Latest news with #LucaMiningCorp
Cision Canada
12-05-2025
- Business
- Cision Canada
LUCA DRILLS 3.8m of 12.54 g/t AuEq AS PART OF ONGOING UNDERGROUND DRILL PROGRAM AT CAMPO MORADO
VANCOUVER, BC, May 12, 2025 /CNW/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce drill results from the next seven (7) underground diamond drill holes of an ongoing 5,000 metre ("m") Phase One exploration drill program at the Campo Morado Polymetallic VMS mine in Guerrero State, Mexico. Drillhole CMUG-25-012 drilled 3.8m of 12.54 g/t AuEq ** (3.8m of 5.4 g/t Au, 288 g/t Ag, 0.8% Cu, 2.2% Pb and 6.4% Zn) within a wider 15.8m of 4.87 g/t AuEq (2.2 g/t Au, 109 g/t Ag, 0.3% Cu. 0.8% Pb and 2.4% Zn) representing the discovery of a new ore zone within the G9 Deposit. 16 underground drillholes completed to date as part of a 5,000m Phase 1 program targeting near-mine resource expansion. Untapped high-grade mineral potential close to existing mine workings continues to be identified in underdrilled zones – results to inform updated mineral resource and mine plans. Surface drilling underway to test property-wide targets including Reforma and El Rey – first exploration at these deposits since 2010. Campo Morado hosts a large cluster of polymetallic massive sulphide deposits containing gold, silver, zinc, copper, and lead mineralization within a highly prospective land package totaling over 121 square kilometres within the Sierra Madre del Sur mineral belt. This year's underground exploration campaign is the first substantive exploration the mine has seen since 2014. The objective of this initial stage of underground exploration drilling is to test under-drilled areas close to active mine workings that offer high potential for quickly adding new mineable resources that will impact mine planning. Three drillholes (CMUG-25-08 through CMUG-25-10 inclusive) targeted a previously undrilled zone located approximately 40m above active mine workings at the G9 Deposit. Drillhole CMUG-25-012 intersected strongly developed massive sulphide mineralization mineraliszed that returned 3.8 m of 12.54 g/t AuEq (5.44 g/t gold, 287.8 g/t sliver, 0.78% copper, 2.19% lead and 6.44% zinc). Approximately 25m above CMUG-25-012's intersection drillholes CMUG-25-09 and CMUG-25-010 intersected a copper-rich mineralized zone that returned 4.1m of 3.52 g/t AuEq (0.57 g/t gold, 61.5 g/t sliver, 1.63% copper, 0.26% lead and 1.17% zinc) and 2.6 m of 4.03 g/t AuEq (0.30 g/t gold, 100.73 g/t sliver, 2.25% copper, 0.10% lead and 0.23% zinc), respectively (See Table 1). These results highlight the existence of previously unknown high-grade mineralization yet to be captured in the Campo Morado mine plan – continued drilling efforts will target additional, near-mine areas. Figures 1 to 8 present the locations of the drillholes, and Table 2 provides drill collar details. Similarly, drillhole CMUG-25-013 intersected massive sulphide mineralization of 2.5m of 4.01 g/t AuEq (0.35 g/t Au, 64.82 g/t Ag, 2.12% Cu, 0.26% Pb and 1.60% Zn) in the Southwest Zone, with the mineralized intersection located immediately below mine workings. Paul D. Gray, Luca VP Exploration, commented: " Drilling new high-grade massive sulphides straight away is a great start to our exploration program and demonstrates that previous exploration left very significant ore to be discovered, and some very close to our active mine workings. "The 2025 drilling program at Campo Morado continues to define additional mineral potential beyond the extent of currently known mineral resources. These results have not only corroborated our interpretations that the known mineralized trends are more extensive and continuous than previously thought but have quickly defined new areas of high-grade massive sulphide mineralization that may quickly develop into brand new ore zones. Additionally, the surface drilling program now underway at Campo Morado will concentrate initially on the Reforma and El Rey VMS deposits, both of which remain unmined and which the Company believes can be expanded by the drill bit." Table 1: Highlighted Diamond Drill Results *True widths are estimated to be >90% of drilled intervals. ** AuEq equation is: AuEq = Au + (Ag*0.0124) + (Cu%*1.0572) + (Pb%*0.2203) + (Zn%*0.3469), at $2,488.14 US$/oz Au, 30.79 US$/oz Ag, 3.84 US$/lb Cu, 0.80 US$/lb Pb and 1.26 US$/lb Zn, respectively. Five drillholes (CMUG-25-08 through CMUG-25-012 inclusive) targeted an under-drilled area within the C127 Zone of the G9 Deposit – an area of active mine development; CMUG-25-08 was drilled roughly north and CMUG-25-010 through CMUG-25-012 inclusive were drilled generally north-northeast from a single drill station within the C127 Zone of the G9 Deposit; Drillhole CMUG-25-13 was a vertical hole in the Southwest Zone designed to test mineralization continuity below current mining levels. The mineralization identified in these drillholes can be quickly integrated into the near-term and medium-term Campo Morado mine plan. To date, 16 underground diamond drillholes have been completed for over 2,700 m with "HQ" sized diamond drill core. This is part of the current exploration campaign whose primary objective is to define mineable resources in close proximity to existing mine workings, as well as within zones interpreted to host extensions of the mineralization, based on the extensive historic drilling database this property offers. It is anticipated that these drillholes will inform a planned, updated Mineral Resource at Campo Morado and will contribute to add new ore into the near-term and medium-term Campo Morado Mine Plan. Table 2: