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Lumina Gold Announces Results from Final 17 Holes of Cangrejos 36,000 Metre Prefeasibility Drill Program; Including 450 metres Grading 0.83 g/t Gold Equivalent from Surface

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Lumina Gold Announces Results from Final 17 Holes of Cangrejos 36,000 Metre Prefeasibility Drill Program; Including 450 metres Grading 0.83 g/t Gold Equivalent from Surface

 

 

 

 

 

Gran Bestia drilling highlights include:

  • C22-235: 0.91 g/t gold equivalent over 282 metres from 156 metres
  • C22-239: 0.79 g/t gold equivalent over 454 metres from surface
  • C22-G10: 0.83 g/t gold equivalent over 450 metres from surface
    • Including a 118-metre interval from 10 metres down hole of 1.59 g/t gold equivalent

 

Lumina Gold Corp. (TSX-V: LUM) (OTCQX: LMGDF) is pleased to announce the remaining results from the 2021-2022 drilling campaign in support of the ongoing Prefeasibility Study at its Cangrejos Project in Ecuador. Results from the final seventeen drill holes, fifteen from Gran Bestia and two from Cangrejos are provided in Table 1. Holes with a “G” designation are combined geotechnical and mineral resource drill holes.

 

Marshall Koval, President and CEO commented: “Receiving the final assays from Lumina’s 36,000 metre PFS drill campaign allows resource estimation work to commence, which is a critical path item for completion of the PFS. The drill results continue to demonstrate the exceptional continuity of grade at Cangrejos and Gran Bestia and are in line with expectations from previous drilling. The newly drilled step-out areas are expected to add to existing Inferred and Indicated resources and the inclusion of the northwest ridge extension at Gran Bestia may lower the stripping ratio at the mine planning stage of the PFS study.”

 

Cangrejos Drill-Hole Results

 

Results from C22-G7 and C22-G8 at Cangrejos located in the central and northern central area of the Cangrejos deposit are typical of this area, with hole C22-G7 returning 118 metres from surface grading 0.64 g/t gold and 0.12% copper, for a gold equivalent grade of 0.83 g/t.

 

Gran Bestia Drill-Hole Results

 

Hole C22-239 was drilled to extend the Gran Bestia deposit to the northwest and returned a 454 metre interval from surface grading 0.64 g/t gold and 0.10% copper, for a gold equivalent grade of 0.79 g/t, leaving the deposit open in this direction, to the north and to depth, as well as extending mineralization beyond the 2020 Preliminary Economic Assessment (“PEA”) pit boundary. Hole C22-G10 was drilled vertically from the center of the Gran Bestia deposit and returned a 450-metre interval from surface grading 0.64 g/t gold and 0.12% copper, for a gold equivalent grade of 0.83 g/t, including a 118-metre interval from 10 metres down hole of 1.28 g/t gold and 0.21% copper, for a gold equivalent grade of 1.59 g/t.

 

Nine of the remaining fifteen holes were collared on Gran Bestia Ridge to extend mineralization to the west, northwest, north and northeast. Hole C22-235, at the northern part of the ridge intersected 282m grading 0.73 g/t gold and 0.11% copper, for a gold equivalent grade of 0.91 g/t from 156 metres. Hole C22-233 in the central part of the ridge intersected 428m grading 0.41 g/t gold and 0.07% copper for a gold equivalent of 0.51 g/t from 58 metres down hole.

 

 

Table 1: Drill Results

 

