LUCA.v Announces Major Exploration Program for Both Projects Yesterday, Luca Mining Corp. (Ticker: LUCA.v or LUCMF for US investors) has announced an ambitious exploration drilling campaign aimed at expanding its resource base at the Campo Morado and Tahuehueto projects in Mexico.
This significant initiative will involve drilling approximately 10,000 meters across both sites during the third and fourth quarters of 2024, focusing on high-potential targets near current mining areas.
Campo Morado: A Promising VMS Polymetallic System
Campo Morado, located in Guerrero State within Mexico's prolific Sierra Madre mineral belt, is a large volcanogenic massive sulfide (VMS) system known for its substantial resources of copper, zinc, gold, and silver.
This site, which includes an operational mine, has seen over $500 million invested in its development, including infrastructure capable of processing more than 2,000 tonnes of ore per day. The mine is currently generating positive cash flow, and this new exploration campaign marks the first since 2013.
The planned exploration at Campo Morado is particularly noteworthy given the property's extensive historical drilling data, which exceeds 580,800 meters. This data, combined with modern geophysical and geochemical analysis, will guide the exploration team's efforts to test over 30 identified targets. Notably, the top four targets are located within the fully permitted mining zone, highlighting the project's significant untapped potential.
Tahuehueto: A New Gold Mine with Vast Potential
In Durango State, the Tahuehueto project, another of Luca Mining’s key assets, is on the verge of achieving commercial production. This new gold and silver mine is part of a large epithermal vein system with associated breccias rich in lead, zinc, and copper. With a designed mill capacity of 1,000 tonnes per day, Tahuehueto is expected to ramp up to an average production rate of 800 tonnes per day shortly.
Exploration at Tahuehueto will focus on expanding the known mineralization along strike and at depth, with less than 10% of the 7,492-hectare concession area explored to date. The company will also seek to characterize mineralized brecciated zones within the epithermal vein systems, potentially unlocking significant new resources. Given the geological similarities to the Tayoltita mine in the San Dimas district, which has produced over 11 million ounces of gold, the exploration potential at Tahuehueto is substantial.
Strategic Vision for Growth
Luca Mining's leadership is confident that this exploration program will be transformative for the company. CEO Dan Barnholden emphasized the "game-changing" potential of the exploration, stating that success at either Campo Morado or Tahuehueto could elevate the company to a new level. With a target of producing no less than 200,000 ounces of gold equivalent annually, Luca Mining is positioning itself for significant growth.
VP Technical, Christopher Richings, highlighted that this is the first time in over a decade that the company has undertaken such a comprehensive exploration program. The strategic use of advanced geological insights and a wealth of technical data is expected to add value to Luca Mining’s metal production profile, laying the groundwork for exceptional growth.
Luca Mining's commitment to maximizing shareholder returns is evident in this robust exploration effort, reflecting the company’s broader strategy of resource expansion and operational optimization at its two key sites in Mexico.
Full news here: https://lucamining.com/press-release/?qmodStoryID=8460980391758573
Posted on behalf of Luca Mining Corp.