Lumina Gold Corp (TSX-V:LUM, OTCQX:LMGDF) has announced drill results from the first two holes of its 2021-2022 drill program.
The company said the holes represent 1,227 metres (m) of drilling on the Cangrejos cold-copper deposit in Ecuador.
Through to January 31, 2022, it noted that 4,803m of the planned program have been drilled, pointing out that of the 12 holes completed or started to date, 10 are at Cangrejos in El Oro Province and two at Gran Bestia.
READ: Lumina Gold hires engineering giant Ausenco to lead pre-feasibility study for Cangrejos project in Ecuador
The Vancouver-based explorer said drill highlights include C19-148 -- a 550m hole with continuous gold mineralization with 470m above cut-off. That includes 266m of 0.69 grams per ton (g/t) gold and 0.10% copper, containing 40m of 1.34 g/t gold and 0.14% copper.
In addition, C19-149 includes a 672m hole with continuous gold mineralization with 596m above cut-off. That includes 240m of 0.58 g/t gold and 0.21% copper from surface, containing 20m of 1.39 g/t gold and 0.19% copper.
Lumina Gold also said the collars of holes 148 and 149, located approximately 200m apart, were drilled in opposite directions in the south-central portion of the Cangrejos deposit. Both holes cut hundreds of metres of strong mineralization.
As expected, higher gold values relate to zones of higher copper grades (largely occurring as chalcopyrite). The highest gold values are associated with intervals where copper occurs in both chalcopyrite and bornite mineralization.
“It's important to note that the mineralization is hosted in all rock types present in the holes, equigranular granodiorite, multiple porphyritic phases as well as tourmaline breccia. Both holes ended in mineralization," Lumina Gold added in the statement.
Meanwhile, Red Cloud Securities analysts released an updated note on Lumina Gold following “positive results” from the first two holes of its 2021-2022 drilling program at Cangrejos.
“In our view, while it is not a surprise that infill holes encountered mineralization, the wide intervals of mineralization from surface highlight the size of this deposit, and they should ultimately help lead to an upgraded future resource,” Red Cloud Securities analysts said in a note to clients.
They added that the drill program is scheduled to be completed by June/July 2022, and a pre-feasibility study is anticipated to be done by early 2023.
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