LUCA Drills 55.8 Metres of 5.90 G/T AuEq at Campo Morado - Confirms Near-MINE High-Grade Mineralization and Expands Exploration Program
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
NEWS RELEASE
LUCA DRILLS 55.8 METRES OF 5.90 G/T AUEQ AT CAMPO MORADO - CONFIRMS NEAR-MINE
HIGH-GRADE MINERALIZATION AND EXPANDS EXPLORATION PROGRAM
Vancouver, B.C., January 12, 2026: Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX:
LUCMF; Frankfurt: Z68) is pleased to announce new surface and underground drill results from its ongoing
Phase 2 exploration programs at the Campo Morado polymetallic VMS mine in Guerrero State, Mexico.
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Highlights
• Continued success defining wide, high -grade, gold -rich VMS mineralization at the Reforma
Deposit and in areas immediately adjacent to active underground workings at Campo Morado
• Surface drillhole CMRF25-13 intersected 25.1 metres (“m”) of 8.31 g/t AuEq**, including 4.9 m
of 11.32 g/t AuEq
• Surface drillhole CMRF25-15 returned 55.8 m of 5.90 g/t AuEq, including 7.7 m of 10.09 g/t AuEq
• Underground drillhole CMUG -25-25 intersected 4.0 m of 1.04% Cu from a previously unmined
zone within ~60 m of existing underground workings
• Gold- and silver-enriched VMS mineralization shown to be higher grade and more extensive than
historically modeled
• Second surface drill rig mobilized to test undrilled high -priority VMS targets across the Campo
Morado camp
• 7,218 m of surface drilling and 8,440 m of underground drilling completed to date
• Metallurgical samples from Reforma and El Rey collected for updated recovery testing
The latest drilling at the Reforma Deposit and adjacent near-mine targets confirms robust, gold-rich VMS
mineralization, laterally extensive and positio ned close to existing underground development. This
combination supports the potential for near -term conversion of exploration success into mineable
resources, increased precious-metal contribution to mill feed, and incremental mine -life extension with
limited new infrastructure requirements
Reforma Deposit – Surface Drilling
Surface drillholes CMRF25-12 through CMRF25-16 were collared within and around the Reforma Deposit
and intersected significant intervals of massive sulphide mineralization, including:
• CMRF25-13:
o 25.1 m of 8.31 g/t AuEq, including 4.9 m of 11.32 g/t Au
• CMRF25-15:
o 55.8 m of 5.90 g/t AuEq, including 7.7 m of 10.09 g/t AuEq, with strong copper and zinc
• CMRF25-12:
o 9.1 m of 7.11 g/t AuEq, highlighting high precious-metal enrichment
• CMRF25-14:
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o Multiple zinc-rich massive sulphide intervals, including 3.3 m of 4.29 g/t AuEq
These holes were drilled across the central and eastern portions of the Reforma Deposit to confirm grade
continuity, improve geological definition, and test expansion potential beyond historical interpretations.
Near-Mine Underground Drilling
Underground drillholes CMUG -25-25 and CMUG -25-26 targeted extensions of the C752 and C108
mineralized bodies, both currently under mine development, successfully intersectingmineralization from
previously unmined areas, including:
• CMUG-25-25:
o 4.0 m of 1.04% Cu, with associated gold and silver, from a zone located within
approximately 60 m of existing underground workings
These intersections highlight opportunities to add mineable resources proximal to current development
headings and existing infrastructure.
Exploration Program Expansion Highlights
• A second surface drill rig was mobilized in December to test previously undrilled, high -priority
VMS targets across the Campo Morado camp
• 7,218 m of surface drilling completed across Reforma, El Rey and a new previously undrilled
target - Reforma Deeps
• 8,440 m of underground drilling completed to date as part of the 10,000-metre Phase 1 and Phase
2 near-mine expansion program
• Metallurgical samples from Reforma and El Rey collected for recovery testing
Drilling continues at Reforma and El Rey, with additional underground drilling planned to target the Largo,
Naranjo and Fish deposits, which form part of the 2026–2028 mine plans.
Paul D. Gray, Luca´s VP of Exploration, commented,
"These results confirm that Reforma hosts a larger and more gold -rich VMS system than previously
understood, with grades and widths that compare favorably to historical drilling. Importantly, this
mineralization is located close to existing underground infrastructure, which enhances its potential to be
incorporated into near-term mine plans. Based on the strength and consistency of these intercepts, Luca
has expanded drilling at Reforma and mobilized a second surface rig to accelerate testing of additional
high-priority targets across the Campo Morado camp. With multiple untested VMS prospects and strong
precious-metal enrichment, we see a potential opportunity to continue building mineable inventory and
long-term value at Campo Morado.”
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Table 1: Highlighted Diamond Drill Assay Results from UG Drillholes CMUG-25-25 and CMUG-25-26
through and Surface Drillholes CMRF25-12 through CMRF25-16.
