Lucky Minerals (TSXV:LKY) (OTCPink:LKMNF) (FSE:LKY) has announced a non-brokered private placement. The company is looking to raise up to $500,000 from the placement of up to 10 million units priced at $0.05 per unit. Each unit will consist of one share and one warrant, which is exercisable at $0.05 for 48 months
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Lucky Minerals (TSXV:LKY) (OTCPink:LKMNF) (FSE:LKY) has announced a non-brokered private placement.
The company is looking to raise up to $500,000 from the placement of up to 10 million units priced at $0.05 per unit.
Each unit will consist of one share and one warrant, which is exercisable at $0.05 for 48 months.
The shares are trading at $0.03.
The net proceeds of the offering will be used to continue the drill program on the company’s Fortuna Project in Ecuador and for general working capital purposes.
The 100% owned Fortuna property covers 550 square kilometers or approximately 55,000 hectares of exploration concessions in a highly prospective, yet underexplored, gold belt in southern Ecuador.
In February, Lucky reported results from the first 5 drill holes at Wayka, which used lightweight drill equipment developed by the company’s drilling partner Hubbard Drilling.
These shallow holes were designed to follow up on the trenches previously announced in the Discovery Zone.
The objective of this initial drill program was to prove the continuity of the siliceous lenses to depth and its lithological and/or structural control.
The Wayka epithermal gold discovery lies along an elevated ridge that trends northeast with elevations ranging from approximately 3,600 meters to 3,700 meters above sea level and is bound to the East by the El Buitre Porphyry and to the West by the Emma Porphyry.
Drill hole DDHW-001-2023 was drilled to intersect the gold mineralization outlined in the southern edge of trench 21, which previously returned 5.24 g/t gold over 14 metres.
This drill hole intersected strongly silicified rock containing gold mineralization from surface to a depth of 7 metres, with an average grade of 0.64 g/t gold.
Drill hole DDHW-003-2023 was drilled to intersect the surface gold mineralization outlined between trenches 6 and 14.
This drill hole intersected gold mineralization from a depth of 16 to 26 metres, associated with vuggy silica and pyrite, reporting an average of 0.68 g/t gold over the 10 metres.
Drill hole DDHW-005-2023 was drilled to a depth of 80.20 metres to intersect from surface the silicified zone sampled in trench 17.
This drill hole intersected a zone of gold-bearing vuggy silica with disseminated pyrite from a depth of 0.53 to 6.35 metres, reporting an average of 0.87 g/t gold over the 5.82 metres.
Drill hole DDHW-002-2023, drilled to intersect the down dip extension of the silicified rocks found in drill hole DDHW-001-2023, intersected a zone of advanced argillic alteration with anomalous gold mineralization from 17.80 to 21.25 metres.
Drill hole DDHW-004-2023, drilled to a depth of 60.50 metres to intersect the gold mineralization below trench 17, intersected a zone of faulting with anomalous gold.
As field observations indicate, part of the gold mineralization follows the rock foliation as shown in this interpretative cross section for drill hole DDHW-003-2023.
As shown in this image of a mag survey completed on the Discovery Zone, where trenches 5, 6, 14, 17 and 21, and drill holes are shown, it can be observed that both trenches and drill holes are located on the periphery of a large mag-low which coincides with areas of silicification and advanced argillic alteration, typically found in these epithermal gold systems.
At the time, Francois Perron, CEO, stated: “To have discovered large intersections of near-surface gold mineralization in our first five shallow holes at Wayka, totalling just 384 metres, is a substantial achievement and a credit to both the quality of our exploration team and the prospectivity of the Project. Based on an analysis of the results to date, we believe that these initial drill holes have intersected the margins of the epithermal gold system and that additional drilling will allow us to vector into the higher-grade feeder structures within the system. Of the five holes drilled to date, every single hole has returned anomalous gold mineralization. Given these exciting results we will be intensifying work as we continue to drill test the newest gold discovery in Ecuador.”
For more information, please visit the company’s website, www.LuckyMinerals.com, contact Francois Perron, President and CEO, at 866-924-6484 or by email at investors@LuckyMinerals.com.
Investor Relations is handled by Kerry Schacter at Renmark Financial who can be reached at 416-644-2020 or by email at KSchacter@renmarkfinancial.com
