CMOC Singapore | Prospector News

Lumina Gold Announces Acquisition by CMOC for C$581 Million

Lumina Gold Corp. (TSX-V: LUM) (OTCQB: LMGDF) and CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited, both of which are arm’s length to the Company, are pleased to announce …

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April 21, 2025

Lumina Gold Closes US$20 Million Convertible Debt Private Placement
Highlights from 7,800 metre diamond hole (35-151 metres) Resource Conversion Drill Program: • Hole C23-265: 2.47 g/t gold equivalent over 85 metres from surface to end of hole. • Hole C23-302: 1.75 g/t gold equivalent over 113 metres from 2 metres to end of hole. • Hole C23-317: 1.86 g/t gold equivalent over 96 metres from surface to end of hole. • Highest gold assay ever on the project in hole C23-253, 2 metres from 40 to 42 metres grading 580 g/t Au. Lumina Gold Corp. (TSX-V: LUM) (OTCQX: LMGDF) is pleased to announce results from the 2023 Phase 1 mining resource conversion drilling campaign in support of the ongoing Feasibility Study at its Cangrejos Project in Ecuador. Resource drilling comprised part of a larger drill campaign at the Cangrejos and Gran Bestia deposits which also included, metallurgical samples and geotechnical holes with subsequent hydrogeological testing in support of pit slope design. The 2023 drill program at the Project is summarized below in Table 1. Marshall Koval, CEO and Director commented: “The completion of this drilling supports several key programs of the Feasibility Study. Work on the revised resource estimate, pit slope design metallurgical testing including High-Pressure Grinding Roll testing are now all underway. The assays from the resource infill program continue to demonstrate the exceptional continuity of grade at Cangrejos and are in line with expectations from previous drilling and studies.” Table 1: 2023 Drill Program Summary Resource Conversion Pit Slope Geotechnical Metallurgical Twin Holes Hydrogeological Pump Testing Totals Cangrejos Total # of holes 91 10 9 6 116 Total metreage 7,786 3,729 1,668 215 13,399 Shallowest hole (m) 35 180 56 27 Deepest Hole (m) 151 600 290 69 Gran Bestia Total # of holes n/a 10 7 n/a 17 Total metreage n/a 4,142 1,397 n/a 5,539 Shallowest hole (m) n/a 150 100 n/a Deepest Hole (m) n/a 663 265 n/a Overall Total # of holes 91 20 16 6 133 Total metreage 7,786 7,871 3,065 215 18,938 Cangrejos Drill-Hole Results Highlights of the 2023 Project resource conversion program are provided in Table 2, and the corresponding intercepts are highlighted in Figures 1 and 2. A complete listing of results from the 2023 Project resource conversion program is provided in Annex 1. Table 2: Highlighted Drill Results Hole Number From (m) To (m) Interval (m) Au Grade (g/t) Cu Grade (%) Au Eq. (g/t) Total Depth (m) Comments C23-252 6.0 45.0 39.0 2.50 0.31 2.94 45 Open to depth C23-253 4.0 54.0 50.0 23.48 0.09 23.64 85 Incl. 2m grading 580g/t Au – uncut or 4.0 54.0 50.0 3.08 