Lumina Gold Announces Drill Results; Including 444 Metres of 1.18 g/t Gold and 0.09% Copper
TSX VENTURE: LUM
Cangrejos Deposit – Geotechnical and Metallurgical Drill Highlights:
- G2B: 444 metres of 1.18 g/t gold and 0.09% copper – from 4-metre depth
- Including 82 metres of 1.92 g/t gold and 0.14% copper
- G1/6P: 222 metres of 0.78 g/t gold and 0.16% copper – from 4-metre depth
- G3B: 260 metres of 0.62 g/t gold and 0.15% copper – from surface
- PQ-3: 102 metres of 0.97 g/t gold and 0.27% copper -from surface, entire hole
- PQ-1: 90 metres of 1.00 g/t gold and 0.10% copper – from surface, entire hole
VANCOUVER, British Columbia, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the “Company” or “Lumina”) is pleased to announce drill results from the thirteen hole metallurgical and pit slope geotechnical drilling program completed in 2019. These holes represent approximately 4,910 metres of drilling. All of the holes were on the Cangrejos deposit and were drilled to support ongoing engineering and economic study work.
Geotechnical holes were sited throughout the resource area to characterize structural, rock mechanics and hydrogeologic conditions within the June 2018 Preliminary Economic Assessments’ (“PEA”) ultimate pit and to support future pit slope design engineering. Holes were typically collared within the known resource and angled across pit boundaries defined by the PEA mine plan. The holes did not specifically target mineralization, yet many cut significant intervals (see below table). Hole G2B cut one of the best mineralized intervals ever drilled at Cangrejos with 444 metres averaging 1.18 g/t gold and 0.09% copper from 4 metres below surface. In addition to high grades, G2B exhibited remarkable continuity of mineralization throughout the hole.
The metallurgical holes were drilled with large-diameter core (PQ) for multiple purposes. The holes targeted various rock types so composites could be prepared for 1) comminution testing, specifically High-Pressure Grinding Roll (HPGR) tests completed by FLSmidth Labs in Utah, USA and 2) corresponding metallurgical flowsheet development by Plenge Metallurgical Labs in Lima, Peru. Lumina expects results from the ongoing 2019 metallurgical test program to be released in September 2019.
Drilling at the Gran Bestia ridgeline is continuing with the expectation that drilling will conclude in September and a new resource estimate for Cangrejos, including Gran Bestia will be released in November. The new resource estimate will support Lumina’s assessment of future exploration and drilling needs. Gran Bestia drill holes 140 to 147 are pending results or in progress (see below drill hole location map). Hole 147 will be the last hole prior to the program ending.
Drill Intercept Summary
|Hole Number||Deposit||From||To||Interval||Au Grade||Cu Grade||Azimuth||Dip||Type|
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 36.9 g/t Au. In addition to the above results there were multiple intercepts of lower-grade material in the drill holes.
All Lumina sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") program including 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. The sampling of geotechnical and metallurgical holes was completed as per standard Cangrejos protocol with continuous two-meter long half core composited for assay. In order to preserve maximum integrity of the PQ core for engineering and metallurgical studies, a continuous slice was cut from the side of the core representing approximately one quarter of the volume. Core samples are securely transported to ALS Lab's sample preparation facility in Quito, Ecuador. Sample pulps are sent to 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. ALS Labs is 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.
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. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.
Further details are available on the Company’s website at https://luminagold.com/.
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|LUMINA GOLD CORP.|
|For further information contact:|
|Signed: “Marshall Koval”||Scott Hicks|
|Marshall Koval, President & CEO, Director||T: +1 604 646 1890|
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 completing drilling by September, releasing metallurgical test results in September and completing an updated resource estimate by November. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will", "plans", "intends" or variations of those words and phrases or statements that certain actions, events or results "will", or are "expected 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.