Underground Drill Collar Details for Released Results About 2025 Campo Morado Surface Exploration Program Luca's inaugural surface exploration drill program is now underway and will be run in parallel with the on-going underground exploration program at Campo Morado. A Phase 1 2,500m diamond drilling program is planned, focused on definition and expansion of the Reforma and El Rey Deposits that are located approximately one kilometer north and east of the main Campo Morado Mine. These deposits host Mineral Resources (See Company News Release of April 8, 2025) which have not been assessed in any way in over 14 years. Thirty-eight (38) priority targets have been identified, based on assessment of the substantive historic exploration database, and ranked by coincident geological, geochemical and geophysical anomalies. Several of these targets, including Reforma and El Rey, have seen historic exploration including diamond drilling, however the majority of these identified targets are completely undrilled. Considering the fertile and prolific geology of the large Campo Morado concessions, each of these targets has the potential for significant new massive sulphide discoveries. Luca intends to prioritize and systematically explore the larger Campo Morado concession package in the coming months. Of particular interest with respect to Reforma and El Rey is the elevated gold-silver content of the massive sulphide mineralization that is clearly notable from historic drill results. Gold and silver prices are now significantly higher than when Reforma and El Rey were first explored and Luca believes the potential precious metal endowment of these, and other new zones of massive sulphides can add significant value to this asset, in particular a potential value-add to the future profit margin of the mine. The 2025 Campo Morado Underground Exploration Program The current Campo Morado drill campaign represents the first meaningful exploration program carried out on the property since 2014 and is designed to target the addition of new mineral resources that will impact the near- and medium-term mine plan at Campo Morado. The Company plans up to 5,000 metres of underground diamond drilling in approximately 25 holes during this first phase of exploration activities. This program's primary objective is to definenew mineable resources from under-drilled zones near to existing underground production areas, as well as to identify new massive sulphide mineralization within previously untested areas that offer high potential for the development of new mineral resources. Previous exploration at Campo Morado contributed? contributed to produce an extensive exploration database including high-quality, proprietary geological data, including over 600,000 metres of underground and surface drilling, property-wide geologic/structural mapping, approximately 30,000 geochemical soil samples, and a variety of airborne and ground-based geophysical surveys (including gravity, magnetics, electromagnetics and induced polarization). Drill-testing several of these geophysical anomalies, and particularly the gravity anomalies, resulted directly in the discovery of massive sulphide deposits across the property and will continue to guide our exploration targeting. Moreover, this large geophysical data set is currently being compiled, cleaned and reinterpreted by Luca to prioritize the 38 exploration targets identified to date across the property. Analytical Method and Quality Assurance/Quality Control Measures All drill core splits reported in this news release were analysed by Bureau Veritas of Durango, Mexico, utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire Assay with AAS finish for gold on all samples. Au over-limits from FA-430 are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300 analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split by core saw on-site at Luca's core processing facilities at the Campo Morado Mine. Once split, half samples were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Campo Morado Mine site and transported to Bureau Veritas' Durango Laboratory, where samples are prepared to a 250-gram pulp and analyzed for Gold by Fire assay with pulps shipped to Bureau Veritas's Analytical laboratory in Vancouver, B.C., for final ICP chemical analysis. A robust system of standards, 1/4 core duplicates and blanks was implemented in the 2025 exploration drilling program and is monitored as chemical assay data become. Qualified Person The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, Vice-President Exploration at Luca Mining. Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101. About Luca Mining Corp. Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow. Both mines have considerable development and resource upside as well as world-class exploration potential. The Company's Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres. It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State. The Tahuehueto Mine is a large property of over 75 square kilometres in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The Company has successfully commissioned its mill and is now in commercial production. On Behalf of the Board of Directors (signed) "Dan Barnholden" Dan Barnholden, Chief Executive Officer Cautionary Note Regarding Forward-Looking Statements Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company's properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans","expects","scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Neither 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 release.
