Lumina Copper Corp. (TSX VENTURE: LCC) (the "Company") is pleased
to announce results of 5 new holes drilled as part of the ongoing
exploration and development program at its 100% owned Taca Taca
copper/gold/molybdenum deposit located in Salta province,
Argentina. Results are highlighted by holes TTBJ11-24 and 28 that
intersected intervals (greater than 500 meters) of higher grade
copper mineralization confirming that areas of mineralization at
Taca Taca extend significantly deeper than those contained within
the current National Instrument 43-101 ("NI 43-101") compliant
mineral resource estimate. Hole TTBJ11-24, drilled along the
northern boundary of the known mineral resource, intersected 646
meters grading 0.72% copper, 0.16 g/t gold and 0.02% molybdenum
(0.93% copper equivalent(1)), including 50 meters grading 2.26%
copper, 0.53 g/t gold and 0.02% molybdenum (2.69% copper
equivalent), the best mineral intersections drilled to date at Taca
Taca. TTBJ11-28, drilled in the southern portion of the known
mineral resource, intersected 546 meters grading 0.66% copper, 0.11
g/t gold and 0.01% molybdenum (0.78% copper equivalent), including
182 meters grading 0.85% copper, 0.15 g/t gold and 0.01% molybdenum
(1.00% copper equivalent). Both holes have increased the depth of
known mineralization by 300 meters and 350 meters respectively when
compared to the depth of NI 43-101 mineral resources in the
immediate area.
In addition, hole TTBJ11-30, drilled as part of the
hydrogeological program, encountered mineralization 500 meters to
the north-northwest of the known mineral resource in an area
previously thought not to be mineralized. Hole TTBJ11-30
intercepted two zones of mineralization, the first, starting at 162
meters below surface encountered 70 meters grading 0.54% copper and
0.05 g/t gold (0.57% copper equivalent), and the second, starting
at 358 meters below surface intersected 158 meters grading 0.37%
copper and 0.05 g/t gold (0.40% copper equivalent).
The leach cap assay program continues to discover significant
intercepts of oxide gold mineralization highlighted by hole
TTBJ11-29 that intersected, from surface, 186 meters grading 0.30
g/t gold. Gold concentrations in the leach cap and the potential to
define a gold mineral resource could help offset the cost of
removing the overburden to access the sulphide resources below.
Details of the relevant intercepts from the latest 5 holes are
shown in the table below. A map showing the location of the new
results in relation to historical drilling and the boundary of the
current NI 43-101 mineral resource estimate at 0.4% and 0.6% copper
equivalent cut off grades is attached to this news release:
---------------------------------------------------------------------------
From To Interval Cu Au Mo CuEq(1)
Hole No. Meters Meters meters % g/t % %
---------------------------------------------------------------------------
TTBJ11-24 206 228 22 0.30
---------------------------------------------------------------------------
228 874 646 0.72 0.16 0.02 0.93
---------------------------------------------------------------------------
including 228 278 50 2.26 0.53 0.02 2.69
---------------------------------------------------------------------------
Significance: Confirms northern continuity and increases grade of higher
grade zone. Extends mineralization approximately 300 meters below existing
NI 43-101 mineral resources in immediate area. Hole ended in 0.5% copper
mineralization (limit of drilling equipment).
---------------------------------------------------------------------------
TTBJ11-25 Assay results pending
---------------------------------------------------------------------------
Significance: Geotechnical hole to be assayed once detailed analysis
completed. Drilled 150 meters east of Hole TTBJ11-28 to a depth of 423
meters.
---------------------------------------------------------------------------
TTBJ11-27 10 168 158 0.30
---------------------------------------------------------------------------
and 326 350 24 0.51
---------------------------------------------------------------------------
348 404 56 0.30 0.12 0.02 0.49
---------------------------------------------------------------------------
Significance: Drilled along eastern margin of known mineral resource from
same drill pad as TTBJ11-29.
---------------------------------------------------------------------------
TTBJ11-28 38 112 74 0.34
---------------------------------------------------------------------------
and 254 278 24 0.28
---------------------------------------------------------------------------
278 824 546 0.66 0.11 0.01 0.78
---------------------------------------------------------------------------
including 288 470 182 0.85 0.15 0.01 1.00
---------------------------------------------------------------------------
including 774 814 40 1.00 0.10 0.01 1.12
---------------------------------------------------------------------------
Significance: Confirms continuity and increases grade of higher grade zone
in southern portion of the deposit. Extends mineralization 350 meters
below existing NI 43-101 mineral resources in immediate area. Hole
terminated in mineralization averaging 0.4% copper (limit of drilling
equipment).
