LUCA DRILLS 55.8 METRES OF 5.90 G/T AUEQ AT CAMPO MORADO - CONFIRMS NEAR-MINE HIGH-GRADE MINERALIZATION AND EXPANDS EXPLORATION PROGRAM

Rhea-AI Summary

Luca Mining (OTCQX: LUCMF) reported new Phase 2 surface and underground drill results at the Campo Morado VMS mine (Jan 12, 2026) that confirm wide, gold-rich mineralization near existing workings. Highlights include CMRF25-15: 55.8 m @ 5.90 g/t AuEq and CMRF25-13: 25.1 m @ 8.31 g/t AuEq. To date the program has completed 7,218 m of surface drilling and 8,440 m of underground drilling; a second surface rig was mobilized in December and additional drilling was added. Metallurgical samples were collected for updated recovery testing. Results support potential near-term conversion of exploration into mineable resources and possible increased precious-metal contribution to mill feed.

Positive

• Surface hole CMRF25-15: 55.8 m @ 5.90 g/t AuEq
• Surface hole CMRF25-13: 25.1 m @ 8.31 g/t AuEq
• Underground intercept CMUG-25-25 within ~60 m of workings: 4.0 m @ 1.04% Cu with associated Au/Ag
• 7,218 m surface and 8,440 m underground drilling completed to date
• Second surface drill rig mobilized to accelerate testing of high-priority targets

Negative

• Very low core recovery reported for CMRF-25-12: 19% recovery, which may affect assay confidence
• Assumed gold metallurgical recovery used in AuEq is 55%, limiting payable metal in calculations
• CMRF-25-16 returned no significant values, indicating mixed prospectivity across tested holes

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VANCOUVER, BC, Jan. 12, 2026 /PRNewswire/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce new surface and underground drill results from its ongoing Phase 2 exploration programs at the Campo Morado polymetallic VMS mine in Guerrero State, Mexico.

Highlights

• Continued success defining wide, high-grade, gold-rich VMS mineralization at the Reforma Deposit and in areas immediately adjacent to active underground workings at Campo Morado
• Surface drillhole CMRF25-13 intersected 25.1 metres ("m") of 8.31 g/t AuEq**, including 4.9 m of 11.32 g/t AuEq
• Surface drillhole CMRF25-15 returned 55.8 m of 5.90 g/t AuEq, including 7.7 m of 10.09 g/t AuEq
• Underground drillhole CMUG-25-25 intersected 4.0 m of 1.04% Cu from a previously unmined zone within ~60 m of existing underground workings
• Gold- and silver-enriched VMS mineralization shown to be higher grade and more extensive than historically modeled
• Second surface drill rig mobilized to test undrilled high-priority VMS targets across the Campo Morado camp
• 7,218 m of surface drilling and 8,440 m of underground drilling completed to date
• Metallurgical samples from Reforma and El Rey collected for updated recovery testing

The latest drilling at the Reforma Deposit and adjacent near-mine targets confirms robust, gold-rich VMS mineralization, laterally extensive and positioned close to existing underground development. This combination supports the potential for near-term conversion of exploration success into mineable resources, increased precious-metal contribution to mill feed, and incremental mine-life extension with limited new infrastructure requirements

Reforma Deposit – Surface Drilling

Surface drillholes CMRF25-12 through CMRF25-16 were collared within and around the Reforma Deposit and intersected significant intervals of massive sulphide mineralization, including:            

• CMRF25-13:
  • 25.1 m of 8.31 g/t AuEq, including 4.9 m of 11.32 g/t Au
• CMRF25-15:
  • 55.8 m of 5.90 g/t AuEq, including 7.7 m of 10.09 g/t AuEq, with strong copper and zinc
• CMRF25-12:
  • 9.1 m of 7.11 g/t AuEq, highlighting high precious-metal enrichment
• CMRF25-14:
  • Multiple zinc-rich massive sulphide intervals, including 3.3 m of 4.29 g/t AuEq

These holes were drilled across the central and eastern portions of the Reforma Deposit to confirm grade continuity, improve geological definition, and test expansion potential beyond historical interpretations.

