has identified a new epithermal system - Wayka, - at its Fortuna Property, which included an outcrop sample showing 2.9 g/t gold.
The Company’s 100% owned Fortuna Property contains roughly 550 sq. km. (55,000 hectares) in a known mineralized zone in southern Ecuador. Wayka is bound to the east by the El Buitre Porphyry Prospect and to the west by the Emma Porphyry Prospect, it lies within a greater topographic high ridge that trends approximately north-northeast.
In
an April 2021 media release outlining this news for investors, Lucky’s Chief Executive Officer, Francois Perron noted that this is a 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.”
He added that this new target is of significant interest and the team intends to start work on Wayka while they continue prospecting and testing at El Garo and Sherman.
Wayka at a glance:
Wayka is 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, all of which are typical of epithermal gold systems. Wayka presently remains open to the south, north and east. A dacite porphyry and breccia zone lie in the centre area, which is approximately 600 meters by 400 meters.
Wayka is just east of the El Buitre Porphyry and west of the Emma Porphyry discovered last fall. Outcrop sampling to date confirms the presence of vuggy silica and alunite within rhyolite volcanics, typically found in high sulfidation epithermal systems. Out of the 12 samples received to date, a third of them are above 0.30 g/t gold and another third are anomalous (between 0.040 g/t gold and 0.30 g/t gold). Prospecting at Wayka continues with the goal of expanding the current footprint of 1.2 km by 0.5 km and to increase the understanding of the overall system.
Assay results:
Sample #261065 from last year returned 0.219 g/t gold from a 1.0 metre by 0.80 metre panel and was initially considered part of the Emma Prospect (a large alteration area measuring approximately 2.8 km by 2.0 km), but it is now identified with the mineralization at Wayka.
So far, 36 rock samples in total were submitted for Terraspec analyses to determine the type of alteration minerals associated within this mineralized system. A further 38 rock chip samples from Wayka were also 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.
Looking ahead:
To better understand the size of the mineralized system at surface, the team’s field work is currently focused on surface exploration and includes further sampling, which will be followed by detailed mapping, and then scout drilling.
In addition to Wayka, Lucky Minerals has three other significant areas of interest in Ecuador, El Garo, Sherman and Emma, all within the Shincata Gold Trend a northeast trending Miocene volcanic belt which is host to the El Mozo epithermal gold deposit.
Investment summary:
Lucky Minerals offers investors a large land package with demonstrated gold and copper mineralization and multiple targets for testing. As this news clearly shows, new discoveries are still being made and it is likely that more positive news is still to come around further discoveries.
To find out more about this Company, visit
luckyminerals.com.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.