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Feature article June 15, 2018:
Minerals Advancing Prime Ground in Ecuador Proximal Fruta del Norte
Lucky's Fortuna Project is highly
prospective for large Copper & Gold discovery in a prolific mineral
belt, among world-class neighbors.
Lucky Minerals Inc.
LJ) (OTCQB: LKMNF)
Share data, Capitalization, & Corporate info
52 Week High/Low:
Current Market Capitalization:
~$11.44 million Canadian
LJ.V possesses two flagship assets:
Project, Ecuador; 100% owned,
situated on similar NNE-trending
geological structures as neighboring
Fruta del Norte and Mirador.
Cu-Au-Mo Project, Montana;
100% owned, Potential multi-million oz
gold potential in ~2 billion+ Tonne
porphyry system target with 10 highly
Experienced management, skilled
"As robust data pours
in from exploration efforts over the second
half of 2018 on Fortuna, evidencing large
gold and copper potential, we expect shares
of LJ.V to rise."
- Market Equities Research Group
Lucky Minerals Inc. (TSX-V: LJ) (OTCQB: LKMNF) is
highly prospective for major gold and copper discovery as it
advances its 100%-owned Fortuna Project in Ecuador, located in a
prolific mineral belt ~40km 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. Lucky's Fortuna concessions are newly acquired from a
private company that essentially sat on coveted prime ground for
well over a decade as discoveries were made surrounding it. The
project is ripe for discovery of significance having received no
modern exploration or drilling; geological interpretation and
historical sampling (up to 10,5 g/t Au + numerous Cu anomalies in
stream sediment) suggest potential for massive Gold & Copper
system beneath. A major NNE-trending geological structure laden with
calderas cuts through Lucky's Fortuna Project, similar NNE-trending
structures intersect neighboring Fruta del Notre, Mirador, Loma Larga,
Figure 1. (below) Location map of
Fortuna proximal multi-million oz neighbors, superimposed orange
color represents geological NNE-trending structures.
Historically, only limited sporadic rock
sampling with no follow-up on anomalies has
occurred on the property.
Using a proven systematic exploration
approach (geophysics, remote sensing, alteration and volcano
features mapping, structural analysis, and soil sampling over
selected anomalies) Lucky Minerals Inc. expects to take the
property to target-ready drill status in short order (see 2018
Phase I and 2019 Phase II exploration plans further below), highly prospective for
-- the board and technical team are actively hunting
elephant deposits here in Ecuador.
Completely new high-caliber board and
skilled technical team:
The decision to acquire Fortuna was made by the new
board of directors and technical team following a complete
restructuring/changing of the guard (~1 year ago) at Lucky Minerals.
The new board and technical team was first attracted to LJ.V because
of the geologically compelling nature of the Company's other
flagship asset, the 100%-owned Emigrant Creek Cu-Au-Mo Project in
Montana, which has multi-million oz gold potential in ~2 billion+
Tonne porphyry system target. To date 10 highly mineralized breccia-pipes
have been located. The Montana property is a significant asset that
adds inherent value on its own as it is potentially amenable to bulk
underground mining; compelling drilling results include 132m of 2.1
g/T gold and 50m of 14.37 g/T gold. It was decided that with the
long road to permitting in Montana and seasonal aspect, it was best
to diversify the Company and focus to take advantage of the unique
opportunity presented in Ecuador, which allows for year-round
advancement and will expose shareholders to incredible upside share
price appreciation potential when the technical team first drills to
expose targets it is expected to delineate this coming H2-2018
A high-quality board was assembled along with a strong
technical team; e.g.: The head of the technical committee is Guy Lauzier,
B. Eng who is the General Manager of Nemaska Lithium's Whabouchi
Mine. On the board are notable names such as Joao Carêlo, who was the COO of Lundin for
several years, and Stuart Greene; a Geo and former Director of RMB
Resources, which is essentially First Rand Bank's investment arm in
London. See full
CV's of all Directors and Technical Advisors at the
bottom of this article.
The following is an overview of the Lucky's two
flagship projects, of which the Fortuna Project is the immediate
focus of exploration efforts.