Hole Deposit / From To Interval Au Cu Au Eq Total Depth
Azimuth / Dip (°) (m) (m) (m) (g/t) ( %) (g/t)  (m)
C22-232 Gran Bestia 24 38 14 0.36 0.06 0.46 484.3
And 330 °/ -70 ° 50 450 400 0.43 0.09 0.57
And 464 480 16 0.22 0.07 0.32
C22-233 Gran Bestia 22 42 20 0.29 0.06 0.41 488.3
And 150 °/ -76 ° 48 486 428 0.41 0.07 0.51
Incl 326 362 36 1.01 0.16 1.25
 C22-234 Gran Bestia 28 292 264 0.56 0.09 0.69 473.3
And  0 °/ -90 ° 306 320 14 0.35 0.06 0.45
And 332 432 100 0.30 0.08 0.42
C22-235 Gran Bestia 24 34 10 0.41 0.03 0.47 456.8
And  330 °/ -70 ° 46 56 10 0.22 0.06 0.32
And 156 438 282 0.73 0.11 0.91
Incl 300 372 72 1.63 0.21 1.95
 C22-236 Gran Bestia 2 36 34 0.56 0.07 0.68 470.1
And 270 °/ -70 ° 50 442 392 0.36 0.08 0.48
Incl 158 172 14 1.13 0.16 1.37
C22-237 Gran Bestia 92 102 10 0.27 0.04 0.34 483.9
And 45 °/ -70 ° 116 160 44 0.39 0.07 0.51
And 178 190 12 0.28 0.03 0.35
And 226 248 22 0.21 0.05 0.30
And 272 284 12 0.40 0.05 0.48
And 298 460 162 0.60 0.07 0.70
Incl 384 438 54 1.20 0.10 1.36
C22-238 Gran Bestia 2 24 22 0.30 0.06 0.39 476.3
And 0 °/ -90 ° 36 308 272 0.59 0.08 0.73
And 320 354 34 0.24 0.07 0.34
And (to end of hole) 450 476.3 26.25 0.34 0.08 0.45
C22-239 Gran Bestia 0 453.7 (TD) 453.70 0.64 0.10 0.80 453.7
And 0 °/ -45 ° (incl) 50 100 50 1.04 0.15 1.27
Incl 176 264 88 0.83 0.13 1.03
 C22-240 Gran Bestia 14 24 10 0.54 0.07 0.66 500.9
And 0 °/ -70 ° 54 86 32 0.30 0.03 0.37
And 100 150 50 0.26 0.05 0.34
And 166 218 52 0.33 0.05 0.43
And 232 424 192 0.48 0.07 0.59
And 444 456 12 0.29 0.03 0.34
C22-241 Gran Bestia 2 134 132 0.63 0.07 0.74 453.4
Incl 330 °/ -40 ° 30 56 26 1.09 0.09 1.23
And 150 162 12 0.20 0.05 0.28
And 174 394 220 0.77 0.09 0.90
Incl 314 366 52 1.10 0.10 1.24
And 408 434 26 0.35 0.05 0.42
C22-G7 Cangrejos 0 118 118 0.64 0.12 0.83 651.2
And 348 °/ -80 ° 130 162 32 0.25 0.07 0.36
And 174 204 30 0.22 0.08 0.33
And 236 258 22 0.33 0.03 0.37
And 364 374 10 0.40 0.05 0.47
And 474 528 54 0.67 0.13 0.88
And 540 556 16 0.26 0.04 0.32
C22-G8 Cangrejos 2 14 12 0.55 0.11 0.77 676.0
 And 0 °/ -90 ° 26 50 24 0.32 0.04 0.39
 And 68 88 20 0.20 0.02 0.23
 And 268 278 10 0.38 0.08 0.51
And 350 392 42 0.64 0.09 0.78
And 416 552 136 0.51 0.05 0.59
Incl 490 508 18 1.21 0.06 1.30
And 578 620 42 0.42 0.02 0.46
And (to end of hole) 646 676 30 0.43 0.03 0.48
 C22-G9 Gran Bestia 0 278 278 0.36 0.08 0.48 393.1
 And 0 °/ -90 ° 290 304 14 0.24 0.04 0.31
 And 316 336 20 0.21 0.03 0.26
C22-G10 Gran Bestia 0 450 450 0.64 0.12 0.83 651.8
Incl 0 °/ -90 ° 10 128 118 1.28 0.21 1.59
 And 470 516 46 0.61 0.06 0.70
 And 560 582 22 0.25 0.07 0.36
C22-G11 Gran Bestia 0 180 180 0.49 0.11 0.65 334.5
And 0 °/ -60 ° 308 330 22 0.20 0.05 0.28
C22-G12 Gran Bestia 30 44 14 0.24 0.07 0.34 352.7
And 270 °/ -70 ° 56 146 90 0.28 0.07 0.38
And 246 264 18 0.20 0.05 0.27
C22-G13 Gran Bestia 62 116 54 0.21 0.03 0.27 450.4
And 0 °/ -55 ° 170 232 62 0.32 0.06 0.43
And 272 288 16 0.25 0.09 0.37
And 302 338 36 0.94 0.07 1.05
 

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 23.2 g/t Au. In addition to the above results there were multiple intercepts of lower-grade material in the drill holes. Equivalent values 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 ALS Labs’ sample preparation facilities in Quito, Ecuador. Sample pulps are sent to 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. The lab 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 Person

 

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 succesful track record of advancing and monetizing exploration projects.

 

Posted October 1, 2022

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