Lumina Gold draws down funds to wrap up resource and metallurgical drilling
November 29, 2023 at 01:12 pm EST
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Lumina Gold Vice President of Corporate Development and Communications Scott Hicks joined Steve Darling from Proactive to share significant developments regarding the company's precious metals purchase agreement.
Lumina Gold has drawn down a total of $16.7 million under the previously announced $300 million agreement. These funds will enable the company to continue its resource definition and metallurgical drilling efforts, slated to commence in December.
These activities are crucial in supporting the Feasibility Study for Lumina's Cangrejos gold-copper project in southwest Ecuador. The company has ambitious plans to deploy up to twelve drill rigs on-site to complete the geotechnical and resource definition program, with an expected completion date in Q1 2024.
Additionally, the drilling program will provide fresh material for the upcoming round of metallurgical test work, further supporting the Feasibility Study.
These advancements underscore Lumina Gold's commitment to the successful development of the Cangrejos project and its mission to unlock the project's full potential.
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Lumina Gold Corp. is a Canada-based precious and base metals exploration and development company. The Company is engaged in the acquisition, exploration, and development of mineral resources in Ecuador. It is focused on Cangrejos Gold-Copper Project, which is located in the foothills of the Andes in the southwest of Ecuador and lies 30 kilometers (km) southeast of Machala, the capital of El Oro Province, and 150 km south of Guayaquil, Ecuadorâs largest city. The Cangrejos Project was the discovery of gold-copper mineralization in a porphyry environment. The Company has approximately six contiguous mineral concessions located near Machala in southwest Ecuador, which covers a land area of approximately 5,682 hectares. The Company owns or controls approximately 1,730 hectares of land / surface rights, which cover various locations with respect to the known and potential targets. The Companyâs subsidiary is Odin Mining del Ecuador S.A.