1) Fortuna Gold-Copper
Project, Ecuador - 100%-owned
The Fortuna project exhibits many
similarities with significant epithermal gold and Cu-Mo porphyry
Figure 2. (above) Location map
- surrounded by multi-million ounces gold and billion lbs polymetallic properties.
Fortuna is an early stage
exploration project strategically located in the
South-Central part of Ecuador, about 50 km
South-East of the major town of Cuenca. The project
is comprised of 12 contiguous concessions
totaling ~54,985 Ha (550 km2).
In the Heart of Elephant Country
Fortuna is surrounded by
many multi-million ounces gold and billion lbs
Gold (V-LUN) Fruta del Norte
(9.48 M oz Au I+Inf)
• Sol Gold
(7.4 M tonnes CuEq)
Gold (V-LUM) Cangrejo
(8.8 M oz Au +1.1B lbs Cu Inf)
Metals (T-INV) Loma Larga
(3.09 M oz Au +125 M lbs Cu I+Inf)
National Rail Mirador
(2.7 M oz Au and 5.9 B lbs Cu M+I)
This is not a story of a
rehashed project, the Fortuna Property is
untapped in exploration potential, and one of
the most exciting ventures unfolding in South
The Fortuna concessions
have had placer mining for gold since the Inca
times, however have never seen modern
exploration applied, only being sporadically
explored for gold since the 1990’s.
Reconnaissance work and
basic geochemistry surveys have identified many
geological features associated to large
epithermal gold and porphyry deposits.
The concessions have never
seen any drilling.
Figure 3. (above) map of Ecuador
Ecuador -- stable and mining-friendly
A new stable geopolitical environment since
2015 has spurred investments from major companies and revived
interest in the country. FX controls were eliminated in
January 2016 and in 2017 Ecuador was named “Country of the Year” at
Toronto Mines & Money Show. Ecuador's new President, Lenin Moreno,
has reconfirmed the governments support of mining in 2018. The
Mirador copper project commenced construction in 2015. Lundin Gold
reached an agreement with the government in December 2016, allowing
for the Fruta del Norte project to proceed. Several public companies
are actively advancing projects at various stages of development;
• Lundin Gold Inc. TSX:LUG Fruta del Norte;
construction on track with first gold pour anticipated in Q419.
• SolGold TSX:SOLG Cascabel in exploration, the
Company is systematically exploring Cu-porphyry opportunities (Alpala,
Aguinaga) and other priority and highly prospective targets. A PEA
is expected in H218.
• Lumina Gold Corp. TSXV:LUM Condor/Cangrejos
at resource. Finalizing significant earn-in agreements with First
Quantum and Anglo American on exploration concessions. Cangrejos PEA
is anticipated Q218.
• Cornerstone Resources TSXV:CGP Cascabel in
• Aurania Resources Ltd. TSXV:ARU Cutucu in
exploration & announced a $4 million PP this June-2018.
• INV Metals TSX:INV Loma Larga in
construction, permitting anticipated 3Q18, 1.3 km of development to
provide access to mineralization.
• Core Gold Inc. TSXV:CGLD Dynasty in
• Salazar Resources Ltd. TSXV:SRL Curipamba in
• Toachi Mining TSXV:TIM La Plata in
• Lucky Minerals Inc. TSXV:LJ Fortuna in
A June 1, 2018 field report by PI Financial
mining analysts, regarding their recent (Q2-2018) site visit to
several Ecuador mining projects prompted the following take-aways about
Ecuador in a synopsis entitled "Turning the Corner Offering
• Fast finding favour
as an attractive mining investment
destination in South America, offering
untapped exploration upside.
• Majors (Newcrest Mining, Anglo American,
Fortescue Mining, First Quantum, and BHP)
actively seeking investment opportunities in
juniors with significant land packages along
• US$4B in mining investments expected by
• Good Infrastructure, cheap power and a
Figure 4. (above) - The Fortuna
Infrastructure: The area is
basically uninhabited with trails running throughout the
concessions. A paved road runs up to the property. Power
lines are within 10km of the property border. There is
abundant water available for exploration, and a readily
available workforce nearby.
1992-2017 Exploration work
prospecting of property.
✓ Discovery of
extensive mineralization and alteration zones.
