Luca Mining Corp. reports operating and exploration developments from its Mexican mining portfolio, including the Tahuehueto gold-silver mine in Durango and the Campo Morado polymetallic VMS mine in Guerrero State. Recurring updates cover underground and surface drilling, assay results, mineralized zones near existing workings, and resource-expansion targets tied to gold, silver, copper, lead and zinc mineralization.
Company news also covers production results, cash flow and debt updates, exploration budgets, mine sequencing, and technical work related to Campo Morado mill optimization and expansion. These releases frame Luca as an operating precious- and base-metals miner with active near-mine exploration and processing-improvement initiatives.
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.
Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has been invited to present at the '2025 Mining Conference: Mining & Supplying Critical Minerals & Precious Metals' organized by Maxim Group The presentation is scheduled for Thursday, January 16th, 2025, at 10:30 a.m. E.T.
The conference will feature virtual conversations focusing on future trends in mining and supplying critical minerals and precious metals. According to Tate Sullivan, Senior Research Analyst at Maxim Group, the U.S. presidential inauguration on January 20th is expected to trigger changes in how mining & processing companies supply critical minerals to various countries, including China and the U.S. Sullivan also anticipates mining and royalty companies to discuss changes in demand for critical minerals and precious metals in 2025.
The conference will be hosted live on M-Vest, with attendance requiring M-Vest membership registration.
Luca Mining Corp. (LUCMF) has announced a significant debt reduction through the repurchase of its US$5.8 million convertible debenture from Urion Holdings. The transaction, executed in partnership with Jaluca , involves a total purchase price of US$7.2 million at CAD$0.4338 per share, representing a 25% discount to Luca's recent share price of $0.58.
Luca will directly purchase and cancel 43% of the debenture, reducing diluted shares by 10,285,714 (4.4%), while Jaluca will convert its 57% portion at $0.35. The company's total debt has decreased by 39% to US$11.1 million since October 2024. The transaction was funded partly through the exercise of 8.7 million warrants in December 2024, generating C$4.4 million.
Post-transaction, Luca will have 221,365,671 shares outstanding, 47,789,457 warrants, and approximately US$6.75 million in cash. The company aims to be debt-free before the end of 2025.
Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) announced that Calu Opportunity Fund LP, a major insider, sold 5,699,975 common shares on December 31, 2024, through the TSX Venture Exchange at an average price of $0.62 per share, generating $3,533,984 in gross proceeds. Calu intends to use $2,000,000 of these proceeds to exercise 4,000,000 warrants at $0.50 per warrant.
Prior to the transaction, Calu owned 35,000,000 common shares (approximately 17.57% of outstanding shares) and 7,000,000 warrants. Following the share sale and warrant exercise, Calu will hold 33,300,025 common shares and 3,000,000 remaining warrants. The fund has not disclosed any specific plans for future transactions, stating that future decisions will depend on market conditions and investment factors.
Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) has appointed Ramon Mendoza Reyes, P.Eng., as Chief Technical Officer (CTO) to oversee technical and growth initiatives. Mendoza brings over 35 years of senior mining industry experience, specializing in mine development, process improvements, and operations management. His previous role at First Majestic Silver Corp. included leading technical due diligence for mine acquisitions, directing exploration and development projects, and managing operations with over 4,000 employees. Notable achievements include doubling yearly metal output through acquisitions and developing the Ermitaño Mine project within five years from discovery.
Luca Mining (TSXV: LUCA) (OTCQX: LUCMF) has granted 850,000 incentive stock options to its recently hired V.P. Exploration and two other new exploration team members. The options have an exercise price of $0.54, vest over three years, and expire in five years. The grant requires TSX Venture Exchange approval.
Luca Mining reports financial results for Q3 2024, showing mixed performance during a transitional quarter. The company posted US$11.4 million EBITDA for the first nine months of 2024, a 396% increase year-over-year. Q3 net revenue reached US$18.1 million, up 60% from last year, with total nine-month revenue of US$52.6 million. Production included 11,988 oz of gold equivalent in Q3. Despite planned and unplanned mill shutdowns, Q3 generated a positive mine operating profit of US$1.7 million. The company completed a financing of C$11.3 million and continues optimization at both Campo Morado and Tahuehueto operations.
Luca Mining Corp (TSXV: LUCA) has strengthened its exploration team with three senior professionals to execute its ambitious strategy at Tahuehueto and Campo Morado mines. Paul Gray joins as VP Exploration, Gillian Kearvell as senior geological consultant, and Fernando Teliz as drill campaign manager. The exploration strategy aims to identify high-grade, near-mine mineralization, extend mine life, expand resources, and demonstrate district-scale potential. The team brings combined experience of over 100 years in mineral exploration, with particular expertise in Mexican mining regions.
Luca Mining has resumed principal repayments on its term loans with Trafigura Mexico, marking a significant milestone in its financial strategy. The company has outstanding loans totaling US$18.1 million, including a US$5.8 million non-interest-bearing convertible loan due in January 2027 and US$12.3 million in term debt scheduled for repayment by mid-2026. Principal repayments commenced in October 2024, leveraging improved cash flow from mining operations. The company aims to be debt-free by 2027, following successful debt restructuring transactions completed in January and August 2024.
Luca Mining Corp. (TSXV: LUCA) has initiated an exploration drilling campaign at the Tahuehueto gold mine in Durango State, Mexico - the first major exploration in over 10 years. The campaign plans up to 5,000 metres of diamond core drilling across 26 holes over 4-6 months. Recent mining in Level 23 yielded high-grade mineralization averaging 3.30 g/t Au over vein widths up to 20 metres. The property contains 14 additional prospective veins beyond the four currently in the resource, with over 11 km of prospective vein structures compared to 4.5 km of currently modeled mineralized veins.