Luna Gold Announces Major Resource Update at Aurizona
08 Décembre 2011 - 1:30PM
Marketwired Canada
Luna Gold Corp. (TSX VENTURE:LGC)(BVLAC:LGC) ("Luna Gold" or the "Company") is
pleased to announce a significant mineral resource update at the Aurizona gold
mine in Brazil. Measured and Indicated gold resources now total 78.0 million
tonnes at 1.26 g/t Au or 3.17 million ounces gold, an increase of 250% from the
previous mineral resource estimate published in January 2009. Inferred gold
resources now total 15.2 million tonnes at 1.47 g/t Au or 0.72 million ounces
gold, an increase of 79% from the January 2009 mineral resource estimate.
Consolidated Statement December 8, 2011, Inclusive of Reserves
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Deposit Classification kt Au g/t Au oz
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Piaba Pit Constrained(1) Measured 10,782 1.13 391,000
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Indicated 62,939 1.28 2,596,000
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Measured and Indicated 73,721 1.26 2,987,000
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Inferred 2,469 1.47 117,000
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Piaba Underground(2) Measured 0 0.00 ,000
--------------------------------------------------
Indicated 2,738 1.29 113,000
--------------------------------------------------
Measured and Indicated 2,738 1.29 113,000
--------------------------------------------------
Inferred 10,901 1.56 547,000
----------------------------------------------------------------------------
Tatajuba(3) Measured 0 0.00 0
--------------------------------------------------
Indicated 1,554 1.31 66,000
--------------------------------------------------
Measured and Indicated 1,554 1.31 66,000
--------------------------------------------------
Inferred 1,859 0.94 56,000
----------------------------------------------------------------------------
Total Measured 10,782 1.13 391,000
--------------------------------------------------
Indicated 67,231 1.28 2,775,000
--------------------------------------------------
Measured and Indicated 78,013 1.26 3,166,000
--------------------------------------------------
Inferred 15,229 1.47 720,000
----------------------------------------------------------------------------
Notes:
25g/t Au capping at Piaba and 10 g/t Au capping at Tatajuba.
Block dimensions are 10m x 10m in the xy plane and 3m on the z axis.
Piaba database consists of 69,578 meters consisting of 335 diamond drill
holes and 142 reverse circulation holes and 374 auger drill holes.
(1) Piaba pit constrained resources are reported at a cutoff grade of 0.30
g/t Au inside a pit optimization shell based on a gold price of US$1500 per
ounce.
(2) Piaba underground resources are reported at a cutoff grade of 0.75 g/t
Au outside the pit optimization shell. The cutoff grade has been calculated
at al gold price of US$1500 per ounce.
(3) Tatajuba database consists of 4,740 meters in 45 diamond drill holes
(2008). The Tatajuba resources are not constrained by a pit optimization
shell.
Mineral resources that are not mineral reserves do not have a demonstrated
economic viability.
The independent QP responsible for the preparation of the mineral resource
estimate and who has reviewed this press release is Leah Mach, CPG, of the
Denver office of SRK Consulting (U.S.), Inc.
(4) The Company has not yet up-dated its mineral reserves estimate for the
Aurizona Gold Operation based on the new mineral resource discussed in this
press release. For greater clarity, the Company's mineral reserves estimate
effective as of July 13, 2010 previously disclosed by the Company is based
on an earlier mineral resource estimate which did not include the
additional drilling data.
(5) There may be political, environmental, legal and other risks that may
materially affect the mineral resource estimate disclosed in this press
release.
The resource has been updated by SRK Consulting (U.S.) Inc. according to
Canadian National Instrument 43-101 guidelines and is based on 43,968 metres of
new diamond, reverse circulation and auger drilling by Luna Gold.
Luna Gold's President and CEO, John Blake, comments, "Luna Gold embarked on a
drill program in August 2010 culminating in today's resource upgrade and I am
pleased to deliver this on time as previously advised. These excellent results
confirm the Company's confidence in the geological mineral endowment at
Aurizona. The high percentage of pit constrained Measured and Indicated ounces
demonstrates the high quality of this resource estimate. The quantum increase in
total ounces provides a clear directive for Luna to embark on studies to
increase production, delivering growth and shareholder returns. The geological
knowledge base will now be dedicated to discovery of similar gold deposits in
our adjacent Maranhao Greenfields project that will deliver further growth
potential."
Work has now commenced on the identification of potential deep structural drill
targets beneath the limit of the updated Piaba resource. Drilling has also
started at the Boa Esperanca target. In November, Itasca CA completed a
structural mapping program in the Piaba pit to define the high-grade
mineralization controls. This work will develop a better understanding of the
structural setting and guide deep drilling planned for 2012. The Piaba deposit
is now 3.30 kilometres in length and is currently open at depth on all
cross-sections and strike.
