Lumina Intersects 310 Meters Grading 1.06% Copper Equivalent in Twin Hole at Taca Taca Copper-Gold-Molybdenum Project, Argentina
17 Maio 2011 - 9:30AM
Marketwired
Lumina Copper Corp. (TSX VENTURE: LCC) (the "Company") is pleased
to announce the results of five new holes drilled as part of the
ongoing program at its 100% owned Taca Taca copper/gold/molybdenum
deposit located in Salta province, Argentina. The results are
highlighted by hole TTBJ11-13 that intersected 310 meters grading
0.83% copper, 0.21g/t gold and 0.02% molybdenum (1.06% copper
equivalent(1)) including 60 meters grading 1.30% copper, 0.39g/t
gold and 0.02% molybdenum (1.65% copper equivalent).
Four of the five holes (TTBJ11-09, 10, 11, 13) are twin holes,
drilled as part of the process to verify and confirm the drilling
completed by previous operators on the project. The results from
the twin holes correlate well with the previous results with two
holes showing overall higher grades (TTBJ11-10, 13), one hole
matching the historical grades (TTBJ11-11) and one hole containing
lower grade and mineralized interval (TTBJ11-09). TTBJ11-08 and its
offset TTBJ11-12 were drilled to the east and south of the known
resource. Hole TTBJ11-08 was abandoned due to poor ground
conditions while TTBJ11-12 did not encounter any significant
mineralization.
The results from holes TTBJ11-13 and TTBJ11-10 are particularly
significant. Hole TTBJ11-13 continued in mineralization an
additional 114 meters below the depth of the twinned hole. It also
revealed higher average copper grades (0.83% Cu vs. 0.77% Cu)
largely due to exceptional grades intersected below the depth of
the previous hole. Similarly, TTBJ11-10 showed a higher overall
copper grade (0.45% Cu vs. 0.40% Cu) versus its twin while
marginally increasing the length of the mineralized interval by 6
meters.
Details of the relevant intercepts from the latest five holes
are shown in the table below. A map showing the location of the new
results in relation to historical drilling is attached to this news
release:
----------------------------------------------------------------------------
From To Interval Cu Au Mo CuEq (1)
Hole No. Meters Meters meters % g/t % %
---------------------------------------------------------------------------
TTBJ11-09 320 398 78 0.27 0.05 0.02 0.42
---------------------------------------------------------------------------
TTBJ11-10 294 518 224 0.45 0.16 0.03 0.72
---------------------------------------------------------------------------
TTBJ11-11 46 228 182 0.31 0.01 0.01 0.38
---------------------------------------------------------------------------
TTBJ11-12 no significant intercepts
---------------------------------------------------------------------------
TTBJ11-13 292 602 310 0.83 0.21 0.02 1.06
---------------------------------------------------------------------------
including 368 414 46 0.96 0.24 0.02 1.21
---------------------------------------------------------------------------
including 468 528 60 1.30 0.39 0.02 1.65
---------------------------------------------------------------------------
(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 to the north. To date 16
holes totalling 8,529 meters have been completed and three drill
rigs are operating on the project (two focused on resource drilling
and one focused on geotechnical drilling). A fourth rig is expected
to arrive on site within the next month.
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 announced it had received an
independent National Instrument 43-101 ("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 0.64% copper equivalent, containing 8.71
billion pounds of copper, 2.97 million ounces of gold and 333.70
million pounds of molybdenum(3). 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.
(3) 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$6.00 / 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).
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.
To view the Map, please visit the following link:
http://media3.marketwire.com/docs/LCC_Map.pdf
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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