Lucky Identifies Stockwork Quartz Veining at the Sherman Prospect - Sampling 0.477 g/t Gold at Surface

Rhea-AI Summary

Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF) announced promising results from the Sherman Prospect in Ecuador, with a rock chip sample showing 0.477 g/t gold. The discovery highlights potential for significant stockwork-type quartz veining in meta-granites, indicating bulk tonnage possibilities. CEO Francois Perron emphasized the exciting near-surface gold potential as fieldwork progresses. Lucky holds a 100% interest in the Fortuna Project, covering a 550 km² area in a gold-rich belt, further showcasing the company's growth prospects.

Positive

• Discovery of 0.477 g/t gold at Sherman Prospect, indicating promising mineral potential.
• Potential for large tonnage low-grade gold target identified from stockwork quartz veining.
• Strong project positioning with 100% ownership of the Fortuna Project in a gold-rich region.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 10, 2020 / Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce that field work on the northwestern section of the Sherman Prospect (Fortuna 4 concession), has identified an area with significant stockwork type quartz veining, in which a rock chip panel sample (0.50 m x 0.50 m) taken from outcrop, returned 0.477 g/t gold (click here to view map of sample locations).

Lucky's CEO, Mr. Francois Perron stated: "The discovery of stockwork potential at the Sherman prospect is extremely exciting. As our field crews begin demobilisation from the current campaign, new assay results point to near surface potential. The team spent approximately 4 weeks at the Sherman prospect and successfully discovered anomalous gold in quartz veins (News Release -October 27, 2020), and now have added to that a mineralized stockwork discovery. While still early days, it is exciting to discover outcrop mineralization with bulk tonnage potential. Our work in the Fortuna concessions continues to underscore the gold potential of the area."

Sherman Prospect - quartz stockwork in meta-granites

Geological field work recently identified this area of stockwork type quartz veins with disseminated pyrite and iron oxides, within fracture surfaces in a meta-granite. It is along this densely fractured intrusive that hydrothermal fluids have migrated and deposited the quartz-pyrite found as narrow veinlets with widths ranging from a few millimetres up to 3 centimeters. A rock chip panel sample (0.50 m x 0.50 m) (#261490) taken from outcrop in this area returned 0.477 g/t gold.

Please click here to view the Sherman Prospect Outcrop Geology Map showing location of the stockwork area (yellow square) and the area previously sampled across schists (black square).

Though still early stage, Lucky is excited about this new stockwork system, as it may have potential for a large tonnage low grade type target.

Please click here to view photo of the meta-granite outcrop with stockwork quartz-iron oxide veins.

The next step in this area will include detailed field reconnaissance and sampling in order to define the scale of the structure, behaviour of the quartz vein stockwork and its gold content.

All rock samples are submitted to ALS Chemex laboratories in Quito for prep work, and the analytical work is completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. QA/QC protocols are in place and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.

Qualified Person

Victor Jaramillo, M.Sc.A., P.Geo., Lucky's Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna and Emigrant Projects.

The Company's Fortuna Project is a royalty-free 550 km² (55,000 Ha, or 136,000 Acres) exploration concession. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador. Lucky has a memorandum of understanding on Fortuna with First Quantum Minerals Ltd. ("First Quantum") whereby First Quantum is able to earn up to 70% of copper targets.

The Emigrant Creek Project covers a 15 km² area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana.

ON BEHALF OF THE BOARD

"Francois Perron"
Chief Executive Officer

Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting Francois Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

SOURCE: Lucky Minerals Inc.

View source version on accesswire.com:
https://www.accesswire.com/615663/Lucky-Identifies-Stockwork-Quartz-Veining-at-the-Sherman-Prospect--Sampling-0477-gt-Gold-at-Surface

FAQ

What is the recent gold discovery at Lucky Minerals' Sherman Prospect?

Lucky Minerals announced a discovery of 0.477 g/t gold from a rock chip sample at the Sherman Prospect.

What does the stockwork discovery at Sherman Prospect mean for LKMNF shareholders?

The stockwork discovery suggests significant potential for large tonnage low-grade gold mining, which could enhance shareholder value.

Where is the Sherman Prospect located?

The Sherman Prospect is part of the Fortuna Project located in southern Ecuador.

What are the next steps for Lucky Minerals after the recent discovery?

The next steps include detailed field reconnaissance and additional sampling to assess the scale and gold content of the stockwork area.

What is the significance of Lucky Minerals' 100% ownership in the Fortuna Project?

Owning 100% of the Fortuna Project allows Lucky Minerals to fully capitalize on its mining potential without shared interests.