Highlights include:
Hole C22-200 – Gran Bestia
- 0.70 g/t gold equivalent over 144 metres from 206m – one of six significant intercepts in -45
degree hole
- Extends higher grade Gran Bestia breccia to the north –
mineralization remains open in this direction
- Extends mineralization 100m below
PEA resource estimate constraining pit shell
- Significantly higher grade than predicted by PEA resource
estimate model
Hole C22-199 – Cangrejos
- 0.96 g/t gold equivalent over 88 metres from 22m – one of four significant intercepts in -50
degree hole
- Extends mineralization at Cangrejos to the north and northwest
– mineralization remains open in these directions
- Higher grade than predicted by PEA resource estimate model
VANCOUVER, BC, July 13,
2022 /CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQX:
LMGDF) (the "Company" or "Lumina") is pleased to announce
results from ten drill holes at its Cangrejos project (the
"Project") in Ecuador. Six of the
reported drill holes are from Cangrejos and four are from Gran
Bestia (see Table 1). To date, eighty-eight drill holes have been
completed and five drill holes are in progress, totalling 31,000
metres of resource definition drilling. Resource drilling is
estimated to be completed by the end of August.
Cangrejos Drill Hole
Results
Hole C22-199 was drilled on the northeastern margin of the
deposit and intercepted 88m from
22m down the hole grading 0.75 g/t
gold and 0.14% copper, for 0.96 g/t Au Eq., in sodic-altered
breccias with tourmaline and mineralized with chalcopyrite,
pyrrhotite and pyrite. Including intervals above and below this, a
total of 182 metres exceeding the cut-off grade were drilled in the
uppermost 252m from surface in hole
C22-199 (see Table 1). This hole extends the north and northeastern
margin of the Cangrejos deposit and, in addition, it contains
grades that significantly exceed those predicted by the PEA
resource estimate.
Holes C22-197 and C22-205 were drilled along the northwestern
margin of the Cangrejos deposit and grades were typical of those
encountered in this area, including 54 metres from surface grading
0.40 g/t gold and 0.11% copper, for 0.56 g/t Au Eq. Holes C22-201,
C22-204 and C22-206 were drilled in the south and southwestern
margin of Cangrejos and all holes contained intercepts reported in
Table 1, including hole C22-204, that intersected 208 metres from
88 metres down the hole grading 0.31 g/t gold and 0.06% copper, for
0.39 g/t Au Eq. This intercept exceeded the grades predicted by the
PEA resource estimate model.
Gran Bestia Drill Hole
Results
At Gran Bestia, hole C22-200 intersected 144m grading 0.59 g/t gold with 0.07% copper for
a gold equivalent of 0.70 g/t gold from 206 metres down the hole
and, furthermore, in its upper part it intersected 10m grading 0.98 g/t gold with 0.03% copper for a
gold equivalent of 1.03 g/t gold from 132m down the hole. This -45 degree hole targeted
an area below the northern wall of the PEA resource
constraining pit and adds volume and continuity to the higher grade
breccia body in this area.
Also at Gran Bestia, hole C22-202 intersected 94.4 metres
grading 0.49 g/t gold with 0.07% copper for a gold equivalent of
0.59 g/t gold from just two metres down the hole. This intercept
occurred in the eastern contact area between the mineralizing
porphyry and batholith host and the result is expected to extend
the Gran Bestia pit in that direction, towards Cangrejos. Also,
hole C22-202 contained significantly higher grades than those
predicted by the PEA resource estimate. Holes C22-198 and C22-203
were drilled along the south and southeastern margins of the
deposit and generally encountered grades typical of this area.
Table 1: Drill Results
Hole
|
Deposit
/
|
From
|
To
|
Interval
|
Au
|
Cu
|
Au Eq
|
Cu Eq
|
Total
Depth (m)
|
|
Azimuth / Dip
(°)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
( %)
|
(g/t)
|
( %)
|
|
C22-197
|
Cangrejos
|
0
|
54
|
54
|
0.4
|
0.11
|
0.56
|
0.41
|
277.2
|
|
330 °/ -55 °
|
114
|
144
|
30
|
0.35
|
0.08
|
0.47
|
0.34
|
|
|
|
244
|
260
|
16
|
0.22
|
0.04
|
0.28
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
C22-198
|
Gran Bestia
|
0
|
42
|
42
|
0.23
|
0.09
|
0.36
|
0.26
|
157.6
|
|
0 °/ -90 °
|
58
|
84
|
26
|
0.27
|
0.08
|
0.39
|
0.28
|
|
|
|
96
|
110
|
14
|
0.2
|
0.07
|
0.31
|
0.23
|
|
|
|
114
|
130
|
16
|
0.2
|
0.07
|
0.32
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
C22-199
|
Cangrejos
|
22
|
110
|
88
|
0.75
|
0.14
|
0.96
|
0.70
|
|
|
330 °/ -50 °
|
128
|
154
|
26
|
0.25
|
0.07
|
0.35
|
0.26
|
287.3
|
|
|
170
|
200
|
30
|
0.28
|
0.05
|
0.35
|
0.26
|
|
|
|
214
|
252
|
38
|
0.56
|
0.04
|
0.63
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
C22-200
|
Gran Bestia
|
34
|
92
|
58
|
0.22
|
0.05
|
0.30
|
0.22
|
510.8
|
|
95 °/ -45 °
|
132
|
142
|
10
|
0.98
|
0.03
|
1.03
|
0.75
|
|
|
|
154
|
172
|
18
|
0.43
|
0.03
|
0.48
|
0.35
|
|
|
|
206
|
350
|
144
|
0.59
|
0.07
|
0.70
|
0.51
|
|
|
|
366
|
428
|
62
|
0.22
|
0.03
|
0.27
|
0.19
|
|
|
|
452
|
508
|
56
|
0.43
|
0.05
|
0.51
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
C22-201
|
Cangrejos
|
32
|
86
|
54
|
0.28
|
0.04
|
0.34
|
0.25
|
165.7
|
incl
|
0 °/ -90 °
|
100
|
160
|
60
|
0.25
|
0.03
|
0.30
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
C22-202
|
Gran Bestia
|
2
|
96.4
|
94.4
|
0.49
|
0.07
|
0.59
|
0.43
|
96.4
|
|
150 °/ -72 °
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-203
|
Gran Bestia
|
36
|
50
|
14
|
0.27
|
0.01
|
0.29
|
0.21
|
206.5
|
|
0 °/ -90 °
|
112
|
128
|
16
|
0.3
|
0.03
|
0.35
|
0.26
|
|
|
|
180
|
206.5
|
26.5
|
0.23
|
0.03
|
0.29
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
C22-204
|
Cangrejos
|
88
|
296
|
208
|
0.31
|
0.06
|
0.39
|
0.29
|
343.6
|
|
0 °/ -90 °
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-205
|
Cangrejos
|
80
|
104
|
24
|
0.2
|
0.06
|
0.30
|
0.22
|
195.4
|
|
330 °/ -63 °
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C22-206
|
Cangrejos
|
0
|
44
|
44
|
0.29
|
0.06
|
0.41
|
0.30
|
241.1
|
|
0 °/ -90
°
|
68
|
128
|
60
|
0.32
|
0.07
|
0.42
|
0.31
|
|
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 4.67 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.
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 the completion of the drill program by
August. 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.