Lucky Minerals Inc (CVE:LKY) (OTCMKTS:LKMNF) (FRA:LKY) revealed that it has received the balance of assays from the initial prospecting at Wayka, a gold-bearing epithermal system on its Fortuna Property, in southern Ecuador.
In addition, assay results from 16 samples were received from the Sherman area, also within the Fortuna Property which consists of twelve contiguous 55,000 hectares of royalty-free exploration concessions, in an underexplored gold belt in southern Ecuador.
In a statement, Lucky Minerals CEO Francois Perron said: "Our recent fieldwork at Wayka has proven to be very interesting. The initial samples were sent for rush turnaround and the balance of the results confirm that our work at Wayka is only just beginning.”
READ: Lucky Minerals progressing exploration to define drill targets at the recently discovered Wayka epithermal gold system
“The current assays, when combined with the initial results are indicating a strong surface expression of an epithermal high sulphidation system. At present, 28 samples are pending assays from ALS Chemex. We continue to prioritize this target and have recently deployed a team into the southern area. Wayka remains open in all directions and we expect Terraspec alteration analysis to guide our efforts towards identifying feeder zones which potentially contain higher gold content.”
Perron said the second exploration team revisited the Sherman prospect to complete sampling in an area the team is now referring to as “Macuche.”
“While still early, indications are that we have identified an area approximately 30 meters by 30 meters where 9 samples all returned anomalous gold up to 2.19 g/t gold,” said Perron. “Systematic sampling and a thorough review of the surrounding geology are planned as this area is now offering potential for bulk tonnage targets."
Lucky said that exploration teams are focused on gathering samples to increase the company's understanding and “expand the known footprint of the mineralized system.” Samples are being submitted every two weeks to ALS Chemex labs in Quito for prep work, and the analytical work will be completed at their lab facility in Lima, Peru.
“Results will be released as they are received,” said the company. “Present work is focused on surface exploration which includes sampling and mapping. This will be followed by trenching leading to scout drilling,” it added.
Meanwhile, the company said that sample result highlights at Sherman include 2.19 g/t and 1.98 g/t gold. These samples were taken within a zone of Sherman now known as "Macuche" in which a sample 261057 taken last year returned 1.66 g/t gold, and sample 261058 returned 0.487 g/t gold respectively.
The company said that Teraspec analysis is being conducted on samples and should provide the basis for alteration mapping, which in turn “will be utilized to identify potential feeder zones.”
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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