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Lumina Gold says it continues to extend 'exceptional' mineralization at Cangrejos in Ecuador

Last updated: 08:48 26 Sep 2022 EDT, First published: 08:11 26 Sep 2022 EDT

Lumina Gold Corp -
One hole from the Cangrejos deposit returned 118 meters from surface grading 0.64 grams per tonne (g/t) gold and 0.12% copper, for a gold-equivalent grade of 0.83 g/t

Lumina Gold Corp (TSX-V:LUM, OTCQX:LMGDF) has said it continues to extend the “exceptional” mineralization from the ongoing 2021-2022 pre-feasibility drilling campaign at its Cangrejos Project in Ecuador.

Results from the final seventeen drill holes— fifteen from the Gran Bestia Ridge and two from Cangrejos—included one hole from the namesake deposit which returned 118 meters (m) from surface grading 0.64 grams per tonne (g/t) gold and 0.12% copper, for a gold-equivalent grade of 0.83 g/t.

"Receiving the final assays from Lumina's 36,000-metre PFS (pre-feasibility study) drill campaign allows resource estimation work to commence, which is a critical path item for completion of the PFS,” Lumina Gold president and CEO Marshall Koval said in a statement announcing the remaining results from the drilling campaign.

READ: Lumina Gold encouraged by completed 2021/2022 drill campaign at Cangrejos project in Ecuador

“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," he added.

Gran Bestia highlights:

  • Hole C22-239 was drilled to extend the Gran Bestia deposit to the northwest and returned a 454m interval from surface grading 0.64 g/t gold and 0.10% copper, for a gold-equivalent grade of 0.79 g/t. The deposit is open to the north and to depth, as well as extends 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 450m 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 118m interval from 10m 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 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 156m. 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 58m down hole.

Lumina Gold is a Vancouver, Canada-based precious and base metals exploration and development company focused on the Cangrejos gold-copper project in El Oro Province. It is the largest primary gold deposit in Ecuador.

Contact the author at jon.hopkins@proactiveinvestors.com

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