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.
Cangrejos Drill Hole
Results
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).
Gran Bestia Drill Hole
Results
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
Hole
|
Deposit
/
|
From
|
To
|
Interval
|
Au
|
Cu
|
Au Eq
|
Cu Eq
|
Total
Depth
(m)
|
|
Azimuth /
Dip (°)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(%)
|
(g/t)
|
(%)
|
C22-184
|
Cangrejos
|
8
|
142
|
134
|
0.29
|
0.06
|
0.39
|
0.29
|
346.9
|
And
|
330 °/ -60 °
|
160
|
174
|
14
|
0.24
|
0.15
|
0.45
|
0.33
|
|
And
|
|
212
|
240
|
28
|
0.22
|
0.02
|
0.24
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
C22-185
|
Cangrejos
|
26
|
40
|
14
|
0.35
|
0.11
|
0.52
|
0.38
|
325.9
|
And
|
330 °/ -71 °
|
52
|
74
|
22
|
0.47
|
0.11
|
0.64
|
0.47
|
|
And
|
|
178
|
216
|
38
|
1.19
|
0.14
|
1.39
|
1.01
|
|
And
|
|
258
|
268
|
10
|
0.21
|
0.09
|
0.35
|
0.26
|
|
And
|
|
296
|
320
|
24
|
0.24
|
0.08
|
0.35
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
C22-186
|
Cangrejos
|
60
|
74
|
14
|
0.23
|
0.08
|
0.36
|
0.26
|
427.3
|
And
|
0 °/ -90 °
|
104
|
160
|
56
|
0.20
|
0.04
|
0.26
|
0.19
|
|
And
|
|
174
|
294
|
120
|
0.55
|
0.08
|
0.69
|
0.50
|
|
Incl.
|
|
244
|
280
|
36
|
0.75
|
0.08
|
0.88
|
0.64
|
|
And
|
|
306
|
328
|
22
|
0.23
|
0.04
|
0.30
|
0.22
|
|
And
|
|
340
|
410
|
70
|
0.26
|
0.06
|
0.36
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
C22-187
|
Gran Bestia
|
0
|
336
|
336
|
0.70
|
0.08
|
0.82
|
0.60
|
337.6
|
Incl.
|
330 °/ -60 °
|
0
|
12
|
12
|
1.46
|
0.12
|
1.68
|
1.22
|
|
Incl.
|
|
82
|
142
|
60
|
0.96
|
0.10
|
1.12
|
0.82
|
|
Incl.
|
|
200
|
228
|
28
|
1.01
|
0.07
|
1.12
|
0.81
|
|
|
|
|
|
|
|
|
|
|
|
C22-188
|
Gran Bestia
|
4
|
310.2
|
306.2
|
0.43
|
0.09
|
0.57
|
0.41
|
310.2
|
Incl.
|
330 °/ -70 °
|
14
|
84
|
70
|
0.74
|
0.11
|
0.90
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
C22-189
|
Cangrejos
|
58
|
74
|
16
|
0.33
|
0.06
|
0.41
|
0.30
|
329.4
|
And
|
0 °/ -90 °
|
184
|
206
|
22
|
0.33
|
0.06
|
0.42
|
0.30
|
|
Incl.