Near-Mine Underground Drilling

Underground drillholes CMUG-25-25 and CMUG-25-26 targeted extensions of the C752 and C108 mineralized bodies, both currently under mine development, successfully intersectingmineralization from previously unmined areas, including:  

• CMUG-25-25:
  • 4.0 m of 1.04% Cu, with associated gold and silver, from a zone located within approximately 60 m of existing underground workings

These intersections highlight opportunities to add mineable resources proximal to current development headings and existing infrastructure.

Exploration Program Expansion Highlights

• A second surface drill rig was mobilized in December to test previously undrilled, high-priority VMS targets across the Campo Morado camp
• 7,218 m of surface drilling completed across Reforma, El Rey and a new previously undrilled target - Reforma Deeps
• 8,440 m of underground drilling completed to date as part of the 10,000-metre Phase 1 and Phase 2 near-mine expansion program
• Metallurgical samples from Reforma and El Rey collected for recovery testing

Drilling continues at Reforma and El Rey, with additional underground drilling planned to target the Largo, Naranjo and Fish deposits, which form part of the 2026–2028 mine plans.

Paul D. Gray, Luca´s VP of Exploration, commented,

"These results confirm that Reforma hosts a larger and more gold-rich VMS system than previously understood, with grades and widths that compare favorably to historical drilling. Importantly, this mineralization is located close to existing underground infrastructure, which enhances its potential to be incorporated into near-term mine plans. Based on the strength and consistency of these intercepts, Luca has expanded drilling at Reforma and mobilized a second surface rig to accelerate testing of additional high-priority targets across the Campo Morado camp. With multiple untested VMS prospects and strong precious-metal enrichment, we see a potential opportunity to continue building mineable inventory and long-term value at Campo Morado."

Table 1: Highlighted Diamond Drill Assay Results from UG Drillholes CMUG-25-25 and CMUG-25-26 through and Surface Drillholes CMRF25-12 through CMRF25-16.

Hole ID	From	To	Interval*	Au g/t	Ag g/t	Cu %	Pb %	Zn%	AuEq** g/t	Core recovery (%)
CMUG-25-25	130.0	134.0	4.0	0.15	32.80	1.04	0.09	0.02	-	100
	263.3	267.3	4.0	0.15	9.99	0.17	0.02	1.01	-	100
	270.5	271.2	0.7	0.37	140.10	0.03	0.13	0.30	-	100
CMUG-25-26	111.8	142.2	30.4	0.34	26.17	0.17	0.25	0.07	-	98
	Including
	113.0	118.9	5.9	0.43	70.57	0.17	0.44	0.03	-	92
	And
	120.6	125.5	4.9	0.18	22.57	0.37	0.30	0.07	-	98
	157.7	159.3	1.6	0.09	11.60	0.43	0.06	0.21	-	100
CMRF-25-12	200.4	209.5	9.1	3.29	236.46	0.02	0.34	0.08	7.11	19
CMRF-25-13	152.0	177.1	25.1	3.19	150.11	0.61	1.00	3.32	8.31	100
	Including
	154.7	177.1	22.4	3.50	162.58	0.66	1.09	3.58	9.03	100
	Including
	157.7	161.4	3.7	4.53	242.21	0.68	1.87	4.06	11.78	100
	And
	172.2	177.1	4.9	4.68	206.86	0.62	1.49	4.37	11.32	100
CMRF-25-14	202.2	243.8	41.6	0.25	26.07	0.39	0.38	3.31	2.92	97
	Including
	203.3	210.4	7.1	0.04	23.74	0.54	0.09	1.26	1.88	100
	And
	210.4	215.7	5.4	0.12	22.97	0.41	0.15	1.50	1.86	99
	And
	216.8	243.8	27.1	0.34	27.94	0.35	0.52	4.42	3.53	96
	Including
	223.0	226.3	3.3	0.99	26.89	0.39	0.24	4.74	4.29	100
	And
	235.8	238.0	2.2	0.72	42.53	0.38	1.42	6.80	5.56	97
CMRF-25-15	172.0	227.8	55.8	1.21	53.24	1.30	0.48	3.58	5.90	98
	Including
	172.0	191.7	19.7	0.87	29.42	2.55	0.14	0.62	5.69	93
	Including
	175.0	182.7	7.7	1.29	48.58	4.90	0.05	0.64	10.09	100
	And
	191.7	202.0	10.4	0.19	8.82	0.70	0.02	0.64	1.73	99
	Including
	202.0	227.8	25.8	1.88	89.28	0.59	0.92	7.03	7.73	97
	And
	217.0	227.2	10.2	2.09	116.67	0.49	1.48	10.14	9.82	97
CMRF-25-16	No Significant Values

*True widths are estimated to be >90% of drilled intervals.