Cision Canada
05-05-2025
- Business
- Cision Canada
LUCA DISCOVERS MULTIPLE NEW HIGH-GRADE ORE SHOOTS AT TAHUEHUETO MINE, DURANGO, MEXICO
VANCOUVER, BC, May 5, 2025 /CNW/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce analytical results from the next nine (9) underground diamond drill holes of an ongoing 5,000 metre ("m") exploration drill program at the Tahuehueto gold-silver mine in Durango State, Mexico. New high-grade breccia ore shoot discovered within the El Creston vein system located approximately 60m below the active mine workings of Level 23; discovery drill hole returned 9.4m of 5.21 g/t AuEq** within a larger 13.9m zone of 3.90 g/t AuEq An additional new high-grade breccia ore shoot discovered at an untested area of the Creston FW Vein north of current underground workings, with three (3) new drill holes returning results including: 4.8m of 5.62 g/t AuEq, 6.9m of 4.10 g/t AuEq and 5.1m of 5.62 g/t AuEq, including 2.4m of 9.37 g/t AuEq 20 underground drillholes completed to date as part of a 5,000m Phase 1 program targeting near-mine resource expansion Additional mineral potential identified in underexplored zones – results to inform updated mineral resource and near and medium term Tahuehueto mine plans Surface drilling is set to begin shortly at the Santiago deposit – one of 18 identified mineralized veins on the Tahuehueto Property – first exploration this target has seen since 2008 Drillhole DDH24-216 targeted a previously untested zone, approximately 60m below the active mine workings of Level 23, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 9.4m of 0.48 g/t Au, 166.63 g/t Ag, 1.46% Cu, 2.00% Pb, and 0.71% Zn (5.21 g/t Au Eq) within a larger 13.9m zone of 0.43 g/t Au, 121.09 g/t Ag, 1.10% Cu, 1.40% Pb, and 0.51% Zn (3.90 g/t AuE Eq) from 124.6m. Drillhole DDH25-221 targeted the strike extension of the Creston FW Vein north of previously drilling, in an area approximately 65 horizontal metres from active mine workings of Level 12, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 6.9m of 1.90 g/t Au, 68.40 g/t Ag, 0.19% Cu, 1.40% Pb, and 2.16% Zn (4.10 g/t AuEq) from 119.9m. Drillhole DDH25-222 was drilled into an undertested area of the Creston FW Vein north of current underground workings, in an area approximately 80 horizontal metres from active mine workings of Level 12, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 4.8m of 3.15 g/t Au, 121.51 g/t Ag, 0.58% Cu, 0.27% Pb and 0.41% Zn (5.62 g/t AuEq) from 117.7m. Drillhole DDH25-224 was, similar to DDH25-222, drilled into an undertested area of the Creston FW Vein north of current underground workings, in an area approximately 120 horizontal metres from active mine workings of Level 12, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 5.1m of 0.76 g/t Au, 88.19 g/t Ag, 0.42% Cu, 3.36% Pb and 6.85% Zn (5.62 g/t AuEq) from 134.4m, including 2.4m of 1.23 g/t Au, 111.51 g/t Ag, 0.71% Cu, 6.86% Pb and 11.80% Zn (9.37 g/t AuEq). Figure 1 presents the location of the drillholes and Tables 1 and 2 provide summary analytical results and drill collar details, respectively. Twenty (20) holes have been completed to date for over 4,500m as part of the current Phase 1 exploration drilling campaign, which has a primary resource development objective to determine both vertical and lateral extents of known mineralization within the Creston and Perdido vein systems that are; a) proximal to current mine workings and b) interpreted to host un-tested extensions of the mineralized structures. Through these efforts, it is anticipated that mineable resources will be added into the near-term and medium term Tahuehueto Mine Plan. The majority of holes completed to date in this program have intersected new mineralized parts of the Creston and Perdido vein structures in areas of no previous historic drilling, further validating the continuous nature of these pervasive and mineralized veins. A key result is the discovery of a new, thick, high-grade breccia zone ore shoot in close proximity to the existing mine workings which demonstrates the high potential for additional new high-impact discoveries and the immediate and meaningful return on investment of this exploration drilling. Paul D. Gray, Luca VP Exploration, commented, " The discovery of multiple new high-grade ore shoots so quickly into this new exploration program confirms the robust nature of the Tahuehueto epithermal vein system and the potential to add immediate value to this asset. The fact that the current drilling program has consistently intersected well-mineralized veins in previously untested areas also confirms the Company's exploration approach and moreover speaks to the larger potential of the Tahuehueto mineralized system. In particular, the high-grade breccia zones intersected within holes DDH24-216 and DDH25-221 that represent new ore shoots, highlight the unrealized economic potential of the Creston Vein, and we look forward to additional results from the drillholes currently under analysis." With the success of the Phase 1 exploration campaign, a Phase 2 underground drilling program consisting of an additional 5,000m of drilling has been approved and has commenced. Phase 2 will target the extension