Cangrejos Overview

Summary

  • Ownership 100%, 6,374 hectares
  • Located 40 km to commercial port of Puerto Bolivar
  • Power to camp from national grid
  • Sparsely populated area, constructive ongoing relations with local community
  • Mineral Resource Estimate updated in November 2019 (link to Mineral Resource Summary)
    • Indicated mineral resource of 568 million tonnes of 0.73 g/t AuEq, with 10.4 Moz and 1.4 Blbs Cu
    • Inferred mineral resource of 476 million tonnes of 0.52 g/t AuEq, with 6.3 Moz Au and 0.8 Blbs Cu
    • Gran Bestia remains open to the north, west and at depth. Cangrejos remains open to the west and at depth.
  • PEA completed in June 2018 (link to Technical Report)
    • Note: 2018 PEA figures are historic. This technical report will be superseded by November 2019 mineral resource technical report, which will be filed in December 2019.

Location & Access

The Cangrejos project is located in El Oro province, SW Ecuador, 30 km SE of the provincial capital of Machala and the Pan American Highway and 40 km from the deep water commercial port of Puerto Bolivar. Access to the property is via paved and 8 km of gravel roads. The company has a field camp and core facility located on the property.

Location Map

Region

Lumina's Cangrejos project is located in the Andean foothills of El Oro province, in southwestern Ecuador. El Oro province has a long established history of mining, which is a way of life in many areas.

In 1994 Lumina (formerly Odin Mining) identified the Cangrejos area as the source of the Biron alluvial gold deposit which yielded 69,000 ounces of gold. A joint venture was formed with Newmont and during the period 1994 to 2001 geophysical and geochemical surveys were completed and anomalies were tested by diamond drilling. The Cangrejos zone was discovered by hole CC-99-14 which intersected 1.57 g/t Au over 192m.

Mineralization

Gold +/- copper mineralization in southern Ecuador is associated with:

  • granitic intrusions of various ages
  • Deposits are low grade, bulk tonnage Cu-Au porphyries or higher grade epithermal Au veins

At Cangrejos, porphyry style Au-Cu mineralization is associated with a sequence of intercalated porphyritic dioritic intrusions and hydrothermal breccias. Better Au grades correlate with potassic alteration and chalcopyrite-bornite occurring as fine disseminations and in quartz veins. This northeast trending zone was discovered by Newmont in 1999 and tested by 3 Odin drill holes in 2011.

Qualified Person

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.