Lumina Copper Corp.

Lumina Copper Corp.

September 08, 2011 08:30 ET

Lumina Intersects 646 Meters Grading 0.93% Copper Equivalent Including 50 Meters Grading 2.69% Copper Equivalent at Taca Taca Copper-Gold-Molybdenum Project, Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2011) - Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce results of 5 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. Results are highlighted by holes TTBJ11-24 and 28 that intersected intervals (greater than 500 meters) of higher grade copper mineralization confirming that areas of mineralization at Taca Taca extend significantly deeper than those contained within the current National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate. Hole TTBJ11-24, drilled along the northern boundary of the known mineral resource, intersected 646 meters grading 0.72% copper, 0.16 g/t gold and 0.02% molybdenum (0.93% copper equivalent(1)), including 50 meters grading 2.26% copper, 0.53 g/t gold and 0.02% molybdenum (2.69% copper equivalent), the best mineral intersections drilled to date at Taca Taca. TTBJ11-28, drilled in the southern portion of the known mineral resource, intersected 546 meters grading 0.66% copper, 0.11 g/t gold and 0.01% molybdenum (0.78% copper equivalent), including 182 meters grading 0.85% copper, 0.15 g/t gold and 0.01% molybdenum (1.00% copper equivalent). Both holes have increased the depth of known mineralization by 300 meters and 350 meters respectively when compared to the depth of NI 43-101 mineral resources in the immediate area.

In addition, hole TTBJ11-30, drilled as part of the hydrogeological program, encountered mineralization 500 meters to the north-northwest of the known mineral resource in an area previously thought not to be mineralized. Hole TTBJ11-30 intercepted two zones of mineralization, the first, starting at 162 meters below surface encountered 70 meters grading 0.54% copper and 0.05 g/t gold (0.57% copper equivalent), and the second, starting at 358 meters below surface intersected 158 meters grading 0.37% copper and 0.05 g/t gold (0.40% copper equivalent).

The leach cap assay program continues to discover significant intercepts of oxide gold mineralization highlighted by hole TTBJ11-29 that intersected, from surface, 186 meters grading 0.30 g/t gold. Gold concentrations in the leach cap and the potential to define a gold mineral resource could help offset the cost of removing the overburden to access the sulphide resources below.

Details of the relevant intercepts from the latest 5 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:

Hole No. From
TTBJ11-24 206 228 22 0.30
228 874 646 0.72 0.16 0.02 0.93
including 228 278 50 2.26 0.53 0.02 2.69
Significance: Confirms northern continuity and increases grade of higher grade zone. Extends mineralization approximately 300 meters below existing NI 43-101 mineral resources in immediate area. Hole ended in 0.5% copper mineralization (limit of drilling equipment).
TTBJ11-25 Assay results pending
Significance: Geotechnical hole to be assayed once detailed analysis completed. Drilled 150 meters east of Hole TTBJ11-28 to a depth of 423 meters.
TTBJ11-27 10 168 158 0.30
and 326 350 24 0.51
348 404 56 0.30 0.12 0.02 0.49
Significance: Drilled along eastern margin of known mineral resource from same drill pad as TTBJ11-29.
TTBJ11-28 38 112 74 0.34
and 254 278 24 0.28
278 824 546 0.66 0.11 0.01 0.78
including 288 470 182 0.85 0.15 0.01 1.00
including 774 814 40 1.00 0.10 0.01 1.12
Significance: Confirms continuity and increases grade of higher grade zone in southern portion of the deposit. Extends mineralization 350 meters below existing NI 43-101 mineral resources in immediate area. Hole terminated in mineralization averaging 0.4% copper (limit of drilling equipment).
TTBJ11-29 0 186 186 0.30
and 326 350 24 0.36
Significance: Drilled along eastern margin of known mineral resource. Hole lost at 382 meters.
TTBJ11-30 162 232 70 0.54 0.05 0.57
and 358 516 158 0.37 0.05 0.40
Significance: Discovery of copper mineralization 500 meters north – northwest of known NI 43-101 mineral resources.
(1) 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).

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 and south. To date, 46 core holes totalling 26,637 meters and 25 reverse circulation ("RC") holes totalling 4,378 meters have been completed and 5 drill rigs are currently operating on the project (4 core and one RC). Two additional drills, one core and one RC are expected to arrive at Taca Taca shortly. An additional core drill rig with greater depth capabilities is also being sought as several recent holes were terminated while in significant mineralization due to the limitations of the drilling equipment. RC rigs are being used to pre-collar core holes to expedite the program, as well as to explore and delineate 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 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, 0.11 g/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 ( 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 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).

To view a map associated with this release, please visit the following link:


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.

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