Lumina Gold Reports Results of ZTEM Geophysical Survey at Cangrejos
Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF)
“Company” or “Lumina”) is pleased to announce the results of a
recent airborne ZTEM (Z-Axis Tipper Electromagnetic System)
geophysical survey at the Company’s 100% owned Cangrejos
Gold-Copper Project, located in El Oro Province of southern
Ecuador. The ZTEM survey results highlight the remaining
exploration potential on the property and show that two thirds of
the prospective circular ZTEM feature have not been tested by
drilling. The untested area also has a coincident anomaly of gold
in soils, which add further support for the potential of the area
(see Figure 1).
Marshall Koval, President and CEO commented,
“The ZTEM results demonstrate the size of the Cangrejos system and
the potential to expand the existing gold resources given the
significant areas of the geophysical anomaly that remain untested.
Having a geophysical anomaly coinciding with surface gold
geochemistry delineates clear additional exploration targets with
high discovery potential.”
ZTEM is Geotech Ltd.’s proprietary
helicopter-towed electromagnetic survey system which will detect
changes in resistivity in rocks at depth. A total of 368 line
kilometres were flown at line spacings of 200 metres over the
southwestern two-thirds of the grid over the known showings, with
400 metre line spacings flown in the northeastern one-third of the
grid. Figure 1 shows less resistive rocks in warm colors and is
interpreted to be the imaging of the subsurface at a depth of 100’s
of metres. In the context of a major gold-copper porphyry deposit
such as Cangrejos, the pink/magenta circular feature is interpreted
to represent the pyrite halo that would typically develop around
the core of such deposits. This is contrasted against a more
resistive core appearing as yellow/orange and surrounding
The circular feature is approximately 4
kilometres in diameter and coincides with the approximately
circular contoured 0.25g/t gold anomaly in historic soils grids,
previously collected by Odin and Newmont geologists.
The location of the existing resources at
Cangrejos and Gran Bestia are indicated by the plotted drill hole
collars on Figure 1. Importantly, two thirds of the prospective
circular ZTEM feature with a coincident gold in soils anomaly
remains untested by drilling.
Favourable ring-like ZTEM features with
coincident gold in soil anomalies using a 0.25 g/t gold contour
occur 2.5 kilometres northwest of Gran Bestia at Pan de Azucar,
where silicified boulders are observed at surface and an additional
1.5 kilometres further north at Valarezo, neither of which have
been drill tested. Conductive features with gold anomalies also
form a northeast trend extending from Cangrejos, through El Capitan
and Casique, to Dos Bocas.
As previously disclosed, drilling has so far
defined combined resources at Cangrejos and Gran Bestia totalling
indicated resources of 568 million tonnes of 0.57 g/t gold and
0.11% copper, containing 10.4 million ounces gold and 1.4 billion
pounds copper and inferred resources of 476 million tonnes of 0.41
g/t gold and 0.08% copper, containing 6.3 million ounces gold and
0.8 billion pounds copper. Details of the resource estimates can be
found in the Company’s news release dated November 7, 2019 and
National Instrument 43-101 technical report dated December 12,
Leo Hathaway, P.Geo, Senior Vice President and
the Qualified Person as defined by NI 43-101 for the Cangrejos
Project has reviewed, verified and approved the contents of this
news release as they relate to the ongoing exploration and
development program at the Cangrejos Project.
About Lumina Gold
Lumina Gold Corp. (TSXV: LUM) is a Vancouver,
Canada based precious and base metals exploration and development
company focused on the Cangrejos Gold-Copper Project located in El
Oro Province, southwest Ecuador. Lumina has an experienced
management team with a successful track record of advancing and
monetizing exploration projects.
Further details are available on the Company’s
website at https://luminagold.com/.
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LUMINA GOLD CORP.
For further information contact:
Signed: “Marshall Koval”
Marshall Koval, President & CEO, Director
T: +1 604 646 1890
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