Updated Cangrejos Inferred Mineral Resource

 

VANCOUVER, BC - Lumina Gold Corp. reported an updated mineral resource estimate for the Company’s 100% owned Cangrejos Gold-Copper project, located in El Oro Province of southern Ecuador. Inferred Resource Highlights: Contained gold increases from 4.0 to 8.8 million ounces at a grade of 0.65 grams per tonne; Resource tonnage increases from 192 to 423 million tonnes; and Resource includes 1.1 billion pounds of copper, 8.2 million ounces of silver and 23 million pounds of molybdenum.

All highlights above are calculated using the base case cut-off grade of 0.35 grams per tonne gold equivalent (AuEq. This significant increase in the mineral resource size compared to the maiden resource announced in January 2017 is primarily due to new drilling completed in 2017 that encountered additional high-grade gold and copper mineralization at depth. As a result, the resource limiting pit shell now extends to depths exceeding 600 meters below surface, approximately 300 meters deeper than the previous resource limiting pit shell. There have also been changes to the interpretation of the mineralized domains used to control the distribution of gold and copper grades in the model, resulting in a reduction in the size of the low-grade central core of the deposit. The Cangrejos deposit remains open to further drilling to the north, south, west and at depth.

Marshall Koval, President and CEO commented, “We are extremely pleased to see a significant increase in the scale of the deposit and an increase in the grade. Both of these factors will contribute positively to the Preliminary Economic Assessment planned for completion mid-next year. This resource estimate will serve as the basis for the assessment. Drilling in early 2018 will further delineate priority open areas of the Cangrejos deposit.”