VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2011) - Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce the results of 6 new holes drilled as part of the ongoing exploration and development program at its 100% owned Taca Taca copper/gold/molybdenum deposit located in Salta province, Argentina. The results are highlighted by holes TTBJ11-19, 20, 21 and 26 that intersected longer than expected (greater than 450 meters) intervals of higher grade copper mineralization suggesting that mineralization at Taca Taca may extend deeper than previously thought. Hole TTBJ11-26 intersected 578 meters grading 0.64% copper, 0.16g/t gold and 0.02% molybdenum (0.85% copper equivalent(1)) including 228 meters grading 0.82% copper, 0.21g/t gold and 0.02% molybdenum (1.06% copper equivalent). Hole TTBJ11-19 intersected 611 meters grading 0.56% copper, 0.11g/t gold and 0.02% molybdenum (0.74% copper equivalent).
Previous analysis of the assay results from the bottom of drill holes completed to date suggested that mineralization may extend deeper than that contained within the NI 43-101 compliant mineral resource estimate that has an average thickness of 350 meters. The drill program has been adjusted to drill to an average depth of 750 meters and the assay results from holes TTBJ11-19, 20, 21 and 26 show that mineralization does extend significantly deeper at Taca Taca. Further, the results from holes TTBJ11-19 and 21 suggest that mineralization may extend even deeper in certain areas. Hole TTBJ11-21 ended at a depth of 735 meters, with the bottom 71 meters averaging 1.18% copper, 0.16g/t gold and 0.02% molybdenum (1.39% copper equivalent) while TTBJ11-19 ended at a depth of 893 meters in 0.4% copper mineralization.
In 1999, Rio Tinto conducted a small drill program at Taca Taca to evaluate the oxide mineralization potential of the leach cap overlying the known mineral resources. That program intersected areas of oxide gold and copper mineralization with average grades up to 0.5 g/t gold and 0.5% copper over intervals up to 60 meters thick. The current drill program has started to systematically assay material from the leach cap and the initial results suggest that additional zones of oxide copper and gold may be present as highlighted in Hole TTBJ11-22 that intersected 141 meters grading 0.4 g/t gold.
Details of the relevant intercepts from the latest 6 holes are shown in the table below. A map showing the location of the new results in relation to historical drilling and the boundary of the current NI 43-101 mineral resource estimate at 0.4% and 0.6% copper equivalent cut off grades is attached to this news release:
The drill program is focused on defining a higher grade zone within the known NI 43-101 compliant mineral resource estimate as well as expanding known mineralization at depth and to the north. To date, 38 core holes totalling 21,373 meters and 15 reverse circulation holes totalling 2,366 meters have been completed and 4 drill rigs are currently operating on the project (3 core and one RC). Two additional core drills and one RC are expected to arrive Taca Taca in August. The RC rigs are being used to pre-collar core holes to expedite the program. RC drilling will also be used in exploring and delineating the gold and copper zones known to exist in the leach 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 north western 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 October 9, 2008, the Company released an independent National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the project that at a 0.4% copper equivalent cutoff contained inferred mineral resources of 841 million tonnes grading 0.47% copper, 0.11g/t gold and 0.018% molybdenum (0.64% copper equivalent(2)), containing 8.71 billion pounds of copper, 2.97 million ounces of gold and 333.70 million pounds of molybdenum. This mineral resource estimate does not incorporate or reflect the drilling results described above.
Additional information on Taca Taca, including the NI 43-101 technical report "Amended Taca Taca Technical Report" dated January 22, 2010 by Robert Sim, P.Geo., can be found on the Company's website www.luminacopper.com and on SEDAR (www.sedar.com).
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 US$1.50 / lb copper, US$600 / oz gold and US$9.00 / lb molybdenum and was not adjusted for metallurgical recoveries as these remain uncertain. The formula used in the calculation was as follows: CuEQ = Cu% + (Au g/t x 0.583) + (Mo% x 6).
LUMINA COPPER CORP.