of the Creston Vein System to the north and will be bolstered by surface drilling in and around the underexplored Santiago Deposit, located ~950m from the eastern extent of the existing Tahuehueto mine development. The Santiago Deposit (See Company News Release of April 26, 2022) offers significant expansion potential as historic drilling left it open along strike and to depth. Recent surface mapping at Santiago has identified the potential for thick, higher-grade breccia-type ore shoots within areas of the deposit with low drill density and along strike. Table 1: Highlighted Diamond Drill Assay Results from DDH24-216 through DDH2 5-224 *True widths are estimated to be 85% of drilled intervals. ** AuEq equation is: AuEq = Au + (Ag*0.0128) + (Cu%*1.2799) + (Pb%*0.2737) + (Zn%*0.3359), at $2,250 US$/oz Au, 28 US$/oz Ag, 9,260 US$/Tonne Cu, 1,980 US$/Tonne Pb and 2,430 US$/Tonne Zn, respectively. Table 2: Drill Collar Locations and Details for Released Results Hole ID WGS84 Z14 Easting WGS84 Z14 Northing Elevation (m) Azimuth Dip (°) Total Depth (m) DDH24-216 337564 2812620 1,262 320 -35 177.3 DDH24-217 337564 2812620 1,262 320 -55 190.7 DDH25-218 337565 2812622 1,262 355 -25 244.1 DDH25-219 337565 2812622 1,262 355 -38 208.2 DDH25-220 337565 2812622 1,262 355 -60 228.0 DDH25-221 337804 2813099 1,513 298 5 243.5 DDH25-222 337804 2813099 1,513 323 -20 225.0 DDH25-223 337804 2813099 1,513 323 -50 222.0 DDH25-224 337804 2813099 1,513 323 18 246.5 About 2025 Tahuehueto Exploration Program The Tahuehueto property comprises a large, epithermal gold-silver vein system comprising 11 kilometres of strike length of known veins and mineralized and structures. These campaigns represent the first substantive exploration drilling on the Property in over 12 years. Mineralization remains open along strike and at depth for most of the modeled Mineral Resource areas. The objective of the current campaigns will be a combination of in-fill and step-out drilling to demonstrate the vertical and lateral extent of mineralization as well as to target thick, high-grade mineralized breccia-type ore shoots known to exist within the epithermal vein system. Recent mining in Level 23 encountered higher grade mineralization averaging 3.30 g/t Au over vein widths up to 20 metres (with values up to 65.04 g/t Au) in ore shoots branching off the main Creston vein (See news release dated May 29, 2024). In addition to the four veins that comprise the mineral resource, there are at least 14 additional prospective veins documented within the concession area that have potential to host additional epithermal Au-Ag(-Cu-Zn-Pb) mineralization. In some cases, these prospective targets may represent extensions of the currently defined Mineral Resource. The Company estimates that there are more than 11 km of prospective vein structures (measured along strike), compared to the 4.5 km of mineralized veins that support the current Mineral Resource model. Figure 2 below shows the relative location of prospective veins (yellow) and veins modeled for resources and reserves (red) within the Company's concession area. INTERACTIVE VRIFY 3D MODEL To explore an interactive 3D model featuring the results announced today, click the following link or visit the LUCA Mining website: About Luca Mining Corp. Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside. The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows. The Tahuehueto Mine is a large property of over 75 square kilometres in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The Company has successfully commissioned its mill and is now in commercial production. Analytical Method and Quality Assurance/Quality Control Measures All drill core splits reported in this news release were analysed by Bureau Veritas of Durango, Mexico, utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire Assay with AAS finish for gold on all samples. Au over-limits from FA-430 are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300 analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split by core saw on-site at Luca's core processing facilities at the Tahuehueto Mine. Once split, half samples were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Tahuehueto Mine site and transported to Bureau Veritas' Durango Laboratory, where samples are prepared to a 250 gram pulp and analyzed for Gold by Fire assay with pulps shipped to Bureau Veritas's Analytical laboratory in Vancouver, B.C., for final ICP chemical analysis. A robust system of standards, 1/4 core duplicates and blanks was implemented in the 2024-2025 exploration drilling program and is monitored as chemical assay data become. Qualified Person The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, Vice President Exploration at Luca Mining. Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101. On Behalf of the Board of Directors (signed) "Dan Barnholden" Dan Barnholden, Chief Executive Officer For more information, please visit: Cautionary Note Regarding Forward-Looking Statements It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018). Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Neither 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 release. SOURCE Luca Mining Corp.
