Mr. David Strang reports
LUMINA INTERSECTS 580 METERS GRADING 1.10% COPPER EQUIVALENT INCLUDING 78 METERS GRADING 1.89% COPPER EQUIVALENT AT ITS TACA TACA COPPER-GOLD-MOLYBDENUM PROJECT, ARGENTINA
Lumina Copper Corp. has released results from 11 new holes (holes TT11-50 to TT11-60) drilled as part of the continuing exploration and development program at its 100-per-cent-owned Taca Taca copper/gold/molybdenum deposit located in Salta province, Argentina. Results are highlighted by infill hole 57, drilled within the known higher-grade supergene zone, that intersected 580 metres grading 0.88 per cent copper, 0.18 gram per tonne (g/t) gold and 0.02 per cent molybdenum (1.10 per cent copper equivalent (1)), including 78 metres grading 1.60 per cent copper, 0.29 g/t gold and 0.02 per cent molybdenum (1.89 per cent copper equivalent) and hole 52, drilled as a step-out along the northeastern boundary of the deposit, that intersected 590 metres grading 0.57 per cent copper, 0.06 g/t gold and 0.01 per cent molybdenum (0.66 per cent copper equivalent) including 104 metres grading 1.62 per cent copper, 0.12 g/t gold and 0.02 per cent molybdenum (1.81 per cent copper equivalent).
Holes 52, 53, 58 and 59 are 150-metre step-out holes from those drill holes used to define the northeastern boundary of mineralization in the updated National Instrument 43-101 mineral resource estimate. Hole 50 is a 150-metre step-out hole to the west and north of those drill holes used to define the northern boundary of mineralization in the updated National Instrument 43-101 mineral resource estimate.
In the south, holes 51, 56 and 60 have further defined the NI 43-101 mineral resource estimate in this zone. Holes 51 and 56 intersected lower than expected grades suggesting the zone may either be narrower than previously thought, or trends farther to the west. Hole 60, an infill hole located to the north and west of 51 and 56, intersected exceptional copper grades related to supergene enrichment including 132 metres grading 1.62 per cent copper, 0.10 g/t gold and 0.02 per cent molybdenum (1.80 per cent copper equivalent) within an overall mineral intersection of 376 metres grading 0.88 per cent copper, 0.11 g/t gold and 0.02 per cent molybdenum (1.06 per cent copper equivalent). Hole 60 contains the highest copper grades found to date in the southern portion of the resource area.
The latest drill results have also identified new areas of oxide gold in the leached cap. Hole 53, drilled along the northeastern boundary of the NI 43-101 oxide gold resource estimate, intersected 180 metres grading 0.26 g/t gold while holes 51 and 56 both intersected gold mineralization beyond the southeastern boundary of the NI 43-101 oxide gold resource estimate.
Details of the relevant intercepts from the latest 11 holes are shown in the associated table with locations shown in the map on the company's website.
DRILL RESULTS
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-50 348 488 140 0.44 0.44
including 406 444 38 0.78 0.78
Significance:
Confirms northern continuity of known supergene
mineralization. Mineralization remains open to the north.
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-51 82 100 18 0.25
and 112 150 38 0.21
380 402 22 0.27 0.12 0.01 0.40
Significance:
Drilled along the southeastern margin of NI 43-101 mineral
resource estimate.
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-52 178 768 590 0.57 0.06 0.01 0.66
including 228 332 104 1.62 0.12 0.02 1.81
Significance:
Drilled along the northeastern boundary of NI 43-101 mineral
resource estimate. A 150-metre step-out from hole 45 and extends
high-grade supergene zone to the east. Mineralization remains open
to the east.
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-53 0 180 0.26
including 40 62 22 0.37
including 82 108 26 0.32
308 800 492 0.36 0.07 0.01 0.46
Significance:
Drilled along northeastern boundary of NI 43-101 mineral
resource estimate. Extends oxide gold resource to the east.
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-54 Hole lost. Redrilled by hole 57.
TT11-55 Assays pending.
TT11-56 6 20 14 0.38
and 216 238 22 0.32
Significance:
Drilled in southern zone of NI 43-101 mineral resource
estimate. No significant sulphide mineralization intercepted.
