Luca Mining Corp V.LUCA

RE:RE:on a lighter note

[okgonow]

diggin78 wrote: That's probably 77 more than we have! 

Mineral Reserve Estimate

Classification	Tonnes (x1000)	Gold	Oz Au (x1000)	Silver	Oz Ag (x1000)	Copper	Lbs Cu (x1000)	Lead	Lbs Pb (x1000)	Zinc	Lbs Zn (x1000)
Proven Reserves	2,538	2.89 g/t	219	51.93 g/t	3937	0.27 %	14,246	1.18 %	61,429	2.07 %	107,515
Probable Reserves	1,227	1.90 g/t	75	46.48	1,834	0.23 %	6,304	0.96%	25,929	1.63%	44,125

Canadian Institute of Mining, Metallurgy and Petroleum standards were followed in the estimation of the Mineral Reserves.  Mineral Reserves were estimated using metal price forecasts of $0.92/lb for lead, $1.14/lb for zinc, $3.60/lb for copper, $1,647.05/oz for gold and $21.64/oz for silver.  Totals may not add due to rounding.  The foregoing mineral reserves are included within the current Mineral Resource Estimate for the Project. 

Measured & Indicated Resources

Classification	Tonnes (x1000)	Gold	Oz Au (x1000)	Silver	Oz Ag (x1000)	Copper	Lbs Cu (x1000)	Lead	Lbs Pb (x1000)	Zinc	Lbs Zn (x1000)
Total M&I	6,260	2.11 g/t	425	46.97 g/t	9,454	0.27 %	36,594	0.90 %	123,872	1.98%	273,364
Measured	3,875	2.42 g/t	302	48.54 g/t	6,047	0.27 %	23,215	1.11 %	94,9667	2.01 %	171,481
Indicated	2,385	1.60 g/t	123	44.43 g/t	3,407	0.25 %	13,379	0.55%	28,905	1.94%	101,883

Inferred Resources

Classification	Tonnes (x1000)	Gold	Oz Au (x1000)	Silver	Oz Ag (x1000)	Copper	Lbs Cu (x1000)	Lead	Lbs Pb (x1000)	Zinc	Lbs Zn (x1000)
Inferred	918	1.02 g/t	30	28.46 g/t	840	0.15 %	3.077	1.16 %	23,571	1.96 %	39,755

Note:  The above mineral resources have been calculated using a cut-off of 1.35 g/t Au Equivalent.  These resource numbers are preliminary in nature.  They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. 

Geology

Regional Geology

The Tahuehueto project lies near the western edge of the Sierra Madre Occidental, a 1,200 km long north-northwest-trending volcanic plateau that is 200 to 300 km in width. This mountainous plateau separates the southward extension of the Basin and Range Province of the southwestern United States into two parts; Sedlock et al. (1993) suggested calling these two areas of extension the eastern and western Mexican Basin and Range provinces. Tahuehueto is near the boundary between the Sierra Madre Occidental and western Mexican Basin and Range Province.

Property Geology

The property contains four main rock types: lower volcanic series andesite, granodiorite stocks, polymictic conglomerate, and felsic ash-flow tuffs of the upper volcanic series. The majority of the project area is underlain by andesite flows, tuffs, and volcaniclastic rocks of the lower volcanic series.

The lower volcanic series remains generally undifferentiated. A volcaniclastic unit distinct from the andesite flows exists in the Texcalama and Cinco de Mayo areas and an andesite lithic lapilli tuff exists in the footwall of the El Creston structural zone. Granodioritic stocks intrude the andesites and are exposed at surface in the footwall of the El Creston structural zone and the El Rey mine area.

The andesites and granodiorite are overlain by a basal polymictic conglomerate unit that is tens of meters thick and marks the unconformity between the lower and upper volcanic series. Amygdaloidal basalt flows occur locally within the conglomerate unit. In some areas, thin units of ignimbrite were deposited before the conglomerate. Late Tertiary or Quaternary landslides obscure outcrop patterns in the El Creston-El Perdido area and are likely to be present in other areas of steep topography within the project area.

A series of northeast-striking veins that formed within a series of normal faults with subordinate left-lateral displacement hosts the Mineral Resources described in Section 14. The principal, through going veins have a general strike of 045° to 060° and dip between 65° and 80° to the southeast. This vein set includes Cinco de Mayo, El Catorce, and El Perdido and extends northeastward to Santiago. Other veins with the same orientation include El Rey, Dolores, Tahuehueto, Texcalama, El Espinal, and Tres de Mayo. Within the core area of the Mineral Resources, the El Creston series of veins, striking about 035° and dipping 60° to 80° east, formed in a strongly dilatant zone between the through-going El Perdido and El Rey structures.

Drilling & Exploration

A substantial amount of drilling has been completed on the Tahuehueto project by Luca in 2004 through 2008, and in 2011, for a total of 252 holes and 48,260.22 m drilled. Of the Luca holes, 215 were cored drill holes, and 37 were reverse circulation (RC) holes, with the cored drill holes representing 85% the total footage. Of the Luca core drilling three quarters is HQ size and one quarter is NQ size. The bulk of the drilling took place during successive campaigns in a four-year period from December 2004 to August 2008. Footage completed during this time comprises 98% of the footage drilled by Luca. No drilling has taken place on the property since Luca completed four holes in 2011.

The only drilling known to have taken place prior to Luca’s involvement was conducted by Mexican Government organization Consejo de Recursos Minerales, (now known as SGM) in the early 1980s. SGM drilled 2,451.27 m in 28 surface and underground drill holes. Luca has not been able to obtain drill logs, collar locations or results from this drilling.

Summary of Drilling by Year, Operator and Type