0.09 3.24 85 2m grading 580g/t Au cut to 70g/t C23-265 0.0 85.0 85.0 2.09 0.24 2.47 85 Open to depth C23-269 0.0 115.0 115.0 1.02 0.24 1.37 115 Open to depth C23-270 0.0 70.0 70.0 1.14 0.13 1.38 70 Open to depth C23-275 0.0 91.0 91.0 1.76 0.13 1.97 91 Incl. 2m grading 16.4g/t Au – uncut C23-302 2.0 115.0 113.0 1.50 0.16 1.75 115 Open to depth C23-306 0.0 70.1 70.1 1.12 0.12 1.31 70.1 Open to depth C23-312 0.0 76.0 76.0 1.40 0.17 1.65 76 Open to depth C23-316 0.0 76.0 76.0 1.24 0.19 1.52 76 Open to depth C23-317 0.0 96.0 96.0 1.48 0.27 1.86 96 Open to depth Note: Minor contributors to Au Eq. calculation, silver and molybdenum are not included in this table but are provided in Annex 1. 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. A 70g/t Au top cut was applied for the interval noted in the comments section. Sampling is done in consistent, continuous 2-metre intervals. Values assume 100% recovery of all quoted metals and the following prices were used to calculate Au Eq.: 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. Lumina Gold received the highest drill assay ever returned from the project in hole C23-253, where a 2-metre intercept from 40 to 42 metres graded 580 g/t Au, see Figure 1. Lumina is operating normally at the Project. The Company’s activities have not been affected by the recent civil disturbances that have impacted other areas in Ecuador. 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 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 Project has reviewed, verified, and approved the contents of this news release and has verified the data underlying the contents of this news release by review and supervision of, but not limited to, drilling procedures, chain of custody of core and samples, logging and sampling procedures and insertion of blind standards, blanks and pulp duplicates into the sample stream and running of check samples with an umpire laboratory; such that no limitations are known that would prohibit it being suitable for resource estimation. 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. In 2023, the Company completed a Pre-Feasibility Study for Cangrejos, which 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. Annex. 1: Drill result table – Complete 2023 Cangrejos Infill Resource Conversion Program Results. Intervals provided in Table 2. are shown in bold. Hole Number From (m) To (m) Interval (m) Au Grade (g/t) Cu Grade (%) Ag Grade (g/t) Mo Grade (ppm) Au Eq. (g/t) Total Depth (m) Comments C23-242 0.0 86.0 86.0 0.37 0.09 1.19 2 0.51 140.0 330°/-65° and 98.0 100.0 2.0 0.26 0.05 0.25 2 0.33 and 112.0 136.0 24.0 0.31 0.05 0.29 8 0.38 C23-243 0.0 2.0 2.0 0.37 0.01 21.00 1 0.64 85.2 and 10.0 14.0 4.0 0.31 0.03 9.75 1 0.46 and 52.0 70.0 18.0 0.25 0.09 0.72 1 0.38 C23-244 0.0 88.0 88.0 0.54 0.07 1.53 6 0.66 130.9 150°/-65° and 118.0 128.0 10.0 0.26 0.02 0.46 15 0.30 C23-245 4.0 18.0 14.0 0.33 0.06 12.59 2 0.55 45.1 and 30.0 45.1 15.1 0.25 0.15 1.23 2 0.47 Open to depth C23-246 