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Drilling Continues to Expand Gran Bestia Higher-Grade Breccia to the North and Extends Mineralization at Cangrejos to the North and Northeast

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Drilling Continues to Expand Gran Bestia Higher-Grade Breccia to the North and Extends Mineralization at Cangrejos to the North and Northeast

 

 

 

 

 

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

 

Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) is pleased to announce results from ten drill holes at its Cangrejos 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 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’ 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. 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.

 

 


Figure 1. Plan map of drilling at the Cangrejos project including the surface trace of the two ultimate pits from the PEA. (CNW Group/Lumina Gold Corp.)

 

Posted July 13, 2022

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