Mineral Resource

2019 Mineral Resource Highlights:

Cangrejos Deposit

  • Converted and added 8.9 million ounces contained gold and 1.2 billion pounds contained copper to the indicated mineral resource
    • 469 million tonnes of indicated mineral resource with an average grade of 0.59 g/t gold and 0.12% copper
  • Added 3.5 million ounces contained gold and 466 million pounds contained copper to the inferred mineral resource
    • 255 million tonnes of inferred mineral resource with an average grade of 0.43 g/t gold and 0.08% copper

Gran Bestia Deposit

  • Added 1.5 million ounces of contained gold to the indicated mineral resource and 2.7 million ounces of contained gold to the inferred mineral resource at the Project from the maiden mineral resource estimate
    • 99 million tonnes of indicated mineral resource with an average grade of 0.46 g/t gold and 0.08% copper
    • 221 million tonnes of inferred mineral resource with an average grade of 0.39 g/t gold and 0.07% copper
    • Added 178 million pounds of contained copper to the indicated mineral resource and 322 million pounds of contained copper to the inferred mineral resource at the Project

A NI 43-101 technical report detailing the mineral resource estimate for the Cangrejos Project will be completed and filed on SEDAR (www.sedar.com) and Lumina's website (www.luminagold.com) within 45 days.

Table 1: Comparison Between 2018 PEA Mineral Resource and 2019 Mineral Resource:

Assumption / Value June 2018
PEA
November 2019
Mineral Resource Estimate
Cut-off Grade 0.35 g/t Au Eq 0.30 g/t Au Eq
Gold Price US$1,400/oz US$1,500/oz
Copper Price US$3.25/lb US$3.00/lb
Indicated Tonnes Nil 568 million tonnes
Inferred Tonnes 408 million tonnes 476 million tonnes
Indicated Gold / Copper Grades Nil 0.57 g/t Au / 0.11% Cu
Inferred Gold / Copper Grades 0.65 g/t Au / 0.11% Cu 0.41 g/t Au / 0.08% Cu
Indicated Gold / Copper Contained Metal Nil 10.4 million ounces gold /
1.40 billion pounds copper
Inferred Gold / Copper Contained Metal 8.5 million ounces gold /
1.03 billion pounds copper
6.3 million ounces gold
0.79 billion pounds copper

Table 2: Estimate of Mineral Resource – Cangrejos Deposit (0.30 g/t Au Eq Cut-off)

Category Million Tonnes Average Grade Contained Metals
AuEq
(g/t)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Mo
(ppm)
Au
(Moz)
Cu
(Mlbs)
Ag
(Moz)
Mo
(Mlb)
Indicated Mineral Resource – Cangrejos
Saprolite & Saprock 14.5 0.61 0.57 0.10 2.9 4.2 0.3 30 1.3 0.1
Partially Oxidized 14.8 0.71 0.56 0.10 0.8 15.7 0.3 33 0.4 0.5
Sulphide Rock 439.6 0.77 0.59 0.12 0.7 23.2 8.4 1,163 9.2 22.5
Combined 468.8 0.77 0.59 0.12 0.7 22.4 8.9 1,220 10.9 23.2
Inferred Mineral Resource – Cangrejos
Saprolite & Saprock 7.5 0.43 0.41 0.07 2.0 2.7 0.1 11 0.5 0.0
Partially Oxidized 9.6 0.46 0.36 0.07 0.7 11.9 0.1 15 0.2 0.3
Sulphide Rock 237.7 0.56 0.43 0.08 0.7 15.2 3.3 440 5.0 8.0
Combined 254.8 0.55 0.43 0.08 0.7 14.7 3.5 466 5.7 8.3

Table 3: Estimate of Mineral Resource – Gran Bestia Deposit (0.30 g/t Au Eq Cut-off)

Category Million Tonnes Average Grade Contained Metals
AuEq
(g/t)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Mo
(ppm)
Au
(Moz)
Cu
(Mlbs)
Ag
(Moz)
Mo
(Mlb)
Indicated Mineral Resource – Gran Bestia
Saprolite & Saprock 2.5 0.55 0.52 0.08 2.4 8.6 0.0 4 0.2 0.0
Partially Oxidized 4.7 0.69 0.56 0.08 0.6 17.2 0.1 9 0.1 0.2
Sulphide Rock 92.1 0.57 0.45 0.08 0.5 15.7 1.3 165 1.5 3.2
Combined 99.4 0.58 0.46 0.08 0.6 15.6 1.5 178 1.8 3.4
Inferred Mineral Resource - Gran Bestia
Saprolite & Saprock 4.9 0.45 0.43 0.06 1.6 7.0 0.1 7 0.2 0.1
Partially Oxidized 8.5 0.50 0.40 0.06 0.8 10.9 0.1 12 0.2 0.2
Sulphide Rock 207.8 0.49 0.38 0.07 0.6 12.2 2.6 302 3.9 5.6
Combined 221.2 0.49 0.39 0.07 0.6 12.0 2.7 322 4.3 5.9

