Highlights include:
Hole C22-151
- 1.11 g/t gold equivalent over 260 metres from surface at
Cangrejos
Hole C22-156
- 1.55 g/t gold equivalent over 184 metres at
Cangrejos
- Including 1.98 g/t gold equivalent over 126 metres
Hole C22-157
- 0.84 g/t gold equivalent over 360 metres from surface at
Gran Bestia
-
Including 1.17 g/t gold equivalent over 110 metres
VANCOUVER, BC, March 15, 2022 /CNW/ - Lumina Gold
Corp. (TSXV: LUM) (OTCQX: LMGDF) (the "Company" or
"Lumina") is pleased to announce results from seven drill
holes at its Cangrejos project (the "Project") in Ecuador. Five of the reported drill holes are
from Cangrejos and two are from Gran Bestia. To date, twenty-seven
drill holes have been completed and six drill holes are in
progress, totalling 11,785 metres of drilling. Six drill rigs are
currently on site and two additional drill rigs will join the
campaign at the end of March. One of the new drill rigs will
initially be dedicated to geotechnical and hydrological drilling in
support of the Pre-feasibility Study ("PFS").
Holes C22-151, C22-153 and C22-158 were drilled in the western
and central portions of the Cangrejos deposit where high grades
largely occur within intrusive and hydrothermal breccias. The
breccias are locally cut by a later phase of weakly mineralized
porphyry, which was the predominate rock type intercepted in hole
C22-153. Hole C22-158 contained mineralization that continued
laterally beyond the pit limits defined by the 2020 Preliminary
Economic Assessment ("PEA").
At Gran Bestia, mineralization is largely hosted in breccia.
C22-155 and C22-157 exhibit strong mineralized grade continuity
from surface and extend beyond the current PEA pit limits. While
most drilling to date at Gran Bestia is in-fill, an exploration
hole (C22-160) has been angled to the northwest into un-drilled
terrain where the resource is open. The drill hole has been
completed and results are pending.
Table 1: Drill Results
Hole
|
Deposit
/
Azimuth / Dip
(°)
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Cu
(%)
|
Au Eq
(g/t)
|
Cu Eq
(%)
|
Total
Depth
(m)
|
C21-150
|
Cangrejos
|
2
|
168
|
166
|
0.56
|
0.04
|
0.67
|
0.49
|
546
|
Incl.
|
330 °/ -85 °
|
62
|
96
|
34
|
0.94
|
0.64
|
1.05
|
0.76
|
|
And
|
|
312
|
322
|
10
|
0.24
|
0.05
|
0.32
|
0.24
|
|
And
|
|
368
|
378
|
10
|
0.47
|
0.04
|
0.54
|
0.4
|
|
And
|
|
460
|
470
|
10
|
0.30
|
0.02
|
0.33
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
C21-151
|
Cangrejos
|
0
|
260
|
260
|
0.96
|
0.09
|
1.11
|
0.81
|
460
|
Incl.
|
330° / -65°
|
50
|
176
|
126
|
1.27
|
0.09
|
1.41
|
1.03
|
|
And
|
|
202
|
228
|
26
|
1.57
|
0.17
|
1.84
|
1.34
|
|
|
|
|
|
|
|
|
|
|
|
C21-153
|
Cangrejos
|
122
|
136
|
14
|
0.41
|
0.07
|
0.53
|
0.38
|
640
|
And
|
330° /-66°
|
518
|
552
|
34
|
0.22
|
0.05
|
0.30
|
0.22
|
|
And
|
|
568
|
578
|
10
|
0.28
|
0.05
|
0.35
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
C22-155
|
Gran Bestia
|
2
|
120
|
118
|
0.32
|
0.04
|
0.38
|
0.28
|
343
|
And
|
0° / -90°
|
212
|
294
|
82
|
0.32
|
0.04
|
0.38
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
C22-156
|
Cangrejos
|
12
|
64
|
52
|
0.26
|
0.04
|
0.30
|
0.22
|
509
|
And
|
150° /-84°
|
106
|
148
|
42
|
0.34
|
0.04
|
0.40
|
0.29
|
|
And
|
|
248
|
432
|
184
|
1.33
|
0.14
|
1.55
|
1.13
|
|
Incl.
|
|
256
|
382
|
126
|
1.74
|
0.16
|
1.98
|
1.44
|
|
|
|
|
|
|
|
|
|
|
|
C22-157
|
Gran Bestia
|
0
|
316
|
316
|
0.7
|
0.09
|
0.84
|
0.61
|
336
|
Incl.
|
330° /-62°
|
16
|
126
|
110
|
1.03
|
0.09
|
1.17
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
C22-158
|
Cangrejos
|
6
|
18
|
12
|
0.45
|
0.09
|
0.61
|
0.45
|
470
|
And
|
330° / -50°
|
90
|
106
|
16
|
0.24
|
0.15
|
0.47
|
0.34
|
|
And
|
|
212
|
358
|
146
|
0.34
|
0.08
|
0.46
|
0.33
|
|
Incl.
|
|
264
|
280
|
16
|
0.68
|
0.09
|
0.81
|
0.59
|
|
And
|
|
424
|
434
|
10
|
0.40
|
0.04
|
0.47
|
0.34
|
|
Note: Intervals in
the reported holes are calculated using a cut-off of 0.2 g/t Au
with maximum internal dilution of ten continuous metres. Sampling
is done in consistent, continuous 2-metre intervals. The highest
gold value used in the reported weighted averages is 7.557 g/t Au.
In addition to the above results there were multiple intercepts of
lower-grade material in the drill holes. Equivalent values were
calculated using Gold equivalent values were calculated using the
following prices: a gold price of US$1,500 per ounce, a copper
price of US$3.00 per pound, a molybdenum price of US$7.00 per pound
and a silver price of US$18.00 per ounce.
|
Quality Assurance
All Lumina sample assay results have been independently
monitored through a quality control / quality assurance ("QA/QC")
program that includes the insertion of blind standards, blanks and
pulp and reject duplicate samples. Logging and sampling are
completed at Lumina's secure facility located at the Cangrejos
Project. Drill core is sawn in half on site and half drill-core
samples are securely transported to either Bureau Veritas Labs'
(BV) or ALS Labs' ("ALS") sample preparation facilities in
Quito, Ecuador. Sample pulps are
sent to BV's or ALS' chemical labs in Lima, Peru for analysis. Gold content is
determined by fire assay of a 30 gram charge with total copper
content determined by four-acid digestion with ICP finish. Both
labs are independent from Lumina.
Lumina is not aware of any drilling, sampling, recovery or other
factors that could materially affect the accuracy or reliability of
the data referred to herein.
Qualified Persons
Leo Hathaway, P.Geo., Senior Vice
President of Lumina and the Qualified Person as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
for the Cangrejos Project has reviewed, verified and approved the
contents of this news release and has verified the data underlying
the contents of this news release.
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. Cangrejos is being
advanced to a Pre-Feasibility Study and is the largest primary gold
deposit in Ecuador. Lumina has an
experienced management team with a successful track record of
advancing and monetizing exploration projects.
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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 adding additional drill rigs at the end
of March. 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.