Cision Canada
28-04-2025
- Business
- Cision Canada
LUCA'S CASH BALANCE SURGES TO US$21 MILLION THROUGH WARRANT EXERCISE AND CASH FLOW
VANCOUVER, BC, April 28, 2025 /CNW/ - Luca Mining Corp. (" Luca" or the " Company") (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) is pleased to announce that Luca investors, including certain insiders, have exercised an aggregate of 38.8 million share purchase warrants worth USD$14.0 million (CAD$19.8 million). The Company has substantially reduced its debt by USD $8.4 million since January 1, 2025, resulting in a current debt balance of USD $8.5 million. Luca's total cash and cash equivalents balance (including silver bullion on hand) is currently US$20.6 million and growing, as strong cash flow from operations continues and further warrant exercises are expected. Outstanding warrants have been reduced to the following with the total outstanding common shares of the Company at 253.7 million: Dan Barnholden, CEO, commented, " With the expiry and exercise of most of the warrants associated with the recapitalization of the Company in 2023, Luca finds itself in a very strong financial position with a modest number of dilutable securities remaining. While we have a stated goal of eliminating debt as quickly as possible, we will also continue to fund high impact capital improvements at both of our mines, aggressively explore our broader property packages, pursue strategic M&A activity and consider the potential to return capital to shareholders. The improvement in our financial position over the course of the past year is nothing short of incredible and we appreciate the ongoing support of our shareholders as well as the excellent work conducted by our employees and various contractors." The number of outstanding warrants has been reduced materially, resulting in the Company being well-funded, with a strong balance sheet. In addition, Luca expects to generate free cash flow in the range of USD$30 million to USD$40 million in 2025, resulting in one of the best cash flow yields amongst its peers. Luca is in a unique position to benefit from the continuing strong commodity demand cycle with its diversified metal production profile. Along with its strong and growing cash balance, debt elimination in 2026, and expanding production levels, the Company is set for a year of exceptional performance. Inclusion in Solactive Index Fund Additionally, Luca notes that the Company has met the inclusion criteria and has been added to the Solactive Global Copper Miners Total Return Index, with an inclusion date of May 1, 2025. This index is tracked by the Global X Copper Miners ETF (COPX). Further information is available on the respective websites for Solactive and Global X. About Luca Mining Corp. Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow. Both mines have considerable development and resource upside as well as tremendous exploration potential. The Company's Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 sq km. It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State. The Tahuehueto Mine is a large property of over 75 sq km in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The Company has successfully commissioned its mill and is now in commercial production. For more information, please visit: On Behalf of the Board of Directors (signed) "Dan Barnholden" Dan Barnholden, Chief Executive Officer Cautionary Note Regarding Forward-Looking Statements Certain statements included in this MD&A may contain forward-looking statements that relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements concerning: the future cash flows, profitability, financial and operating performance of the Company; estimated future metals prices, cut-off grades, operating costs, capital costs, commodity prices, rates of inflation, metallurgical recoveries, amenability of ore to mining and treatment, environmental considerations and labor availability; the estimation of reserves and resources; expected benefits and outcomes of mine optimization activities; the realization of reserve estimates; timing of technical reports, scoping studies, and preliminary economic assessments; expected content of scoping studies and preliminary economic assessments; anticipated working-capital requirements; capital expenditures; costs and timing of future exploration; requirements for additional capital; government regulation of resource operations; environmental risks; title disputes or claims; limitation of insurance coverage; and the maintenance of permits, licenses and surface rights necessary for the Company's operations. