VANCOUVER, BC, Nov. 21,
2024 /CNW/ - Luca Mining Corp. ("Luca" or
the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is
pleased to announce the hiring of a highly experienced geological
team to execute the Company's ambitious exploration strategy at
both Tahuehueto and Campo
Morado.
The primary objective of the exploration strategy is to create
significant value by focusing on three key goals:
- Identify additional high-grade,
near-mine mineralization that can be quickly added to
the mine plans at both Tahuehueto and Campo Morado, directly enhancing cash
flow.
- Leverage extensive historical data and generate new
information through drilling and other exploration tools
to extend mine life and expand resources.
- Demonstrate the district-scale potential at both
Tahuehueto and Campo Morado by
targeting high-impact exploration zones further from the mine
sites.
Luca is very pleased to welcome to the team three senior
professionals to oversee and direct the Company's exploration
plans. Paul Gray will join as VP Exploration and will
lead and direct all exploration activities reporting to the CEO,
Dan Barnholden. Mr. Gray will
also serve as Luca's Qualified Person pursuant to National
Instrument ("NI") 43-101. Gillian
Kearvell will join as senior geological consultant and will
work with Paul Gray focusing on
building the Company's resource base as well as assist in
developing a long-term organic growth strategy. Fernando Teliz will manage the drill campaigns
and their execution.
Paul Gray, P.Geo
Mr.
Gray brings a proven track record of global precious metals and
base metals exploration success spanning multiple continents over
30 years. His expertise includes the design, management and
execution of multi-million-dollar advanced exploration and resource
delineation programs as well as the authorships of numerous NI
43-101 Technical Reports. He is a member in good standing
with the Engineers and Geoscientists of British Columbia and a Qualified Person as
defined by NI 43-101. Mr. Gray brings a 'boots on the ground'
approach to Luca's exploration team where he will lead and direct
all exploration activities. Most recently Paul was VP Exploration
at Victoria Gold Corp. where he was responsible for the discovery
and definition of near-mine and greenfield mineral resources.
Paul Gray commented, "I am
excited to work with Luca's team to unlock the impressive mineral
potential at both the Campo Morado
and Tahuehueto Projects. Luca represents a rare opportunity, in
possession of two production assets in a mining friendly
jurisdiction, both of which have a vast and quality historic
geoscience database to work with, inclusive of multiple untested
targets - the perfect recipe for mineral resource expansion and new
discoveries."
<Listen to Paul explain why he's excited about the Company's
potential>
Gillian Kearvell,
B.Sc.
Ms. Kearvell is a geologist with over 40 years of
successful exploration experience working with both junior and
senior companies throughout North
America, including 30 years in Mexico. She is one of the foremost experts in
the Guerrero Gold Belt where Luca's Campo
Morado mine is located. In several increasing management
roles for Teck Exploration, she co-discovered the San Nicolas VMS
deposit in Zacatecas and led
Teck's exploration team to develop the Guerrero Gold Belt
exploration model and the subsequent discovery of the ELG and CML
Gold Mines (Torex Gold, TSX: TXG), concurrent with managing
prefeasibility studies for the Los Filos gold discovery for Teck
(now Equinox Gold: TSX:EQX). Subsequently, as manager for Capstone
Gold's Cozamin mine, she participated in the discovery of their
significant copper resources. As Vice President Corp Dev then VP
Exploration for Newstrike she was instrumental in bringing the
Guerrero Gold belt story to capital markets for the first time and
in the discovery of the development stage Ana Paula gold resource (now Heliostar Metals,
TSX.V:HSTR). Gillian will work with Paul
Gray with a particular focus on growing the resource base of
Luca's Campo Morado and Tahuehueto
mines and will assist in developing a long-term organic growth
strategy. Gillian is based in Mexico and consults in a similar capacity for
Angelwing Metals (TSX.V:AWM).
Gillian Kearvell commented, "I am
delighted to be working with this amazing team and am excited by
what we will accomplish together. Dan has a sound growth strategy
to focus first on increasing the resource and the capacity at both
mines that Paul and I feel confident can soon be accomplished over
the short term. I am also very excited by the untapped organic
growth potential I see at both Campo
Morado and Tahuehueto, two highly underexplored projects
with excellent upside. I very much look forward to working with
Dan, Paul and Fernando and the rest of the team in Mexico as we focus on the near-term upside to
increase profitability at both mines, while also developing and
executing on a long-term exploration strategy that I fully expect
will lead to new discoveries."
Fernando Teliz,
M.Sc.
Mr. Teliz brings to the Company a wealth of expertise
in the design, development and evaluation of exploration programs
from generative to advanced stage throughout the Americas and the
identification of strategic opportunities to improve results based
on 30 years of experience in Au/Ag/Cu/Zn/Mo mineral systems. Mr.
Teliz spent almost 20 years working for Cominco Ltd. and then Teck
Resources. He has consulted for some of the largest mining
companies in the world in the last eight years, including Newcrest,
Lundin Gold and Coeur. He is
based in Mexico and will oversee
Luca's exploration at Campo Morado
and Tahuehueto. Mr. Teliz is member of the College of Mining,
Metallurgist and Geological Professional Engineers of Mexico (CIMMGM).
Fernando Teliz commented, "I
think we have one of the best exploration teams in Mexico and I look forward to working with them
as we execute our strategic, high impact exploration programs at
Campo Morado and Tahuehueto.
Luca Mining's two mining projects are located in fertile mineral
ground and have comprehensive historical exploration data sets that
will be integrated into the current model providing an excellent
foundation for our exciting exploration plans."
Dan Barnholden, CEO,
commented, "I am thrilled to welcome such experienced
exploration professionals to the Luca team. I have
known Paul and Gillian for many years and am looking forward to
getting to know Fernando. With the addition of this group of
top-tier explorationists, I have a high degree of conviction that
we will be successful in achieving our exploration goals. Our
investment in exploration at Campo
Morado and Tahuehueto at this critical juncture in the
Company's development will be a catalyst in demonstrating these
assets' extraordinary potential".
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
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,
anticipated discovery of higher-grade mineralization and ability to
add to existing mine plans; 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 and Campo
Morado properties that can be achieved; the geological
mapping from mining activity at Tahuehueto Project and Campo Morado 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.
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SOURCE Luca Mining Corp.