---------------------------------------------------------------------------
TTBJ11-29 0 186 186 0.30
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and 326 350 24 0.36
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Significance: Drilled along eastern margin of known mineral resource. Hole
lost at 382 meters.
---------------------------------------------------------------------------
TTBJ11-30 162 232 70 0.54 0.05 0.57
---------------------------------------------------------------------------
and 358 516 158 0.37 0.05 0.40
---------------------------------------------------------------------------
Significance: Discovery of copper mineralization 500 meters north -
northwest of known NI 43-101 mineral resources.
---------------------------------------------------------------------------
(1) Copper equivalent calculated using US$2.00/lb Cu, US$800/oz Au and
US$12.00/lb Mo and is not adjusted for metallurgical recoveries as these
remain uncertain. The formula used is as follows: CuEQ = Cu% + (Au g/t x
0.583) + (Mo% x 6).
The drill program is focused on defining a higher grade zone
within the known NI 43-101 compliant mineral resource estimate as
well as expanding known mineralization at depth and to the north
and south. To date, 46 core holes totalling 26,637 meters and 25
reverse circulation ("RC") holes totalling 4,378 meters have been
completed and 5 drill rigs are currently operating on the project
(4 core and one RC). Two additional drills, one core and one RC are
expected to arrive at Taca Taca shortly. An additional core drill
rig with greater depth capabilities is also being sought as several
recent holes were terminated while in significant mineralization
due to the limitations of the drilling equipment. RC rigs are being
used to pre-collar core holes to expedite the program, as well as
to explore and delineate the gold and copper zones known to exist
in the leach cap of the Taca Taca porphyry system.
The Taca Taca copper/gold/molybdenum project, comprising
approximately 2,500 hectares, is located in the Puna region of
north western Argentina in Salta Province, approximately 230
kilometres west of the provincial capital of Salta and 90
kilometres east of the world's largest copper mine, Escondida.
On October 9, 2008, the Company released an independent NI
43-101 compliant mineral resource estimate for the project that at
a 0.4% copper equivalent cutoff contained inferred mineral
resources of 841 million tonnes grading 0.47% copper, 0.11 g/t gold
and 0.018% molybdenum (0.64% copper equivalent(2)), containing 8.71
billion pounds of copper, 2.97 million ounces of gold and 333.70
million pounds of molybdenum. This mineral resource estimate does
not incorporate or reflect the drilling results described
above.
Additional information on Taca Taca, including the NI 43-101
technical report "Amended Taca Taca Technical Report" dated January
22, 2010 by Robert Sim, P.Geo., can be found on the Company's
website (www.luminacopper.com) and on SEDAR (www.sedar.com).
Andrew Carstensen, CPG, Vice President, Exploration and the
Qualified Person as defined by NI 43-101 for the Taca Taca project
has reviewed and approved the content of this press release.
(2) The copper equivalent cut off grade used in the calculation
of the mineral resource estimate was determined using US$1.50/lb
copper, US$600/oz gold and US$9.00/lb molybdenum and was not
adjusted for metallurgical recoveries as these remain uncertain.
The formula used in the calculation was as follows: CuEQ = Cu% +
(Au g/t x 0.583) + (Mo% x 6).
To view a map associated with this release, please visit the
following link: http://media3.marketwire.com/docs/lcc908i.JPG.
LUMINA COPPER CORP.
David Strang, President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release
contains "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect
to the future price of gold, copper and molybdenum, the timing of
exploration activities, the estimation of mineral reserves and
mineral resources, the results of drilling, estimated future
capital and operating costs, future stripping ratios, projected
mineral recovery rates and Lumina Copper's commitment to, and plans
for developing any of its projects. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "can", "could", "would",
"might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Lumina Copper to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to the exploration and potential development of the
Company's projects, risks related to international operations, the
actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans
continue to be refined, future prices of gold, copper and
molybdenum, as well as those factors discussed in the sections
relating to risk factors of our business filed in Lumina Copper's
required securities filings on SEDAR. Although Lumina Copper has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results to be materially different from those anticipated,
described, estimated, assessed or intended. There can be no
assurance that any forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Lumina Copper does not undertake to update any
forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
Contacts: Lumina Copper Corp. David Strang President & CEO +
604 646 1880 + 604 687 7041 (FAX) dstrang@luminacopper.com
www.luminacopper.com
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