Lucky
Minerals Inc. closes C$3+ million in financings, and identifies two
mineralized porphyry systems with anomalous Cu-Mo values on its
Fortuna Project in Ecuador
Two major NNE-trending geological structures laden with
calderas cut through Lucky's Fortuna Project, similar NNE-trending
structures intersect neighboring Fruta del Notre, Mirador, Loma
Larga, and others.
NEW YORK, NY, October 19, 2018 /Sector Newswire/ -- Lucky Minerals Inc. (TSX-V: LKY) (OTCQB: LKMNF) announced
this week an increase in its non-brokered private placement to
$1,106,342, and
last week announced the closing of a $2.87-million bought deal. The
Company is now well financed to accomplish exploration efforts on
its newly acquired 100%-owned concessions in Ecuador. Additionally,
this week the Company released news ("Lucky
Minerals Inc. identifies two mineralized Porphyry systems with
anomalous Cu-Mo values on its Fortuna Project in Ecuador")
that initial exploration
efforts this 2018 have identified two mineralized Porphyry systems
with anomalous Cu-Mo values in an area covering 8 km2 in one of its
recently acquired Fortuna concessions; preliminary assessment of these two porphyry systems using major
elements calculations is confirming field observations with an
extensive potassic signature enrichment including an outer shell of
pyrite mineralization typical of phyllic alteration that has been
traced for more than 300m. Lucky’s exploration team believes that
these two porphyry systems may in fact form one single doughnut
shaped body measuring approximately 2km in diameter.
Lucky Minerals Inc. has an exciting
exploration program upcoming in Ecuador at its 100%-owned Fortuna
Project, located in a prolific mineral belt approximately 40 km from
Lundin Gold's Fruta del Norte (9.48 M oz Gold I+Inf) deposit and the
Mirador (2.7 M oz Gold and 5.9 B lbs Cu M+I) deposit. Lucky’s
Fortuna concessions have historically only seen limited sporadic
rock sampling with no follow-up on anomalies as the previous owners
have waited for over a decade for an improved investment climate and
vetted for the right prospecting-exploration team to advance what is
shaping up to potentially be the next Aurelian Resources-style find
(Aurelian went from $ 0.60 to $ 40 within a few months, just over a
decade ago, upon its initial gold discovery of what is now Fruta del
Norte). Anomalous high concentrations of gold have been identified
over several areas on Lucky's Fortuna Property; stream sediments,
rock, and non-systematic soil sampling suggest multiple gold and
copper mineralized systems with bulk tonnage targets. Historic gold
placers, known in the region since the Inca days, are related to
local river headwater in the central north of the Fortuna property,
which with most of its tributaries flows through. 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. Two major NNE-trending geological structures laden with
calderas cut through Lucky's Fortuna Project, similar NNE-trending
structures intersect neighboring Fruta del Notre, Mirador, Loma
Larga, and others.
The Fortuna project exhibits many
similarities with significant epithermal gold and Cu-Mo porphyry
deposits.
Click to view
video overview of Fortuna
Project, Ecuador [running time 3 min. 57 sec.]:
Lucky Minerals Inc. identifies two
mineralized Porphyry systems with anomalous
Cu-Mo values on its Fortuna Project in
Ecuador
Vancouver, B.C.
October 16, 2018 – Lucky Minerals Inc. (TSX.V:
LKY) (OTCQB: LKMNF) (FRA:8LM) (“Lucky”
or the “Company”) is pleased to announce the
results of a geological reconnaissance
mapping survey conducted on its Fortuna
Project located approximately 60 km
south-east of Town of Cuenca, Ecuador.
Prospecting and mapping were undertaken
based on prior structural and enhanced
alteration mapping studies using satellite
imagery which were conducted in May/June
2018. Results from these studies led to the
identification of 4 high prospectivity areas
(A to D) covering 8 km2 in the Fortuna 3
concession.
Image 1 – Partial View of Area A.
Subsequent prospecting
and mapping of Area A (2 km2) (Image 1)
resulted in the discovery of two porphyry
systems with approximate dimensions of 1.2
km on strike by 300m wide. A pluri-kilometric
oxidation blanket composed of silica,
limonite, jarosite and hematite surrounds
the two porphyry systems.
Image 2 – Oxidation Blanket Vectorization
Preliminary assessment
of these two porphyry systems using major
elements calculations is confirming field
observations with an extensive potassic
signature enrichment including an outer
shell of pyrite mineralization typical of
phyllic alteration that has been traced for
more than 300m. Lucky’s exploration team
believes that these two porphyry systems may
in fact form one single doughnut shaped body
measuring approximately 2km in diameter.
Image 3 – Preliminary Model.
