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Lumina Gold Announces Expansion of Gran Bestia to the Northwest; Results Include 537 Metres of 0.56 g/t Gold and 0.10% Copper

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Lumina Gold Announces Expansion of Gran Bestia to the Northwest; Results Include 537 Metres of 0.56 g/t Gold and 0.10% Copper

 

 

 

 

 

Lumina Gold Corp. (TSX-V: LUM) (OTCQX: LMGDF) is pleased to announce drill results from the last eight holes of the 2018 and 2019 drill program and the expansion of the Gran Bestia mineralized zone to the northwest. These holes represent approximately 3,900 metres of drilling. All of the holes except for one (C19-140) were on the Gran Bestia Deposit. These holes will be the last results included in an updated NI 43-101 resource estimate expected in November.

 

Marshall Koval, President and CEO, commented: “We are extremely excited by the continuity of mineralization found during the Gran Bestia ridgeline drilling. These results will add a substantial amount of mineralized material to the project when we complete the maiden Gran Bestia resource estimate. Gran Bestia will complement the already large-scale Cangrejos deposit and should provide mine life extension and mine plan flexibility when we look to update the project’s economic study in 2020. The deposit remains open to the northwest, north, northeast and at depth.”

 

Cangrejos Deposit: Hole 140 was drilled on the northwest side of the main resource in an area that has demonstrated high-grade results from surface across multiple holes from the same pad. The best result from the pad was hole 138, drilled to the south, which returned 302 metres grading 1.22 g/t gold and 0.14% copper (August 12, 2019 news release). Hole 140 was drilled westward and contained a surface intersection of 0.74 g/t gold and 0.08% copper to 116-metre depth, including 1.16 g/t from collar to 14 metres.

 

Gran Bestia: Hole 141 was a vertical hole drilled from the same pad as the longest intersection at Gran Bestia to date, hole 105, which returned 626 metres of 0.62 g/t gold and 0.11% copper (April 11, 2019 news release). Hole 141 contained an intercept from surface of 138 metres grading 0.57 g/t gold and 0.09% copper, including 18 metres averaging 2.41 g/t gold and 0.25% copper from 30- to 48-metre depth.

 

Gran Bestia Ridgeline: Holes 142 to 147 were drilled to explore the large untested ridgeline breccia area above the significant mineralization discovered with prior Gran Bestia drilling (see Figure 2). Intrusive and hydrothermal breccias are the dominant geology of the ridgeline. Alteration and mineralization intensifies with depth, particularly below 100-metres vertically. Hole 144 was a hole angled to the southeast from the highest pad and drilled to test continuity of mineralization north-northeast of hole 105. This hole intersected 577 metres of mineralization in a 675 metre deep hole. The final 375 metres of the hole averaged 0.60 g/t gold and 0.08% copper including an 88-metre zone averaging 1.25 g/t gold and 0.12% copper. The final holes drilled, 145 to 147 (145 was lost at 234 metres) were drilled vertically from the ridge crest pads. Holes 146 and 147 after cutting lower-grade mineralization near surface, hit the higher-grade zone at depth leaving Gran Bestia completely open to the northeast, north, northwest and at depth.

 

Drill Intercept Summary

 

 

Hole Number Deposit From To Interval Au Grade Cu Grade Azimuth Dip Type
(m) (m) (m) (g/t) (%) (°) (°)
C19-140 Cangrejos 0 116 116 0.74 0.08 270 -60 Step-out
Incl   0 14 14 1.16 0.09      
Incl   70 106 36 1.07 0.09      
And   226 239 (TD) 13 0.45 0.03      
C19-141 Gran Bestia 0 138 138 0.57 0.09 0 -90 Expl.
Incl   30 48 18 2.41 0.25      
And   152 238 86 0.28 0.07      
C19-142 Gran Bestia 40 86 46 0.23 0.05 150 -60 Expl.
And   168 258 90 0.38 0.03      
And   270 292 22 0.34 0.07      
And   346 360 14 0.25 0.03      
And   380 462 82 0.46 0.06      
And   482 520 38 0.31 0.06      
And   556 568 12 0.28 0.07      
C19-143 Gran Bestia 44 78 34 0.31 0.07 150 -60 Expl.
And   92 224 132 0.26 0.06      
And   264 378 114 0.53 0.09      
And   392 442 50 0.32 0.06      
C19-144 Gran Bestia 56 66 10 0.33 0.06 110 -60 Expl.
And   78 126 48 0.21 0.03      
And   140 284 144 0.45 0.05      
Incl   222 240 18 1.21 0.06      
And   300 675 (TD) 375 0.60 0.08      
Incl   476 564 88 1.25 0.12      
C19-145 Gran Bestia 38 62 24 0.38 0.08 0 -90 Expl.
And   80 130 50 0.26 0.06      
And Hole Lost 142 234 (TD) 92 0.36 0.05      
C19-146 Gran Bestia 36 128 92 0.92 0.06 0 -90 Expl.
And   140 610 470 0.44 0.07      
C19-147 Gran Bestia 84 112 28 0.20 0.04 0 -90 Expl.
And   120 150 30 0.20 0.05      
And   168 705 (TD) 537 0.56 0.10      
Incl   472 530 58 1.37 0.17      

 

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 32.30 g/t Au. In addition to the above results there were multiple intercepts of lower-grade material in the drill holes. “TD” signifies total depth for a particular hole.

 

Figure 1 accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/b8eda2b7-12d0-4205-b45a-dff3105f5f8d

 

Figure 2 accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/764fd0d0-864b-4140-87cb-b92756877412

 

Note: All holes originating within a 50 metre viewing window on either side of the green section line depicted in Figure 1 are projected into this cross section until the end of the hole.

 

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 ALS Labs’ sample preparation facility in Quito, Ecuador. Sample pulps are sent to ALS 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. 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.

 

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. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.

 

Posted October 2, 2019

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