Lumina Gold Corp (TSX-V:LUM, OTCQX:LMGDF) said it has secured two additional drill rigs to expedite the previously announced 30,000-metre (m) drill program at its Cangrejos gold-copper project in Ecuador.
The company said the program will now utilize six drill rigs beginning early next year. The two active rigs at the site have drilled approximately 2,700m, with five diamond drill holes completed and two in progress. A third rig is on-site and is being mobilized to the Gran Bestia deposit, it added.
As previously stated, the infill program is designed to convert the project’s Inferred mineral resource estimate to the Measured or Indicated categories, for inclusion in a pre-feasibility study (PFS). Additionally, the drill holes will also step out on the existing mineral resource laterally, provide further material for metallurgical testing and be used for advancing geotechnical and hydrogeological studies.
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“The addition of two rigs allows for metallurgical testing and geotechnical data collection to take place earlier,” the company said in a statement. “These critical-path items will allow Lumina to bring these components forward in the PFS schedule.”
Lumina noted that recent mineralogical modelling work at the project has improved its plan for mineral resource expansion.
The work revealed that the highest gold grades coincide with a bornite mineral core at the Cangrejos deposit. At Gran Bestia, a similar bornite core has not yet been located, which may indicate the potential for discovering a higher grade area.
“These observations further reinforce the company’s rationale to prioritize the step-out drilling scheduled to take place to the northwest of the currently drill-defined deposit,” Lumina said.
“At Gran Bestia, the estimated mineral resource blocks to the northwest end parallel to the last vertical hole."
Lumina will focus on locating the potential higher-grade bornite core at Gran Bestia with step-out drilling in the northwest direction.
For context, the company said that the Gran Bestia deposit’s mineral resource estimate currently has 1.5 million ounces (Moz) in Indicated gold out of the project’s 10.4 Moz of Indicated gold and 3.1 Moz in Inferred gold out of the project’s 6.7 Moz of Inferred gold.
Lumina Gold is a Vancouver-based precious and base metals exploration and development company focused on the Cangrejos gold-copper project in Ecuador.
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