Highlights include:
Hole C22-167
- 1.17 g/t gold equivalent over 134 metres from surface at Gran
Bestia
- Extends existing higher-grade breccia area
Hole C22-160
- Extended mineralization laterally outside the PEA ultimate pit
to the northwest by approximately 180 metres
- Including 0.49 g/t gold equivalent over 170 metres
- Open laterally and to depth
Based on results from hole C22-160, Lumina is drilling an
additional step-out hole at Gran Bestia
- If more positive results are received, Lumina will advance
plans for a more substantive step-out drilling program
- Hole C22-160, has shown potential to add to the mineral
resource and change the Gran Bestia pit configuration, which could
affect how much of the existing mineral resource is brought into a
mine plan
VANCOUVER, BC, March 29, 2022 /CNW/ - Lumina Gold Corp.
(TSXV: LUM) (OTCQX: LMGDF) (the "Company" or "Lumina") is
pleased to announce results from twelve drill holes at its
Cangrejos project (the "Project") in Ecuador. Seven of the reported drill holes are
from Cangrejos and five are from Gran Bestia (see Table 1). To
date, thirty-six drill holes have been completed and six drill
holes are in progress, totalling 15,055 metres of drilling. Lumina
currently has six rigs operating and will be drilling with eight
rigs in April.
At Gran Bestia, hole C22-167 intercepted 134 metres from surface
grading 1.01 g/t gold, 0.10% copper, for a gold equivalent grade of
1.17 g/t Au Eq. In this area, zones of brecciation tend to be of
higher grade. This interval was breccia dominated and extends the
existing higher grade breccia body by at least 100m to the southeast. Additional drilling at
Gran Bestia is expected to further refine the Company's
understanding of the geometry of this shallow zone of high grade
mineralization.
Also, at Gran Bestia, approximately 450m northwest from hole C22-167, Lumina drilled
an aggressive step-out hole, C22-160, into an area where the
deposit is open to the northwest and to depth (see Figures 1 and
2). The intervals in this hole extend the known mineralization
laterally, to the northwest. The area remains open laterally and to
depth and warrants further drilling. The significance of hole
C22-160 is illustrated in Figure 2 as it extends mineralization
above the base case cut-off grade (0.30 g/t Au Eq) approximately
120m laterally from the mineral
resource block model limit and approximately 180m laterally from the northwest pit limit.
These measurements are compared to the 2020 Preliminary Economic
Assessment ("PEA") mineral resource and mine plan, respectively.
The potential extension of the resource in this direction could
improve future economic studies.
Follow-up drilling along the northwestern flank of the deposit,
starting with one additional hole in April, is planned to fully
understand the potential of this extension. The additional
mineralized material could potentially change the Gran Bestia pit
configuration and result in the incorporation of existing mineral
resources that were not included in the PEA mine plan (see Figure
2).
Three infill holes, C22-161, C22-164 and C22-165 were also
drilled at Gran Bestia and all encountered at least 100m intercepts at typical grades for the
deposit.
At Cangrejos, hole C22-154 was drilled in the central part of
the deposit and intercepted 214m from
246m down the hole grading 0.52 g/t
gold and 0.11% copper, for 0.70 g/t Au Eq. Hole C22-152 was drilled
approximately 300m to the
east-northeast of C22-154, close to the northeastern limit of the
deposit, and intersected 156m from
4m down the hole grading 0.47 g/t
gold and 0.12% copper, for 0.65 g/t Au Eq.
Holes C22-159 and C22-166 were drilled in the southwestern
quadrant of the Cangrejos deposit to further delineate the extent
of a poorly mineralized dike that had been included in previous
deposit modelling. Both holes were collared in this dike, were
inclined to the northwest and established its northwest
contact.
Hole C22-162 was drilled in the southwest quadrant of Cangrejos,
hole C22-163 was drilled in the central area, and C22-168 was
drilled in the northwest quadrant of the deposit. These three holes
all returned intervals with grades typical for the Cangrejos
deposit.
