Lucky Minerals Identifies a New Epithermal System in Ecuador Lucky Minerals Identifies a New Epithermal System the Wayka Target: with Outcrop Samples up to 2.90 g/t Gold, Fortuna Property, Ecuador
VANCOUVER, BC / ACCESSWIRE / April 20, 2021 / Lucky Minerals Inc. (TSXV:LKY) (OTC PINK:LKMNF) (FRA:LKY) ("Lucky" or the "Company") is pleased to announce it has identified the Wayka target ("Wayka"), a new epithermal system in which initial assay results from surface outcrop panel samples have returned up to 2.90 g/t gold at its 100% owned Fortuna Property ("Fortuna"). Fortuna comprises approximately 55,000 hectares in a known mineralized zone in southern Ecuador.
Lucky's CEO, Mr. Francois Perron stated: "Lucky Minerals is excited to have made this discovery of a previously unknown gold bearing system based on surface outcrop sampling. Our current work is focused on increasing our understanding of this system and to continue to extend the scale of the mineralized area. While still early in the program, we are pleased that a significant portion of the samples are mineralized with gold. This is the first set of results received and we are awaiting results from another 38 samples that have been sent for assaying. Our work in the field continues and consists of further prospecting and mapping. We are also in the process of reviewing the data that we received in this particular area of Fortuna.
This new target is of significant interest and we intend to start work on Wayka while we continue our prospecting and testing at the El Garo and Sherman prospects."
The Wayka Target
The Wayka target lies within a topographic high (ridge) that trends approximately NNE and is bound to the east by the El Buitre Porphyry Prospect and to the west by the Emma Porphyry Prospect.
Wayka consists of a large mineralized area within a surface expression presently estimated at 1.2 km long by approximately 0.5 km wide. It is characterized by outcrops of rhyolite with vuggy silica, breccias, alunite and jarosite, which are all typical of epithermal gold systems.
In the middle area lies a dacite porphyry and breccia zone which is approximately 600 m by 400 m. To date we have received a total of 12 rock assay results from ALS Chemex Labs for Wayka please refer to table below or for a larger image please click here to view data table.
Table 1: Rock Sample Assay Results at Wayka Target
As the geological work at Wayka is at an early stage, our understanding of the mineralized system is expected to improve as more detailed work is completed. Thus far, gold values have been observed not only within rhyolites, but also in the contact zones and within meta-granites and schistose rocks.
At the moment the Wayka target remains open to the south, north and east.
Please click here to view the outcrop geology map of the Wayka target.
The map shows a total of seven rock sample and assay locations. Six of these samples are shown in Table 1 above, and one sample #261065, taken last year (Panel 1.0 m x 0.80 m), returned 0.219 g/t gold. Sample #261065 was initially considered part of the Emma Prospect.
A total of 36 rock samples have been submitted for Terraspec analyses to determine the type of alteration minerals associated within this mineralized system.
Please click here to view Sample # 261586: Vuggy silica - 0.652 g/t gold
Please click here to view Sample # 262670: Vuggy silica - 2.90 g/t gold
Please click here to view location of sample # 262670 - 2.90 g/t gold
Next Steps
An additional 38 rock chip samples from Wayka have been submitted to ALS Chemex laboratories in Quito for preparation work which will be followed by analytical work to be completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. All analytical results will be released once received.
Current field work is focused on surface exploration and includes additional sampling in order to better understand the size of the mineralized system at surface. This will be followed by detailed mapping and then scout drilling.
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.
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 Property.
The Fortuna Property is comprised of twelve contiguous royalty-free concessions and occupies 550 km2 (55,000 Ha, or 136,000 Acres). Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.