VANCOUVER, BC, Feb. 5, 2025
/CNW/ - Luca Mining Corp. ("Luca" or the
"Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased
to announce that programs underway to maximize operational
efficiencies at both the Campo
Morado zinc/copper/gold mine and the Tahuehueto gold/silver
mine have yielded excellent results.
Campo Morado
The
Company has achieved its targeted throughput rates at the
Campo Morado zinc/copper/gold mine
of 2,000 tonnes per day ("tpd"). This was a milestone set
when Luca's newly contracted mining team, Cominvi, S.A. de
C.V. ("Cominvi"), was seconded in August of last year. Cominvi,
working with the Luca team, achieved sustained 2,000 tpd in the
latter part of Q4 2024 and the Campo
Morado mill is now consistently running at this rate,
representing a 43% increase over the preceding six months. In the
month of January 2025, the Campo
Morado mill processed over 62,850 tonnes of ore; and ample built-in
capacity at the mill remains towards future production
growth. With 2,000 tpd achieved, the next phase of
optimization efforts will now focus on improving throughput to
2,400 tpd over the coming months.
Tahuehueto
Commissioning of this new gold mine has
been progressing extremely well and is nearing completion.
Throughput at the Tahuehueto mill has started to stabilize at
the 1,000 tpd level. In the month of January
2025, even with a planned shutdown of greater than one week
(consisting of testing and commiserate adjustments), the mill
processed over 24,700 tonnes of ore; an exciting milestone for
Luca. In preparation for commercial production, the Company is
working to ensure sufficient parts and commodity supply redundancy
is in place for its operations through purchasing and stocking a
new warehouse now under construction on site.
Dan Barnholden, CEO, commented,
"I am very pleased to see that our careful planning is allowing us
to meet these important throughput objectives. Steady and stable
operations with back up contingencies are key to consistent
results. I would like to congratulate our entire Luca team and
affiliates on a job well done. We've been able to quickly increase
production at both operations and we can clearly see a path forward
for further increases ahead."
About Luca Mining Corp.
Luca Mining (TSX-V: LUCA,
OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining
company with two 100%-owned producing mines within the prolific
Sierra Madre mineralized belt in
Mexico which hosts numerous
producing and historic mines along its trend. The Company produces
gold, copper, zinc, silver and lead from these mines that each have
considerable development and resource upside.
The Campo Morado polymetallic
VMS mine is an underground operation located in Guerrero State. It produces
copper-zinc-lead concentrates with precious metals credits. It is
currently undergoing an optimization program which is already
generating significant improvements in recoveries, grades,
efficiencies, and cashflows.
The Tahuehueto epithermal gold and silver mine is a new
underground operation in Durango State. The Company is
commissioning the Tahuehueto mill and expects to achieve commercial
production in early 2025.
Qualified Person
The technical information contained
in this news release has been reviewed and approved by Mr.
Paul D. Gray, P.Geo., Vice-President
Exploration at Luca Mining. Mr. Gray is a Qualified Person
for the Company as defined by National Instrument 43-101.
On Behalf of the Board of Directors
(signed) "Dan
Barnholden"
Dan Barnholden, Chief Executive
Officer
For more information, please
visit: www.lucamining.com
Cautionary Note Regarding Forward-Looking
Statements
It should be noted that Luca declared commercial
production at Campo Morado prior
to completing a feasibility study of mineral reserves demonstrating
economic and technical viability. Accordingly, readers should be
cautioned that Luca's production decision has been made without a
comprehensive feasibility study of established reserves such that
there is greater risk and uncertainty as to future economic results
from the Campo Morado mine and a
higher technical risk of failure than would be the case if a
feasibility study were completed and relied upon to make a
production decision. Luca has completed a preliminary economic
assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual
life of mine plan and a preliminary economic analysis based on the
previously identified mineral resources (see news releases dated
November 8, 2017, and April 4, 2018).
Statements contained in this news release that are not
historical facts are "forward-looking information" or
"forward-looking statements" (collectively, "Forward-Looking
Information") within the meaning of applicable Canadian securities
laws. Forward Looking Information includes, but is not limited to,
disclosure regarding the Financings, the anticipated timing of
closing thereof and the expected use of proceeds therefrom; and
other possible events, conditions or financial performance that are
based on assumptions about future economic conditions and courses
of action; the timing and costs of future activities on the
Company's properties, such as production rates and increases;
success of exploration, development and bulk sample processing
activities, and timing for processing at its own mineral processing
facility on the Tahuehueto project site. In certain cases,
Forward-Looking Information can be identified using words and
phrases such as "plans," "expects," "scheduled," "estimates,"
"forecasts," "intends," "anticipates" or variations of such words
and phrases. In preparing the Forward-Looking Information in this
news release, the Company has applied several material assumptions,
including, but not limited to, that all requisite approvals in
respect of the Financings will be received, and all conditions
precedent to completion of the Financings will be satisfied, in a
timely manner; the Company will be able to raise additional capital
as necessary; the current exploration, development, environmental
and other objectives concerning the Campo Morado Mine and the
Tahuehueto Project can be achieved; the program to improve mining
operations at Campo Morado will
proceed as planned; the continuity of the price of gold and other
metals, economic and political conditions, and operations.
Forward-Looking Information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the Forward-Looking Information. There can
be no assurance that Forward-Looking Information 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
Information. Except as required by law, the Company does not assume
any obligation to release publicly any revisions to Forward-Looking
Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Luca Mining Corp.
