LUM Lumina Gold Corp

Highlights include:

Hole C22-187 – Gran Bestia

• 0.82 g/t gold equivalent over 336 metres from surface
• Including 1.12 g/t gold equivalent over 60 metres and 1.68 g/t gold equivalent over 12 metres
• Extends existing higher-grade breccia area to northeast

Hole C22-185 – Cangrejos

• Five intervals above cut-off grade total 318 metres in a 410 metre interval from surface in a vertical hole
• Including 1.39 g/t gold equivalent over 38 metres
• Extends deposit margin to east

Lumina has decided to increase its drill program by 4,000 to 6,750 metres at Gran Bestia

• Success with northwest ridgeline step-out drilling has led Lumina to believe it can potentially add significant indicated mineral resources and enhance the already excellent strip ratio at the secondary pit

VANCOUVER, BC, May 31, 2022 /CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the "Company" or "Lumina") is pleased to announce results from thirteen drill holes at its Cangrejos project (the "Project") in Ecuador. Seven of the reported drill holes are from Cangrejos and six are from Gran Bestia (see Table 1). To date, eighty three drill holes have been completed, totalling approximately 27,000 metres of drilling.

Lumina is also pleased to announce increasing the total drill program at Gran Bestia by an additional 4,000 to 6,750 metres. The drill program has been designed to define the northwestern step-out area to at least an indicated category of mineral resource, so that it can be incorporated into a Pre-feasibility study mine plan. In addition to adding indicated mineral resources to the pit, the program has the potential to enhance the already excellent strip ratio at Gran Bestia.

The original planned infill and step-out drill program will be completed in mid-June and the additional drilling will take approximately one and a half months to complete.

Hole C22-185 was drilled on the eastern margin of the deposit and intercepted 83m from 178m down the hole grading 1.19 g/t gold and 0.14% copper, for 1.39 g/t Au Eq., in hydrothermal breccias cutting strongly potassic and tourmaline altered quartz diorite mineralized with chalcopyrite and pyrite. Including intervals above and below this, a total of 318 metres exceeding the cut-off grade were drilled in the uppermost 410m from surface in hole C22-185 (see Table 1). This hole extends the eastern margin of the Cangrejos deposit.

Holes C22-186, C22-194 C22-195 were drilled in the southwestern quadrant of Cangrejos and all holes contain multiple intercepts reported in Table 1, including 30 metres from 54 metres down the hole grading 0.83 g/t gold and 0.08% copper, for 0.97 g/t Au Eq in hole C22-195 and 36 metres from 244 metres down the hole grading 0.75 g/t gold and 0.08% copper, for 0.88 g/t Au Eq in hole C22-186. Holes C22-184, C22-189 and  C22-190 were drilled along the northern margin of the Cangrejos deposit and grades were typical of those encountered in this area, except for the previously reported vein encountered by hole C22-178 (10 metres from 148 metres down the hole grading 19.33 g/t gold with 0.12% copper for a gold equivalent 19.51 g/t). 

At Gran Bestia, hole C22-187 intersected 12m grading 1.46 g/t gold with 0.12% copper for a gold equivalent of 1.68 g/t gold from surface, 60m grading 0.96 g/t gold with 0.10% copper for a gold equivalent of 1.12 g/t gold from 82m down the hole and 28m grading 1.01 g/t gold with 0.07% copper for a gold equivalent of 1.12 g/t gold from 200m.

These intervals extend the higher-grade breccia zone by approximately 50m to the northeast from those reported for hole C22-181 (see Figure 2 and Table 2). This higher grade breccia is further defined to the southwest by holes C22-170, C22-167 and C22-157. Hole C22-192, which was collared on top of the Gran Bestia ridge and angled east-northeast towards the higher grade breccia, contained six intervals but did not extend deep enough to intersect the breccia. At Gran Bestia, the corridor where the higher grade breccias occur over a northeast-southwest oriented axis, measures at least 500m in length and 200-300m in width. This irregular breccia has gradational margins and is open to northeast, to depth, and laterally in all directions except the southwest where it appears to have been closed off by drilling.

Also at Gran Bestia, holes C22-193 and C22-196 were drilled along the eastern margin of the deposit and encountered grades typical of this area. Similarly, hole C22-191 was drilled at the southern margin of the deposit and also encountered grades characteristic of the deposit limit.

Table 1: Drill Hole Results

Table 2: Intervals of higher-grade breccia preciously released by Lumina, shown in Figure 2. Note that drill holes 6 and hole 8 on Figure 2 (full designation C99-06 and C99-08 respectively), are not listed as they are historic in nature.

All Lumina sample assay results have been independently monitored through a quality control / quality assurance 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.

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.

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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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.

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 size of the expanded Gran Bestia drill program, and the timing for completion of the drill program, upgrading mineral resource estimates for the project, adding mineral resources or potentially improving the Gran Bestia strip ratio. 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.