VANCOUVER, BC, Aug. 2, 2023
/CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQB:
LMGDF) (the "Company" or "Lumina") is pleased to announce
that it has recommenced drilling at its Cangrejos gold-copper
project in southwest Ecuador. The
Company has initiated the approximately 8,000 metre geotechnical
drill program at both the Cangrejos and Gran Bestia
deposits. The infill resource definition program will commence
in September and will include approximately 10,000 metres of
drilling. The goal of the program is to convert Probable mineral
reserves to Proven mineral reserves for Phase 1 of mining at the
Cangrejos deposit. Lumina intends to fund the Feasibility
Study work and drilling from the proceeds received from Wheaton
Precious Metals (see May 26, 2023 and
May 16, 2023 news releases).
Lumina plans to ramp up to twelve drill rigs on site to complete
the geotechnical and resource definition program, which it expects
to complete in Q1 2024. Drilling will also produce fresh material
for the next round of metallurgical test work to support the
Feasibility Study.
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. In 2023, the Company
completed a Pre-Feasibility Study for Cangrejos, which 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 future work programs, funding of future
work programs and studies at Cangrejos. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lumina-gold-commences-feasibility-study-fieldwork-301891107.html
SOURCE Lumina Gold Corp.