Canadian Mining Journal


GOLD-COPPER: Lumina extends Gran Bestia in Ecuador

ECUADOR – Lumina Gold has drilled its longest continuous section of mineralization at its Gran Bestia copper-gold deposit in Ecuador, part of its Cangrejos copper-gold project.

The company cut 0.62 g/t gold and 0.11% copper over 626 metres from surface including 1.14 g/t gold and 0.13% copper over 86 metres from 224 metres downhole and 0.93 g/t gold and 0.18% copper over 86 metres from 510 metres downhole.

The hole stepped out on the northern edge of the Gran Bestia anomaly and ended in mineralization, leaving the deposit open to the north.

Other recent drill highlights from the project include 0.35 g/t gold and 0.06% copper over 148 metres from surface at Gran Bestia and 0.41 g/t gold and 0.09% copper over 150 metres from surface at the Cangrejos deposit.

In early 2019 the company confirmed a deposit at Gran Bestia with its first three holes at the target. It found long intervals of gold mineralization, including 0.44 g/t gold and 0.12% copper over 262 metres from surface, and 0.41 g/t gold with 0.1% copper over 26 metres from 274 metres downhole

Lumina believes Gran Bestia could significantly increase the scale of the current Cangrejos resource. The project currently contains 408 million inferred tonnes grading 0.65 g/t gold, 0.11% copper, 0.6 g/t silver and 25 ppm molybdenum for 8.5 million oz. of gold, 1.03 billion lb. of copper, 7.8 million oz. of silver and 22.5 million lb. of molybdenum.

A preliminary economic assessment the company tabled in 2018 assigned the project a US$920-million, after tax net present value at a 5% discount rate and a 15% after tax internal rate of return.

Shares of Lumina are currently trading at 57¢ with a 52-week range of 46¢ to 85¢. The company has a $176 million market capitalization.

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