0.0 2.0 2.0 0.33 0.03 22.50 3 0.64 85.3 and 12.0 30.0 18.0 0.43 0.04 25.34 5 0.79 and 52.0 84.0 32.0 0.44 0.02 0.29 11 0.48 C23-247 14.0 16.0 2.0 0.95 0.04 1.30 1 1.03 75.4 and 26.0 58.0 32.0 0.27 0.12 1.97 5 0.46 C23-248 2.0 30.0 28.0 0.31 0.09 5.88 5 0.51 50.0 and 42.0 50.0 8.0 0.58 0.15 1.40 8 0.81 Open to depth C23-249 0.0 35.1 35.1 0.47 0.17 3.10 9 0.75 35.1 Open to depth C23-250 16.0 18.0 2.0 0.74 0.04 2.90 1 0.83 100.4 and 46.0 92.0 46.0 0.29 0.14 2.01 10 0.50 C23-251 0.0 86.0 86.0 0.44 0.05 2.14 6 0.53 90.1 C23-252 6.0 45.1 39.1 2.50 0.31 3.83 11 2.94 45.1 Open to depth C23-253 4.0 54.0 50.0 3.08 0.09 2.46 4 3.24 85.2 2m sample grading 580g/t Au cut to 70g/t Au or 4.0 54.0 50.0 23.48 0.09 2.46 3 23.64 85.2 2m sample grading 580g/t Au – uncut and 70.0 76.0 6.0 0.75 0.05 1.30 4 0.96 C23-254 0.0 100.1 100.1 0.68 0.05 1.90 18 0.78 100.1 Open to depth C23-255 0.0 45.2 45.2 1.46 0.37 1.75 1 1.98 45.2 Open to depth C23-256 16.0 48.0 32.0 0.42 0.09 8.49 8 0.64 76.0 and 64.0 66.0 2.0 1.68 0.06 0.25 6 1.76 C23-257 8.0 14.0 6.0 0.39 0.09 6.23 13 0.59 55.2 C23-258 0.0 48.0 48.0 1.09 0.06 4.81 8 1.22 85.4 Open to depth and 62.0 85.4 23.4 0.69 0.04 0.33 37 0.77 C23-259 16.0 54.0 38.0 0.22 0.15 1.19 3 0.44 65.0 C23-260 0.0 2.0 2.0 0.37 0.05 0.25 2 0.44 75.3 and 8.0 10.0 2.0 0.33 0.01 0.50 1 0.35 and 52.0 62.0 10.0 0.23 0.05 0.30 24 0.32 C23-261 0.0 65.1 65.1 1.13 0.12 1.55 30 1.40 65.1 Open to depth C23-262 8.0 10.0 2.0 0.57 0.07 1.20 2 0.67 75.3 330°/-85° Open to depth and 26.0 75.3 49.3 0.24 0.09 0.42 15 0.37 C23-263 2.0 8.0 6.0 0.88 0.23 6.47 3 1.28 91.3 Open to depth and 22.0 26.0 4.0 0.23 0.04 0.53 1 0.30 and 36.0 40.0 4.0 0.33 0.13 0.25 4 0.51 and 52.0 91.3 39.3 0.67 0.20 0.58 8 0.95 C23-264 12.0 24.0 12.0 0.34 0.10 0.79 7 0.49 90.2 and 82.0 84.0 2.0 0.26 0.12 0.70 70 0.45 C23-265 0.0 85.3 85.3 2.09 0.24 1.44 78 2.47 85.3 Open to depth C23-266 0.0 115.1 115.1 0.83 0.18 0.57 10 1.09 115.1 Open to depth C23-267 0.0 65.7 65.7 1.09 0.14 2.09 24 1.31 65.7 Open to depth C23-268 2.0 22.0 20.0 0.25 0.14 0.86 1 0.46 55.1 150°/-50° and 46.0 54.0 8.0 0.24 0.08 0.61 3 0.35 C23-269 0.0 115.0 115.0 1.02 0.24 0.67 46 1.37 115.0 330°/-60° Open to depth C23-270 0.0 70.0 70.0 1.14 0.13 4.70 40 1.38 70.0 Open to depth C23-271 2.0 100.2 98.2 0.60 0.16 4.74 8 0.88 100.2 Open to depth C23-272 0.0 100.0 100.0 0.87 0.14 0.63 19 1.07 100.0 150°/-50° Open to depth C23-273 0.0 75.2 75.2 0.88 0.19 2.10 3 1.17 75.2 330°/-60° Open to depth C23-274 0.0 65.5 65.5 0.57 0.09 0.68 15 0.72 65.5 150°/-75° Open to depth C23-275 0.0 90.8 90.8 1.76 0.13 2.15 23 1.97 90.8 150°/-75° 2m sample grading C23-276 14.0 22.0 8.0 0.37 0.11 3.55 2 0.56 95.1 and 52.0 54.0 2.0 0.34 0.13 2.50 6 0.55 and 64.0 66.0 2.0 0.25 0.11 0.60 2 0.41 and 88.0 90.0 2.0 0.25 0.02 0.25 7 0.27 C23-277 0.0 2.0 2.0 0.32 0.04 0.25 2 0.37 105.9 330°/-70° Open to depth and 10.0 12.0 2.0 0.24 0.08 2.30 1 0.37 and 32.0 34.0 2.0 0.21 0.06 0.60 2 0.31 and 36.0 38.0 2.0 0.27 0.05 2.30 2 0.37 and 86.0 105.9 19.9 