Lumina Gold Corp (TSX-V:LUM, OTCQX:LMGDF)’s work on the Cangrejos project in Ecuador is proceeding on schedule.
The company has been actively executing its 2023 feasibility study drill plan, with nine rigs currently at site.
The study is expected to be completed in the first quarter of 2025.
Over 11,000 metres have been completed out of the planned 18,000 metres of resource, geotechnical and metallurgical drilling.
The drill program is expected to be finalized by year end.
Lumina has been comparing assay results as they are received against those predicted by the pre-feasibility study block model, and the average results from assays received to date are tracking extremely well.
Meanwhile, contracts have been signed with several engineering companies for the advancement of the feasibility study for the Cangrejos project.
Several trade-off studies have also been initiated in an effort to further optimize Cangrejos.
Separately, on October 15, 2023, Daniel Noboa was elected as president of Ecuador.
Lumina’s management team believes that president elect Noboa will continue policies supportive of mining in Ecuador.
Noboa previously stated that he will prioritize the attraction of foreign investment and that responsible mining has great potential to be an important source of financing for social projects and generation of employment.