Lumina Gold Corp (TSX-V:LUM, OTCQX:LMGDF) has reported encouraging drill results from its Cangrejos copper-gold project in southwest Ecuador, which include pointing to a potential resource expansion.
The assays come from 12 holes - seven from the Cangrejos deposit and five from the Gran Bestia deposit.
A step-out hole at Gran Bestia was sunk into an area where the deposit is open to the northwest and to depth, which extended mineralization laterally outside the preliminary economic assessment (PEA) pit to the northwest by around 180 metres (m).
Results from the hole included 30m at 0.33 g/t gold and 0.03% silver starting from 440m depth. Also at Gran Bestia, another hole hit an intercept of 134m from surface, which graded 1.01 grams per ton (g/t) gold, 0.10% copper, for a gold-equivalent grade of 1.17 g/t.
READ: Lumina Gold sees further encouraging drill results at Cangrejos gold-copper project in Ecuador
Further drilling at Gran Bestia is expected to refine Lumina's understanding of the geometry of this shallow zone of high grade mineralization, the company said.
At Cangrejos, one hole was drilled in the central part of the deposit and hit 214m from 246m downhole grading 0.52 g/t gold and 0.11% copper. Another hole, drilled around 300m to the east-northeast of that hole, close to the northeastern limit of the deposit intersected 156m from 4m downhole grading 0.47 g/t gold and 0.12% copper, the company added.
Cangrejos is a copper-gold project in southwest Ecuador being advanced to pre-feasibility study and is the largest primary gold deposit in Ecuador.
Vancouver-based Lumina is a precious and base metals exploration and development company primarily focused on Cangrejos.
Contact the author at giles@proactiveinvestors.com