Lupaka Gold Corp.
TSX : LPK

Lupaka Gold Corp.

September 08, 2011 13:29 ET

Lupaka Gold Corp. Drills 131 Metres at 1.11 g/t Gold, and 42.0 Meters at 6.76 g/t Gold at Crucero Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2011) - Lupaka Gold Corp. ("Lupaka Gold" or "the Company") (TSX:LPK) announces that it has received assay results on four additional drill holes from the ongoing 11,000 metre drilling program being carried out this year on its Crucero Gold Project in southern Peru. The Company received one of the highest project grade assays from DDH-45 with 4.0 metres grading 61.93 g/t included in 42.0 metres at 6.76 g/t at a true depth of 205 metres from surface. Significant new gold intercepts are highlighted below (all numbers in metres except Gold grams per ton ("g/t")):

Total Intersection
Drill Hole Depth From To Intercept Gold g/t
DDH-36 543.5 180.0 311.0 131.0 1.11
including 180.0 198.0 18.0 1.99
394.0 425.0 31.0 1.24
446.0 453.0 22.0 1.15
529.5 538.0 10.0 1.25
DDH-42 224.9 80.0 128.0 48.0 1.02
including 120.0 128.0 8.0 2.04
178.0 180.0 2.0 7.12
DDH-43 296.35 73.0 113.0 40.0 2.06
112.0 113.0 1.0 15.70
DDH-45 300.2 120.0 175.0 55.0 0.69
147.0 172.0 25.0 1.07
201.0 243.0 42.0 6.76
including 237.0 241.0 4.0 61.93
280.0 285.0 5.0 7.88

Summarized widths and grades are reported in Table 1.

Eric Edwards, President and CEO of Lupaka Gold commented, "These new assay results show that the mineralized envelope is open and extending to the north, increasing the volume of known mineralization. We are also encouraged as to the consistency of widths and grades of the intercepts."

To date, Lupaka Gold has completed thirteen core drill holes and over 4,800 metres since commencing the 2011 drill program in May, and is waiting on further assay results for six additional holes. The 2011 drill program is focused on resource expansion at the A-1 Zone and investigating other identified anomalies on the 5,500 hectare claim area.

The A-1 Zone mineralized envelope outcrops at surface and is continuous to the depth of current drilling. These new assay results extend and leaves open the ultimate depth of mineralization at the Crucero Gold Project. The outline of the mineralized envelope at A-1 with the new drill hole locations is available at the following link: http://media3.marketwire.com/docs/0908lpk.pdf.

About the Company

Lupaka Gold is aggressively exploring and developing the Crucero Gold Project, its 5,500 hectare gold property located in southern Peru. The Company, based in Vancouver, Canada, is project operator and holds a 60% indirect interest in the property and has an option to acquire the remaining 40% interest in Minera Pacacorral at any time until July 2015. Since commencing active exploration in April 2010, the Company has reported a NI 43-101 compliant gold resource (see the Company's most recent technical report on sedar.com). In addition to the existing resource, Lupaka Gold has identified several exploration targets within the Crucero Property that display similar anomalous characteristics. Lupaka Gold is led by a strong management team with the proven ability to develop, finance and operate mining projects. The Company completed an initial public offering of its common shares and warrants on the Toronto Stock Exchange on June 28, 2011.

Quality Control and Assurance

The analyses for this drilling campaign were carried out by ALS Chemex in Lima, Peru, exercising a thorough Quality Control and Assurance program (QA/QC). As part of QA/QC protocol, duplicates, standards and blanks were inserted into the sample processing stream. The core was photographed for reference, logged and mineralized sections were sawed in half. Sample lengths vary between 0.5 to 2.0 metres. Half core samples were bagged, sealed and delivered to ALS Chemex in Arequipa, Peru, an accredited laboratory. The remaining core is stored on site for reference. Gold was assayed by a 50 gram fire assay with an AAS finish. All ALS Chemex labs are ISO 9000 registered.

William Burstow, Lupaka Gold's consulting geologist and a "qualified person" as defined by National Instrument 43-101, is responsible for the disclosure of the drill results. Mr. Burstow has read and approved the technical and scientific information including sampling, analytical and test data underlying the information or opinions contained in this news release.

Forward Looking Information

This news release includes forward-looking statements or information, including statements relating to exploration programs. Forward looking information includes without limitation, statements regarding the drilling results, the size and quality of the company's mineral resources, progress in development of mineral properties, future capital and operating expenses, future metal prices, the future financial or operating performance of the Company, the prospective mineralization of the properties and planned exploration programs. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will be able to obtain the necessary supplies, equipment, personnel, permits and local community approval of drilling plans to aggressively ramp up its exploration and development activities, that the exchange rates of the U.S., Canadian and Peruvian currencies will be consistent with the Company's expectations, that the Company's current exploration and other objectives concerning the Crucero Property can be achieved and that its exploration and other activities will proceed as expected. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks, uncertainties and other factors include that the Company may not be able to obtain the supplies, equipment, personnel, permits and local community approval of drilling plans required to pursue its exploration and development objectives, changes in exploration programs based upon results of exploration; currency fluctuations; equipment or materials; increased costs as a result of changes in project parameters; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks of the mineral exploration industry; political risks and risks related to community relations and activities of stakeholders. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation.

Table 1

Crucero Gold Project
A-1 Zone Drill Results

Total
Depth From To Intercept Gold g/t
Metres Metres Metres Metres
DDH-36 543.5 43.0 45.0 2.0 4.67
80.0 88.0 8.0 0.98
including 180.0 311.0 131.0 1.11
180.0 198.0 18.0 1.99
394.0 425.0 31.0 1.24
446.0 453.0 22.0 1.15
468.0 473.0 6.0 1.00
529.5 538.0 10.0 1.25
DDH-42 224.9 80.0 128.0 48.0 1.02
including 120.0 128.0 8.0 2.04
178.0 180.0 2.0 7.12
DDH-43 296.35 73.0 113.0 40.0 2.06
including 73.0 81.0 8.0 2.82
including 83.0 93.0 10.0 1.84
including 100.0 106.0 6.0 2.20
including 112.0 113.0 1.0 15.70
136.0 144.0 8.0 0.65
152.0 158.0 6.0 0.66
191.0 219.0 28.0 0.74
including 191.0 194.0 3.0 1.12
including 209.0 211.0 2.0 2.47
including 216.0 219.0 3.0 3.40
DDH-45 300.2 120.0 175.0 55.0 0.69
including 147.0 172.0 25.0 1.07
201.0 243.0 42.0 6.76
including 201.0 220.0 19.0 1.65
including 229.0 243.0 14.0 18.00
including 237.0 241.0 4.0 61.93
280.0 285.0 5.0 7.88

*The Company does not have sufficient geological data to determine true widths of the intercepts

Hole Locations
East North Elevation Azimuth Inclination
DDH-36 410,796.77 8,432,935.06 4,459.85 55º - 60º
DDH-42 410,753.33 8,433,262.05 4,427.44 236º - 45º
DDH-43 410,732.17 8,433,285.89 4,417.92 236º - 60º
DDH-45 410,722.51 8,433,341.91 4,409.97 236º - 60º

Contact Information

  • Lupaka Gold Corp.
    Scott Warren
    Manager, Investor Relations
    +1 (604) 681-5900
    www.lupakagold.com