|
|
184
|
194
|
10
|
0.65
|
0.09
|
0.79
|
0.58
|
|
And
|
|
224
|
238
|
14
|
0.25
|
0.10
|
0.40
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
C22-190
|
Cangrejos
|
68
|
120
|
52
|
0.50
|
0.02
|
0.54
|
0.40
|
223.4
|
And
|
330 °/ -66 °
|
144
|
176
|
32
|
0.21
|
0.04
|
0.27
|
0.20
|
|
And
|
|
200
|
222
|
22
|
0.37
|
0.08
|
0.48
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
C22-191
|
Gran Bestia
|
0
|
24
|
24
|
0.23
|
0.04
|
0.29
|
0.21
|
289.1
|
And
|
0 °/ -90 °
|
80
|
184
|
104
|
0.23
|
0.05
|
0.30
|
0.22
|
|
And
|
|
208
|
218
|
10
|
0.24
|
0.08
|
0.36
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
C22-192
|
Gran Bestia
|
12
|
40
|
28
|
0.23
|
0.06
|
0.34
|
0.25
|
368.2
|
And
|
112 °/ -45 °
|
54
|
76
|
22
|
0.46
|
0.04
|
0.54
|
0.39
|
|
And
|
|
150
|
170
|
20
|
0.27
|
0.05
|
0.34
|
0.26
|
|
And
|
|
184
|
194
|
10
|
0.26
|
0.06
|
0.35
|
0.25
|
|
And
|
|
226
|
338
|
112
|
0.44
|
0.04
|
0.49
|
0.36
|
|
And
|
|
350
|
368.2
|
18.2
|
0.44
|
0.05
|
0.52
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
C22-193
|
Gran Bestia
|
0
|
120
|
120
|
0.34
|
0.07
|
0.45
|
0.33
|
122.5
|
|
330 °/ -60 °
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-194
|
Cangrejos
|
18
|
48
|
30
|
-0.53
|
0.06
|
0.63
|
0.46
|
247.6
|
And
|
0 °/ -90 °
|
114
|
152
|
38
|
0.27
|
0.06
|
0.37
|
0.27
|
|
And
|
|
174
|
212
|
38
|
0.55
|
0.06
|
0.64
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
C22-195
|
Cangrejos
|
2
|
104
|
102
|
0.47
|
0.06
|
0.57
|
0.42
|
326.6
|
Incl.
|
330 °/ -62 °
|
54
|
84
|
30
|
0.83
|
0.08
|
0.97
|
0.71
|
|
And
|
|
280
|
300
|
20
|
0.37
|
0.14
|
0.58
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
C22-196
|
Gran Bestia
|
6
|
34
|
28
|
0.21
|
0.04
|
0.27
|
0.19
|
104.1
|
And
|
0 °/ -90 °
|
54
|
76
|
22
|
0.26
|
0.03
|
0.30
|
0.22
|
|
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 17.65 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.
|
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.
Hole
|
Deposit
/
|
From
|
To
|
Interval
|
Au
|
Cu
|
Au Eq
|
Cu Eq
|
Total Depth
(m)
|
|
Azimuth / Dip
(°)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(%)
|
(g/t)
|
(%)
|
C22-157
|
Gran Bestia
|
16
|
126
|
110
|
1.03
|
0.09
|
1.17
|
0.86
|
335.5
|
|
330 °/ -62 °
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-167
|
Gran Bestia
|
0
|
134
|
134
|
1.01
|
0.1
|
1.17
|
0.85
|
453.7
|
|
0 °/ -90 °
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-170
|
Gran Bestia
|
406
|
454
|
48
|
1.25
|
0.17
|
1.51
|
1.10
|
325.9
|
|
142 °/ -45 °
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-181
|
Gran Bestia
|
0
|
280.6
|
280.6
|
0.84
|
0.10
|
0.99
|
0.72
|
280.6
|
Incl.
|
330 °/ -47 °
|
80
|
124
|
44
|
1.32
|
0.15
|
1.55
|
1.13
|
|
|
|
|
|
|
|
|
|
|
|
C19-112
|
Gran Bestia
|
0
|
224
|
224
|
0.58
|
0.15
|
0.78
|
0.57
|
548.0
|
Incl.
|
330 °/ -45 °
|
6
|
72
|
66
|
1.09
|
0.22
|
1.43
|
1.04
|
|
And
|
|
248
|
272
|
24
|
0.24
|
0.07
|
0.34
|
0.25
|
|
And
|
|
286
|
298
|
12
|
0.25
|
0.02
|
0.27
|
0.20
|
|
And
|
|
342
|
354
|
12
|
0.96
|
0.07
|
1.05
|
0.77
|
|
And
|
|
394
|
418
|
24
|
0.54
|
0.05
|
0.60
|
0.44
|
|
And
|
|
430
|
510
|
80
|
0.48
|
0.04
|
0.53
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
C19-115
|
Gran Bestia
|
0
|
194
|
194
|
1.24
|
0.10
|
1.38
|
0.91
|
522.0
|
And
|
150 °/ -60 °
|
232
|
248
|
16
|
0.25
|
0.04
|
0.30
|
0.21
|
|
And
|
|
304
|
418
|
114
|
0.47
|
0.05
|
0.54
|
0.38
|
|
And
|
|
488
|
504
|
16
|
0.52
|
0.01
|
0.53
|
0.43
|
|
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 10.85 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 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 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.