Mr. David Strang reports
LUMINA INTERSECTS 873 METERS GRADING 0.65% COPPER EQUIVALENT INCLUDING 148 METERS GRADING 1.48% COPPER EQUIVALENT IN STEP-OUT HOLE AT ITS TACA TACA COPPER-GOLD-MOLYBDENUM PROJECT, ARGENTINA
Lumina Copper Corp. has released results from 10 new holes (holes TT11-65, 68, 70 and TT11-72 to TT11-80, assay results from holes 73 and 76 are pending) 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, and a decision to significantly expand the drilling program.
Recent results are highlighted by two step-out holes:
Hole 79 intersected 873 metres grading 0.54 per cent copper, 0.09 gram per tonne (g/t) gold and 0.01 per cent molybdenum (0.65 per cent copper equivalent), including 148 metres grading 1.31 per cent copper, 0.19 g/t gold and 0.01 per cent molybdenum (1.48 per cent copper equivalent), drilled in the northeast zone. Hole 80, drilled in the southeast zone, intersected 184 metres grading 0.45 per cent copper, 0.13 g/t gold and 0.02 per cent molybdenum (0.65 per cent copper equivalent), including 72 metres grading 0.76 per cent copper, 0.20 g/t gold and 0.02 per cent molybdenum (1.00 per cent copper equivalent). Hole 80 indicates mineralization occurs to the southeast of the previously identified porphyritic intrusion.
Hole 79 is the longest mineralized intersection drilled to date at Taca Taca and was drilled 150 metres south of hole 71 (see news release dated Feb. 14, 2012) that was previously the longest mineralized intercept drilled at Taca Taca. Hole 79, hole 71 and hole 63 (150 metres south of hole 79) were drilled 300 metres to the east of the holes that define the northeastern boundary of mineralization in the updated National Instrument 43-101 mineral resource estimate. These holes also demonstrate that high-grade supergene copper mineralization lies significantly closer to surface (less than 80 metres) than that to the south, a beneficial result of topography that drops off to the north and east toward the salar.
Hole 80 was drilled approximately 600 metres south of hole 75 and 750 metres southeast of the boundary of the updated NI 43-101 mineral resource estimate. In the Feb. 14, 2012, news release, the company announced that hole 67 had intersected extensive porphyritic rock with low-grade copper mineralization. Hole 75, drilled 500 metres south of hole 67 encountered the same rock type and low-grade mineralization, further defining the extent of the porphyry intrusive. However, hole 80 intersected the same granitic host rock as that encountered to the north and west of the porphyritic intrusive and similar grades of primary copper, gold and molybdenum mineralization to that in the updated NI 43-101 mineral resource estimate suggesting that extensive copper mineralization may occur to the south and east of the porphyry intrusive.
Holes 65, 68, 70, 72, 74 and 77 are infill holes drilled within the central zone and western margin of the current NI 43-101 mineral resource estimate and further define the known resource in these areas. Hole 77 was an angle hole, drilled at a minus-70-degree angle to the east to test the geological model used in the NI 43-101 mineral resource estimate. The hole correlates well with the current geological interpretation of the deposit except at depth where a broader zone of higher-grade supergene copper enrichment was encountered than that modelled in the NI 43-101 mineral resource estimate. Hole 77 intersected 663 metres grading 0.55 per cent copper, 0.12 g/t gold and 0.02 per cent molybdenum (0.74 per cent copper equivalent), including the deeper zone that intersected 108 metres grading 0.80 per cent copper, 0.07 g/t gold and 0.02 per cent molybdenum (0.96 per cent copper equivalent).
Holes 73, 76 and 78 were drilled in the southern zone of the NI 43-101 mineral resource. Within the southern zone a trough of higher-grade mineralization (see holes 28 and 55) is emerging within a lower-grade halo as evidenced by hole 78. The pending assay results from holes 73 and 76 will further define this zone of mineralization.
Drilling in the leached cap continues to define and expand the known oxide gold resource. Assay results from holes 70, 74, 77 and 78 indicate oxide gold mineralization extends beyond that contained within the updated NI 43-101 mineral resource estimate.
Based upon the recent results from drilling in the northeast, south and southeast zones along with visual interpretation of mineralized material from subsequent exploration drilling in areas to the north and northwest of the current NI 43-101 mineral resource estimate, the drill program has been expanded from 99,500 metres to 163,500 metres with the addition of 64,000 metres of step-out drilling. The increase in drilling will extend the drill program from a previous end date of April, 2012, to the fourth quarter of 2012.
In addition, a new interim NI 43-101 mineral resource estimate is expected to be completed in April.