✓ Up to 10,5 g/t Au
in stream sediment.
✓ Identification of
✓ Numerous Cu
anomalies reported in stream sediment.
Figure 5 (above) High potential to host porphyry
Seen in the image above is an area (Culebrillas-El
Buitre) which has seen a small amount of
preliminary exploration work. There is pervasive
hydrothermal alteration, Cu & Mo geochemical
anomalies, younger felsic porphyry intrusives,
Cu oxides in the different units and the
presence of secondary pyrite in the altered
rocks, important structures as a shear zone have
been identified, and there is the existence of
Figure 6 (above) Highly anomalous gold in
-- There exists strong potential to host
sulphidation epithermal gold deposits. Historic
work recognized many high stream sediment gold
anomalies (up to 10.5g/t Au) and anomalous Au
values in rock and soil sampling. Several
clusters of stream pan concentrate samples
identified fine gold. Gold placer mining
activity is taking place in neighboring
Minerals' Fortuna Project checks all the right boxes for
similarity with other systems:
Caldera like structures
Multiple intrusions and dykes of diorite to
Inner Quartz-Sericite alteration
Outer Epidote-Chlorite alteration
Fractures filled with sulphides
Copper and Molybdenum minerals
Volcanic pyroclastic rocks
Advanced argillic alteration
Table 1 (above) Fortuna shares
similarities with other systems.
NNE-trending geological structures that controlled
The line of fire of development of
volcanoes are along this NNE trend. The majority of
actual deposits are located along these structures. The
Fortuna concessions represent the most hotly anticipated
new development in Ecuador’s prolific gold and mineral
Figure 7. (above)
NNE-trending geological structures -- A
major NNE-trending geological structure laden
with calderas cuts through Lucky's Fortuna
Project, similar NNE-trending structures
intersect neighboring Fruta del Notre, Mirador,
Loma Larga, and others.
Figure 8. (above) -
Exploration targets on Fortuna -- Using
satellite imagery and remote sensing, a series
of major structures cut through the Fortuna
concessions. The technical team has software
able to identify major structures. The targets
are related to caldera, dome, and vent volcanic
FYI: Ecuador has the second largest
concentration of volcanoes per square foot than any
other country in the world (second only to Iceland).
Lucky Minerals' Plans at Fortuna
Near term financing of US$1M for
the delineation of major targets on the property
(airborne geophysics, exploration targets prospecting
and identification of drilling targets).
2018 goals include 1) Social
and community activities, 2) Airborne magnetics
geophysical survey to be realized in July 2018 on the
entire property, 3) Structural interpretation and soil
sampling (August 2018), 4) Delineation of promising
exploration targets (October 2018), 5) DDH targets
definition (December 2018), 6) Report filing.
Exploration, 2018 Budget
• Airborne Geophysical Survey - 5,600km - US$450,000
• Structural Study -
• GIS, Maps, Drone
Survey - US$90,000
• Base Camp (6 to 8
people) - 3 Months - US$60,000
• Personnel - Geologists and Technicians - US$225,000
• Assays (Soil and
Rock) - US$50,000
• Equipment -
• Environment &
Contingencies - US$65,000
• TOTAL PHASE I -
Mid-term financing of US2$M for
drilling in 2019/2020.
Phase II Exploration,
Infrastructure Access - 100 km - US$500,000
• GIS and Maps -
• Lodging at Nabon - 6
people - US$90,000
• Drilling - 3,000m -
• Assays - 3,500 samples - US$175,000
• Equipment -
• Contingencies -
• TOTAL PHASE II - US$1,600,000
Once the Fortuna Project is de-risked and brought to the
next level there is no shortage of players that will
partner to take the Project to fruition.
Content found herein is not investment advice
news releases regarding Company accomplishments and operational developments:
• May 1, 2018 "Lucky
Minerals Closes Acquisition of Goldmindex and 55,000 Hectare Property in
Heart of Prolific Mineral Belt in Ecuador ".
------ ------ ------ ------ ------ ------
Emigrant Creek Cu-Au-Mo Project, Montana - 100%-owned
NI 43-101 report on Emigrant Creek Project
Targeting a large-scale porphyry system with world
class potential. To date, 6 Copper-Gold-Molybdenum-Silver deposits have
been identified within a 6 square mile area in Emigrant Creek, Montana.
