1. Gold equivalents are calculated using an 88.97:1 (Ag/Au), 0.001:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q1 2024 LUCA REPORTS STRONG PRODUCTION FOR Q1 2024
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
1. Gold equivalents are calculated using an 88.97:1 (Ag/Au), 0.001:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for
Q1 2024
LUCA REPORTS STRONG PRODUCTION FOR Q1 2024
Vancouver, British Columbia, April 22, 2024
Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68)
reports strong Q1 2024 production of 14,148 troy oz of gold equivalent as our Tahuehueto gold and
silver mine ramps up towards its 1,000 ton per day commercial production target and the
optimization program rapidly progresses at Campo Morado.
• The Tahuehueto gold and silver mine in Durango state, produced approximately 3,657 troy oz of gold
equivalent comprised of 43 tonnes of copper, 468 tonnes of zinc, 2,368 troy ounces of gold, 27,396 troy
ounces of silver and 251 tonnes of lead in Q1 2024, an increase of 18% from Q4 2023.
• The second mill at Tahuehueto has been installed and underwent a successful commissioning period.
In March 2024, the site was achieving approximately 60% of total installed milling capacity and a
record of over 14,000 dry metric tons (dmt) milled (approximately 46% increase over February 2024).
At this rate Tahuehueto is expected to declare commercial production as a brand-new gold and silver
mine and achieve positive operating cash flow in 2H 2024.
• The Campo Morado copper -zinc mine in Guerrero state, produced approximately 10, 491 troy ounces
of gold equivalent comprised of 748 tonnes of copper, 2,600 tonnes of zinc, 1,929 troy ounces of gold,
180,108 troy ounces of silver and 410 tonnes of lead in Q1 2024. This is an increase of approximately
25% from the previous quarter.
• These strong results do not reflect the full potential of the optimiz ation program which continues to
be implemented at Campo Morado . New blending and reagent protocols have yielded higher
concentrate grades and recoveries, and the mine is already generating positive operating cash flow.
Ongoing improvements to grade control, reagent dosing systems, process controls and metallurgical
testing will provide more benefits through the production of three separate, higher value concentrates
– copper, zinc, and lead, expected to take place in H2 2024 which will further increase revenue and
operating cash flow.
Ramon Perez, President, and Interim CEO, commented, "We are pleased with the continued
performance of the operations at both Campo Morado and Tahuehueto. Having returned from the
Tahuehueto Mine, I am very encouraged with the speed and progress we are making at site . We have
already achieved over 60% of the nameplate capacity. A third filter press is enroute to the plant, which
following installation, will allow for the tonnage to reach full capacity of 1,000 tpd. We are in the final
stages of commissioning and look forward to declaring commercial production in H2 2024.
At Campo Morado we are currently milling 1,600 tpd of our 2,400 tpd capacity. and are increasing the
quality of our bulk and zinc concentrates. As we continue to modernise our equipment we expect the
milling rate to increase in Q2 2024. In addition, the optimization program is also moving forward at a
rapid pace with the ultimate objective to produce three separate, salable concentrates of copper, zinc
and lead which will further enhance cash flow. I will be updating the market on this progress shortly."
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
1. Gold equivalents are calculated using an 88.97:1 (Ag/Au), 0.001:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for
Q1 2024
Operational Performance
Campo Morado
The Campo Morado copper-zinc mine in Guerrero state, processed approximately 125,105 tonnes of
ore during Q1 2024, meeting expectations of the mine plan. Campo Morado has seen improvements
in metallurgical recovery and bulk concentrate grades during the quarter which are the direct result
of the ongoing i mprovement project. In Q1, i mprovements to ore blending, reagent dosing and
equipment refurbishments have had a positive impact to operating results.
Tahuehueto
The Tahuehueto gold, silver mine in Durango state , currently in pre -production, processed
approximately 33,319 tonnes of ore in Q1 2024, an increase of 42% from Q4 2023. Construction of
permanent access to the pumping ponds at the t ailings storage facility is ongoing. A ll peripheral
installations of the second mill have been completed with the final testing ongoing throughout Q1.
Additionally, the installation of the second filter press has been completed and is now operational.
