Lumina Gold Corp (TSX-V:LUM, OTCQB:LMGDF) has announced progress towards an upcoming feasibility study for the Cangrejos gold-copper project in southwest Ecuador.
The gold-focused company said it is targeting completion by the second quarter of 2025.
Work is on track for the feasibility study, being conducted by Ausenco Engineering Canada and other consultants.
Key developments include increasing the initial processing plant throughput to 40,000 tonnes per day from the 30,000 tonnes per day outlined in the 2023 prefeasibility study.
This change is expected to simplify construction, expedite future expansions, and advance gold and copper production, according to Lumina.
Other updates include the mine plan, which has been resequenced to prioritize higher-grade ore from the Cangrejos deposit before starting operations at Gran Bestia. Over 300 million tonnes of waste rock will be placed into the Cangrejos pit post-mining, reducing the required area for waste storage and haul distances. The waste storage facility has been relocated to land owned by Lumina, increasing the distance from local communities, and access roads will be rerouted to avoid population centers.
Field crews are actively conducting test pits, and two drill rigs will begin drilling geotechnical boreholes in late May to support facility siting.
Lumina also said that pre-contract negotiations with the Ecuadorian Government for a Mining Exploitation Contract will progress throughout 2024.
The planned extension and addendum to the EIPA, initially executed on November 30, 2021, will revise the protected investment from US$36 million to US$79 million for 2019 to 2024. This extension is expected to be finalized in H2 2024.
Additionally, Lumina plans to execute a CIPA, committing to invest US$721 million between 2025 and 2031, covering construction and pre-production activities. Investments exceeding the committed amount will also be protected under the CIPA.
Lumina aims to finalize the site infrastructure layout by June 2024 and will engage an Ecuadorian Government-approved consultant to begin the environmental and social impact assessment process, expected to take around 18 months.