Lucky Minerals Ecuador Fortuna Concessions Update
Lucky Minerals Ecuador Fortuna Concessions Update
Vancouver, BC April 3, 2019, Lucky Minerals Inc. (TSX.V: LKY) (OTCPK: LKMNF) (FRA: LKY) (“Lucky” or the "Company") is pleased to announce that it has renewed its full 550 square kilometer, twelve concession package Fortuna Project, (the “Project”) in Ecuador. The concessions are located within the fertile Jurassic tract which in turn is situated along a major porphyry copper trend established by the USGS and on one of the 4 suture zones of Ecuador.
Mapping and surface sampling conducted to date on the recently discovered El Buitre porphyry system, located in the central cordillera which is contained within the Fortuna 3 concession, about 40km west of the Fruta del Norte deposit, has been finalized with 316 channel samples assayed so far including 26 standards. Additional assays on 635 samples are pending.
Fortuna 3 is one of 12 contiguous concessions which make up the Fortuna Project.
The Company reports that certain Directors and Officers advanced funds in the aggregate amount of CDN$267,000 by way of interim loan agreements in order to ensure the timely payment of Ecuadoran taxes due on the aforementioned Fortuna Project concessions. The loans are unsecured, thirty-day demand instruments that carry an interest rate of 12% per annum. The funds were provided to the Company while the Board of Directors continues to discuss and evaluate ongoing financing opportunities to fund future exploration objectives. The Directors and Officers who advanced funds by way of loan agreements are as follows:
Joao Carrelo; $102,000, Robert Rosner; $90,000, Alain Moreau; $50,000, Francois Perron; $25,000.
About Lucky
An exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits.
The Fortuna Project
Lucky Minerals holds a 100% interest in Fortuna, a 550 km2 property in the heart of a proven and highly mineralized mineral district in Ecuador but which has seen only limited exploration and has never been drilled.
Evidence of significant hydrothermal alteration, stockwork, breccias, geochemical anomalies and placer mining supports potential for Cu/Au porphyry systems and epithermal Au deposits similar to numerous multi-million-ounce Au and bulk tonnage Cu deposits ~40km away.
This press release has been prepared by Alain Moreau, P.Geo., VP-Exploration at Lucky Minerals Inc., a “qualified person” as defined by NI 43-101 instrument. For further information, please consult Lucky’s website or contact: Tel: 866 924- 6484, [email protected] www.luckyminerals.com.
ON BEHALF OF THE BOARD
Robert Rosner
Executive Vice President/CFO
Further information regarding the Company can be found on SEDAR at www.SEDAR.com.
This news release may contain forward–looking statements.Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned exploration, including the ability of the company to achieve its targeted exploration outline due to regulatory, technical or economic factors. In addition, there are risks associated with exploration activities, and there is no guarantee that additional exploration work will result in a significant discovery or indication of any mineralization that could potentially lead to the delineation of any sort of resource whatsoever. Such risks and uncertainties include those described in the Company’s periodic reports including the annual report or in the filings made by the Company from time to time with securities regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbor.