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Lumina Gold Extends Mineralization at the Cangrejos Deposit and Continues to Expand the Gran Bestia Ridge

Lumina Gold Extends Mineralization at the Cangrejos Deposit and Continues to Expand the Gran Bestia Ridge
PR Newswire
VANCOUVER, BC, Aug. 17, 2022

Highlights include:Completed the 2021/2022 drill campaign with over 36,000 metres drilling.
Gran Best…

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Lumina Gold Extends Mineralization at the Cangrejos Deposit and Continues to Expand the Gran Bestia Ridge

PR Newswire

Highlights include:

Completed the 2021/2022 drill campaign with over 36,000 metres drilling.

Gran Bestia

  • Long intercepts in seven ridge holes expected to add mineral resources, open in all directions
  • C22-225: 0.76 g/t gold equivalent over 287 metres
  • C22-214: 0.72 g/t gold equivalent over 126 metres

Cangrejos

  • C22-226: 0.70 g/t gold equivalent over 222 metres – open to southwest and to depth
  • C22-222: 1.23 g/t gold equivalent over 36 metres – open to east

VANCOUVER, BC, Aug. 17, 2022 /PRNewswire/ – Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the “Company” or “Lumina”) is pleased to announce results from twenty-five drill holes at its Cangrejos Project (the “Project”) in Ecuador. Seventeen of the reported drill holes are from Cangrejos and eight are from Gran Bestia (see Table 1). During the 2021/2022 drill program, 107 drill holes have been completed, totalling 36,027 metres of resource definition and geotechnical drilling. The drill program is now complete, and all drill rigs have been demobilised from site. Results from two holes at Cangrejos and fifteen at Gran Bestia are pending; including geotechnical holes.

Marshall Koval, CEO, President and Director commented: “I would like to thank our geological team for completing a well executed large-scale program on time. The drilling campaign appears to have delivered exactly what we set out to do, infill the US$1,100 gold constrained pits that formed the basis of the 2020 PEA, while also completing step-out drilling that should enhance the resource size and overall attractiveness of the Project.”

Work on the Pre-Feasibility Study (“PFS”), expected to be completed in Q2 2023, is continuing. With the drilling now concluded, PFS resource estimation work has been initiated. The supporting geologic and structural models are near completion. Pit slope geotechnical testing and hydrogeologic characterization are also near completion for development of pit slope design recommendations. In addition, metallurgical testing of ~4,700 kgs of drill core is underway at Laboratorio Plenge in Lima. Ongoing field work includes site characterization for project infrastructure and baseline environmental studies.

Cangrejos Drill Hole Results

Results from nine drill holes from the southwestern quadrant of Cangrejos are reported (C22-211, C22-213, C22-217, 22-221, C22-223, C22-224, C22-226, C22-230, and C22-231). Results from these holes are highlighted by hole C22-226 that intersected 221.6 metres from surface to the end of the hole grading 0.57 g/t gold and 0.08% copper, for 0.70 g/t Au Eq. This hole is open to the southwest and leaves the deposit open in this direction and to depth. Results from the other eight holes in this quadrant were typical of those returned from the edges of the deposit.

Results from eight drill holes from the remaining northern, central and southeastern parts of Cangrejos (C22-208, C22-210, C22-215, C22-216, C22-219, C22-222, C22-227 and C22-229), are also typical of the deposit limits. However, hole C22-222 contained 36 metres from 164m grading 1.14 g/t gold and 0.06% copper, for 1.23 g/t Au Eq. This interval is open to the east and corresponds to those higher-grade zones reported from other areas of the Cangrejos periphery.

Gran Bestia Drill Hole Results

Seven of the eight holes drilled at Gran Bestia were collared on the ridge crest and drilled down into the ridge to potentially add resources and lower the strip ratio, as this mostly previously uncategorized material formed the high wall of the Gran Bestia PEA pit. All of these holes returned long intervals above the previous mineral resource cut-off grade and are expected to add significantly to the Gran Bestia mineral resource estimate for use in the upcoming PFS. This drilling leaves mineralization in this area open in all directions, including to depth.  Of particular note is hole  C22-225, that intersected 287m grading 0.59 g/t gold with 0.12% copper for a gold equivalent of 0.76 g/t gold from 270 metres and remains open to depth, as well as six other reported intervals (see Table 1); and hole C22-214, that intersected 126m grading 0.62 g/t gold with 0.07% copper for a gold equivalent of 0.72 g/t gold from 144 metres down the hole, as well as two other reported intervals (see Table 1). The eighth hole, C22-207 at Gran Bestia was drilled at the southeastern limit of the pit towards the Cangrejos deposit and contained a 56-metre interval from 28m grading 1.11 g/t gold and 0.04% copper, for 1.18 g/t Au Eq, leaving the deposit open in this direction.

Table 1: Drill Results

Hole

Deposit /

From

To

Interval

Au

Cu

Au Eq

Cu Eq

Total
Depth

Azimuth / Dip (°)

(m)

(m)

(m)

(g/t)

( %)

(g/t)

( %)

 (m)