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "proposes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, but are not limited to: general business and economic uncertainties; exploration and resource extraction risks; uncertainties relating to permits, licenses and surface rights; the actual results of current exploration, development and mining activities; fluctuations in future metals prices; inherent risks of operating in a foreign jurisdiction; climate-change related risks; changes in capital and operating costs for the Company's properties; foreign exchange risks; changes in mine plan and design and the mining methods employed on the Company's properties; labor risks; lack of access to infrastructure, power and water; changes in labor laws; counterparty risk; volatility in the price of the Company's common shares; security risks; tailings pond risks; the outcome of negotiations; conclusions of economic evaluations and studies; future prices of natural resource based commodities; increased competition in the natural resource industry for properties, equipment and qualified personnel; risks associated with environmental compliance and permitting, including those created by changes in environmental legislation and regulation; natural disasters; the risk of arbitrary changes in law; title risks; and the risk of loss of key personnel. The forward-looking statements contained herein are based on a number of assumptions that the Company believes are reasonable but may prove to be incorrect. These assumptions include, but are not limited to, assumptions about: no material deterioration in general business and economic conditions; favorable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of gold, silver, copper, zinc, lead and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of Tahuehueto and Campo Morado being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favorable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks (including COVID-19); political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favorable terms; obtaining required renewals for existing approvals, licenses and permits on favorable terms; requirements under applicable laws; sustained labor stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of any debt obligations of the Company. The foregoing lists of factors and assumptions are not exhaustive. The reader should also consider carefully the matters discussed under the heading "Risks Factors and Uncertainties" elsewhere in this MD&A. Forward-looking statements contained herein are made as of the date hereof (or as of the date of a document incorporated herein by reference, as applicable). No obligation is undertaken to update publicly or otherwise revise any forward-looking statements or the foregoing lists of factors and assumptions, whether as a result of new information, future events or results or otherwise, except as required by law. Because forward-looking statements are inherently uncertain, readers should not place undue reliance on them. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Neither 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 release.
Cision Canada
24-04-2025
- Business
- Cision Canada
LUCA APPOINTS RAMON MENDOZA INTERIM COO
VANCOUVER, BC, April 24, 2025 /CNW/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) reports that Mr. Armando Alexandri has stepped down from his role as Chief Operating Officer of the Company to pursue a new opportunity. He will remain a key technical consultant to the Company. Mr. Ramon Mendoza, Luca's Chief Technical Officer, has assumed the position of Interim COO effective, April 24, 2025. Mr. Mendoza has over 35 years of senior experience in the mining industry with expertise in mine development, mine process improvements, and a highly successful track record of managing both underground and open-pit operations. He specializes in advanced optimization techniques, integrating mine designs, planning, cost modeling tools, and geo-sciences into the mine and processing plans. Commenting on Mr. Alexandri's resignation, Dan Barnholden, CEO, said, "We are greatly appreciative of the work that Armando did as COO of Luca, guiding the company through an incredible operational turnaround. Over the past year, Luca has built operational depth in all roles and we have great confidence in the technical team, led by Ramon Mendoza. We wish Armando great success as he pursues new opportunities and we look forward to his continued support in his ongoing consulting role." About Luca Mining Corp. Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico . These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow. Both mines have considerable development and resource upside as well as world-class exploration potential. The Company's Campo Morado Mine, located in Guerrero State, hosts VMS-style, polymetallic mineralization within a large land package comprising 121 sq km. It is an underground operation, producing zinc, copper, gold, silver and lead. The Tahuehueto Mine is a large property of over 75 sq km, located in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver contained in zinc and lead concentrates. The Company has successfully commissioned its mill and is now in commercial production. For more information, please visit: On Behalf of the Board of Directors (signed) "Dan Barnholden" Dan Barnholden, CEO Neither 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 release. SOURCE Luca Mining Corp.
