viewLucky Minerals Inc

Lucky Minerals Inc targets major copper and gold systems in Ecuador


Lucky Minerals holds a large swathe of land in highly prospective but largely unexplored area


Quick facts: Lucky Minerals Inc

Price: 0.175 CAD

Market: TSX-V
Market Cap: $8.11 m

Lucky Minerals Inc (CVE:LKY)(OTCPK: LKMNF)(FRA: LKY) has revealed the results of a follow-up geological reconnaissance mapping survey conducted on its Fortuna project, 60 kilometres south-east of the town of Cuenca, Ecuador.

Prospecting and mapping were undertaken based on the results of previous work undertaken in July on the Fortuna 3 concession, from which combined assays of up to 416 parts per million copper plus molybdenum were obtained.

READ: Lucky Minerals has a portfolio of highly attractive precious and base metals projects

Additional prospecting and mapping have identified an altered mineralized granite. The alteration is mainly K-feldspar and hydrothermal biotite with abundant sulphide mineralization, and the rocks are altered and fractured.

In addition, a mineralized hydrothermal breccia has been discovered with abundant pyrite. The breccia consists of porphyry clasts within an oxidized matrix. This breccia has a minimum length of 200 metres and a width of 50 metres.

Lucky’s exploration team believes that this current reconnaissance mapping is indicating a large-scale doughnut shape structure of at least 1.2 kilometres in diameter, with the presence of molybdenite and a high molybdenum-copper ratio suggesting that exploration is currently hitting the top of the system.

Lucky’s next steps will be to advance exploration on the property and to continue to perform systematic sampling on Fortuna 3.

Starting early in  2019, an airborne geophysical survey will be undertaken. Lucky will also improve the existing dirt road and trails, and upgrade to an all-weather 14-kilometre gravel road, upon social approval. 

Meanwhile, grid-style sampling will continue on Fortuna 3, and regional prospecting will continue on the 40-kilometre structure lying to the north-north-east. 

Other major regional trending structures observed on the property will also be mapped and sampled.

Drilling programme?

This work may be followed by a drilling programme later in 2019, but it’s still early days. Fortuna 3 is one of 12 contiguous concessions which make up the Fortuna property. Almost no exploration has been done on these concessions to date, but a considerable potential exists for finding significant porphyry and epithermal copper-gold mineralization throughout the Fortuna concessions.

“Lucky is very pleased by the results of this fall 2018 reconnaissance exploration programme and we will continue to characterize in more details the identified porphyry systems,” said Lucky chief executive John Mears.

“We are excited to aggressively explore and prospect other targets on Fortuna 3 as well as on the 11 remaining concessions.”  

Lucky holds a 100% interest in Fortuna, a 550 square kilometre property in the heart of a proven and highly mineralized mineral district in Ecuador.

Evidence of significant hydrothermal alteration and breccias, geochemical anomalies as well as placer mining in the area shows the potential for copper-gold porphyry systems and epithermal gold deposits similar to numerous multi-million-ounce gold and bulk tonnage copper deposits in the wider district. 

The company also has exploration interests in Montana at the Emigrant Creek project.

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