|
|
Lumina Copper Corp. is pleased to
announce the results of three of the first four holes drilled as part of its
2010 drilling program at its 100% owned Taca Taca copper/molybdenum/gold deposit located in Salta
province, Argentina. The results are highlighted by hole TTBJ01-10 that
intersected 244 meters grading 0.77% copper, 0.17g/t gold and 0.033%
molybdenum (1.36% copper equivalent(1)) including 102 meters grading 1.31%
copper, 0.19 g/t gold and 0.038% molybdenum (1.99% copper equivalent(1)).
These results, in conjunction with
previous drilling completed by Rio Tinto in 2008, suggest that a previously
unknown zone of higher grade mineralization may be emerging within the
existing mineral resource. This zone is open to the north. To date, 3,353
meters of drilling has been completed with the drill rig currently drilling
the fifth hole of the program. The drill program has yet to identify a deeper
higher grade copper target.
Details of the relevant intercepts from
the three holes are shown in the table below, the assay results from hole TTBJ04-10 are pending. A map showing the location of
the new results in relation to historical drilling and the more recent Rio
Tinto drilling is attached to this news release. To view the map, please go
to the following link: http://media3.marketwire.com/docs/l15.pdf.
---------------------------------------------------------------------------
From To Interval
Hole No. Meters Meters Meters Cu% Au g/t Mo% CuEq(1)%
---------------------------------------------------------------------------
TTBJ01-10 288 532 244 0.77 0.17 0.033 1.36
---------------------------------------------------------------------------
including 288 390 102 1.31 0.19 0.038 1.99
---------------------------------------------------------------------------
and 324 366 42 1.82 0.18 0.052 2.65
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TTBJ02-10 320 611 291 0.37 0.12 0.012 0.67
---------------------------------------------------------------------------
including 382 442 60 0.61 0.16 0.016 0.99
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TTBJ03-10 278 514 236 0.49 0.19 0.016 0.90
---------------------------------------------------------------------------
including 278 452 174 0.57 0.28 0.017 1.10
---------------------------------------------------------------------------
and 304 352 48 0.67 0.28 0.018 1.21
---------------------------------------------------------------------------
(1) Copper equivalent calculated using US$2.00/lb Cu, US$800/oz Au and
US$12.00/lb Mo and is not adjusted for metallurgical recoveries as these
remain uncertain. The formula used is as follows: CuEQ = Cu% + (Au g/t x
25.72 / 22.05) + (Mo% x 264.55 / 22.05).
Based upon these results, the Company
has decided to significantly expand the drill program and to initiate comprehensive
engineering and metallurgical studies on the project. The 2011 drill program
will include 43,000 meters of drilling designed to fully evaluate the extent
of the newly identified high grade zone. The metallurgical study will expand
on the initial work completed in early 2010 while the engineering program
will include a comprehensive mine plan, pit slope analysis, hydrogeological studies, process engineering and design
as well as infrastructure layout, power, water supply and transportation
studies. The drill program, metallurgy and engineering studies are expected
to be completed by the end of 2011.
The Taca Taca copper/gold/molybdenum project, comprising
approximately 2,500 hectares, is located in the Puna
region of north western Argentina in Salta Province, approximately 230 kilometres west of the provincial capital of Salta and 90
kilometres east of the world's largest copper mine,
Escondida.
On October 9, 2008, the Company
announced it had received an independent National Instrument 43-101 ("NI
43-101") compliant mineral resource estimate for the project that at a
0.4% copper equivalent cut-off contained inferred mineral resources of 841
million tonnes grading 0.64% copper equivalent,
containing 8.71 billion pounds of copper, 2.97 million ounces of gold and
333.70 million pounds of molybdenum(2).
Additional information on Taca Taca, including the NI
43-101 technical report "Amended Taca Taca Technical Report" dated January 22, 2010 by
Robert Sim, P.Geo., can be found on the Company's website (www.luminacopper.com)
and on SEDAR (www.sedar.com).
Leo Hathaway, P.Geo., Vice President,
Exploration and the Qualified Person as defined by NI 43-101 for the Taca Taca project has reviewed
and approved the content of this press release.
(2) The copper equivalent cut off grade
used in the calculation of the mineral resource estimate was determined using
US$1.50 / lb copper, US$600 / oz gold and US$6.00 / lb molybdenum and was not
adjusted for metallurgical recoveries as these remain uncertain. The formula
used in the calculation was as follows: CuEQ = Cu%
+ (Au g/t x 0.583) + (Mo% x 6).
LUMINA COPPER CORP.
David Strang,
President & CEO
CAUTION REGARDING FORWARD LOOKING
STATEMENTS: This news release contains "forward-looking statements"
within the meaning of the United States Private Securities Litigation Reform
Act of 1995 and applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect to the
future price of gold, copper and molybdenum, the timing of exploration
activities, the estimation of mineral reserves and mineral resources, the results
of drilling, estimated future capital and operating costs, future stripping
ratios, projected mineral recovery rates and Lumina Copper's commitment to,
and plans for developing any of its projects. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not
expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "can",
"could", "would", "might" or "will be
taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or
achievements of Lumina Copper to be materially different from those expressed
or implied by such forward-looking statements, including but not limited to:
risks related to the exploration and potential development of the Company's
projects, including without limitation Taca Taca, risks related to international operations, the
actual results of current exploration activities, conclusions of economic
evaluations, changes in project parameters as plans continue to be refined,
future prices of gold, copper and molybdenum, as well as those factors
discussed in the sections relating to risk factors of our business filed in
Lumina Copper's required securities filings on SEDAR. Although Lumina Copper has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there
may be other factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can be no
assurance that any forward-looking statements 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 statements. Lumina Copper does not undertake to
update any forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
Contact:
Contacts:
Lumina Copper Corp.
David Strang
President & CEO
+ 604 646 1880
+ 604 687 7041 (FAX)
dstrang@luminacopper.com
www.luminacopper.com
|
|