VANCOUVER, BC, Jan. 14,
2025 /CNW/ - Luca Mining Corp. ("Luca" or
the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is
pleased to announce the commencement of exploration drilling at the
Campo Morado mine in Guerrero
State, Mexico. The Campo Morado Project (the "Property")
hosts several polymetallic massive sulphide deposits containing
zinc, copper, gold, silver, and lead mineralization within a highly
prospective land package totaling over 121 square kilometers within
the Guerrero Gold Belt (see attached location map). This current
drill campaign represents the first meaningful exploration program
carried out on the Property since 2014 and is designed to target
the addition of mineral resources to the near and medium term mine
plan at Campo Morado.
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 Campo
Morado has combined to produce an extensive set of
high-quality, proprietary geological data, including over 600,000
meters of underground and surface drilling, property wide
geologic/structural mapping, approximately 30,000 geochemical soil
samples, and a variety of airborne and ground-based geophysical
surveys (including gravity, electromagnetics, and induced
polarization). Analyses of these geophysical survey datasets,
particularly gravity, resulted directly in the discovery and
definition of mineral resources on the Property and will continue
to guide all exploration initiatives; moreover, this large
geophysical dataset is currently being compiled, cleaned and
reinterpreted by Luca in an effort to prioritize the greater than
38 exploration targets identified to date across the
Property. See attached exploration target map. Production
from Campo Morado has been
exclusively from five deposits; G9, El Largo, Reforma, Naranjo and
El Rey. <Listen to Luca CEO, Dan Barnolden discuss this
news>
Paul Gray, VP Exploration,
commented, "Like many established VMS systems around the world,
Campo Morado has significant
growth potential, and I am excited to be embarking on these first
exploration efforts on the property in many years. My aim for
this, and all future drill programs, is to identify additional
near-mine mineralization that can be quickly added to the mine plan
at Campo Morado; leverage the
extensive historical data and generate new information through
drilling and other exploration tools to extend the mine life and
expand resources, and; eventually, demonstrate the true
district-scale potential at Campo
Morado by targeting high-impact exploration zones further
from the mine site. This 2025 drill program represents a pivotal
moment for Luca, the first step in the realization of these
initiatives and Luca looks forward to seeing the results from this,
and all future exploration programs."
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 $0.58 per share and expire five
years from the date of their issuance. A second tranche of
100,000 options, exercisable at $0.58
has been granted to one other eligible person in accordance with
Luca's omnibus equity incentive plan. These options are exercisable
over a period of two years.
About Luca Mining Corp.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a
diversified Canadian mining company with two 100%-owned producing
mines within the prolific Sierra
Madre mineralized belt in Mexico which hosts numerous producing and
historic mines along its trend. The Company produces gold, copper,
zinc, silver and lead from these mines that each have considerable
development and resource upside.
The Campo Morado polymetallic
VMS mine is an underground operation located in Guerrero State. It produces
copper-zinc-lead concentrates with precious metals credits. It is
currently undergoing an optimization program which is already
generating significant improvements in recoveries, grades,
efficiencies, and cashflows.
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
Campo Morado prior to completing a
feasibility study of mineral reserves demonstrating economic and
technical viability. Accordingly, readers should be cautioned that
Luca's production decision has been made without a comprehensive
feasibility study of established reserves such that there is
greater risk and uncertainty as to future economic results from the
Campo Morado mine and a higher
technical risk of failure than would be the case if a feasibility
study were completed and relied upon to make a production decision.
Luca has completed a preliminary economic assessment ("PEA") mining
study on the Campo Morado mine
that provides a conceptual life of mine plan and a preliminary
economic analysis based on the previously identified mineral
resources (see news releases dated November
8, 2017, and April 4,
2018).
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 Campo Morado will
proceed as planned; the continuity of the price of gold and other
metals, economic and political conditions, and operations.
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.