Each individual area within the claim blocks shows significant potential
to host 100 to 300 million tonne + deposits of copper-gold silver halo
deposits with a molybdenum core.
The Emigrant Creek Project could conceivably
contain a billion + tonne resource based on exploration and drilling
data compiled from each of the zones contained in Lucky Minerals’
overall land package covering approximately 6 square miles.
Over $20 Million has been spent in exploring the property and putting
together the database, owned by Lucky Minerals, which points toward the
existence of a very large porphyry system. The U.S. Geological Survey
includes the Emigrant District as one of the world’s giant porphyry
systems in a report titled “Giant Porphyry Related Metal Camps of the
World – A Database”. Every major mining company is searching the world
for these types of deposits.
Figure 9a. (above) Location map, Emigrant Creek
Cu-Au-Mo Project, Montana.
Figure 9b. (above) Location on geological map,
Emigrant Creek Cu-Au-Mo Project, Montana is listed as #11 -- The
Emigrant Mining District is centered on one of several intrusive centers
localized on Cooke City Structural Zone at its intersection with the
local Mill Creek fault. This intersection is the locus for the
emplacement of the Emigrant Stock that is spatially, genetically and
temporally related to the deposits of the district.
48 Km south of Livingston, Montana, population
7,000+. The project area is readily accessible to existing road
networks, power infrastructure and other resources necessary to support
advanced exploration activities or mining operation.
Emigrant Creek Project is currently a target for
developing a potential world class porphyry system. Should further
exploration show such a system exists, it could potentially be
comparable to the deposits listed below.
• New Gold's New Afton Mine, Aurico Metals' Kemess Underground Project,
Codelco's El Teniente Mine, Rio Tinto & BHP Billiton's Resolution Copper
Mine and Northern Dynasty's Pebble East Deposit.
Historical Work: • Placer Gold Production • Exploration • Drilling
Gold has been found on the Emigrant Project site since the mid 19th
century. Records indicate that ~40,000 ounces were recovered from small
scale placer and lode operations between 1864 and 1930. From 1971 to
1992, a number of companies conducted various types of mineral
exploration on the property including 12,873.8M of drilling over 83
holes, primarily on the St. Julien and DUV zones. Signiﬁcant induced
polarization surveys, chip sampling and alteration mapping have occurred
in addition to drilling.
• 1864: Placer gold discovered (~40,000 ozs produced from
• 1884: Lode gold discovered in Area 1
• 1963: 2 holes drilled near Area 6
• 1971-73: 11 holes drilled + 4 miles
of geophysics completed.
• 1991: Kennecott drilled 6 holes.
• 1991: Pegasus Gold drilled 51 holes
– 7,010.4 m.
Figure 10. (above) Emigrant Creek Cu-Au-Mo
Area #1 – St. Julien Gold Breccia Zone, 27 holes drilled. 22
holes with significant mineralization. The Gold mineralized zone here is
estimated at 400X900X500 m (W*L*D)
• Hole P91S-09
67.1 meters grading 1.93 g/t
Gold (including 13.72 meters grading 3.64 g/t Gold), .10% Copper
or 1.32% Copper Equivalent.
• Hole P91S-10 56.4 meters
grading 1.81 g/t Gold (including 7.62 meters grading 4.79 g/t
Gold), .12% Copper or 1.26% Copper Equivalent.
------ ------ ------
Area #2 – DUV Copper/Gold Breccia Zone.
Copper-gold breccia zone is estimated at 800X750X500 m (W*L*D), 33
holes drilled. Holes ended in mineralization and never followed to
• Hole P91D-03
132.3 meters grading 2.12 g/t
Gold (including 37.80 meters grading 6.76 g/t Gold), .21% Copper
or 4.48% Copper Equivalent.
• Hole P91D-10 50.3 meters
grading 14.37 g/t Gold (including 7.62 meters grading 88.39 g/t
Gold), .03% Copper or 9.12% Copper Equivalent.
------ ------ ------
Area #5-Base Metal Copper/Silver/Lead/Zinc Breccia Zone, 15 holes
drilled, all holes stopped in mineralized zones.
