Lumina Gold Corp (TSX-V:LUM, OTCQX:LMGDF) told investors it has commenced drilling in the approximately 30,000-metre (m) exploration program at its Cangrejos gold-copper project in Ecuador.
Cangrejos is Ecuador’s largest primary gold deposit located in El Oro Province, in the southwest of the country. Lumina said it is a world-class gold deposit with tremendous scale and a long mine life. Additional drilling and a pre-feasibility study will enhance the project and take it one step closer to becoming a mine.
The company said it plans to scale from one drill rig to four over the course of the program and is targeting mid-2022 for completion of the planned infill and step-out drilling.
READ: Lumina Gold closes C$19M financing for Cangrejos project development, Ross Beaty increases position
“The upcoming program will increase the confidence in the existing resource and aim to expand it, most excitingly, to the northwest of the Gran Bestia ridge, where the deposit remains open,” Lumina Gold senior vice president Leo Hathaway said in a statement.
Lumina said the infill program is designed to convert the resource contained in the preliminary economic assessment to the measured or indicated category, for inclusion in a pre-feasibility study.
Additionally, drill holes will also step out on the existing resource laterally, provide further material for metallurgical testing and be used for advancing geotechnical and hydrogeological studies, the company added.
Lumina Gold Corp is a Vancouver-based precious and base metals exploration and development company focused on the Cangrejos gold-copper project.
The company has an experienced management team with a successful track record of advancing and monetizing exploration projects.
Contact the author at stephen.gunnion@proactiveinvestors.com