** The AuEq calculation is: AuEq = Au +(Ag*0.0124) + (Cu%*1.2787) + (Pb%*0.2740) + (Zn%*0.3653), at $2,250 US/oz Au, $28 US/oz Ag, $4.20 US/lb Cu, $0.90 US/lb Pb and $1.20 US/lb Zn. Additionally, the AuEq calculation combines gold, silver, copper, lead and zinc, net of assumed metallurgical recoveries using deposit-average recovery value assumptions in a bulk floatation scenario provided by Ausenco PTY Ltd.: 55% for gold, 68% for silver, 68% for copper, 60% for lead and 70% zinc.

Figures 1 through 7 present cross-sections of the assay results from this latest batch of exploration drillhole results.

To date, 36 underground diamond drillholes totaling 8,440 metres are complete at the Campo Morado mine using "HQ" and/or "NQ" sized diamond drill core. These underground drillholes form part of the Phase 2 underground exploration campaign, which is focused on the definition of mineable resources proximal to existing underground workings, as well as testing new zones interpreted to host extensions of known mineralization based on the property's extensive historical drilling database.

In addition, 7,218 metres have been drilled from 26 surface drillholes at the Reforma, El Rey and Reforma Deeps targets using "HQ" and/or "PQ" sized diamond drill core. These surface drillholes comprise the Phase 1 and Phase 2 surface drilling campaigns (initially planned for 6,500 metres), designed to confirm and expand existing mineral resources at the Reforma and El Rey deposits, collect material for additional metallurgical test work, and support the potential inclusion of these deposits into an improved Campo Morado mine plan.

Based on the strength of surface drilling results to date, Luca has added a second drill rig and an additional 10,000 metres to the exploration campaign (see Company News Release dated November 12, 2025).

Table 2: Underground and Surface Drill Collar Details for Released Results

Hole ID	UTM WGS84 Z14		Elevation (m)	Azimuth	Dip	Final Depth (m)
	Easting	Northing
CMUG-25-25	379198	2010784	1,098	100	-75	301.0
CMUG-25-26	379197	2010784	1,098	142	-77	325.0
CMRF-25-12	380136	2013440	1,567	300	-72	252.5
CMRF-25-13	380136	2013435	1,567	031	-60	199.3
CMRF-25-14	380247	2013181	1,525	050	-65	260.5
CMRF-25-15	380171	2013312	1,594	040	-49	248.2
CMRF-25-16	380086	2013217	1,612	051	-76	375.6

About the 2025 Campo Morado Surface Exploration Program

Luca's inaugural surface drill program is running in parallel with the ongoing underground exploration program at Campo Morado, both of which commenced in 2025. The initial Phase 1 surface program consisted of 2,500 metres of diamond drilling and was subsequently expanded by an additional 4,000 metres and again by a further 10,000 metres. The program is focused on the definition and expansion of the Reforma and El Rey deposits, located approximately one kilometre north and east of the main Campo Morado mine, where drilling continues.

These deposits host mineral resources (see Company News Release dated April 8, 2025) that have not been assessed in over 14 years.

A total of thirty-eight (38) priority targets are  identified across the Campo Morado concession package based on coincident favourable geological, geochemical and geophysical characteristics. Several of these targets, including Reforma and El Rey, have historical exploration, including diamond drilling; however, the majority remain undrilled. Given the fertile geological setting of the Campo Morado concessions and the camp's prolific discovery history, each of these targets has the potential to host significant VMS mineralization. Luca intends to systematically prioritize and advance these targets in the coming months (see Figure 8).

