Lumina Gold Corp (TSX-V:LUM, OTCQX:LMGDF) has reported more positive drill assays from its Cangrejos copper-gold project in Ecuador, including one hole at the northern limit of the deposit, which hit the highest grade intercept at the project to date.
That hole encountered a length of 10 metres (m) from 148m depth at the Cangrejos deposit, which graded 19.33 grams per ton (g/t) gold with 0.12% copper for a gold equivalent grade of 19.51 g/t.
"High grade veins such as this are typically found in the periphery of large gold-copper porphyry deposits and additional intercepts are likely to be found as the current program delineates these areas," said the explorer.
READ: Lumina Gold unveils more encouraging drill results from Cangrejos asset in Ecuador
Meanwhile, at the northeastern limit of the Gran Bestia deposit at the Cangrejos property, another hole intersected 280.6m starting from surface, which graded 0.84 g/t gold with 0.10% copper for a gold equivalent 0.99 g/t.
That included an intercept of 44m starting from 80m depth, which graded 1.32 g/t of the yellow metal with 0.15% copper for a gold equivalent 1.55 g/t.
"These intercepts are from an outcropping high grade breccia body that is significantly larger than previously modelled and remains open to the north, east and to depth," added the company.
The latest results come from 15 holes - six from Cangrejos and nine from Gran Bestia.
So far, 66 have been completed and four are in progress, totalling 22,450m. Lumina currently has eight rigs turning, seven on resource holes, and one carrying out geotechnical drilling for the pre-feasibility study (PFS).
In February this year, Lumina said it hired global engineering group Ausenco to lead the PFS for the project, which is expected to be completed in early 2023.
Ausenco was responsible for the waste rock, tailings management and site infrastructure portions of the 2020 PEA and is already familiar with the asset.
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