LKY) (“Lucky” or the “Company”) is pleased to announce it has received assay results for trench T-21 from its ongoing work at the Wayka epithermal gold discovery at its 100% owned Fortuna Property (“Fortuna”) in southern Ecuador.
Trench T-21 assays 5.24 g/t gold across 14 metres.
This new trench is located approximately 100 metres northwest of the combined trenches T-5 and T-6 where an average of 1.67 g/t gold was reported over 61 metres (please see November 9, 2021 News Release).
Trench T-21 is mineralized along east north-east trending lenses hosted in silicified shists with fine grained pyrite. Hydrothermal solutions appear to have penetrated preferentially along the rock foliation.
Overall, field observations indicate that mineralization appears to be influenced by the intersection of NW, NE and EW trending faults and fractures. Lucky has retained the services of SRK Consulting (Toronto office) to complete a structural analysis of the mineralized structures at Wayka.
François Perron, President and CEO of Lucky adds: “Our field work has exposed another structure of scale with T-21 reporting 14 metres of mineralization averaging more than 5 g/t gold. The fact that this structure is approximately 100 metres from where high-grade trenches T5-T6 are, highlights the potential for multiple mineralized structures relatively close to each other. Confirming multiple mineralized structures in close proximity to each other is important as it would enhance the potential for world class gold mineralization. The fact that relatively high grades were found in schist rocks rather than meta-granites is also intriguing. We are still in the early days of understanding the full potential at Wayka. The team is working on more trenches and preparation for drilling continues to advance apace.”
Table 1: Trench T-21 gold assay result
Table 2: Trench T-21 average gold assay results across 5 metres (included in Table 1)
Table 2 shows gold assay results in Trench T-21 in silicified in silicified schists. Wall rock alteration is mainly comprised of advanced argillic alteration (kaolinite, alunite and/or pyrophyllite).
Trench T-21 location in respect to trenches T-5, T-6, T-14, T-20
Trench T-20 Assays 21.0 metres of anomalous gold
Trench T-20 was dug to intercept the continuity of a silicified lens outlined in T-6; a moderately silicified section was observed that measures 7 metres wide with 0.11 g/t gold.
Wayka – Next Steps
Work including drill hole targeting continues in preparation for the upcoming first 3,000 metres phase of drilling.
Targeting will be informed by the following:
- Soils (completed);
- Alteration mapping of Wayka project area (completed);
- geophysics (completed, finalizing inversions);
- trenches (ongoing);
- Structural analysis of Wayka area (field work completed awaiting final report);
- Prospecting on anomalous areas.
Preparation work for mobilization of drilling equipment is underway.
All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.
All rock samples were submitted to ALS Chemex Labs in Quito for preparation work, and the analytical work was completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory.
Further analytical results will be released as they are received.
ON BEHALF OF THE BOARD
Chief Executive Officer
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% interest in the Fortuna Property.
The Company’s Fortuna Project is comprised of twelve contiguous, 550 km2 (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Covid-19 Safety Protocols
Lucky has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are following COVID protocols with permanent disinfection procedures in place and are following correspondent social distancing while being isolated from the surrounding communities.
Victor Jaramillo, M.Sc.A., P.Geo., 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.
Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedar.com, or by contacting François Perron, President and CEO, by email at firstname.lastname@example.org or by telephone at (866) 924 6484. Or by contacting:
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Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.