Lucky Minerals (TSX-V:LKY, OTC:LKMNF) Inc has reported more encouraging sampling results from its Wayka epithermal gold discovery at its Fortuna property in southern Ecuador.
Wayka lies along an elevated ridge that trends northeast and recent mapping and sampling of two separate outcrops has encountered continuous gold values, returning an average of 17.63 grams per ton (g/t) over 3 meters (m), with one sample returning 26.50 g/t gold, the company said.
READ: Lucky Minerals receives sample assay results from Wayka epithermal gold discovery on its Fortuna property in Ecuador
In addition, one outcrop, 700m north of a previously announced 4m trench (Trench T-1), which averaged 3.03 g/t gold, was sampled across 7m and showed a potential feeder zone.
Here, 8.08 g/t of the yellow metal was sampled across 7m, including an average of 17.63 g/t gold across 3m.
"Geological work at Wayka continues, thanks to the sustained efforts of the team," said Francois Perron, CEO of Lucky in a statement.
"Our confirmation that the large advanced argillic zone previously defined has potentially economic grades of gold is very significant and exciting. These new trenches confirm the presence of mineralization more than 700 meters from our previous trench that averaged 4 meters at 3.03 g/t gold.
"Our understanding of the mineralization is still in the early stages and will continue to improve over the coming weeks as more work is completed from surface, which will be followed by drilling in the coming months.'
On the next steps for the Fortuna project, Lucky said that at Wayka, it is focused on increasing its understanding of the current zones and expand the known footprint of the mineralized system to be followed by a detailed mag survey and compilation of all geologic data which will subsequently lead to scout drilling.
At El Garo, soil sampling continues, the company said, and results from this program will be combined with trenching followed by a detailed mag survey leading to a drilling program.
Meanwhile, at Macuche, the geological fieldwork continues, said Lucky, which is mainly comprised of geological mapping and sampling. Also, old pit-type excavations are being cleared of brush to expose the bedrock.
The 100%-owned Fortuna gold and copper project comprises 12 contiguous exploration concessions covering 55,000 hectares, on the same geological trend as other large discoveries in Ecuador, including Lundin Gold (TSX:LUG)’s Fruta Del Norte project and Solgold’s Cascabel mining project.
Contact the author at giles@proactiveinvestors.com