Lumina Gold Corp. [LUM-TSXV; ODMEF-OTC] has released an updated mineral resource estimate for its Condor Project in the Zamora-Chinchipe province, southeast Ecuador.
Lumina Gold is a Vancouver-based precious and base metals exploration and development company focused on gold and copper projects in Ecuador.
Its Cangrejos gold-copper project is located in El Oro Province, southwest Ecuador. The company also holds a large and highly prospective land package in Ecuador consisting of 135,000 hectares.
The Condor Project is held 90% by Lumina and 10% by the Instituto de Seguridad Social de las Fuerzas Armadas (ISSFA), which is the pension fund for Ecuador’s armed forces personnel.
It is located south of the 9.5 million-ounce Fruta del Norte Project and 55 km south of Ecuacorrient’s 4 million-ounce Mirador gold project.
Three distinct mineralization types are recognized at the Condor Project:
- An intermediate sulphidation narrow-vein epithermal system in the historical Chinapintza area;
- Intermediate sulphidation epithermal gold bearing diatremes, volcanoclastic and breccia bodies at Los Cuyes, Enma and Soledad; and
- Gold-copper porphyry mineralization at Santa Barbara and copper-molybdenum porphyry mineralization at El Hito.
The updated mineral resource estimate announced on Monday May 14, 2018 is the first since Lumina Gold acquired Condor via the acquisition of Ecuador Gold and Copper Corp. in November 2016, and incorporates 1,907 metres of drilling at the Santa Barbara deposit.
At that time of the acquisition, Condor was estimated to contain an indicated mineral resource of 8.0 million ounces of gold within 44.7.3 million tonnes, grading 0.56 g/t. On top of that was an inferred resource of 2.6 million ounces of gold within 197.6 million tonnes grading 0.40 g/t gold.
According to the new estimate, the project contains an indicated resource of 63.8 million tonnes, grading 0.78 g/t gold equivalent (0.68 g/t gold, 4.5 g/t silver and 0.03% copper), or 1.6 million ounces of gold equivalent, 1.38 million ounces of gold, 9.23 million ounces of silver and 43 million pounds of copper.
On top of that is an inferred resource of 144.5 million tonnes of 0.69 g/t gold equivalent (0.54 g/t gold, 1.7 g/t silver and 0.08% copper) or 3.2 million ounces of gold equivalent, 2.5 million ounces of gold, 7.9 million ounces of silver and 260 million pounds of copper.
Gold equivalent values are calculated using the following prices: for gold a price of US$1,400/oz, for copper a price of US$3.25/lb and a silver price of US$17/oz.
In its press release, Lumina said it believes there are additional near-surface drill targets at Santa Barbara. Exploration drilling and completion of the 29-km geophysical in induced polarization program has confirmed that the copper-gold mineralization has a distinctive high-chargeability signature.
Extensions to the resource, which match this signature, remain untested by drilling and constitute priority drill targets at the project.
On Tuesday May 15, Lumina Gold shares eased 2.5% or $0.02 to 77 cents. The 52-week range is 85 cents and 60 cents.