Lucky Minerals (TSX-V:LKY, OTC:LKMNF) Inc. said 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 in southern Ecuador.
The assay results showed 5.24 grams per ton (g/t) gold across 14 metres at Trench T-21, which is 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 on November 9, 2021.
“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,” said François Perron, president and CEO of Lucky Minerals (TSX-V:LKY, OTC:LKMNF), in a statement.
READ: Lucky Minerals is a potential new gold discovery story in a rich mineralized region
“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,” Perron added.
The company said 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.
It added that 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.
As for the next steps for Wayka, work including drill hole targeting continues in preparation for the upcoming first 3,000 metres phase of drilling, and targeting will be informed by:
- Soils (completed);
- Alteration mapping of Wayka project area (completed);
- Geophysics (completed, finalizing inversions);
- Trenches (ongoing);
- Structural analysis of Wayka area (fieldwork completed awaiting final report);
- Prospecting on anomalous areas
Preparation work for mobilization of drilling equipment is underway, the company said.
The Fortuna project is comprised of 12 contiguous, 550 square-kilometre (55,000 hectares, or 136,000 acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Contact the author at jon.hopkins@proactiveinvestors.com