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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

VANCOUVER, BC, Sept. 26, 2022 /CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the "Company" or "Lumina") is pleased to announce the remaining results from the 2021-2022 drilling campaign in support of the ongoing Prefeasibility Study ("PFS") at its Cangrejos Project (the "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.

Figure 1. Plan map of drilling at the Cangrejos project including the surface trace of the two ultimate pits from the 2020 PEA. (CNW Group/Lumina Gold Corp.)
Figure 1. Plan map of drilling at the Cangrejos project including the surface trace of the two ultimate pits from the 2020 PEA. (CNW Group/Lumina Gold Corp.)

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 ("QA/QC") 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' ("ALS") 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. (TSXV: LUM) 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.

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Further details are available on the Company's website at https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact.

LUMINA GOLD CORP.

Signed: "Marshall Koval"
Marshall Koval, President & CEO, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to potentially adding mineral resources and impacts on components of a PFS study. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE Lumina Gold Corp.

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