LUCA Commences Exploration Drilling at Tahuehueto GOLD MINE
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
NEWS RELEASE
LUCA COMMENCES EXPLORATION DRILLING AT TAHUEHUETO GOLD MINE
Vancouver, British Columbia, October 23, 2024 - Luca Mining Corp. (“Luca” or the “Company”) (TSX-V:
LUCA; OTCQX: LUCMF; Frankfurt: Z68) is pleased to announce the start of an exploration drilling campaign
at the Tahuehueto gold mine in Durango State, Mexico. The Tahuehueto property comprises a large,
epithermal gold/silver vein system and this campaign is the first significant exploration drill program on
the property in over 10 years. The Company expects the current campaign to include up to 5,000 metres
of diamond core drilling in 26 holes from underground over the next 4-6 months. The drill plan takes
advantage of recently developed areas to potentially extend the resource along the modeled veins.
Dan Barnholden, CEO, commented, “Tahuehueto is a brand new mine which will soon be in commercial
production. There are all the indicators of significant resource expansion potential at this project, and I
am excited that our recently completed financing enables us to not only explore that potential but
expeditiously. We have barely scratched the surface at Tahuehueto, and we are focused on unlocking all
potential value for shareholders. Tahuehueto, and this new drill program, will provide ongoing drill results
and steady material news flow for investors over the coming months and into the new year.”<Listen to
Dan provide details>
Mineralization is open along strike and at depth for most of the modeled resource area and the objective
of the current campaign will be a combination of infill and step-out drilling to determine the vertical and
lateral extent of mineralization as well as to identify mineralized brecciated zones within the epithermal
vein system. Recent mining in L evel 23 encountered higher grade mineralization averaging 3.30 g/t Au
over vein widths up to 20 metres (with values up to 65.04 g/t Au) in ore shoots branching off the main
Creston vein (see news release dated May 29, 2024).
In addition to the four veins that make up the mineralized resource, there are at least 14 additional
prospective veins or splays in the current concession area that show a potential to host low-sulphidation
epithermal mineralization. In some cases, the prospective veins and splays may be extensions or
continuations of the currently defined resource. The Company estimates that there are more than 11 km
of prospective vein structures ( measured along strike ), compared to 4.5 km of mineralized veins that
support current resource models. Figure 1 below shows the relative location of prospective veins (yellow)
and veins modeled for resources and reserves (pink) within the Company’s concession area (white).
Surface mapping has been carried out by Company geologists and outside consultants during different
phases of the project to identify potential areas of epithermal mineralization. The prospective veins have
not yet been systematically sampled or explored a nd there is no guarantee that they host a mineralized
resource.
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FIGURE 1 - TAHUEHUETO MODELED AND PROSPECTIVE VEINS
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 within the prolific Sierra Madre mineralized belt in Mexico which hosts
numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver
and lead from these mines that each have considerable development and resource upside.
The Campo Morado mine, is an underground operation located in Guerrero Stat e. It produces copper-
zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program
which is already generating significant improvements in recoveries and grades, efficiencies, and
cashflows.
The Tahuehueto g old, silver mine is a new underground operation in Durango State . which hosts
numerous producing and historic mines along its trend. The Company is commissioning its mill and is
expected to achieve commercial production by the end of the year.
On Behalf of the Board of Directors
(signed) “Dan Barnholden”
Dan Barnholden, Chief Executive Officer
Contact Information:
Sophia Shane
Director of Corporate Development
+1 604 306 6867
Glen Sandwell
Corporate Communications Manager
For more information, please visit: www.lucamining.com
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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 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).
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 timing of the upcoming drill program; timing of commissioning the mill at Tahuehueto and
timing to achieve commercial production; 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 . 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 has applied several material assumptions, including, but
not limited to, that the current exploration, development, environmental and other objectives concerning
the Tahuehueto Project can be achieved; the geolo gical mapping from mining activity at Tahuehueto
Project will continue to provide information to guide exploration program plans ; 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 by 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 aft er 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.