Initial drilling at Gran Bestia boosts Lumina Gold’s Cangrejos project
Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) has announced additional drill results from the Cangrejos project in Ecuador, as well as initial drilling of the Gran Bestia exploration target to the northwest of the resource.
"The addition of Gran Bestia to Cangrejos is significant and could substantially increase the scale of the current inferred mineral resource estimate of 8.5 million ounces of gold," — CEO
Eight holes 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. Lumina also completed seven holes and approximately 2,300 metres of geotechnical and metallurgical drilling.
"The addition of Gran Bestia to Cangrejos is significant and could substantially increase the scale of the current inferred mineral resource estimate of 8.5 million ounces of gold,” Lumina’s president and CEO Marshall Koval said in a statement. “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."
Two drill rigs are currently working at the Cangrejos Project, with two more expected to arrive at site in February, the company stated. In 2019, Lumina plans to drill approximately 7,000 metres 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.
The Vancouver-based miner plans to release an updated resource estimate in the second half of 2019 that will incorporate all of the 2018 and 2019 drilling.