Impact: Positive
Lumina Gold announced results from its 18,938m 2023 drill program in support of an ongoing FS at its flagship 100%-owned Cangrejos Au-Cu project in Ecuador. It included ~7,800m (91 holes) of infill resource conversion drilling at the Cangrejos deposit, which notably intersected mineralization from near or at the surface and open at depth. This includes the highest ever grade recorded at Cangrejos of 580 g/t Au over 2m from a down-hole depth of 40m (C23-253). The balance of the broader drill program was performed on the Cangrejos and Gran Bestia deposits for other metallurgical, geotechnical and hydrogeological pump testing studies (Table 2). In our view, these are positive results as they further demonstrate continuity of mineralization and should help upgrade the resource feeding into the feasibility study. As well, this includes relatively high-grade mineralization at or near surface in several holes, which may bode well for a potential high-grade starter pit in the FS, which is anticipated in H1/25.
