VANCOUVER, BC, Oct. 23,
2024 /CNW/ - Luca Mining Corp. ("Luca" or
the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is
pleased to announce the start of an exploration drilling campaign
at the Tahuehueto gold mine in Durango State, Mexico. The Tahuehueto property comprises
a large, epithermal gold/silver vein system and this campaign is
the first significant exploration drill program on the property in
over 10 years. The Company expects the current campaign to include
up to 5,000 metres of diamond core drilling in 26 holes from
underground over the next 4-6 months. The drill plan takes
advantage of recently developed areas to potentially extend the
resource along the modeled veins.
Dan Barnholden, CEO, commented,
"Tahuehueto is a brand new mine which will soon be in commercial
production. There are all the indicators of significant
resource expansion potential at this project, and I am excited that
our recently completed financing enables us to not only explore
that potential but expeditiously. We have barely scratched
the surface at Tahuehueto, and we are focused on unlocking all
potential value for shareholders. Tahuehueto, and this new drill
program, will provide ongoing drill results and steady material
news flow for investors over the coming months and into the new
year." <Listen to Dan provide details>
Mineralization is open along strike and at depth for most of the
modeled resource area and the objective of the current campaign
will be a combination of infill and step-out drilling to determine
the vertical and lateral extent of mineralization as well as to
identify mineralized brecciated zones within the epithermal vein
system. Recent mining in Level 23 encountered higher
grade mineralization averaging 3.30 g/t Au over vein widths up
to 20 metres (with values up to 65.04 g/t Au) in ore shoots
branching off the main Creston
vein (see news release dated May 29,
2024).
In addition to the four veins that make up the mineralized
resource, there are at least 14 additional prospective veins or
splays in the current concession area that show a potential to host
low-sulphidation epithermal mineralization. In some cases, the
prospective veins and splays may be extensions or continuations of
the currently defined resource. The Company estimates that there
are more than 11 km of prospective vein structures (measured along
strike), compared to 4.5 km of mineralized veins that support
current resource models. Figure 1 below shows the relative location
of prospective veins (yellow) and veins modeled for resources and
reserves (pink) within the Company's concession area (white).
Surface mapping has been carried out by Company geologists and
outside consultants during different phases of the project to
identify potential areas of epithermal mineralization. The
prospective veins have not yet been systematically sampled or
explored and there is no guarantee that they host a mineralized
resource.
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 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 and grades, efficiencies, and cashflows.
The Tahuehueto gold, silver mine is a new underground operation
in Durango State. which hosts numerous producing and historic mines
along its trend. The Company is commissioning its mill and is
expected to achieve commercial production by the end of the
year.
On Behalf of the Board of Directors
(signed) "Dan Barnholden"
Dan Barnholden, Chief Executive
Officer
For more information, please
visit: www.lucamining.com
Qualified Persons
The technical information contained
in this News Release has been reviewed and approved by Mr.
Chris Richings, Vice-President
Technical at Luca Mining as the Qualified Person for the Company as
defined in National Instrument 43-101.
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 timing of the upcoming drill program;
timing of commissioning the mill at Tahuehueto and timing to
achieve commercial production; 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. 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
Tahuehueto Project can be achieved; the geological mapping from
mining activity at Tahuehueto Project will continue to provide
information to guide exploration program plans; 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/luca-commences-exploration-drilling-at-tahuehueto-gold-mine-302283993.html
SOURCE Luca Mining Corp.