Details of the relevant intercepts from the latest 10 holes are shown in the associated tables with locations shown in the map on the company's website.
DRILL RESULTS
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-65 514 603 89 0.38 0.09 0.02 0.55
Significance
Drilled in southwestern portion of the updated NI 43-101
mineral resource estimate. Hole encountered deep mineralization
associated with structural zone. Hole ended in mineralization
greater than 0.4 per cent copper.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-68 2 74 72 0.25
and 90 160 70 0.31
and 210 230 20 0.26
260 528 268 0.78 0.13 0.03 1.04
including 292 364 72 1.76 0.23 0.04 2.13
and 562 580 18 0.51 0.14 0.03 0.77
Significance
Infill drill hole. Confirms northern continuity of known
supergene mineralization.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-70 248 270 22 0.32
272 334 62 0.27 0.14 0.02 0.47
and 366 566 200 0.28 0.11 0.01 0.40
Significance
Infill drill hole, drilled within the southwestern zone of
the updated NI 43-101 mineral resource estimate.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-72 18 34 16 0.34
and 50 80 30 0.24
and 96 168 72 0.37
304 412 108 0.33 0.16 0.02 0.54
and 430 448 18 0.29 0.10 0.02 0.47
and 484 532 48 0.25 0.06 0.02 0.40
Significance
Drilled in south-central zone of NI 43-101 mineral resource
estimate. Further defines boundary of mineral resource and porphyritic
intrusive.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
T11-73 Assays pending
TT11-74 40 50 10 0.36
and 72 102 30 0.22
and 192 202 10 0.47
and 254 290 36 0.36
308 844 536 0.43 0.10 0.01 0.55
including 700 798 98 0.78 0.07 0.01 0.88
Significance
Drilled in southwestern zone of NI 43-101 mineral resource
estimate. Confirms model.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-75 No significant intercepts
Significance
Significant step-out hole to the southeast, encountered low-grade
copper mineralization (0.1 to 0.3 per cent copper) associated
with extensive porphyritic rock, similar to hole TT11-67.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-76 Assays pending
TT11-77 258 314 56 0.32
314 977 663 0.55 0.12 0.02 0.74
including 350 382 32 1.06 0.30 0.04 1.47
714 822 108 0.80 0.07 0.02 0.96
Significance
Hole drilled at 70-degree angle to the east across south-central
portion of the current NI 43-101 mineral resource estimate. Shows
good correlation with geological interpretation in mineral resource model
but defines broader widths at depth than previously modelled.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-78 26 50 24 0.28
and 62 72 10 0.25
and 222 246 24 0.37
352 394 42 0.30 0.05 0.01 0.39
436 450 14 0.27 0.01 0.01 0.34
Significance
Drilled in the southern zone of the NI 43-101 mineral
resource estimate. Further defines the low-grade halo
surrounding the higher-grade trough delineated to date
in holes 28 and 55.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-79 74 947 873 0.54 0.09 0.01 0.65
including 132 280 148 1.31 0.19 0.01 1.48
Significance
Longest mineralized intercept drilled to date at Taca Taca.
Drilled 300 metres to the east of those holes used to define the current
NI 43-101 mineral resource estimate. Mineralization remains open to the
east.
From To Interval Cu Au Mo CuEq
Hole No. (metres) (metres) (metres) (%) (g/t) (%) (%)
TT11-80 190 374 184 0.45 0.13 0.02 0.65
including 192 264 72 0.76 0.20 0.02 1.00
and 322 374 52 0.24 0.05 0.01 0.33
Significance
Discovery of significant copper mineralization to the south
of the previously identified porphyritic intrusive. Drilled 600 metres to
the south of hole 75 and 750 metres to the southeast of the current NI
43-101 mineral resource estimate.
The drill program, with the expansion to 163,500 metres, is now focused on expanding the mineral resource to the north, northeast, northwest, southwest, south, southeast and to depth as well as upgrading mineralization from the inferred to indicated categories. To date, 113 core holes totalling 64,144 metres and 110 reverse circulation (RC) holes totalling 19,328 metres have been completed. Nine drill rigs are currently operating on the project (seven core and two RC). An additional core rig is expected to be added to the program in April. RC drill rigs are being used to precollar core holes to expedite the program, as well as to explore and delineate the oxide gold resources present in the leached cap of the Taca Taca porphyry system.
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 cut-off of 0.4 per cent copper equivalent 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) 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), 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.
The updated NI 43-101 technical report detailing the mineral resource estimate has been filed on SEDAR and the company's website.
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.
We seek Safe Harbor.
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