• Hole G76W-08
105.2 meters grading .69%
Copper, 29.40 g/t Silver or 1.00% Copper Equivalent (gold not
• Hole G75E-02 78.3 meters
grading .37% Copper, 37.71 g/t Silver or .77% Copper Equivalent
(gold not assayed).
• HoleP92G-01 102.1 meters
grading .49% Copper, 38.74 g/t Silver or .64% Copper Equivalent
(gold not assayed).
Note : All Copper Equivalent ﬁgures are based on a Copper price of $2.75
/lb and a Gold price of $1,250 /oz.
------ ------ ------
Area #6-Emigrant Copper Breccia Zone
A 1971 large Induced Polarization survey was re-interpreted in 2006
using more advanced computer technology than was available at the time
of the original survey. The re-interpretation found extremely high
chargeability anomalies that likely indicate sulﬁdes and associated
mineralization in the survey area which is to be the focus of further
This area is at a higher elevation than Area #5 with signiﬁcant
copper/gold at surface. The Emigrant zone is a major target that is
undrilled except for a single hole to the far east of the zone, for
which no assay data can be found in the property database, just the
Figure 11. (above) Geological Model of LJ.V's
Emigrant Creek Cu-Au-Mo Project.
Setting & Thesis
• Several areas of extensive mineralization.
• Previous drilling tested only near surface zones
and did not examine the entire system.
• Most holes were stopped in copper bearing
• Drilling was concentrated above copper/gold part
of the system, however higher grade material is considered to be present
• Zonation clearly ﬁts a large-scale porphyry
model: Breccia areas located above the main system, molybdenum core
moving out into copper margins, gold areas are boiling zones high in the
system. • Possible that the zones will connect into a much larger system
• Further exploration will initially focus near
surface but would follow intrusive mineralizing breccia zones to depth
for main source.
------ ------ ------
------ ------ ------ ------ ------ ------
Lucky Minerals Inc.'s Technical Leadership, Management, and Governance
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The current management team and board of directors has a well rounded
combination of people that each contribute expertise in
disciplines necessary for a successful mining entity:
Robert Rosner, – CEO and President
Mr. Rosner has significant experience as a mining
industry entrepreneur and executive who, in addition to
Lucky Minerals, is also a Director and CFO of Chimata
Gold Corp. Early in his career he initiated the
formation of a number of junior exploration mining
companies, including Fortuna Silver Mines (NYSE: FSM)
and Niogold Mining Corp. (TSX.V: NOX – Acquired and
wholly owned by Osisko), and played instrumental roles
in managing these, and other, resource ventures involved
in early stage exploration, resource location,
delineation, and development. He has successfully
utilized his extensive experience in public and private
company management for over 30 years. Mr. Rosner has
acted as an officer and director of both Canadian and
U.S. listed companies, providing senior management of
reporting compliance, oversight and fiduciary
capacities, and directing corporate activities. He also
has significant experience in Initial Public Offerings,
Mergers & Acquisitions, and reverse takeovers.
Shaun M. Dykes, M.Sc. (Eng.), P. Geo., – Vice
President, Director. and member of Technical Committee
Mr. Dykes is currently President and Chief Executive
Officer of American CuMo Mining company a company
currently developing the large CuMo deposit in Idaho,
which Mr. Dykes was responsible for obtaining and
developing to its current state. Mr Dykes will continue
to work for both companies in aiding and developing the
Stuart Greene, Pr.Sci.Nat, MAusIMM, – Director
and member of Technical Committee
Mr. Greene is a geologist and former Director of RMB
Resources, a wholly-owned subsidiary of First Rand Bank
that provides equity and debt financing to companies in
the minerals and mining industry. His early career was
spent as a mine geologist and geological consultant with
experience covering mining and geotechnics, the
preparation of Competent Person’s Reports and the
preparation of independent valuations of mining
companies and mineral assets. During his tenure as a
resources financier with RMB, Mr. Greene was involved in
originating, completing and managing equity and debt
financings for junior resource companies with projects
at every stage of development from exploration through
to production. He has worked with numerous companies
with project locations in North America, South America,
Europe, Africa and SE Asia.
