Luca Mining Corp. (Ticker: LUCA.v or LUCMF for US investors), a Canadian miner operating in Mexico's prolific Sierra Madre belt, has announced significant progress at its Campo Morado mine in Guerrero State. With two producing mines, Luca focuses on gold, silver, copper, zinc, and lead production, balancing operational growth with financial discipline.
Campo Morado: Stage 3 of the Improvement Project
Following the success of the initial two stages of the Campo Morado Improvement Project (CMIP), Luca has started Stage 3, marking the next phase of operational optimization. Partnering with Ausenco Mxico, the CMIP aims to enhance metallurgical performance, mill throughput, and overall cash flow.
Achievements to Date:
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Copper recovery improvement: Recovery rates increased by 53% year-over-year, reaching 68.5% in 2024 compared to 44.7% in 2023.
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Revenue growth: A 10% rise in revenue per milled tonne has been realized year-to-date, assuming stable metal prices.
Stage 3 Focus:
Modifications to the processing plant will enable the production of three high-quality concentrates (copper, zinc, and lead). Upgrades include:
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Modernized sampling and reagent dosing systems.
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Advanced air flow controls in flotation cells.
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New pH/ORP probes and a surge tank for bulk rougher concentrate.
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Two-stage regrinding for greater mineral liberation.
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Luca anticipates testing the copper-lead separation process by year-end, with full project completion expected by Q2 2025.
Tahuehueto Gold Mine: Exploration Campaign Underway
Luca has also commenced a 5,000m exploration drilling program at the Tahuehueto gold and silver mine in Durango State. This marks the first major exploration effort at the site in over a decade, with aims to extend resources along the modeled veins and identify additional mineralized zones. Recent underground mining has revealed high-grade mineralization, including averages of 3.3 g/t Au over 20m, with peaks up to 65.04 g/t Au.
With over 11km of prospective vein structures identified, the campaign promises significant resource expansion potential.
Strengthened Financial Position
Luca recently resumed principal repayments on its loans with Trafigura, highlighting improved cash flows from operations. The company targets debt elimination by 2026, bolstering its financial flexibility for future growth.
CEO Dan Barnholden emphasized Luca’s commitment to optimizing its operations and delivering shareholder value. The ongoing improvements at Campo Morado and exploration at Tahuehueto underscore the company's growth-oriented strategy in Mexico’s rich mining landscape.
Full press releases here: https://lucamining.com/news
Posted on behalf of Luca Mining Corp.