LUCA COMMENCES THE FIRST EXPLORATION DRILLING CAMPAIGN AT CAMPO MORADO IN OVER A DECADE
Rhea-AI Summary
Luca Mining Corp. (LUCMF) has initiated its first exploration drilling campaign at the Campo Morado mine in Guerrero State, Mexico, since 2014. The program includes up to 5,000 metres of underground diamond drilling from approximately 25 holes, targeting additional mineral resources near existing production areas.
The Campo Morado Project spans over 121 square kilometers within the Guerrero Gold Belt, containing polymetallic massive sulphide deposits with zinc, copper, gold, silver, and lead mineralization. The property has an extensive historical database including over 600,000 meters of drilling data, 30,000 geochemical soil samples, and various geophysical surveys. The company has identified more than 38 exploration targets across the property.
A surface drill program is expected to begin later this quarter to test areas outside current mine workings. Production has historically come from five deposits: G9, El Largo, Reforma, Naranjo and El Rey.
AI-generated analysis. Not financial advice.
Positive
- First exploration program in over a decade, indicating renewed focus on resource expansion
- Extensive existing database with 600,000 meters of drilling data and 30,000 geochemical samples
- 38+ exploration targets identified across the property
- Large land package of 121 square kilometers in established mining region
Negative
- None.
News Market Reaction – LUCMF
On the day this news was published, LUCMF gained 3.47%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The Company plans up to 5,000 metres of underground diamond drilling from approximately 25 holes during this first phase of exploration activities. This program's primary target is the definition of additional mineral resources from under-drilled zones proximal to existing underground production areas as well as the identification of mineralization within previously untested areas with high potential for the discovery of new mineral resources. A surface drill program that will test portions of the concessions outside of the current mine workings and begin to unlock the district-scale potential of this rapidly developing mineral camp is expected to begin later this quarter.
Previous exploration at
Paul Gray, VP Exploration, commented, "Like many established VMS systems around the world,
Corporate Update
Luca also announces that 500,000 incentive stock options ("options") has been granted to the Company's recently hired Chief Technology Officer. These options are exercisable at a price of
About Luca Mining Corp.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two
The
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
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
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.