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-57 280 860 580 0.88 0.18 0.02 1.10
including 280 358 78 1.60 0.29 0.02 1.89
including 720 814 94 0.97 0.19 0.02 1.20
Significance:
Drilled along southern boundary of high-grade supergene zone
defined in NI 43-101 mineral resource estimate. Hole ended in 0.90
per cent copper mineralization.
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-58 136 422 286 0.61 0.06 0.01 0.70
including 320 342 22 1.39 0.07 0.01 1.49
and 526 706 180 0.41 0.07 0.01 0.51
including 646 676 30 0.96 0.18 0.02 1.18
Significance:
Drilled along northeastern boundary of NI 43-101 mineral
resource estimate. A 150-metre step-out from hole 47. Mineralization
remains open to the north and east. Hole ended in 0.85 per cent
copper mineralization.
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-59 338 702 364 0.48 0.05 0.01 0.57
including 338 560 222 0.69 0.07 0.02 0.85
including 338 370 32 1.72 0.13 0.03 1.98
Significance:
Drilled along northeastern boundary of NI 43-101 mineral
resource estimate. A 150-metre step-out from hole 49. Mineralization
remains open to the east.
From To Interval Cu Au Mo CuEq (1)
Hole No. metres metres metres % g/t % %
TT11-60 6 32 26 0.24
82 128 46 0.35
228 262 34 0.30
338 714 376 0.88 0.11 0.02 1.06
including 506 638 132 1.62 0.10 0.02 1.80
Significance:
Infill hole drilled in the south central area of the NI 43-101
mineral resource estimate.
Note
(1) Copper equivalent calculated using $2 (U.S.) per pound Cu,
$800 (U.S.) per ounce Au and $12 (U.S.) per pound Mo and is
not adjusted for metallurgical recoveries as these
remain uncertain. The formula used is as follows:
CuEq -- Cu per cent plus (Au g/t times 0.583) plus (Mo per cent
times six).
The drill program is focused on expanding the updated NI 43-101 mineral resource estimate to the north, northeast, northwest, east, south and southeast as well as upgrading mineralization from the inferred category to the indicated category. To date, 81 core holes totalling 44,210 metres and 63 reverse circulation (RC) holes totalling 11,340 metres have been completed. Six drill rigs are currently operating on the project (five core and one RC). Two additional core drill rigs will arrive in early January, 2012. The RC drill rig is being used to precollar core holes to expedite the program, as well as to explore and delineate the gold and copper zones known to exist in the leached cap of the Taca Taca porphyry system. A second RC drill is being sought to further assist and advance the exploration program.
The Taca Taca copper/gold/molybdenum project, comprising approximately 2,500 hectares, is located in the Puna region of northwestern 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 Nov. 15, 2011, the company announced that it had received an independent, updated and interim NI 43-101-compliant mineral resource estimate for the project that at a 0.4-per-cent copper equivalent cut-off contained indicated sulphide resources of 516 million tonnes grading 0.58 per cent copper, 0.12 g/t gold and 0.018 per cent molybdenum (0.76 per cent copper equivalent (2)) containing 6.6 billion pounds of copper, 2.1 million ounces of gold and 204.6 million pounds of molybdenum and inferred sulphide resources of 880 million tonnes grading 0.43 per cent copper, 0.09 g/t gold and 0.015 per cent molybdenum (0.57 per cent copper equivalent (2)), containing 8.3 billion pounds of copper, 2.3 million ounces of gold and 292.9 million pounds of molybdenum. In addition, an oxide gold resource has been defined within the leached cap that at a 0.2 g/t gold cut-off contains inferred resources of 190 million tonnes grading 0.25 g/t gold containing 1.5 million ounces of gold. This mineral resource estimate does not incorporate or reflect the drilling results described above.
An updated NI 43-101 technical report detailing the mineral resource estimate will be filed on SEDAR and the company's website by the end of December, 2011. Additional information on Taca Taca, including the current NI 43-101 technical report entitled Amended Taca Taca technical report dated Jan. 22, 2010, by Robert Sim, PGeo, can be found on the company's website and on SEDAR.
Andrew Carstensen, CPG, 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 $2 (U.S.) per pound copper, $800 (U.S.) per ounce gold and $12 (U.S.) per pound molybdenum and was not adjusted for metallurgical recoveries as these remain uncertain.
We seek Safe Harbor.
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