David Strang, President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, copper and molybdenum, the timing of exploration activities, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Lumina Copper's commitment to, and plans for developing any of its projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lumina Copper to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, copper and molybdenum, as well as those factors discussed in the sections relating to risk factors of our business filed in Lumina Copper's required securities filings on SEDAR. Although Lumina Copper has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements 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 statements. Lumina Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
To view the map associated with this Press Release, please visit: http://media3.marketwire.com/docs/lcc-0809-map.pdf.
Contact Information
Previous analysis of the assay results from the bottom of drill holes completed to date suggested that mineralization may extend deeper than that contained within the NI 43-101 compliant mineral resource estimate that has an average thickness of 350 meters. The drill program has been adjusted to drill to an average depth of 750 meters and the assay results from holes TTBJ11-19, 20, 21 and 26 show that mineralization does extend significantly deeper at Taca Taca. Further, the results from holes TTBJ11-19 and 21 suggest that mineralization may extend even deeper in certain areas. Hole TTBJ11-21 ended at a depth of 735 meters, with the bottom 71 meters averaging 1.18% copper, 0.16g/t gold and 0.02% molybdenum (1.39% copper equivalent) while TTBJ11-19 ended at a depth of 893 meters in 0.4% copper mineralization.
In 1999, Rio Tinto conducted a small drill program at Taca Taca to evaluate the oxide mineralization potential of the leach cap overlying the known mineral resources. That program intersected areas of oxide gold and copper mineralization with average grades up to 0.5 g/t gold and 0.5% copper over intervals up to 60 meters thick. The current drill program has started to systematically assay material from the leach cap and the initial results suggest that additional zones of oxide copper and gold may be present as highlighted in Hole TTBJ11-22 that intersected 141 meters grading 0.4 g/t gold.
Details of the relevant intercepts from the latest 6 holes are shown in the table below. A map showing the location of the new results in relation to historical drilling and the boundary of the current NI 43-101 mineral resource estimate at 0.4% and 0.6% copper equivalent cut off grades is attached to this news release:
The drill program is focused on defining a higher grade zone within the known NI 43-101 compliant mineral resource estimate as well as expanding known mineralization at depth and to the north. To date, 38 core holes totalling 21,373 meters and 15 reverse circulation holes totalling 2,366 meters have been completed and 4 drill rigs are currently operating on the project (3 core and one RC). Two additional core drills and one RC are expected to arrive Taca Taca in August. The RC rigs are being used to pre-collar core holes to expedite the program. RC drilling will also be used in exploring and delineating the gold and copper zones known to exist in the leach 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 north western 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 October 9, 2008, the Company released an independent National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the project that at a 0.4% copper equivalent cutoff contained inferred mineral resources of 841 million tonnes grading 0.47% copper, 0.11g/t gold and 0.018% molybdenum (0.64% copper equivalent(2)), containing 8.71 billion pounds of copper, 2.97 million ounces of gold and 333.70 million pounds of molybdenum. This mineral resource estimate does not incorporate or reflect the drilling results described above.
Additional information on Taca Taca, including the NI 43-101 technical report "Amended Taca Taca Technical Report" dated January 22, 2010 by Robert Sim, P.Geo., can be found on the Company's website www.luminacopper.com and on SEDAR (www.sedar.com).
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 US$1.50 / lb copper, US$600 / oz gold and US$9.00 / lb molybdenum and was not adjusted for metallurgical recoveries as these remain uncertain. The formula used in the calculation was as follows: CuEQ = Cu% + (Au g/t x 0.583) + (Mo% x 6).
LUMINA COPPER CORP.
David Strang, President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, copper and molybdenum, the timing of exploration activities, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Lumina Copper's commitment to, and plans for developing any of its projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lumina Copper to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, copper and molybdenum, as well as those factors discussed in the sections relating to risk factors of our business filed in Lumina Copper's required securities filings on SEDAR. Although Lumina Copper has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements 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 statements. Lumina Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
To view the map associated with this Press Release, please visit: http://media3.marketwire.com/docs/lcc-0809-map.pdf.
Contact Information
Lumina Copper Corp.
David Strang
President & CEO
+ 604 646-1880
+ 604 687-7041 (FAX)
dstrang@luminacopper.com
www.luminacopper.com
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