Lumina Gold Announces Second Mineral Deposit At Cangrejos

VANCOUVER, BC - Lumina Gold Corp. reported additional drill results from the Cangrejos resource infill, step-out and depth extension program as well as the initial drilling of the Gran Bestia exploration target to the northwest. These eight holes (C18-93 to 100) represent the most recent results from the 2018 drilling, which has totaled approximately 12,800 metres over 32 holes. The results include three holes from Gran Bestia, which in addition to the five holes previously drilled by Newmont Mining confirm the existence of a satellite deposit not included in the current NI 43-101 resource estimate at Cangrejos. The Company also completed seven holes and approximately 2,300 meters of geotechnical and metallurgical drilling.

“The addition of Gran Bestia to Cangrejos in Ecuador is significant and could substantially increase the scale of the current inferred mineral resource estimate of 8.5 million ounces of gold(1). The deposit has the potential to add to the 16 year mine life, increase the 373 koz of annual gold production or improve both. Additional drilling through the first half of 2019 will further enhance our understanding of the satellite deposit,” said Marshall Koval, President, CEO and Director.

The inferred mineral resource estimate has an average grade of 0.65 grams per tonne of gold. Details of the current inferred mineral resource estimate at the Cangrejos Project. Two drill rigs are currently working at the Cangrejos Project, with two more expected to arrive at site in February. In 2019, Lumina plans to drill approximately 7,000 meters in 23 holes for resource in-fill and exploration at the Cangrejos Deposit and approximately 5,200 metres in 13 holes at the Gran Bestia Deposit.

In addition, a significant drilling program to provide metallurgical test materials and oriented core for engineering studies is also planned for the first half of 2019. One drill rig will be dedicated to large-diameter (PQ) core drilling. Geotechnical drilling over eight holes for pit slope design is planned and select geotechnical holes will also serve as locations for pump tests and installation of monitoring wells to support hydrogeological studies. Approximately 1,800 kilograms of material from 2018 drilling has now arrived in Lima for metallurgical testing at the C.H. Plenge & CIA S.A. lab (C.H. Plenge). The metallurgical testing program is scheduled to be completed by Q3 2019. Lumina plans on shipping 2,000 kilograms of whole PQ core to FLSmidth Labs in Utah for the high pressure grinding role tests and a representative subsample of 200 kilograms to C.H. Plenge for continued metallurgical work.

Cangrejos Deposit: Holes C18-95, 97 and 99, drilled in the southwest of the deposit all cut zones of significant mineralization. Hole C18-97 is one of the best holes drilled to date at the Cangrejos Project, with mineralization over almost its entire 556-meter length. Holes C18-93 and 94 were step-out holes drilled on the southeastern flank of the main resource and intersected several intervals of mineralization.

Gran Bestia Deposit: Holes C18-96, 98 and 100 were the first three holes drilled at Gran Bestia since Newmont Mining drilled five holes in 1999. Holes C18-96 and 98, were drilled first due to logistical reasons and were located near the southeast margins of the large rock and soil geochemical anomaly which delineates Gran Bestia. Both holes returned long intervals of significant grade mineralization. C18-100 is located more central to the anomaly and cut a long intersection from surface.

The company’s address is 625 How St, Suite 410, Vancouver, BC V6C 2T6, (604) 646-1890, luminagold.com.