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Lumina Gold Announces a 4 million ounce Inferred Gold Resource at its Cangrejos Project

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Lumina Gold Announces a 4 million ounce Inferred Gold Resource at its Cangrejos Project

 

 

 

 

 

Lumina Gold Corp. (TSX-V:LUM) is pleased to announce a maiden mineral resource estimate for the Company’s 100% owned Cangrejos Gold-Copper project, located in El Oro Province of southern Ecuador.

 

 

Highlights of the Mineral Resource Estimate

 

  • Inferred mineral resource of 191.8 million tonnes of 0.81 grams per tonne gold equivalent
  • Contained metal within the Inferred mineral resource estimate of 4.0 million ounces of gold, 423 million pounds of copper and 4.6 million ounces of silver at a cut-off grade of 0.35 gram per tonne gold equivalent
  • Mineralization is open to the north-west, south and to depth.
  • The sensitivity of the Inferred mineral resource over a range of cut-off grades is provided in the table below, with the base case highlighted:

 

 

 

Cut-Off
AuEq (g/t)

 

Million
tonnes

 

Average Grade

 

Contained Metals

 

AuEq
(g/t)

 

Au
(g/t)

 

Ag
(g/t)

 

Cu
(%)

 

Mo
(ppm)

 

Au
(Moz)

 

Ag
(Moz)

 

Cu
(Mlb)

0.25

 

202.6

 

0.78

 

0.62

 

0.8

 

0.10

 

30.6

 

4.1

 

4.9

 

447

0.3

 

198.1

 

0.79

 

0.63

 

0.8

 

0.10

 

30.8

 

4.0

 

4.8

 

437

0.35

 

191.8

 

0.81

 

0.64

 

0.8

 

0.10

 

31.2

 

4.0

 

4.6

 

423

0.4

 

183.2

 

0.83

 

0.66

 

0.8

 

0.11

 

31.5

 

3.9

 

4.4

 

444

0.45

 

174.2

 

0.85

 

0.68

 

0.8

 

0.11

 

31.8

 

3.8

 

4.2

 

422

0.5

 

164.4

 

0.87

 

0.70

 

0.8

 

0.11

 

32.2

 

3.7

 

4

 

399

0.55

 

153.5

 

0.90

 

0.72

 

0.8

 

0.12

 

32.6

 

3.5

 

3.7

 

406

0.6

 

141.1

 

0.93

 

0.74

 

0.8

 

0.12

 

33.0

 

3.4

 

3.4

 

373

(1) The mineral resource estimate has an effective date of January 25, 2017.
(2) Mineral resources do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(3) The quantity and grade of reported Inferred mineral resources in this estimation are conceptual in nature and there has been insufficient exploration to define these Inferred mineral resources as an Indicated or Measured mineral resource.
(4) The mineral resources in this estimate were calculated with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.
(5) Gold equivalent values were calculated using the following prices: for gold a price of US$ 1,250 per ounce, for copper a price of US$ 2.50 per pound, for molybdenum a price of US$ 7.00 per pound and for silver a price of US$ 17 per ounce. Gold equivalent values can be calculated using the following formula: AuEq (g/t) = Au (g/t) + Ag (g/t) x 0.0137 + Cu (%) x 1.371 + Mo (ppm)/10,000 x 3.840.
(6) The Inferred mineral resources are contained within a limiting pit shell and comprise a coherent body.

 

 

The NI 43-101 mineral resource estimate was based on a total of 10,829 metres of diamond drilling in 35 holes. Of these, 3,190 metres in 8 holes were drilled by Lumina and 7,639 metres in 27 holes were drilled by the project’s previous operator, Newmont Mining Corporation (“Newmont”), in joint venture with Lumina’s predecessor company, Odin Mining and Exploration Ltd. Inferred mineral resources are estimated using a three-dimensional block model with a nominal block size of 10 x 10 x 10 metres. Grade estimates for gold, silver, copper and molybdenum are based on the geology, drill hole spacing and geostatistical analysis of the drill hole sample data. The effects of potentially anomalous high-grade sample data, composited to two metre intervals, are controlled using both traditional top-cutting as well as limiting the distance of influence during block grade interpolation. The grade models have been validated using a combination of visual and statistical methods. Blocks in the model are estimated using three or more drill holes within a maximum average distance of 200m are included in the Inferred mineral recourse category. The estimate of the Inferred mineral resources is within a limiting pit shell derived using projected technical and economic parameters.

 

 

An NI 43-101 technical report detailing the mineral resource estimate for the Cangrejos Project will be completed and filed on SEDAR (www.sedar.com) and Lumina’s website (www.luminagold.com) within 45 days.

 

 

Lumina has identified high priority targets based on previous drilling, surface sampling and geophysics. These will be systematically tested during the coming year. The Company also intends to complete further drilling at Cangrejos designed to convert the reported Inferred mineral resource to the Indicated mineral resource category. If this work defines a potentially viable mine plan, the Company plans to complete a Preliminary Economic Assessment.

 

 

Mr. Marshall Koval, President and CEO commented, “Lumina continues to rapidly advance the company’s flagship Cangrejos project as well as aggressively advance and explore the other projects in its portfolio. In addition, Lumina has recently obtained significant new mineral concessions in Ecuador. The new concessions are expected to provide future quality exploration projects for the Company.”

 

 

About Lumina Gold

 

 

Lumina Gold Corp is a Vancouver Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. The Cangrejos Au-Cu project (4Moz Au Inferred Resource) is located in El Oro province, SW Ecuador, and the Condor Au-Cu project (8 Moz Au Indicated Resource) is located in Zamora-Chinchipe Province, SE Ecuador. The Company also holds a large and highly prospective land package in Ecuador consisting of 131,161 hectares.

 

Posted January 25, 2017

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