Saw sampling over the
area outlined quartz monzonite rocks with
pyrite and oxidized pyrite being the
dominant sulphide mineral along with minor
Chalcopyrite, Chalcosine, Molybdenite and
Malachite (Oxide). 176 samples were sent to
MS Analytical lab- oratory including 15
control samples for major oxides and ICP
multi-element as- says; multi-elements
results are pending.
Image 4 – Mineralization Vectorization
Next Steps
Lucky’s immediate next steps to advance
exploration on the property will be an
airborne magnetics combined with radiometry
survey with 3D inversion, improving the
existing dirt road and trails to an
all-weather 14 km gravel road, to be
followed by an aggressive grid-style
comprehensive sampling program along the two
identified porphyry systems on Fortuna 3 as
well as regional prospecting on the 40 km
major regional NNE structure and other major
regional NNE trending structures observed on
the property. This may be followed by a
drilling program in 2019. Fortuna 3 is one
of 12 contiguous concessions which make up
the Fortuna Property which has seen
virtually no exploration and where
considerable potential exists for finding
significant porphyry and epithermal Cu-Au
mineralization. It should be noted that no
field work has been undertaken yet by Lucky
and limited historical work was performed on
the remaining 11 Fortuna concessions.
Quality control
Rock samples on the project were assayed by
standard 30 grams fire-assaying with AA
finish for gold, four acid ICP-OES for
multi-elements (including Cu and Mo) and XRF
for major elements (oxides) at MS Analytical
in Vancouver, BC. Ex- ploration program
design and interpretation of results is
performed by a qualified person (QP)
employing a Quality Assurance/Quality
Control program consistent with industry
best practices, including the use of
standards at every 10 samples.
Lucky is very pleased by the results of this
summer 2018 reconnaissance explo- ration
program and will continue to characterize in
more details the two identified porphyry
systems and aggressively exploring and
prospecting other targets on Fortuna 3 as
well as on the 11 remaining concessions of
its Fortuna Project.
About Lucky
An exploration and development company
targeting large-scale mineral systems in
proven districts with the potential to host
world class deposits.
The Fortuna Project
Lucky Minerals holds a 100% interest in
Fortuna, a 550 km2 property in the heart of
a proven and highly mineralized mineral
district in Ecuador but which has seen only
limited exploration and has never been
drilled.
Evidence of significant hydrothermal
alteration & breccias, geochemical anomalies
and placer mining supports potential for
Cu/Au porphyry systems and epithermal Au
deposits similar to numerous
multi-million-ounce Au and bulk tonnage Cu
deposits ~40km away.
The Emigrant Creek Project
Covers a 15 km2 area in an intensely altered
and mineralized porphyry copper-
gold-molybdenum system in southern Montana.
Nine highly mineralized breccia-pipes and
two porphyry targets are known to exist
within the company’s claims and have been
variously explored by drilling, induced
polarization geophysical surveys, rock chip
sampling and geologic & alteration mapping.
This press release has been prepared by
Alain Moreau, P.Geo., VP-Exploration at
Lucky Minerals Inc., a “qualified person” as
defined by NI 43-101 instrument. For further
information, please consult Lucky’s website
or contact:
ON BEHALF OF THE BOARD
John Mears
Chief Executive Officer
Further information regarding can be found
on SEDAR at www.SEDAR.com.
Neither TSX
Venture Exchange nor its Regulation Services
Provider (as that term is de- fined in the
policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or
accuracy of this release.
This press release may contain
forward-looking statements that are subject
to known and unknown risks and uncertainties
that could cause actual results to vary
materially from targeted results. Such risks
and uncertainties include those described in
Lucky’s periodic reports including the
annual report or in the filings made by
Lucky from time to time with securities
regulatory authorities.
Excerpt of October 12,
2018 news from Lucky Minerals Inc.:
2018-10-12 15:30 ET - News Release
(Source: StockWatch.Com) Mr. Steve Cozine reports
LUCKY MINERALS INC. ANNOUNCES INCREASE IN NON-BROKERED
PRIVATE PLACEMENT PROCEEDS
Further to Lucky Minerals Inc.'s press release
dated Oct. 11, 2018, regarding the closing of a private
placement by the issuance of units of the company, the
proceeds of such private placement were increased to
$1,106,342 as the company received a final subscription
for an additional amount of $45,000.
All capitalized terms not otherwise defined in
this undertaking have the meanings attributed to them in
the press release of the company filed on SEDAR and
dated Oct. 11, 2018, which also provides complete
details on the private placement.
The company intends to use the net proceeds from
the private placement for working capital and general
corporate purposes.
