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Sector NewswireTM Sector: Mining, Energy, Industrial, Transportation :
News Release - June 8, 2018 4:38 PM ET
Lucky Minerals Advancing Prime Ground in Ecuador Proximal Fruta del Norte and Mirador
NEW YORK, NY, June 8, 2018 /Sector Newswire/ -- Lucky Minerals Inc. (TSX-V: LJ) (OTCQB: LKMNF) is the subject of a Mining MarketWatch Journal review. Lucky Minerals is highly prospective for major gold and copper discovery as it advances its 100%-owned Fortuna Project in Ecuador, located in a prolific mineral belt ~40km from Lundin Gold's Fruta del Norte (9.48 M oz Au I+Inf) deposit and the Mirador (2.7 M oz Au and 5.9 B lbs Cu M+I) deposit. Lucky's Fortuna concessions are newly acquired from a private company that essentially sat on coveted prime ground for well over a decade as discoveries were made surrounding it. The project is ripe for discovery of significance having received no modern exploration or drilling; geological interpretation and historical sampling (up to 10,5 g/t Au + numerous Cu anomalies in stream sediment) suggest potential for massive Gold & Copper system beneath. A major NNE-trending geological structure laden with calderas cuts through Lucky's Fortuna Project, similar NNE-trending structures intersect neighboring Fruta del Notre, Mirador, Loma Larga, and others.
Full copy of the Mining Journal Review may be viewed at http://miningmarketwatch.net/lj.htm online.
Figure 1. (below) Location map of Fortuna proximal multi-million oz neighbors, superimposed orange color represents geological NNE-trending structures.
Historically, only limited sporadic rock sampling with no follow-up on anomalies has occurred on the property.
Using a proven systematic exploration approach (geophysics, remote sensing, alteration and volcano features mapping, structural analysis, and soil sampling over selected anomalies) Lucky Minerals Inc. expects to take the property to target-ready drill status in short order (see 2018 Phase I and 2019 Phase II exploration plans further below), highly prospective for discovery -- the board and technical team are actively hunting elephant deposits here in Ecuador.
Completely new high-caliber board and skilled technical team: The decision to acquire Fortuna was made by the new board of directors and technical team following a complete restructuring/changing of the guard (~1 year ago) at Lucky Minerals. The new board and technical team was first attracted to LJ.V because of the geologically compelling nature of the Company's other flagship asset, the 100%-owned Emigrant Creek Cu-Au-Mo Project in Montana, which has multi-million oz gold potential in ~2 billion+ Tonne porphyry system target. To date 10 highly mineralized breccia-pipes have been located. The Montana property is a significant asset that adds inherent value on its own as it is potentially amenable to bulk underground mining; compelling drilling results include 132m of 2.1 g/T gold and 50m of 14.37 g/T gold. It was decided that with the long road to permitting in Montana and seasonal aspect, it was best to diversify the Company and focus to take advantage of the unique opportunity presented in Ecuador, which allows for year-round advancement and will expose shareholders to incredible upside share price appreciation potential when the technical team first drills to expose targets it is expected to delineate this coming H2-2018 exploration session.
A high-quality board was assembled along with a strong technical team; e.g.: The head of the technical committee is Guy Lauzier, B. Eng who is the General Manager of Nemaska Lithium's Whabouchi Mine. On the board are notable names such as Joao Carκllo, who was the COO of Lundin for several years, and Stuart Greene; a Geo and former Director of RMB Resources, which is essentially First Rand Bank's investment arm in London.
Fortuna Gold-Copper Project, Ecuador - 100%-owned
The Fortuna project exhibits many similarities with significant epithermal gold and Cu-Mo porphyry deposits.
Region
Figure 3. (above) map of Ecuador
Ecuador -- stable and mining-friendly
A new stable geopolitical environment since 2015 has spurred investments from major companies and revived interest in the country. FX controls were eliminated in January 2016 and in 2017 Ecuador was named Country of the Year at Toronto Mines & Money Show. Ecuador's new President, Lenin Moreno, has reconfirmed the governments support of mining in 2018. The Mirador copper project commenced construction in 2015. Lundin Gold reached an agreement with the government in December 2016, allowing for the Fruta del Norte project to proceed. Several public companies are actively advancing projects at various stages of development; e.g...
A June 1, 2018 field report by PI Financial mining analysts, regarding their recent (Q2-2018) site visit to several Ecuador mining projects prompted the following take-aways about Ecuador in a synopsis entitled "Turning the Corner Offering Untapped Potential":
The Fortuna Concessions
Figure 4. (above) - The Fortuna Concessions.
Infrastructure: The area is basically uninhabited with trails running throughout the concessions. A paved road runs up to the property. Power lines are within 10km of the property border. There is abundant water available for exploration, and a readily available workforce nearby.
History
1992-2017 Exploration work - 1992-2000 ✓ Reconnaissance prospecting of property. ✓ Discovery of extensive mineralization and alteration zones. ✓ Up to 10,5 g/t Au in stream sediment.
- 2007-2017 ✓ Identification of major structures. ✓ Reconnaissance geochemistry sampling. ✓ Numerous Cu anomalies reported in stream sediment.
Lucky Minerals' Fortuna Project checks all the right boxes for similarity with other systems:
Table 1 (above) Fortuna shares similarities with other systems.
NNE-trending geological structures that controlled mineralization
The line of fire of development of volcanoes are along this NNE trend. The majority of actual deposits are located along these structures. The Fortuna concessions represent the most hotly anticipated new development in Ecuadors prolific gold and mineral belt.
FYI: Ecuador has the second largest concentration of volcanoes per square foot than any other country in the world (second only to Iceland).
Lucky Minerals' Plans at Fortuna
2018 Near term financing of US$1M for the delineation of major targets on the property (airborne geophysics, exploration targets prospecting and identification of drilling targets).
2018 goals include 1) Social and community activities, 2) Airborne magnetics geophysical survey to be realized in July 2018 on the entire property, 3) Structural interpretation and soil sampling (August 2018), 4) Delineation of promising exploration targets (October 2018), 5) DDH targets definition (December 2018), 6) Report filing.
Phase I
Exploration, 2018 Budget Structural Study - US$25,000 GIS, Maps, Drone Survey - US$90,000
Base Camp (6 to 8
people) - 3 Months - US$60,000 Assays (Soil and Rock) - US$50,000 Equipment - US$35,000 Environment & Contingencies - US$65,000 TOTAL PHASE I - US$1,000,000
2019 Mid-term financing of US2$M for drilling in 2019/2020.
Phase II Exploration, 2019 Budget Drilling Infrastructure Access - 100 km - US$500,000 GIS and Maps - US$90,000 Lodging at Nabon - 6 people - US$90,000
Drilling - 3,000m -
US$600,000 Equipment - US$30,000
Contingencies -
US$115,000
Once the Fortuna Project is de-risked and brought to the next level there is no shortage of players that will partner to take the Project to fruition.
Full copy of the Mining Journal Review may be viewed at http://miningmarketwatch.net/lj.htm online.
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL(s).
SOURCE: Sector Newswire editorial
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