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Lumina Gold Corp. (TSXV:LUM) – Notable News

February 4, 2022

Lumina Gold Corp. (TSXV:LUM, Not Rated, Timothy Lee) reported positive results from the first two holes of its 2021-2022 drilling program at its Cangrejos Au-Cu project in Ecuador. These two holes were drilled in opposite directions within the south-central part of the Cangrejos deposit, which is one of the two deposits that have been delineated on the project, along with Gran Bestia. These results included 1) hole C19-148, which encountered 550m of continuous mineralization starting from 10m below surface and returned 0.69 g/t Au and 0.10% Cu over 266m, containing 1.34 g/t Au and 0.14% Cu over 40m; and 2) hole C19-149, which encountered 672m of continuous mineralization starting from surface, including 0.58 g/t Au and 0.21% Cu over 240m from surface, and containing 1.39 g/t Au and 0.19% Cu over 20m. Mineralization was hosted in all rock types present in the holes: equigranular granodiorite, multiple porphyritic phases as well as tourmaline breccia, and both holes ended in mineralization. We note that the grades within these two holes are approximately in-line with the resource in the Cangrejos deposit (0.59 g/t Au and 0.12% Cu). Looking forward, the company is currently in the midst of an aggressive 30,000m drill program (read more), which is focused on upgrading and adding to the current resource: 10.4M oz Au and 1.4B lb Cu in indicated, and 6.7M oz Au and 0.8B lb Cu in inferred. There are four rigs currently turning, with two more rigs expected to be added in the coming weeks, and a final seventh rig to be added with the focus on geotechnical work. The drill program is scheduled to be completed by June/July 2022, and a PFS is anticipated to be completed by early 2023. In our view, while it is not a surprise that infill holes encountered mineralization, the wide intervals of mineralization from surface highlight the size of this deposit, and they should ultimately help lead to an upgraded future resource. Read more

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