Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to
announce that it has received an updated, interim mineral resource
estimate on its 100% owned Taca Taca copper/gold/molybdenum project
located in Salta province, Argentina. The estimate significantly
increases the known sulphide copper, gold and molybdenum mineral
resources and includes an initial estimate of the oxide gold
resources contained in the leached cap.
The salient details of the updated National Instrument compliant
("NI 43-101") mineral resource estimate are as follows:
Sulphide Resources (0.4% copper equivalent cutoff(1))
-- 516 million tonnes grading 0.58% copper, 0.12g/t gold and 0.018%
molybdenum (0.76% copper equivalent) in the Indicated category
containing 6.6 billion pounds of copper, 2.1 million ounces of gold and
204.6 million pounds of molybdenum. Previously there were no Indicated
resources defined.
-- 880 million tonnes grading 0.43% copper, 0.08g/t gold and 0.015%
molybdenum (0.57% copper equivalent) in the Inferred category containing
8.3 billion pounds of copper, 2.3 million ounces of gold and 292.9
million pounds of molybdenum. The previous NI 43-101 compliant mineral
resource estimate contained 841 million tonnes grading 0.47% copper,
0.11g/t gold and 0.018% molybdenum.
Oxide Resources (0.2g/t gold cutoff)
-- 190 million tonnes grading 0.25g/t gold in the Inferred category
containing 1.5 million ounces gold.
Within the sulphide mineral resource estimate, a shallower,
higher grade supergene zone has been defined in the northern part
of the deposit. The Company plans further work to investigate
whether this high grade zone could form the basis of a "starter
pit" for the project. This high grade zone, which remains open to
the northeast and east, is defined as follows:
-- 159 million tonnes grading 0.82% copper, 0.14g/t and 0.017% molybdenum
(1.00% copper equivalent in the Indicated category (0.5% copper
equivalent cutoff).
The updated mineral resource estimate remains open to the north,
northwest, east, south, southeast and to depth. The Company is
conducting a 99,500 meter drill program (47,308 drilled to date) to
delineate the full extent of the deposit. The program currently has
6 drill rigs (5 core and 1 reverse circulation rig) operating and
two additional rigs with greater depth capabilities are expected to
arrive on site by the end of the year. The program outlined above
is expected to be completed in April 2012 but will be extended or
expanded further should additional mineralization outside the scope
of the current program be identified.
Grades and tonnages from the updated NI 43-101 mineral resource
estimates at various copper equivalent cut-off grades are presented
in the tables below. Maps showing the outlines of the updated 0.4%
copper equivalent mineral resource estimate compared to the
previous 0.4% copper equivalent mineral resource estimate as well
as the outlines of the sulphide, high grade supergene and oxide
gold resources are attached to this news release:
Indicated Sulphide Mineral Resource Estimate
---------------------------------------------------------------------------
Size Grade Contained Metal
------------------------------------------------------------------
CuEq(1) Tonnes CuEq Cu Au Mo Cu Au Mo
Cut-Off (Million) (%) (%) (g/t) (%) (B lb) (M oz) (M lb)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
0.3 583 0.71 0.54 0.12 0.017 6.96 2.18 220.9
---------------------------------------------------------------------------
0.4 516 0.76 0.58 0.12 0.018 6.59 2.06 204.6
---------------------------------------------------------------------------
0.5 434 0.82 0.63 0.13 0.019 5.99 1.87 181.8
---------------------------------------------------------------------------
0.6 340 0.89 0.69 0.15 0.020 5.15 1.60 151.5
---------------------------------------------------------------------------
0.7 249 0.98 0.76 0.16 0.021 4.18 1.28 116.4
---------------------------------------------------------------------------
Inferred Sulphide Mineral Resource Estimate
---------------------------------------------------------------------------
Size Grade Contained Metal
------------------------------------------------------------------
CuEq(1) Tonnes CuEq(1) Cu Au Mo Cu Au Mo
Cut-Off (Million) (%) (%) (g/t) (%) (B lb) (M oz) (M lb)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
0.3 1,388 0.49 0.37 0.07 0.013 11.20 3.12 406.9
---------------------------------------------------------------------------
0.4 880 0.57 0.43 0.08 0.015 8.28 2.31 292.9
---------------------------------------------------------------------------
0.5 490 0.66 0.50 0.10 0.017 5.44 1.51 182.7
---------------------------------------------------------------------------
0.6 267 0.76 0.59 0.11 0.018 3.45 0.94 105.4
---------------------------------------------------------------------------
0.7 141 0.86 0.68 0.12 0.018 2.10 0.55 56.5
---------------------------------------------------------------------------
1. Copper equivalent calculated using US$2.00/lb Cu, US$900/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 previous mineral resource estimate used $1.50/lb
Cu, US$600/oz Au and US$6.00/lb Mo. While higher metal prices have been
used in the new resource calculation, the ratio between the metal prices
in calculating copper equivalency is the same as the previous estimate.