Luna Gold's VP Exploration, Titus Haggan, states, "This resource update confirms
the outstanding quality and growth potential of the Piaba deposit. We have
identified strong similarities between Aurizona and major gold deposits of the
West African Shield. This resource is an important first step in defining a
world class gold deposit at Aurizona and benchmarks the discovery potential
within our extensive Maranhao Greenfields project which is being advanced by our
exploration teams."
The Company has also retained the services of a consulting firm to assist with
the completion of a scoping study to identify the potential for expanded gold
production opportunities at Aurizona.
About Luna Gold Corp.
Luna Gold is actively engaged in the operation, exploration, acquisition and
development of gold opportunities in Brazil. The Company currently has a gold
mining operation, Aurizona Gold Mine in Maranhao, Brazil, a gold development
project, the Cachoeira project in Para, Brazil and the Company is exploring in a
large strategically placed greenfields land position in Maranhao, Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
John Blake - President and CEO
Regulatory Footnotes
Luna operates a rigorous QA/QC protocol on all aspects of sampling and
analytical procedure. Drill core is checked, logged, marked for sampling and
sawn in half. One half of the HTW (71 mm diameter) core is maintained for future
reference and one half of the core is sent for analysis. Samples are collected
at approximately 2 metre intervals, which are reduced to 1 metre interval or
less when a mineralized zone is encountered. All core and samples are stored in
secure locked areas. Up to the end of Q3 2011 samples were transported from the
Aurizona project to the ALS Chemex sample preparation facility in Belo
Horizonte, Minas Gerais accompanied by Luna personnel. After Q3 2011 samples
were transported from the Aurizona project to the ACME Labs sample preparation
facility in Cuiaba, Mato Grosso and Goiania, Goias accompanied by Luna
personnel. Samples are assayed at ACME Labs in Santiago, Chile using a 50 gram
fire assay with AAS finish. Samples are assayed at ALS Chemex Labs in Lima, Peru
and Perth, Australia using a 50 gram fire assay with AAS finish. Each sample
batch contains 10% of randomly inserted internal control samples consisting of
certified analytical standards, blanks (barren rock) and duplicates. These QA/QC
procedures provide several measures of data quality and assure the Company that
the assay data is representative of the original sample. Additional technical
information about the Aurizona Project is available in our technical report
dated September 1, 2010, filed on SEDAR.
Titus Haggan Ph.D., EurGeol Certified Professional Geologist #746, Luna's Vice
President Exploration is the Qualified Person as defined under National
Instrument 43-101 responsible for the scientific and technical work on the
exploration programs.
A technical report in support of the mineral resource estimate disclosed in this
press release will be filed on SEDAR within 45 days of the date of this release.
This news release does not constitute an offer to sell or a solicitation of an
offer to sell any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended or any state securities laws and may not be offered or sold
within the United States or to U.S. persons unless registered under the United
States Securities Act of 1933 and applicable state securities laws or an
exemption from such registration is available.
Forward-Looking Statements
This release contains certain "forward looking statements" and certain
"forward-looking information" as defined under applicable Canadian and U.S.
securities laws. Forward-looking statements can generally be identified by the
use of forward-looking terminology such as "may", "will", "expect", "intend",
"estimate", "anticipate", "believe", "continue", "plans" or similar terminology.
Forward-looking statements include, but are not limited to, statements with
respect to the exploration program and any planned resource, reserve and
production upgrades and potential. Forward-looking statements are based on
forecasts of future results, estimates of amounts not yet determinable and
assumptions that, while believed by management to be reasonable, are inherently
subject to significant business, economic and competitive uncertainties and
contingencies. Certain of the statements made herein by Luna Gold Corp. are
forward-looking and subject to various risks and uncertainties, both known and
unknown, many of which are beyond the ability of Luna Gold Corp. to control or
predict. Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements.
Forward-looking information is subject to known and unknown risks and
uncertainties that may cause Luna Gold Corp.'s actual results, performance or
achievements may be materially different from those expressed or implied by such
forward-looking information, and are developed based on assumptions about such
risks, uncertainties and other factors set out here in, including but not
limited to the inherent risks involved in the exploration and development of
mineral properties, the uncertainties involved in interpreting drill results and
other exploration data, the potential for delays in exploration or development
activities, mine development and production costs, the projected life of the
Company's mines, future production levels, the geology, grade and continuity of
mineral deposits, the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations, accidents,
equipment breakdowns, title matters, labor disputes or other unanticipated
difficulties with or interruptions in production and operations, fluctuating
metal prices, unanticipated costs and expenses, uncertainties relating to the
availability and costs of financing needed in the future, the inherent
uncertainty of production and cost estimates and the potential for unexpected
costs and expenses, commodity price fluctuations, currency fluctuations,
regulatory restrictions, including environmental regulatory restrictions and
liability, competition, loss of key employees, and other related risks and
uncertainties. The Company undertakes no obligation to update forward-looking
information except as required by applicable law. Such forward-looking
information represents management's best judgment based on information currently
available. No forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information.
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