VANCOUVER, BC, Oct. 25,
2023 /CNW/ - Luca Mining
Corp. ("Luca" or the "Company") (TSXV: LUCA)
(OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce that its
expansion project to double throughput to 1,000 tonnes per day
("tpd") at its wholly owned Tahuehueto Gold Mine in Durango,
Mexico is progressing well and according to plan. The
objective is to achieve an installed capacity of 1,000 tpd by
year-end and announce commercial production in first quarter of
2024. First phase production levels are expected to reach
over 40,000 ounces gold equivalent per year.
Construction Status
A second ball mill for the mine expansion has passed through all
upgrades and inspections and is now on site and placed into the
supporting structure (see photo). This second mill has a
larger capacity and once commissioned the mine's installed capacity
will be 1,250 tpd. Ancillary equipment (cyclones, pumps etc.) will
be delivered to site before mid-October. Testing of the new mill is
planned for late-November and, if successful, ramp-up will commence
shortly after.
The flotation and concentrate filtration circuits already have
an installed capacity of 1,000 tpd.
A second tailings filter press, with a nominal capacity of 500
tpd, will be transported to site within a week. The foundations for
this press are completed. The third (back-up) tailings filter press
has been secured and is undergoing inspections and refurbishments
prior to shipping to site.
Construction of the second stage of the tailings embankment is
currently 56% complete and progressing well.
Mike Struthers, CEO, commented:
"The team at Tahuehueto, including our contractors and senior
management, have done a great job in maintaining construction
progress, pushing towards our 1,000 tpd goal, and we are on track
to achieve this by year-end. We plan to be testing the second
mill by late-November, and if successful we should be able to start
ramping up to 1,000 tpd shortly afterwards. We are very close now
to delivering Tahuehueto as the next, new profitable gold mine in
Mexico."
CEO, Mike Struthers News Release Video Summary
About Luca Mining Corp.
Luca Mining Corp. is a Canadian based mining company with two
100% owned Mexican gold, silver, and base metal mining
projects.
Luca's Tahuehueto Mine is an underground gold project in
northwestern Durango State, Mexico, located within the prolific Sierra
Madre Mineral Belt which hosts numerous producing and historic
mines along its trend. Tahuehueto is on track to become a
significant and one of Mexico's
newest gold mines to come into production. The
Pre-Feasibility Study updated in 2022 contemplates an operation
achieving 40,000 ounces gold-equivalent per year production.
Campo Morado, located in
Guerrero State, Mexico, is an
operating underground base and precious metals mine producing zinc
and copper concentrates with significant precious metals
credits.
Qualified Persons
The technical information contained in this News Release has
been reviewed and approved by Mr. Mike
Struthers, C. Eng., CEO and Director of Luca Mining Corp. as
the Qualified Person for the Company as defined in National
Instrument 43-101.
Visit: https://lucamining.com
On Behalf of the Board of Directors
(signed) "Mike Struthers"
Mike Struthers, CEO and
Director
Cautionary Note Regarding Production Decisions and
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 Release 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 planned recommencement of mining
operations at Campo Morado; 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 the current exploration,
development, environmental and other objectives concerning the
Campo Morado Mine and the Tahuehueto Project can be achieved; that
recommencement of 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.