VANCOUVER, BC, Dec. 15, 2021 /CNW/ - Lumina Gold
Corp. (TSXV: LUM) (OTCQX: LMGDF) (the "Company" or
"Lumina") is pleased to announce securing two additional drill rigs
to expedite the previously announced 30,000 metre drill program at
its Cangrejos project (the "Project"). The program will now utilize
six drill rigs beginning early next year. The two active rigs at
site have drilled approximately 2,700 metres, with five diamond
drill holes completed and two in progress. A third rig is on site
and is being mobilized to the Gran Bestia deposit. As previously
stated, the infill program is designed to convert the Project's
Inferred mineral resource estimate to the Measured or Indicated
categories, for inclusion in a pre-feasibility study ("PFS").
Additionally, drill holes will also step-out on the existing
mineral resource laterally, provide further material for
metallurgical testing and be used for advancing geotechnical and
hydrogeological studies. The addition of two rigs allows for
metallurgical testing and geotechnical data collection to take
place earlier. These critical-path items will allow Lumina to bring
these components forward in the PFS schedule.
Recent mineralogical modelling work at the Project has improved
Lumina's plan for mineral resource expansion. The work revealed
that the highest gold grades coincide with a bornite mineral core
at the Cangrejos deposit. At Gran Bestia, a similar bornite core
has not yet been located, which may indicate potential for
discovering a higher grade area. These observations further
reinforce the Company's rationale to prioritize the step-out
drilling scheduled to take place to the northwest of the currently
drill-defined deposit. At Gran Bestia, the estimated mineral
resource blocks to the northwest end parallel to the last vertical
hole. Lumina will focus on locating the potential higher-grade
bornite core at Gran Bestia with step-out drilling in the northwest
direction (see Figure 1 below). For context, the Gran Bestia
deposit's mineral resource estimate currently has 1.5 Moz in
Indicated gold out of the Project's 10.4 Moz of Indicated gold and
3.1 Moz in Inferred gold out of the Project's 6.7 Moz of Inferred
gold(1).
Qualified Persons
Leo Hathaway, P.Geo, Senior Vice
President of the Company, a "qualified person" as defined by
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects, has reviewed, verified and approved the contents of
this news release as they relate to the ongoing exploration and
development program at the Project.
Notes:
(1)
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Gran Bestia has
101.1M tonnes of Indicated material with a gold grade of 0.46 g/t
and a copper grade of 0.08% and 245.5M of Inferred material with a
gold grade of 0.40 g/t and a copper grade of 0.07%. The overall
Project has 570.8M tonnes of Indicated material with a gold grade
of 0.57 g/t and a copper grade of 0.11% and 500.4M of Inferred
material with a gold grade of 0.41 g/t and a copper grade of
0.08%.
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For further details on the mineral resource estimates for the
Project, please see the Company's technical report disclosing
entitled "Cangrejos Gold-Copper Project, El Oro Province, Ecuador
NI 43-101 Technical Report Preliminary Economic Assessment" dated
June 24, 2020, with an effective date
of June 8, 2020.
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/.
To receive future news releases please sign up at
https://luminagold.com/contact.
LUMINA GOLD CORP.
Signed: "Marshall Koval"
Marshall Koval , President
& CEO, Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to statements or
information with respect to the drill program at the Project
utilizing six rigs and beginning early next year, the potential of
the infill program to convert the Inferred mineral resource to the
Measured or Indicated categories, the location of the drill holes
and their ability to provide further material for metallurgical
testing and to advance geotechnical and hydrogeological studies,
the addition of the two rigs allowing for data collection to take
place earlier, the critical-path items allowing Lumina to bring
these components forward in the PFS schedule, that a bornite core
similar to the bornite core at the Cangrejos deposit not being
located at Gran Bestia may indicate potential for discovering a
higher grade area, and Lumina's focus on locating a higher grade
bornite core at Gran Bestia. Often, but not always, forward-looking
statements or information can be identified by the use of words
such as "will" or "projected" or variations of those words or
statements that certain actions, events or results "will", "could",
"are proposed to", "are planned to", "are expected to" or "are
anticipated to" be taken, occur or be achieved.
With respect to forward-looking statements and information
contained herein, the Company has made numerous assumptions
including among other things, assumptions about general business
and economic conditions, the prices of gold and copper, and
anticipated costs and expenditures. The foregoing list of
assumptions is not exhaustive.
Although management of the Company believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that a forward-looking statement or information herein will prove
to be accurate. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information. These factors include,
but are not limited to: risks associated with the business of the
Company; business and economic conditions in the mining industry
generally; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; risks relating to inaccurate geological
and engineering assumptions (including with respect to the tonnage,
grade and recoverability of reserves and resources); risks relating
to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); risks relating to adverse weather conditions; political
risk and social unrest; changes in general economic conditions or
conditions in the financial markets; and other risk factors as
detailed from time to time in the Company's continuous disclosure
documents filed with Canadian securities administrators. The
Company does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
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SOURCE Lumina Gold Corp.