2. Sulphide resource base case cut-off grade of 0.4%CuEq is highlighted in
the tables.
Inferred Oxide Gold Mineral Resource Estimate
----------------------------------------
Au
Au Tonnes Au (million
Cut-off (Million) (g/t) oz)
----------------------------------------
0.1 769 0.17 4.18
----------------------------------------
0.15 432 0.21 2.86
----------------------------------------
0.2 190 0.25 1.51
----------------------------------------
0.25 72 0.29 0.67
----------------------------------------
1. The oxide gold resource base case cut-off grade of 0.2g/t gold is
highlighted in the table.
The updated sulphide mineral resource estimate was based on a
total of 43,760 meters of drilling in 80 holes, including previous
drilling completed by BHP Billiton (22 holes), Corriente (1 hole),
Rio Tinto (12 holes) and 45 holes drilled by the Company up to
October 28, 2011, the effective date for this estimate. The mineral
resource estimate has been generated from drill hole sample assay
results and the interpretation of a geologic model which relates to
the spatial distribution of copper, molybdenum and gold in the
deposit. Grade estimates are made using ordinary kriging with
nominal block size measuring 25 meters long, 25 meters wide and 15
meters in height. Resources have been classified by their proximity
to sample locations and are reported according to CIM standards on
Mineral Resources and Reserves.
An updated NI 43-101 technical report detailing the mineral
resource estimate will be completed and filed on SEDAR
(www.sedar.com) and Lumina's website (www.luminacopper.com) within
45 days.
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
kilometers east of the world's largest copper mine, Escondida.
Robert Sim, P.Geo., a Qualified Person as defined by NI 43-101,
is responsible for the mineral resource estimate included in this
news release and has reviewed and approved the contents of this
news release as they relate to the mineral resource estimate.
Since Lumina began drilling at the Taca Taca project in 2010,
the sample assay results have been independently monitored through
a quality control / quality assurance (QAQC) program including the
insertion of blind standards, blanks and the reanalysis of
duplicate samples at a second umpire laboratory. The results of the
QAQC program indicate that the sample database is of sufficient
accuracy and precision to be used for the generation of mineral
resource estimates.
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 contents of this news release as they
relate to the ongoing exploration and development program at the
Taca Taca project.
To view the map of Indicated and Inferred Resources at the Taca
Taca Project, please click the following link:
http://media3.marketwire.com/docs/1115LCC.pdf.
LUMINA COPPER CORP.
David Strang, President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release
may contain "forward-looking statements" within the meaning of the
applicable Canadian securities legislation. 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
"is awaiting" 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". These forward-looking statements refer to, among other
things: the updated mineral resource estimate, determination of
cut-off grade, the possibility that a higher grade supergene zone
could form the basis of a starter pit, possible extension of
deposit boundaries, timing and completion of the drill program and
potential for its expansion and arrival of drilling equipment to
the project site. 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 Corp. 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
governmental expropriation, royalty or taxes, risks related to the
uncertainty of timing of events including the timing scheduled for
completion of the drill program, 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 commodities, as
well as those factors discussed in the sections relating to risk
factors of our business filed in Lumina Copper Corp.'s required
securities filings on SEDAR. Although Lumina Copper Corp. 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 Corp. does not undertake to update any
forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Lumina Copper Corp. David Strang President & CEO +
604 646 1880 + 604 687 7041
(FAX)dstrang@luminacopper.comwww.luminacopper.com
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