Lumina Copper Corp.
TSX VENTURE : LCC

Lumina Copper Corp.

June 06, 2012 08:30 ET

Lumina Discovers Two New Copper Zones at Its Taca Taca Project, Argentina-Intersects 222 Meters Grading 0.83% Copper Equivalent

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2012) - Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce that it has discovered two new copper mineralized zones at its 100% owned Taca Taca copper/gold/molybdenum deposit located in Salta province, Argentina.

The first zone is located approximately 250 meters northwest of the current National Instrument 43-101 ("NI 43-101") mineral resource estimate and has been defined to date by 24 holes (assay results for 4 holes received to date) over an area of 600 meters in a east/west direction by 600 meters in a north/south direction. The zone is characterized by high grade supergene copper mineralization associated with a broad north/south trending fault zone. Drill results received to date are highlighted by hole RC-19 that intersected 222 meters grading 0.69% copper, 0.13g/t gold and 0.01% molybdenum (0.83% copper equivalent(1), including 40 meters grading 1.67% copper, 0.38g/t gold and 0.02% molybdenum (2.01% copper equivalent).

The second zone is located 750 meters to the north of the current NI 43-101 mineral resource and has been defined to date by hole 96, which intersected supergene copper mineralization starting 28 meters below surface over a length of 116 meters and graded 0.40% copper and 0.53g/t gold (0.71% copper equivalent) including, from 28 meters below surface, 18 meters grading 1.10% copper and 2.1g/t gold (2.32% copper equivalent).

In addition to the discovery of the two new zones, Lumina has also received the assay results from three step-out holes (holes 84, 89 and 94). Of particular note was hole 94 drilled approximately 150 meters to the south of hole 87 that previously defined the southern limit of the NI 43-101 mineral resource estimate. Hole 94 intersected 94 meters of supergene copper mineralization grading 0.87% copper and 0.02g/t gold (0.88% copper equivalent) and a deeper primary copper zone of 62 meters grading 0.33% copper. A further 32,400 meters of completed core and reverse circulation ("RC") drilling await assaying including material from 24 step-out holes drilled to the northeast and south of the current NI 43-101 mineral resource estimate.

Details of the relevant intercepts from the latest holes are shown in the table below with locations shown on the map attached (http://media3.marketwire.com/docs/l65m.pdf):

Hole No. From
Meters
To
Meters
Interval
Meters
Cu
%
Au
g/t
Mo
%
CuEq
(1)
%
RC-19 180 402 222 0.69 0.13 0.01 0.83
180 220 40 1.67 0.38 0.02 2.01
Significance: Discovery hole of new Northwest zone. Drilled 750 meters to the northwest of the current NI 43-101 mineral resource estimate.
RC-23 18 26 8 0.64
and 170 184 14 0.25
and 210 220 10 0.30
220 372 152 0.74 0.06 0.01 0.83
including 220 294 74 1.13 0.07 0.01 1.23
Significance: Drilled 150 meters to the south of hole RC-19 in the newly discovered Northwest zone further defining continuity of the zone's overall grade and higher grade nearer surface zone.
RC-29 82 124 42 0.50 0.05 0.00 0.53
including 86 100 14 1.00 0.08 0.00 1.05
and 192 224 32 0.32 0.04 0.00 0.34
Significance: Drilled 150 meters to the east of hole RC-23 in the newly discovered Northwest zone. Mineralization remains open to the east.
RC-30 102 112 10 0.34 0.03 0.00 0.36
and 124 160 36 0.61 0.08 0.01 0.72
and 196 296 100 0.52 0.06 0.01 0.61
Significance: Drilled 150 meters to the south of hole RC-23, extending newly discovered zone to the south. Mineralization remains open to the south.
TT11-84 232 268 36 0.40 0.02 0.02 0.53
and 570 696 126 0.28 0.04 0.02 0.42
Significance: Drilled in the southeastern zone, 450 meters to the southeast of hole 80 and 500 meters to the southwest of the NI 43-101 mineral resource.
TT11-89 No significant intercepts
Significance: Drilled in the southeastern zone 450 meters to the northeast of hole 80.
TT11-94 106 200 94 0.87 0.02 0.00 0.88
And 218 280 62 0.33 0.00 0.00 0.33
Significance: Drilled 150 meters to the south of hole 87 further extending the NI 43-101 mineral resource to the south. Mineralization remains open to the south and southwest.
TT11-96 3 28 25 0.59
28 144 116 0.40 0.53 0.00 0.71
Including 28 46 18 1.10 2.10 0.00 2.32
Significance: Discovery hole of north zone. Drilled 750 meters to the north of NI 43-101 mineral resource estimate. Mineralization open in all directions
Copper equivalent calculated using US$2.00/lb Cu, US$800/oz Au and US$12.00/lb Mo and is not adjusted for metallurgical recoveries as these remain uncertain. The formula used is as follows: CuEQ = Cu% + (Au g/t x 0.583) + (Mo% x 6).

To date, 147 core holes totalling 83,888 meters and 138 RC holes totalling 27,504 meters have been completed at Taca Taca. The planned 163,500 meter drill program is now focused on defining the newly identified northwest and north zones and completing infill drilling on the existing NI 43-101 mineral resource estimate.

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 120 kilometres east of the world's largest copper mine, Escondida.

On May 7, 2012, the Company announced that it had received an independent, updated NI 43-101 compliant mineral resource estimate for the project that at a 0.4% copper equivalent cut-off contains indicated sulphide resources of 824 million tonnes grading 0.59% copper, 0.12g/t gold and 0.018% molybdenum (0.75% copper equivalent(2)) containing 10.7 billion pounds of copper, 3.1 million ounces of gold and 320 million pounds of molybdenum and inferred sulphide resources of 938 million tonnes grading 0.48% copper, 0.08g/t gold and 0.014% molybdenum (0.60% copper equivalent(2)), containing 9.8 billion pounds of copper, 2.4 million ounces of gold and 283 million pounds of molybdenum. In addition, an oxide gold resource was also defined within the leached cap that at a 0.2 g/t gold cut-off contains indicated resources of 198 million tonnes grading 0.27g/t gold containing 1.7 million ounces of gold and inferred resources of 81 million tonnes grading 0.26g/t gold containing 0.7 million ounces of gold. This mineral resource estimate does not incorporate or reflect the drilling results described above.

The updated NI 43-101 technical report detailing the mineral resource estimate will be filed on SEDAR (www.sedar.com) and the Company's website (www.luminacopper.com) by June 21, 2012.

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.

  1. The copper equivalent cut-off grade used in the calculation of the mineral resource estimate was determined using US$2.00 / lb copper, US$800 / oz gold and US$12.00 / 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, planned drilling meterage, number of drill rigs, areas of focus for the drill program, and Lumina Copper's commitment to, and plans for developing the Taca Taca project. 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 Taca Taca project, 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.

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