0.40 0.07 0.75 4 0.51 Open to depth C23-278 0.0 80.0 80.0 0.58 0.15 0.55 10 0.79 80.0 Open to depth C23-279 0.0 71.4 71.4 0.53 0.14 0.40 10 0.73 71.4 Open to depth C23-280 0.0 65.4 65.4 0.51 0.12 2.98 17 0.72 65.4 Open to depth C23-281 10.0 28.0 18.0 0.88 0.16 1.63 1 1.11 110.1 Open to depth and 44.0 46.0 2.0 0.23 0.07 0.25 2 0.33 and 48.0 50.0 2.0 0.21 0.09 0.25 1 0.34 and 60.0 64.0 4.0 0.42 0.09 1.20 4 0.56 and 80.0 110.1 30.1 0.43 0.13 0.53 24 0.63 C23-282 4.0 6.0 2.0 0.22 0.08 0.60 3 0.34 81.2 330°/-65° and 16.0 18.0 2.0 0.27 0.04 0.25 8 0.33 and 26.0 72.0 46.0 0.71 0.04 0.31 7 0.77 C23-283 24.0 36.0 12.0 0.31 0.10 1.03 4 0.46 79.2 150°/-70° and 52.0 74.0 22.0 0.57 0.08 0.74 6 0.69 C23-284 4.0 84.0 80.0 0.63 0.11 0.67 40 0.80 100.2 330°/-70° Open to depth and 96.0 100.2 4.2 0.64 0.12 0.25 120 0.84 C23-285 0.0 84.0 84.0 0.58 0.20 2.17 12 0.88 85.0 C23-286 0.0 90.8 90.8 0.39 0.12 1.23 7 0.58 90.8 330°/-50° Open to depth C23-286A 6.0 88.0 82.0 0.37 0.13 1.20 7 0.56 150.5 330°/-50° Open to depth and 106.0 122.0 16.0 0.26 0.08 0.76 4 0.39 and 142.0 150.5 8.5 0.60 0.10 0.91 2 0.74 C23-287 0.0 46.0 46.0 0.54 0.08 0.35 9 0.65 50.3 C23-288 0.0 65.2 65.2 0.67 0.08 0.47 40 0.80 65.2 330°/-60° Open to depth C23-289 0.0 46.0 46.0 1.35 0.32 2.58 5 1.82 100.1 Open to depth and 64.0 100.2 36.2 1.29 0.45 2.45 13 1.95 C23-290 0.0 62.0 62.0 0.92 0.05 1.01 6 1.00 65.5 C23-291 0.0 80.0 80.0 0.65 0.07 2.23 23 0.77 100.2 C23-292 0.0 65.4 65.4 0.88 0.12 0.34 108 1.09 65.4 Open to depth C23-293 0.0 62.0 62.0 0.36 0.12 1.18 4 0.54 75.1 C23-294 10.0 34.0 24.0 0.23 0.16 0.75 4 0.46 140.7 and 42.0 44.0 2.0 0.21 0.06 0.25 2 0.30 and 58.0 72.0 14.0 0.55 0.04 0.25 10 0.60 and 86.0 116.0 30.0 0.23 0.04 0.38 2 0.29 and 132.0 136.0 4.0 0.27 0.05 0.85 2 0.35 C23-295 0.0 60.9 60.9 0.84 0.12 2.49 23 1.03 60.9 Open to depth C23-296 2.0 50.0 48.0 0.31 0.14 1.67 3 0.53 55.2 C23-297 0.0 80.6 80.6 0.74 0.11 0.85 46 0.91 80.6 Open to depth C23-298 0.0 70.3 70.3 0.87 0.07 1.42 25 0.99 70.3 Open to depth C23-299 6.0 16.0 10.0 0.50 0.06 2.50 1 0.62 35.2 and 28.0 30.0 2.0 0.46 0.03 0.25 6 0.50 C23-300 6.0 95.3 89.3 0.42 0.08 0.44 24 0.54 95.3 Open to depth C23-301 16.0 20.0 4.0 0.56 0.18 1.75 10 0.83 105.3 Open to depth and 36.0 38.0 2.0 0.35 0.07 0.70 1 0.46 and 50.0 52.0 2.0 0.59 0.06 0.70 1 0.68 and 70.0 72.0 2.0 0.31 0.03 0.90 2 0.35 and 84.0 105.3 21.3 0.91 0.08 0.51 2 1.03 C23-302 2.0 115.1 113.1 1.50 0.16 1.48 44 1.75 115.1 330°/-45° Open to depth C23-303 0.0 50.2 50.2 1.22 0.08 2.02 19 1.36 50.2 Open to depth C23-304 2.0 8.0 6.0 0.32 0.04 2.00 3 0.40 65.1 330°/-60° Open to depth and 28.0 30.0 2.0 0.25 0.10 0.60 7 0.39 and 64.0 65.1 1.1 0.43 0.02 0.25 1 0.47 C23-305 24.0 66.0 42.0 0.26 0.05 0.52 7 0.33 105.2 Open to depth and 92.0 105.2 13.2 0.32 0.06 0.42 12 0.40 C23-306 0.0 70.1 70.1 1.12 0.12 0.55 48 1.31 70.1 Open to depth C23-307 4.0 100.4 96.4 0.32 0.10 0.32 8 0.47 100.4 Open to depth C23-308 0.0 78.0 78.0 0.82 0.08 2.44 6 0.96 80.5 C23-309 0.0 85.4 85.4 0.84 