Lucky Outlines the Sherman Prospect - Sampling 1.6 g/t Gold at Surface
Lucky Minerals Inc. (OTC PINK:LKMNF) has announced the identification of the Sherman Prospect on its Fortuna 4 concession in Ecuador, featuring significant quartz veining covering approximately 5.5 km by 4.5 km. Recent rock chip samples indicate the presence of anomalous gold, with values reaching 1.66 g/t. The CEO expressed optimism about the potential for more exploration, while geological mapping revealed quartz veins ranging from 1 mm to 2 m wide. The company has engaged the Independent Trading Group as its market maker for an initial trial period, emphasizing their commitment to effective trading operations.
- Discovery of the Sherman Prospect with quartz veining of significant size (5.5 km by 4.5 km).
- Rock chip samples confirm gold presence up to 1.66 g/t, indicating exploration potential.
- Engagement of Independent Trading Group as market maker to enhance trading liquidity.
- None.
VANCOUVER, BC / ACCESSWIRE / October 27, 2020 / Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce that field work on the southwestern section of the Fortuna 4 concession, has outlined the Sherman Prospect ("Sherman"), An area of significant quartz veining, measuring approximately 5.5 km by 4.5 km. Sherman lies approximately 6.6 km southwest of the Emma Prospect (please click here to see location map). Results from rock chip samples confirm the alteration area has anomalous gold with samples up to 1.6 g/t gold.
Lucky's CEO, Mr. Francois Perron stated: "The team has outlined another significant prospect at Sherman. We are still in the early days of understanding how the gold is related to a set of veins that are being uncovered. What is important is not only the scale of size, of 20 km2 but also the evidence of the presence of gold. I am very excited that our first campaign in this area has already confirmed enough potential to warrant more exploration work in the future. Our COVID-19 health & safety protocols continue to allow the team to be effective in the field. I want to thank them personally for the work they are carrying out."
Please click here to view location map of the Sherman Prospect in relation to the recently announced Emma and El Garo Prospects.
Geological outcrop mapping has outlined a large area ranging from 1 millimetre up to 2 meter-wide quartz veins with fine disseminated pyrite. The 1 millimetre-wide quartz veinlets are generally hosted in schistose rocks of probable Paleozoic age, and the wider quartz veins are mostly hosted in a meta-granite of Triassic age. These quartz veins have been observed to either follow the rock foliation and/or cut across it.
Please click here to view Outcrop Geology Map of the Sherman Prospect
Sherman Prospect: Rock chip sampling progress results
Please click here to view the table for gold analytical results (received to date) from rock chip channel and panel sampling, provided in ranges. All assays below the threshold (0.020 ppm gold) are considered background and non anomalous results. For reference 1ppm = 1 gram.
Please click here to view photo of a typical quartz vein (approx. 20 cm wide) found at the Sherman Prospect. This vein lies within a meta-granite and trends parallel to the rock foliation.
One rock chip sample taken across a length of 1.0 m in weathered schists containing 1 millimetre-wide quartz veinlets returned 1.66 g/t gold; (Please click here) to view photo. Though only one sample, the company is exploring the possibility that these thin quartz veinlets may in greater number point to a larger target.
Additionally, another rock chip panel sample taken approximately 8.0 m from the above sample, returned 0.102 g/t gold. Please click here to view photo of Stockwork iron oxide-silica veinlets in Schists (Sample 261221).
More detailed geological field work will continue in order to examine the mineralization potential in both schists and meta-granites, particularly as they relate to both stockwork and quartz vein type mineralization.
Please click here to view an outcrop geology map with the locations of the three Prospects, El Garo, Emma and Sherman.
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.
Engagement of Trading Services
Lucky Minerals Inc. has engaged the services of the Independent Trading Group ("ITG") Inc. as its Issuer Designated Market Maker for its shares on the TSX Venture Exchange and other trading platforms. Lucky Minerals has agreed with ITG for an initial trial period of up to 90 days for
ITG is Canada's only brokerage firm dedicated specifically to professional trading. As Canada's foremost Market Making Firm, ITG provides Market Making and Liquidity Provider services that are objective and focused. ITG employs real traders and provides real liquidity, with an underlying emphasis on integrity and success.
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
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
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/612349/Lucky-Outlines-the-Sherman-Prospect--Sampling-16-gt-Gold-at-Surface
FAQ
What are the key findings from Lucky Minerals' Sherman Prospect announcement?
What is the location of the Sherman Prospect in relation to other sites?
What company is behind the stock symbol LKMNF?
How will the engagement of the Independent Trading Group affect LKMNF stock?
What does the gold sampling data indicate for Lucky Minerals?