C22-207

Gran Bestia

2

14

12

0.47

0.05

0.59

0.43

239.8

 And

150 °/ -62 °

28

84

56

1.11

0.04

1.18

0.86

 And

184

194

10

0.53

0.06

0.62

0.45

C22-208

Cangrejos

50

80

30

0.25

0.03

0.31

0.23

267.6

 And

330 °/ -55 °

172

210

38

0.22

0.04

0.29

0.20

C22-209

Gran Bestia

16

46

30

0.32

0.05

0.39

0.28

317.8

 And

150 °/ -69 °

58

194

136

0.35

0.08

0.47

0.34

 And

216

286

70

0.25

0.07

0.37

0.27

C22-210

Cangrejos

22

42

20

0.25

0.09

0.38

0.27

202.5

And

330 °/ -51 °

76

96

20

0.20

0.07

0.31

0.22

C22-211

Cangrejos

88

130

42

0.41

0.06

0.50

0.36

327.3

 And

0 °/ -90 °

142

172

30

0.27

0.06

0.36

0.26

 And

202

254

52

0.22

0.07

0.33

0.24

C22-212

Gran Bestia

152

190

38

0.43

0.10

0.61

0.44

489.8

 And

330 °/ -55 °

202

232

30

0.61

0.08

0.75

0.55

 And

248

282

34

0.20

0.07

0.30

0.22

And

292

308

16

0.22

0.03

0.27

0.19

C22-213

Cangrejos

0

175.8

(TD)

175.8

0.27

0.07

0.38

0.28

175.8

0 °/ -90 °

C22-214

Gran Bestia

42

126

84

0.39

0.06

0.50

0.36

316.8

 And

150 °/ -55 °

144

270

126

0.62

0.07

0.72

0.52

 And

284

294

10

0.25

0.06

0.35

0.25

C22-215

Cangrejos

No reportable intersections

175.7

150 °/ -50 °

C22-216

Cangrejos

14

26

12

0.23

0.05

0.31

0.22

291.6

 And

150 °/ -81 °

44

60

16

0.28

0.04

0.34

0.25

C22-217

Cangrejos

4

16

12

0.27

0.05

0.39

0.29

298.2

And

0 °/ -90 °

36

66

30

0.36

0.08

0.48

0.35

 And

80

96

16

0.30

0.07

0.40

0.29

 And

108

240

132

0.39

0.06

0.49

0.35

 And

252

290

38

0.30

0.08

0.42

0.3

C22-218

Gran Bestia

14

46

32

0.28

0.05

0.36

0.26

487.4

 And

330 °/ -63 °

66

84

18

0.53

0.08

0.66

0.48

 And

152

198

46

0.39

0.05

0.48

0.35

And

220

262

42

0.33

0.09

0.46

0.33

And

274

458

184

0.47

0.08

0.59

0.43

C22-219

Cangrejos

2

14

12

0.25

0.07

0.39

0.28

181.5

And

150 °/ -47 °

28

44

16

0.30

0.11

0.45

0.33

C22-220

Gran Bestia

30

126

96

0.22

0.05

0.31

0.22

302.3

 And

150 °/ -75 °

142

302.3

(TD)

160.3

0.45

0.09

0.59

0.43

C22-221

Cangrejos

22

98

76

0.37

0.07

0.50

0.36

212.7

 And

0 °/ -90 °

114

158

44

0.25

0.05

0.34

0.25

 And

178

212.7

(TD)

34.7

0.43

0.08

0.56

0.41

C22-222

Cangrejos

26

36

10

0.23

0.05

0.31

0.23

225.4

 And

150 °/ -78 °

164

200

36

1.14

0.06

1.23

0.90

C22-223

Cangrejos

2

28

26

0.37

0.07

0.49

0.35

282.4

 And

0 °/ -90 °

42

114

72

0.28

0.06

0.37

0.27

And

126

224

98

0.38

0.09

0.51

0.37

 And

236

283.4

(TD)

47.35

0.29

0.07

0.40

0.29

C22-224

Cangrejos

12

22

10

0.24

0.08

0.36

0.26

220.0

 And

0 °/ -90 °

108

182

74

0.23

0.07

0.34

0.24

C22-225

Gran Bestia

26

116

90

0.28

0.07

0.38

0.28

556.7

 And

150°/ -55 °

150

196

46

0.26

0.05

0.34

0.25

 And

210

258

48

0.70

0.18

0.97

0.70

 Incl

214

230

16

1.32

0.34

1.82

1.33

 And

270

556.7

(TD)

286.7

0.59

0.12

0.76

0.56

 Incl

452

476

24

1.34

0.18

1.60

1.16

 Incl

496

508

12

2.24

0.34

2.72

1.98

C22-226

Cangrejos

0

221.6

(TD)

221.6

0.57

0.08

0.70

0.51

221.6

 Incl

0 °/ -90 °

154

178

24

2.22

0.07

2.33

1.70

C22-227

Cangrejos

No reportable intersections

227.2

150 °/ -81 °

C22-228

Gran Bestia

8

66

58

0.27

0.05

0.36

0.26

530.3

And

150 °/ -70 °

188

214

26

0.31

0.04

0.37

0.27

And

232

414

182

0.40

0.06

0.50

0.37

And

426

490

64

0.30

0.04

0.35

0.25

And

504

516

12

0.45

0.06

0.53

0.39

C22-229

Cangrejos

No reportable intersections

216.8

0 °/ -90 °

C22-230

Cangrejos

0

12

12

0.28

0.07

0.38

0.28

279.7

And

0 °/ -90 °

50

142

92

0.27

0.07

0.38

0.27

And

156

170

14

0.29

0.05

0.37

0.27

And

194

206

12

0.21

0.03

0.26

0.19

And

222

278

56

0.35

0.08

0.48

0.35

C22-231

Cangrejos

0

86

86

0.22

0.06

0.32

0.23

194.9

And

0 °/ -90 °

98

112

14

1.15

0.04

1.22

0.89

And

126

194.9

(TD)

68.9

0.40

0.07

0.51

0.38

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 22.9 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 calculations assume 100% recovery of all quoted metals and the following prices were used: 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. TD = total depth.

 

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 potentially adding mineral resources and timing of the completion of a PFS study. 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.

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