Throughput for the month of January was 9,665 tonnes and in the month of February was 9,617
tonnes, which continues to increase systematically as ramp up continues. In March, Tahuehueto
achieved a new daily milling record of 703 tonnes and a monthly record of over 14,000 tonnes.
We caution that as with any company bringing a new mine into production, the monthly results may
vary dramatically while operations are halted for plant installations and testing, and we do not expect
to report consistent, stable results until commercial production is achieved at Tahuehueto, which is
expected by H2 2024.
Furthermore, we will not be able to provide guidance on certain metrics for Tahuehueto such as “All
In Sustaining Costs”, until commercial production is achieved. We do not expect to report consistent,
stable results until commercial production is achieved at Tahuehueto, which is expected by H2 2024.
About Luca Mining Corp.
Luca Mining (TSX -V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining
company with two 100%-owned producing mines in Mexico. The C ompany produces gold, copper,
zinc, silver and lead from these mines that each have considerable development and resource upside.
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
1. Gold equivalents are calculated using an 88.97:1 (Ag/Au), 0.001:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for
Q1 2024
The Campo Morado mine, is an underground operation located in Guerrero State, a prolific mining
region in Mexico. It produces copper -zinc-lead concentrates with precious metals credits. It is
currently undergoing an optimisation program which is already generating significant
improvements in recoveries and grades, efficiencies, and cashflows.
The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State, Mexico, within
the Sierra Madre Mineral Belt which hosts numerous producing and historic mines along its trend.
The Company is commissioning its mill capacity to 1,000 tonnes per day , and k ey test work and
production ramp-up is underway, to increase production by 2H 2024.
The Company expects its operations to start generating positive cash flow s in 2024. Luca Mining is
focused on growth with the aim of maximizing shareholder returns.
For more information, please visit: www.lucamining.com
On Behalf of the Board of Directors
(signed) “Ramon Perez”
Ramon Perez
President and Interim CEO
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Mr. Chris Richings,
Vice-President Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument
43-101.
Cautionary Note Regarding Production Decisions and Forward-Looking Statements
It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility
study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be
cautioned that Luca’s production decision has been made without a comprehensive feasibility study of
established reserves such that there is greater risk and uncertainty as to future economic results from the
Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were
completed and relied upon to make a production decision. Luca has completed a preliminary economic
assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and
a preliminary economic analysis based on the previously identified mineral resources (see news releases dated
November 8, 2017, and April 4, 2018).
Positive operating cash flow is defined as excluding capital, debt repayment and Trafigura financing.
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
1. Gold equivalents are calculated using an 88.97:1 (Ag/Au), 0.001:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for
Q1 2024
Statements contained in this news release that are not historical facts are “forward -looking information” or
“forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable
Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the
planned program to improve mining operations at Campo Morado; and other possible events, conditions or
financial performance that are based on assumptions about future economic conditions and courses of action;
the timing and costs of future activities on the Company’s properties, s uch as production rates and increases;
success of exploration, development and bulk sample processing activities, and timing for processing at its own
mineral processing facility on the Tahuehueto project site. In certain cases, Forward- Looking Information can
be identified using words and phrases such as “plans,” “expects,” “scheduled,” “estimates,” “forecasts,”
“intends,” “anticipates” or variations of such words and phrases. In preparing the Forward -Looking
Information in this news release, the Company h as applied several material assumptions, including, but not
limited to, that the current exploration, development, environmental and other objectives concerning the
Campo Morado Mine and the Tahuehueto Project can be achieved; that the program to improve mining
operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals,
economic and political conditions, and operations. Forward- Looking Information involves known and
unknown risks, uncertainties and other factors which may cause the actual results, performance, or
achievements of the Company to be materially different from any future results, performance or achievements
expressed or implied by the Forward -Looking Information. There can be no assurance that Forward -Looking
Information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on Forward -Looking
Information. Except as required b y law, the Company does not assume any obligation to release publicly any
revisions to Forward- Looking Information contained in this news release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information about Luca Mining Corp., please contact:
Sophia Shane
Director of Corporate Development
or
Glen Sandwell
Corporate Communications Manager
Tel: +1 (604) 684-8071