Gold–Silver Endowment at Reforma and El Rey

Of particular interest at the Reforma and El Rey deposits is the gold- and silver-enriched nature of the VMS mineralization that has been identified through recent drilling. Since these deposits were last systematically explored, gold and silver prices have increased materially, enhancing the potential economic significance of precious-metal-rich mineralization within the Campo Morado camp.

Luca believes that the precious-metal endowment of the Reforma and El Rey deposits, together with other related mineralized zones across the camp, represent nea-term opportunities to add value to the Company's asset base as exploration and resource definition continue.

About 2025 Campo Morado Underground Exploration Program

The current Campo Morado underground drill campaign represents the first meaningful exploration program conducted on the property since 2014 and is designed to support the addition of mineral resources to the near- and medium-term mine plan.

The Company initially planned 5,000 metres of underground diamond drilling from approximately 25 drillholes during the first phase of exploration activities. The primary objectives of this program are to define additional mineral resources within under-drilled zones proximal to existing underground production areas and to test previously untested areas with potential to host extensions of known mineralization. An additional 5,000 metres was added to the underground drilling program in late 2025, and Luca expects exploration efforts to continue to ramp up in 2026 in parallel with underground production activities.

Previous exploration at Campo Morado has generated an extensive, high-quality proprietary geological database, including more than 600,000 metres of underground and surface drilling, property-wide geological and structural mapping, approximately 30,000 geochemical soil samples, and a range of airborne and ground-based geophysical surveys, including gravity, magnetics, electromagnetics and induced polarization. Interpretation of these datasets—particularly gravity surveys—has directly contributed to the discovery and definition of mineralized zones on the property and will continue to guide future exploration. Luca is currently compiling, cleaning and reinterpreting this geophysical database to prioritize the more than 38 exploration targets identified across the Campo Morado concession package.

The company will provide additional updates as drilling advances at Reforma, El Rey, and the broader Campo Morado district.

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analysed by Bureau Veritas of Durango, Mexico, utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire Assay with AAS finish for gold on all samples. Au over-limits from FA-430 are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300 analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split by core saw on-site at Luca's core processing facilities at the Campo Morado Mine. Once split, half were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Campo Morado Mine site and transported to their laboratory in Durango, where they were prepared into 250-gram pulps for gold fire assay. The pulps were then shipped to Bureau Veritas's Analytical laboratory in Vancouver, B.C., for final ICP analysis.  A robust system of standards, 1/4 core duplicates and blanks was implemented in the 2025 exploration drilling program and is monitored as chemical assay data become available

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.

About Luca Mining Corp.
Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow.  Both mines have considerable development and resource upside as well as strong  exploration potential.

The Company's Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres.  It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  Luca has successfully commissioned its mill and is now in commercial production at Tahuehueto.

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

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, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company's properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine 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 Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. 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.

FAQ

What were the headline drill results for Luca Mining (OTCQX: LUCMF) at Campo Morado on Jan 12, 2026?

Headline results include CMRF25-15: 55.8 m @ 5.90 g/t AuEq and CMRF25-13: 25.1 m @ 8.31 g/t AuEq from surface drilling.

How much drilling has Luca completed at Campo Morado in the Phase 2 program for LUCMF?

The company reported 7,218 m of surface drilling and 8,440 m of underground drilling completed to date.

Does the new drilling at Campo Morado for LUCMF include near-mine mineralization that can be added to mine plans?

Yes; reported intersections include mineralization located within approximately 60 m of existing underground workings, supporting potential near-term inclusion in mine plans.

What metallurgical recovery assumptions were used in the AuEq calculation for LUCMF results?

AuEq used deposit-average recoveries of 55% for gold, 68% silver, 68% copper, 60% lead and 70% zinc in a bulk flotation scenario.

Has Luca increased drilling capacity at Campo Morado after these results for LUCMF?

Yes; a second surface drill rig was mobilized in December and the company added an additional 10,000 metres to the campaign.

Are all released drill holes high grade for LUCMF at Campo Morado?

No; while some holes returned high-grade intervals, at least one release hole (CMRF-25-16) returned no significant values, showing variable results across targets.