Malaysian Reserve
24-04-2025
- Business
- Malaysian Reserve
LUCA 2024 YEAR-END RESULTS HIGHLIGHT TRANSFORMATIVE GROWTH AND ACHIEVEMENT
VANCOUVER, BC, April 23, 2025 /PRNewswire/ – Luca Mining Corp. ('Luca' or the 'Company') (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to report results for the fourth quarter and year ended December 31, 2024. The Company achieved record annual production of 57,487 ounces gold equivalent ('oz AuEq') leading to record-high mine operating cash flow before taxes of USD $22.3 million with net free cash flow before working capital at USD $6.6 million and an adjusted EBITDA of USD $14.1 million. These excellent results showcase the effectiveness of the Company's programs for construction, optimization and ramp up in the operations as well as improving mine planning and operating strategy. Carrying on the positive momentum, 2025 production is expected to range from 80,000 to 100,000 ounces gold equivalent, a year on year increase of over 38 to 73%. Net revenue for the year ended December 31, 2024, increased by 59% to USD $80.6 million, compared to 2023. Mine operating earnings rose significantly to USD $17.2 million, representing a 1,477% increase year-over-year. As anticipated, cash costs and all-in sustaining costs ('AISC') increased by 20% and 15%, to USD $1,503 and USD $1,827 per gold equivalent ounce produced, respectively, reflecting the transition to contract mining at Campo Morada and the Company's strategic investments in mine and mill infrastructure. Despite the Company's significantly improved operational performance, net earnings were materially impacted by a non-cash accounting adjustment related to the Tahuehueto silver stream (the 'Stream'). During 2024, the Company amended the terms of the Stream (refer to the August 15, 2024 press release). As part of the amendment, a portion of the Stream was settled in cash, shares, and refined silver not produced at the Tahuehueto mine. This change resulted in the Stream being reclassified as a derivative instrument and measured at fair value. The difference between the fair value of the Stream and its previous carrying value as deferred revenue resulted in a cumulative initial non-cash expense of USD $14.4 million which was recorded in the statement of loss and comprehensive loss. As a result, the Company recorded a net loss of USD $10.4 million for the year. The fair value of the Stream will be re-assessed at each quarter in the future and the resulting gain or loss will be recognized in the statement of loss and comprehensive loss. Financial and operating results for the three and twelve months ended December 31, 2024 are summarized below. All amounts are in U.S. dollars unless otherwise indicated. 1. Gold equivalents ('AuEq') are calculated using an 84.96:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0016:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q4 2024; an 85.07:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q4 2023, an 82.59:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for YTD 2024; and an 84.37:1 (Ag/Au), 0.0007:1 (Au/Zn), 0.0020:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for YTD 2023, respectively. 2. Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs. See Reconciliation to IFRS on page 37 the Company's MD&A. 3. AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation, and sustaining capital on page 37 in the Company's MD&A.. 4. See Reconciliation of earnings before interest, taxes, depreciation, and amortization on page 36 in the Company's MD&A. 5. See 'Non-IFRS Financial Measures' on page 33 in the Company's MD&A. 6. Based on provisional sales before final price adjustments, treatment, and refining charges. 7. Mine operating cash flow before taxes is calculated by adding back royalties, changes in inventory and depreciation and depletion to mine operating loss. See Reconciliation to IFRS on page 34 in the Company's MD&A. 8. All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 37 in the Company's MD&A. 9. Production costs include mining, processing, and direct overhead cost at the operation sites. See reconciliation on page 37 in the Company's MD&A. 10. Net free cash flow before working is operating cash flow before working capital changes, less capital expenditures. See page 34 in the Company's MD&A. Dan Barnholden, CEO, commented, 'It has been an extraordinary year for Luca. We have transformed our operations, transformed our finances, and have embarked on exciting, high impact exploration at both of our mines. Optimization programs at both mines are ongoing, and our increasing focus on precious metals grades and recoveries at Campo Morado will be an increasing focus of our efforts going forward. Over the course of 2025, we expect production levels to reach 80,000 to 100,000 ounces gold equivalent and free cash flow to be between $30 million and $40 million. These extraordinary outcomes set the stage for further organic growth initiatives and, increasingly, to turn our attention to accretive M&A opportunities, as we set our sights on becoming a leading mid-tier producer.' Proactive and Successful Health and Safety Record The Company is proud of its outstanding health and safety record, having recently celebrated a major milestone of one million hours without a Lost Time Incident at Campo Morado. This achievement underscores the Company's unwavering commitment to safety and operational excellence and is a testament to the dedication, professionalism and teamwork of our operations team. Their commitment to high safety standards, clear communication and collaboration made this possible. Maintaining a safe and efficient work environment is a key pillar of the Company's sustainability and operational strategy. Luca continually invests in comprehensive safety training, rigorous protocols and advanced monitoring systems to protect the health and well-being of the Company's workforce at both the Campo Morado and Tahuehueto mines. As a conscientious mining entity, Luca recognizes