About Lucky Minerals Inc. Lucky Minerals is a venture-stage exploration
company that is targeting a large-scale porphyry
copper-gold-molybdenum system in southern Montana that
could potentially host significant gold deposit. The
company is focused on its Emigrant Creek project, which
covers a 15-square-kilometre area (six square miles)
located in the core of the mineralized and intensely
altered Emigrant mining district. To date, 10 highly
mineralized breccia pipes and two porphyry targets exist
within the company's property boundary.
Excerpt of October 11,
2018 news from Lucky Minerals Inc.:
2018-10-11 19:04 ET - News Release
(Source: StockWatch.Com) Mr. Robert Rosner reports
LUCKY MINERALS INC. ANNOUNCES CLOSING OF NON-BROKERED
PRIVATE PLACEMENT
Lucky Minerals Inc. has completed a first tranche
of its non-brokered private placement by the issuance of
7,075,612 units issued at a price of 15 cents per unit
for gross proceeds of $1,061,342. Each Unit consists of
one (1) common share in the share capital of the Company
and one half (1/2) common share purchase warrant of the
Company (the "Warrants"). Each whole Warrant entitles
the holder thereof to purchase one common share in the
capital of the Company at an exercise price of $0.22 for
a period of 24 months following the closing date of the
Private Placement. A finder's fee of 8% in cash as well
as a corporate finance fee of $2,500 are payable on a
portion of the Units in association with the closing of
the Private Placement, the whole totaling $9,825. The
closing of Private Placement and payment of finder's
fees is subject to TSX Venture Exchange acceptance.
Securities issued pursuant to the Private Placement are
subject to a statutory hold period of four months and a
day from the date of issuance.
Two insiders of the Company participated in the
Private Placement and subscribed for an aggregate of
2,009,446 Units for gross proceeds of $301,416.94
Participation of insiders of the Company in the Private
Placement constitutes a related party transaction as
defined under Multilateral Instrument 61- 101 -
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company is relying on
the exemption from the formal valuation requirement
found in Section 5.5(b) of MI 61-101 (Issuer Not Listed
On Specified Markets) and also relying on the exemption
from the minority approval requirement found in Section
5.7(1)(a) of MI 61-101 (Fair Market Value Not More Than
25% of Market Capitalization) and Section 5.7(b) of MI
61-101 (Fair Market Value Not More Than $2,500,000 for
the Related Party).
The Company intends to use the net proceeds from
the Private Placement for working capital and general
corporate purposes.
About Lucky Minerals Lucky Minerals is a venture stage exploration
company that is targeting a 550 km2 property in the
heart of a proven and highly mineralized mineral
district in Ecuador known as the The Fortuna Project,
which has seen only limited exploration and has never
been drilled. Evidence of significant hydrothermal
alteration & breccias, geochemical anomalies and placer
mining supports potential for Cu/Au porphyry systems and
epithermal Au deposits similar to numerous multi-million
ounce Au and bulk tonnage Cu deposits ~40km away.
Excerpt of October 4,
2018 news from Lucky Minerals Inc.:
22018-10-04 12:10 ET - News Release (Source: StockWatch) Mr. Robert Rosner reports
LUCKY MINERALS INC. ANNOUNCES
CLOSING OF C$2,875,000 BOUGHT DEAL
Lucky Minerals Inc. has completed the bought deal
offering of units of the company underwritten by Clarus
Securities Inc., previously announced in the company's
press release dated Aug. 20, 2018, for aggregate gross
proceeds of $2.5-million. The underwriter also exercised
the overallotment option in full and purchased an
additional 375 units to cover overallotments, for
additional gross proceeds to the company of $375,000
resulting in total gross proceeds of $2,875,000 for the
offering.
Each unit issued pursuant to the offering
consists of: (i) $1,000 principal amount of 12-per-cent
three-year convertible unsecured unsubordinated
debentures and convertible at a price of 15 cents per
common share; and (ii) 2,500 common share purchase
warrants of the company. Each warrant entitles the
holder thereof to purchase one common share in the
capital of the company at an exercise price of 22 cents
for a period of 24 months following the closing date.
The net proceeds of the offering are expected to
be used by the company toward its Emigrant Creek
project, Fortuna project, general corporate purposes and
as general working capital.
More information about the units and the offering
can be found in the short-form prospectus of the company
dated Sept. 25, 2018, that qualified the units for
distribution in the provinces of British Columbia,
Alberta, Ontario and Manitoba.
About Lucky Minerals Inc. Lucky Minerals is a venture-stage exploration
company that is targeting a large-scale porphyry
copper-gold-molybdenum system in southern Montana that
could potentially host significant gold deposit. The
company is focused on its Emigrant Creek project, which
covers a 15-square-kilometre area (six square miles)
located in the core of the mineralized and intensely
altered Emigrant mining district. To date, 10 highly
mineralized breccia pipes and two porphyry targets exist
within the company's property boundary.
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).