0.16 1.45 17 1.08 85.4 Open to depth C23-310 8.0 22.0 14.0 0.24 0.06 2.50 4 0.35 101.1 Open to depth and 42.0 44.0 2.0 1.35 0.06 0.60 1 1.44 and 56.0 58.0 2.0 0.65 0.08 0.60 5 0.77 and 84.0 86.0 2.0 0.25 0.07 0.25 7 0.35 and 98.0 101.1 3.1 1.15 0.15 0.77 11 1.37 C23-311 2.0 70.3 68.3 0.71 0.04 0.26 26 0.78 70.3 Open to depth C23-312 0.0 75.8 75.8 1.40 0.17 0.71 24 1.65 75.8 330°/-60° Open to depth C23-313 0.0 92.0 92.0 0.41 0.10 0.38 12 0.55 115.6 and 106.0 108.0 2.0 0.22 0.03 0.25 5 0.27 C23-314 16.0 24.0 8.0 0.42 0.10 1.73 4 0.58 145.9 150°/-85° Open to depth and 38.0 52.0 14.0 0.40 0.06 0.49 5 0.48 and 88.0 145.9 57.9 0.40 0.13 0.53 9 0.59 C23-315 0.0 115.5 115.5 0.32 0.12 0.48 4 0.49 115.5 Open to depth C23-316 0.0 75.7 75.7 1.24 0.19 0.82 31 1.52 75.7 Open to depth C23-317 0.0 95.7 95.7 1.48 0.27 0.50 56 1.86 95.7 Open to depth C23-318 0.0 46.0 46.0 0.64 0.14 1.75 4 0.85 115.4 330°/-55° and 60.0 114.0 54.0 0.37 0.10 0.63 5 0.52 C23-319 0.0 122.0 122.0 0.50 0.15 0.54 13 0.72 125.9 330°/-60° C23-320 0.0 78.0 78.0 0.54 0.20 0.43 23 0.82 86.2 330°/-45° C23-321 0.0 36.0 36.0 0.53 0.17 1.06 2 0.78 105.0 Open to depth and 48.0 105.0 57.0 0.97 0.34 0.99 13 1.44 C23-322 0.0 100.4 100.4 0.67 0.20 0.58 15 0.95 100.4 Open to depth C23-323 2.0 95.7 93.7 0.27 0.11 1.70 16 0.45 95.7 Open to depth C23-324 4.0 95.7 91.7 0.54 0.16 0.39 13 0.78 95.7 330°/-55° Open to depth C23-325 0.0 98.0 98.0 0.35 0.08 0.78 15 0.48 141.2 330°/-70° Open to depth and 112.0 141.2 29.2 1.36 0.15 3.84 9 1.61 C23-326 0.0 75.1 75.1 0.90 0.31 0.70 19 1.34 75.1 Open to depth C23-327 26.0 30.0 4.0 2.65 0.03 1.00 2 2.71 106.0 225°/-65° and 40.0 84.0 44.0 0.33 0.14 0.91 8 0.53 and 98.0 106.0 8.0 0.57 0.09 1.44 13 0.72 C23-328 0.0 8.00 8.0 0.27 0.05 2.28 3 0.37 60.6 and 52.0 60.0 8.0 0.36 0.04 0.25 5 0.41 C23-329 2.0 75.2 73.2 0.35 0.11 0.32 11 0.51 75.2 Open to depth C23-330 6.0 71.3 65.3 0.81 0.32 1.49 6 1.27 71.3 330°/-55° Open to depth C23-331 0.0 55.2 55.2 0.29 0.13 0.38 5 0.48 55.2 Open to depth Note: All holes drilled at 0° azimuth and -90° dip unless otherwise stated in the comments. 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. A top-cut of 70 g/t Au was applied to one sample as noted in comments. Sampling is done in consistent, continuous 2-metre intervals. 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. Figure 1. Geological map of infill drilling at the Cangrejos deposit with the surface trace of Phase 1 mining shown and intercepts in Table 2 highlighted. (CNW Group/Lumina Gold Corp.) Figure 2. Isometric three-dimensional view of infill drilling at the Cangrejos deposit with Phase 1 mining shown and intercepts in Table 2 highlighted. (CNW Group/Lumina Gold Corp.) Figure 3. C23-253 at 43.35m, included in 2m sample grading 580 g/t Au: native gold with tourmaline blebs and patches in partially oxidised, bleached quartz diorite porphyry. Field of view approximately 8.5cm. (CNW Group/Lumina Gold Corp.)
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