Lumina Gold Corp (TSX-V:LUM, OTCQX:LMGDF) has announced positive results from ongoing metallurgical test work that is part of the 2023 pre-feasibility study (PFS) for its Cangrejos copper-gold project in Ecuador.
The company said the balance of the metallurgy is expected to be completed in the next few weeks. Capital and operating cost estimates and the concentrate marketing study have been initiated and the overall PFS remains on track for completion in the second quarter of 2023.
"The PFS is on schedule, and several major components of the study have been completed,” Lumina Gold president and CEO Marshall Koval noted in a statement.
“The metallurgical testwork program is near completion and shows improved gold recoveries over the 2020 PEA (preliminary economic assessment); recoveries for copper and silver are pending,” he added.
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Highlights include:
- Achieved 84% gold recoveries on the Master Composite versus a recovery of 82% in the 2020 PEA;
- Simplified flowsheet with the elimination of saprolite/sap-rock material and the elimination of the molybdenum concentrate circuit; and
- Ausenco-led pre-feasibility study is on schedule for completion in 2Q 2023.
The following PFS work streams have been completed:
- Mineral resource estimation at the Cangrejos and Gran Bestia deposits;
- Revised mine plan incorporating only indicated mineral resources for the purpose of potential conversion to mineral reserves;
- Process flowsheet design;
- Quotes for major mechanical and electrical equipment;
- Dry stack tailings design;
- Facility siting studies;
- Power supply study; and
- Port materials handling study.
Lumina noted that the results from the metallurgical test work were generated based on testing of a master composite and 14 individual variability composites that reflect various anticipated material grades, rock types and time periods. The composites were prepared using approximately 4,900 kilograms of drill core collected during the 2021-2022 in-fill and step-out drilling campaign and are from over 50 different drill holes spanning the Cangrejos and Gran Bestia deposits.
The current test work program is being performed at CH Plenge & CIA S.A., an independent metallurgical laboratory based in Lima, Peru, it added.
Lumina Gold, based in Vancouver, Canada, is a precious and base metal exploration and development company focused on the Cangrejos gold-copper project located in El Oro province, southwest Ecuador.
Cangrejos is being advanced to a pre-feasibility study and is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful record of advancing and monetizing exploration projects.
Contact the author at stephen.gunnion@proactiveinvestors.com