the paramount importance of the Health and Safety of our employees and the significance of Environmental, Social, and Governance considerations in all aspects of its operations. Our four key pillars of responsible and sustainable mining operations centre around Health and Safety, Environmental Stewardship, People, Community and Culture and Governance & Ethics. Record Production Mill throughput significantly increased over the course of the fourth quarter as both Campo Morado and Tahuehueto ramped up to targeted levels. Campo Morado achieved its objective of 2,000 tonnes per day late in the year with Tahuehueto following closely behind, reaching its objective of an average of 820 tonnes per day in the first quarter of 2025. Commercial production at Tahuehueto was declared on March 31, 2025. In total, the Company produced 57,487 gold equivalent ounces in 2024 with 30% or 17,404 of our gold equivalent ounces produced in the fourth quarter. Consolidated gold equivalent metal production breakdown for the year was 34% gold, 16% silver, 22% copper, 24% zinc and 4% lead. For the twelve months ended December 31, 2024, Campo Morado accounted for approximately 68% of total gold equivalent production, while Tahuehueto contributed 32% of gold equivalent ounces produced. Individual metal production for the year was: Gold (oz): 19,299 (an increase of 63% over 2023) Silver (oz): 782,867 (an increase of 14% over 2023) Zinc (lbs): 26,334,814 (a decrease of 22% over 2023) Copper (lbs): 7,346,459 (an increase of 27% over 2023) Lead (lbs): 5,815,382 (a decrease of 2% over 2023) As a result of the Company's ongoing optimization program, metal recoveries improved quarter over quarter with the exception of zinc which remained roughly the same throughout the year. Fourth quarter metal recoveries were: Average gold recovery: 56.3% Average silver recovery: 46.2% Average zinc recovery: 79.8% Average copper recovery: 79.5% Average lead recovery: 55.6% Gold (oz): 19,299 (an increase of 63% over 2023) Silver (oz): 782,867 (an increase of 14% over 2023) Zinc (lbs): 26,334,814 (a decrease of 22% over 2023) Copper (lbs): 7,346,459 (an increase of 27% over 2023) Lead (lbs): 5,815,382 (a decrease of 2% over 2023) Average gold recovery: 56.3% Average silver recovery: 46.2% Average zinc recovery: 79.8% Average copper recovery: 79.5% Average lead recovery: 55.6% Successful Exploration A 5,000 metre exploration program was initiated at both Tahuehueto and Campo Morado, the first drill campaigns in over a decade. The primary objective is to delineate additional near mine mineral resources to add to each mine plan. Secondly, the Company will drill further afield to test the district scale potential of its properties, with a particular focus on higher precious metals zones at Campo Morado. At Campo Morado, a new gold, silver, zinc mineralized zone was discovered below the main G-9 ore body. At Tahuehueto, drilling intersected a new high-grade brecciated gold zone within the El Creston vein system. These results are highly encouraging and the Company intends carry on and expand its exploration efforts. Multiple, untested priority targets exist on both projects. Debt Reduction On Track The Company is on track to repay its debt as it comes due between now and mid-2026. To date, Luca's total debt has been cut in half from $18 million down to $9 million, including the buy back and cancelling of a convertible debenture. It may be possible to significantly accelerate the debt repayment using cash generated from operations and warrant exercise. Strong Balance Sheet To facilitate the ongoing work on the Campo Morado Improvement Program, exploration drilling at both Campo Morado and Tahuehueto, and commissioning of the Tahuehueto mill, the Company completed a C$11.3 million private placement in Q3 to bolster its balance sheet. About Luca Mining Corp. Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow. Both mines have considerable development and resource upside as well as world-class exploration potential. The Company's Campo Morado Mine, located in Guerrero State, hosts VMS-style, polymetallic mineralization within a large land package comprising 121 sq km. It is an underground operation, producing zinc, copper, gold, silver and lead. The Tahuehueto Mine is a large property of over 75 sq km, located in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver contained in zinc and lead concentrates. The Company has successfully commissioned its mill and is now in commercial production. For more information, please visit: On Behalf of the Board of Directors (signed) 'Dan Barnholden' Dan Barnholden, CEO Qualified Persons The technical information contained in this News Release has been reviewed and approved by Mr. Paul Gray, Vice-President Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument 43-101. Cautionary Note Regarding Production Decisions and Forward-Looking Statements Statements contained in this news release that are not historical facts are 'forward-looking information' or 'forward-looking statements' (collectively, 'Forward-Looking Information') within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company's properties, such as production rates increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine site. In certain cases, Forward-Looking Information can be identified using words and phrases such as 'plans',' expects', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Neither 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 release. NON-IFRS FINANCIAL MEASURES The Company has disclosed certain non-IFRS financial measures and ratios in this news release, as discussed below. These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by Management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company's performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company's performance prepared in accordance with IFRS. Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ('NI 52- 122') as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.
