Lucky Minerals Inc. recently announced news it has completed the second and final tranche of non-brokered private placement units, raising a total of C$3,875,840 under the two tranches of the offering.
Proceeds will be used in-part for a maiden drill program where Lucky's geological team is currently tracking multiple newly discovered feeder zones at surface; samples include 17.63 g/T Gold across 3.0 m in Trench 6 (T6), a new feeder zone in a high-sulfidation epithermal gold system in Ecuador. The system has serious size potential; T6 is 700m from T1 where systematic sampling of outcrop averages resulted in 3.06 g/T Gold over 4.0 m -- in-short, Luck Minerals is highly prospective for major discovery.
Lucky Minerals' 100%-owned royalty-free 550km2 (55,000 Ha, or 136,000 Acres) Fortuna Project in Ecuador is located in prolific mineral belts ~40 km from Lundin Gold's Fruta del Norte (9.48 M oz Au I+Inf) deposit and the Mirador (2.7 M oz Au and 5.9 B lbs Cu M+I) deposit. The Fortuna concessions contain a 22km long section of a Miocene volcanic belt, known as the "Shincata Gold Trend". The company is focusing its exploration efforts on three main target areas: 1) the Wayka epithermal gold discovery project area, 2) the Macuche Gold target, 3) and the El Garo Gold target.
The following URLs have been identified for a more in-depth overview of the opportunity:
Company website: https://www.luckyminerals.com
Recent Mining Journal Overview: https://miningmarketwatch.net/lky.htm
Below is a synopsis of the three main target areas.
1) Wayka epithermal gold discovery project area: Lucky has completed a program of trenching that demonstrated the presence of significant sections of high-sulfidation epithermal gold mineralization at surface, including:
- 7 meters at a grade of 8.08 g/t gold, including 3.0 meters at a grade of 17.63 g/t gold (T-6).
- 4 meters at a grade of 3.06 g/t gold (T-1).
- 10 meters at a grade of 0.38 g/t gold (T-5).
Trench 1 is located over 700 meters to the southeast of both Trenches 5 and 6 and gold bearing grab samples, with grades up to 2.9g/t (262670), have been collected 800 meters to the north of Trenches 5 and 6. With surficial gold mineralization now established over a strike length of 1,500 m Lucky's exploration team is focused on geological mapping and sampling to further increase its understanding of the mineralized system. This work is expected to be followed-up by ground-based magnetics, leading to a maiden scout drilling program in the coming months.
2) Macuche (mesothermal) gold target: Macuche is one of the Sherman area zones and is a bulk tonnage target. Macuche has the potential to be huge because the stockwork veining found and trenched at surface is kilometres apart; the heat engine (what is under it) could be significant in size, the volumes of what is underneath has very real potential to be many millions of ounces. Lucky has defined the presence of gold mineralization at Macuche within quartz-pyrite stockwork type veinlets with grab sampling returning 2.19 g/t gold (261598), 1.98 g/t gold (262652), 1.66 g/t gold (261057). A 20-meter-long trench completed at the target returned an average of 0.33 g/t gold, showed the presence of a large stockwork system and a potential for bulk tonnage gold target. The mineralization in the trench remains open both to the east and to the west. Lucky is now focusing on mapping and sampling to understand both the scale and controls on the veining.
3) El Garo epithermal gold target: The El Garo Gold Target is located 8 km to the north of the Wayka Discovery. El Garo contains a large area of advanced argillic alteration measuring approximately 2 km by 1 km that is open in all directions. The company is currently completing a soil sampling program over an area of about 4.4 km by 2 km. Results from this program will be combined with a program of trenching and geophysics.
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Source: https://www.luckyminerals.com