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)
|
C21-152
|
Cangrejos
|
4
|
160
|
156
|
0.47
|
0.12
|
0.65
|
0.47
|
252
|
Incl.
|
330 °/ -83 °
|
176
|
230
|
54
|
0.31
|
0.10
|
0.46
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
C21-154
|
Cangrejos
|
20
|
104
|
84
|
0.31
|
0.05
|
0.39
|
0.28
|
470
|
And
|
330° / -80°
|
150
|
208
|
58
|
0.24
|
0.01
|
0.27
|
0.19
|
|
And
|
|
246
|
460
|
214
|
0.52
|
0.11
|
0.70
|
0.51
|
|
And
|
|
472
|
488
|
16
|
0.21
|
0.09
|
0.35
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
C21-159
|
Cangrejos
|
No significant
intersections
|
493
|
|
330° / -65°
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-160
|
Gran Bestia
|
60
|
230
|
170
|
0.34
|
0.09
|
0.49
|
0.35
|
599
|
Incl.
|
330° / -50°
|
118
|
146
|
28
|
0.86
|
0.19
|
1.17
|
0.85
|
|
And
|
|
246
|
260
|
14
|
0.29
|
0.04
|
0.36
|
0.26
|
|
And
|
|
440
|
470
|
30
|
0.33
|
0.03
|
0.38
|
0.28
|
|
And
|
|
540
|
562
|
22
|
0.34
|
0.03
|
0.38
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
C22-161
|
Gran Bestia
|
0
|
136
|
136
|
0.34
|
0.03
|
0.41
|
0.30
|
369
|
Incl.
|
150° / -85°
|
0
|
12
|
12
|
1.14
|
0.07
|
1.50
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
C22-162
|
Cangrejos
|
292
|
308
|
16
|
0.51
|
0.03
|
0.57
|
0.42
|
442
|
And
|
330° /-81°
|
372
|
404
|
32
|
0.21
|
0.01
|
0.23
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
C22-163
|
Cangrejos
|
2
|
82
|
80
|
0.22
|
0.08
|
0.37
|
0.27
|
557
|
And
|
330° / -50°
|
308
|
512
|
204
|
0.49
|
0.07
|
0.61
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
C22-164
|
Gran Bestia
|
0
|
369
|
369
|
0.50
|
0.12
|
0.67
|
0.49
|
369
|
|
na / -90°
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-165
|
Gran Bestia
|
22
|
56
|
34
|
0.43
|
0.05
|
0.53
|
0.39
|
357
|
And
|
142° / -60°
|
72
|
90
|
18
|
0.28
|
0.04
|
0.35
|
0.25
|
|
And
|
|
130
|
152
|
22
|
0.27
|
0.02
|
0.30
|
0.22
|
|
And
|
|
164
|
298
|
134
|
0.30
|
0.05
|
0.39
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
C21-166
|
Cangrejos
|
No significant
intersections
|
381
|
|
330° / -61°
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-167
|
Gran Bestia
|
0
|
134
|
134
|
1.01
|
0.10
|
1.17
|
0.85
|
454
|
And
|
na / -90°
|
146
|
388
|
242
|
0.49
|
0.10
|
0.63
|
0.46
|
|
Incl.
|
|
226
|
246
|
20
|
1.90
|
0.19
|
2.19
|
1.59
|
|
And
|
|
414
|
450
|
36
|
0.27
|
0.06
|
0.35
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
C22-168
|
Cangrejos
|
0
|
38
|
38
|
0.35
|
0.03
|
0.43
|
0.32
|
408
|
And
|
330° / -71°
|
70
|
80
|
10
|
0.30
|
0.03
|
0.35
|
0.26
|
|
And
|
|
280
|
304
|
24
|
0.26
|
0.11
|
0.43
|
0.31
|
|
And
|
|
318
|
340
|
22
|
0.27
|
0.04
|
0.33
|
0.24
|
|
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 12.50 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.
Follow us on: Twitter, Linkedin or Facebook.
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 drilling with eight rigs in April.
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.