Joao Carêlo, B.Sc., MBA, – Chairman of the Board
Mr. Carrêlo is a senior mining executive with over 34
years of international experience in the mining and
resource sectors. His experience includes the management
of underground and open pit projects and operations,
with exposure to precious and base metals, coal and
industrial minerals in Latin America, Europe, India, and
Africa. Mr. Carrêlo previously served as President, CEO
and Director of Eco Oro Minerals Corp. from 2012 to
2014, and Executive Vice President and Chief Operating
Officer of Lundin Mining Corporation from 2007 to 2012.
He currently serves as a Non-Executive Director of TMAC
Resources and Non Executive Chairman of Lucky Minerals.
He holds a Bachelor of Science degree (Hons.) in Mining
Engineering from the University of Newcastle Upon-Tyne
(U.K.) and a Master of Business Administration degree
from the European Management School (U.K.).
Francois Perron, B.Sc, MBA, – Director
Mr. Perron is a Director and Vice-President of corporate
development for Goldstar Minerals Inc. Prior to that he
was Vice-President at Renmark Financial Communications
until April 2017. He was the President and Chief
Executive Officer of QMX Gold Corporation and was
previously the President and Chief Executive Officer of
Golden Goose Resources. Before joining the resource
sector, Mr. Perron was involved in the financial markets
as a portfolio manager and managed resource focused
portfolios for NBC Alternative Investments and various
resource funds for the Caisse de dépôt et placement du
Québec from 2001 to 2007. He has a Bachelor of Science,
Computer science from McMaster University (1986) and an
MBA from the Hautes Etudes Commerciales which he
obtained in 1992.
Steven Cozine, – CFO
Mr. Cozine has over 25 years of experience in venture
capital markets as an officer and director of publicly
listed companies in the mining, industrial and high-tech
sectors. His experience covers a wide range of corporate
management duties with a focus on governance and
regulatory compliance, project management, corporate
finance including private funding and prospectus
offerings, human resources, strategic planning and
Guy Lauzier, B. Eng., – member Technical
Mr. Lauzier sits as the Chair of the Technical Advisory
Committee and is a mining engineer with over 30 years of
experience in mine planning, design, construction and
project management. He has consulted to a number of
international mining concerns with projects throughout
the Americas, Europe and Africa. In addition to mine
planning, construction and operations, Mr. Lauzier has
extensive experience in evaluating projects, setting
budgets, licensing, procurement and all aspects of
mining related human resources management.
Alain Moreau, M.Sc.A, B.Sc., P.Geo, – member Technical
Alain Moreau has been a geologist entrepreneur since
1987. He worked closely with Noranda’s (now Glencore)
management for strategic exploration in Eastern Canada
and South America. He also worked with Cambior (now
IamGold) for strategic exploration and property
acquisitions in South America. He was involved in the
Katinniq world class Ni mining camp exploration
(Falconbridge, now Glencore). Mr. Moreau developed a
mine targeting platform technology which has contributed
to the identification of numerous mining discoveries
around the world for the last 30 years. This technology
is constantly updated and currently in use.
James Wayne Murton, BSc., P.Eng, – member of
Mr. Murton is a geological and mining consultant and the
President of Kelowna, BC based J.W. Murton and
Associates. He is a graduate geologist and registered
Geological Engineer with the Association of Professional
Engineers and Geoscientists of British Columbia. He has
been active in the mining industry for over 50 years
with junior companies as well as major mining concerns,
and has managed and directed exploration programs for
base metals, precious metals and uranium. Additionally,
Mr. Murton has managed and directed underground mine
exploration, development and production from gold,
silver and copper mines as well as placer gold
operations. He has been involved in a variety of
projects throughout the Americas as well as West Africa,
and has authored numerous property reports, as well as
NI 43-101 reports as a Qualified Person as defined by
governing regulatory bodies.
Note: This article is not intended to be a complete overview of
Lucky Minerlas Inc. or a complete listing of Lucky Minerals' projects. Mining MarketWatch urges the reader to contact the subject company and has
identified the following sources for information:
For more information
contact Lucky Minerals Inc.'s head office at:
Company's web site:
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