Table 4: Cangrejos & Gran Bestia – Sensitivity of Indicated Mineral Resource to Cut-Off Grade

Cut-Off AuEq
(g/t)
Tonnes
(Mt)
Average Grade Contained Metals
AuEq
(g/t)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Mo
(ppm)
Au
(Moz)
Cu
(Mlbs)
Ag
(Moz)
Mo
(Mlb)
0.20 648.2 0.67 0.52 0.10 0.7 20.1 10.8 1,486 14.6 28.7
0.30
(Base Case)
568.2 0.73 0.57 0.11 0.7 21.2 10.4 1,403 12.8 26.6
0.40 505.9 0.78 0.61 0.12 0.7 22.2 9.9 1,316 11.6 24.8
0.50 417.8 0.85 0.66 0.13 0.7 23.7 8.9 1,170 9.9 21.8
0.60 328.4 0.93 0.73 0.14 0.8 25.5 7.7 1,006 8.1 18.5


Table 5: Cangrejos & Gran Bestia – Sensitivity of Inferred Mineral Resource to Cut-Off Grade

Cut-Off AuEq
(g/t)
Tonnes
(Mt)
Average Grade Contained Metals
AuEq
(g/t)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Mo
(ppm)
Au
(Moz)
Cu
(Mlbs)
Ag
(Moz)
Mo
(Mlb)
0.20 691.4 0.43 0.33 0.07 0.7 12.4 7.4 991 15.1 18.9
0.30
(Base Case)
476.0 0.52 0.41 0.08 0.7 13.4 6.3 787 9.9 14.1
0.40 339.8 0.59 0.47 0.08 0.7 14.1 5.1 622 7.1 10.6
0.50 202.1 0.69 0.55 0.10 0.7 15.0 3.5 423 4.4 6.7
0.60 121.2 0.78 0.62 0.11 0.7 16.1 2.4 289 2.8 4.3

This mineral resource estimate was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and was based on a total of 58,205 metres of diamond drilling in 146 holes. Of these, 49,588 metres in 114 holes were drilled by Lumina, 5,595 metres in 22 holes were drilled by the Project’s previous operator, Newmont Mining Corporation (“Newmont”), in joint venture with Lumina’s predecessor company, Odin Mining and Exploration Ltd (“Odin”), and 3,022 metres in 10 holes were drilled by Odin after the joint venture was dissolved. Indicated and Inferred mineral resources are estimated using a three-dimensional block model with a nominal block size of 15 x 15 x 15 metres. Drill holes penetrate the Cangrejos deposit and Gran Bestia deposit at a variety of orientations to depths approaching 750 metres below surface. The mineral resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, copper, silver and molybdenum. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The effects of potentially anomalous high-grade sample data, composited to 2 metre intervals, are controlled using both traditional top-cutting as well as limiting the distance of influence during block grade interpolation. Block grades are estimated using ordinary kriging and have been validated using a combination of visual and statistical methods. Resources in the indicated mineral category are delineated by drilling spaced at maximum 100 metre intervals. Resources in the inferred mineral category are within a maximum distance of 150 metres from a drill hole. The estimate of the indicated and inferred mineral resource is constrained within a limiting pit shell derived using projected technical and economic parameters.

Mineral Resource Notes and Assumptions

(1) The mineral resource estimate has an effective date of November 7, 2019. (2) Mineral resources do not have demonstrated economic viability. (3) The mineral resources in this estimate were calculated with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions. (4) Gold equivalent values were calculated using the following prices: for gold a price of US$1,500 per ounce, for copper a price of US$3.00 per pound, for molybdenum a price of US$7.00 per pound and for silver a price of US$18.00 per ounce. Gold equivalent values can be calculated using the following formula: AuEq = Au g/t + (Ag g/t x 0.012) + (Cu % x 1.37) + (Mo ppm / 10,000 x 3.2). (5) The base case cut-off grade for the estimate of mineral resources is 0.30 g/t AuEq. (6) The indicated and inferred mineral resources are contained within a limiting pit shell and comprise a coherent body. (7) It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration. (8) Lumina is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.

Qualifed Person

Robert Sim, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the estimate of mineral resources. Leo Hathaway, P.Geo, a "qualified person" within the definition of that term in NI 43-101, has reviewed and approved the scientific and technical information contained on this page.