Hole ID From To Interval* Au g/t Ag g/t Cu % Pb % Zn% AuEq** g/t Core recovery (%)
CMUG-25-25
130.0 134.0 4.0 0.15 32.80 1.04 0.09 0.02 - 100
263.3 267.3 4.0 0.15 9.99 0.17 0.02 1.01 - 100
270.5 271.2 0.7 0.37 140.10 0.03 0.13 0.30 - 100
CMUG-25-26
111.8 142.2 30.4 0.34 26.17 0.17 0.25 0.07 - 98
Including
113.0 118.9 5.9 0.43 70.57 0.17 0.44 0.03 - 92
And
120.6 125.5 4.9 0.18 22.57 0.37 0.30 0.07 - 98
157.7 159.3 1.6 0.09 11.60 0.43 0.06 0.21 - 100
CMRF-25-12 200.4 209.5 9.1 3.29 236.46 0.02 0.34 0.08 7.11 19
CMRF-25-13
152.0 177.1 25.1 3.19 150.11 0.61 1.00 3.32 8.31 100
Including
154.7 177.1 22.4 3.50 162.58 0.66 1.09 3.58 9.03 100
Including
157.7 161.4 3.7 4.53 242.21 0.68 1.87 4.06 11.78 100
And
172.2 177.1 4.9 4.68 206.86 0.62 1.49 4.37 11.32 100
CMRF-25-14
202.2 243.8 41.6 0.25 26.07 0.39 0.38 3.31 2.92 97
Including
203.3 210.4 7.1 0.04 23.74 0.54 0.09 1.26 1.88 100
And
210.4 215.7 5.4 0.12 22.97 0.41 0.15 1.50 1.86 99
And
216.8 243.8 27.1 0.34 27.94 0.35 0.52 4.42 3.53 96
Including
223.0 226.3 3.3 0.99 26.89 0.39 0.24 4.74 4.29 100
And
235.8 238.0 2.2 0.72 42.53 0.38 1.42 6.80 5.56 97
CMRF-25-15
172.0 227.8 55.8 1.21 53.24 1.30 0.48 3.58 5.90 98
Including
172.0 191.7 19.7 0.87 29.42 2.55 0.14 0.62 5.69 93
Including
175.0 182.7 7.7 1.29 48.58 4.90 0.05 0.64 10.09 100
And
191.7 202.0 10.4 0.19 8.82 0.70 0.02 0.64 1.73 99
Including
202.0 227.8 25.8 1.88 89.28 0.59 0.92 7.03 7.73 97
And
217.0 227.2 10.2 2.09 116.67 0.49 1.48 10.14 9.82 97
CMRF-25-16 No Significant Values
*True widths are estimated to be >90% of drilled intervals.
** The AuEq calculation is: AuEq = Au +(Ag*0.0124) + (Cu%*1.2787) + (Pb%*0.2740) + (Zn%*0.3653), at $2,250 US/oz Au, $28 US/oz Ag, $4.20
US/lb Cu, $0.90 US/lb Pb and $1.20 US/lb Zn. Additionally, the AuEq calculation combines gold, silver, copper, lead and zinc, net of assumed
metallurgical recoveries using deposit- average recovery value assumptions in a bulk floatation scenario provided by Ausenco PTY Ltd.: 55% for
gold, 68% for silver, 68% for copper, 60% for lead and 70% zinc.
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Figures 1 through 7 present cross-sections of the assay results from this latest batch of exploration
drillhole results.
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To date, 36 underground diamond drillholes totaling 8,440 metres are complete at the Campo Morado
mine using “HQ” and/or “NQ” sized diamond drill core. These underground drillholes form part of the
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Phase 2 underground exploration campaign, which is focused on the definition of mineable resources
proximal to existing underground workings, as well as testing new zones interpreted to host extensions
of known mineralization based on the property’s extensive historical drilling database.
In addition, 7,218 metres have been drilled from 26 surface drillholes at the Reforma, El Rey and Reforma
Deeps targets using “HQ” and/or “PQ” sized diamond drill core. These surface drillholes comprise the
Phase 1 and Phase 2 surface drilling campaigns (initially planned for 6,500 metres), designed to confirm
and expand existing mineral resources at the Reforma and El Rey deposits, collect material for additional
metallurgical test work, and support the potential inclusion of these deposits into an improve d Campo
Morado mine plan.
Based on the strength of surface drilling results to date, Luca has added a second drill rig and an additional
10,000 metres to the exploration campaign (see Company News Release dated November 12, 2025).
Table 2: Underground and Surface Drill Collar Details for Released Results
Hole ID UTM WGS84 Z14 Elevation
(m) Azimuth Dip Final Depth
(m) Easting Northing
CMUG-25-25 379198 2010784 1,098 100 -75 301.0
CMUG-25-26 379197 2010784 1,098 142 -77 325.0
CMRF-25-12 380136 2013440 1,567 300 -72 252.5
CMRF-25-13 380136 2013435 1,567 031 -60 199.3
CMRF-25-14 380247 2013181 1,525 050 -65 260.5
CMRF-25-15 380171 2013312 1,594 040 -49 248.2
CMRF-25-16 380086 2013217 1,612 051 -76 375.6
About the 2025 Campo Morado Surface Exploration Program
Luca’s inaugural surface drill program is running in parallel with the ongoing underground exploration
program at Campo Morado, both of which commenced in 2025. The initial Phase 1 surface program
consisted of 2,500 metres of diamond drilling and was subse quently expanded by an additional 4,000
metres and again by a further 10,000 metres. The program is focused on the definition and expansion of
the Reforma and El Rey deposits, located approximately one kilometre north and east of the main Campo
Morado mine, where drilling continues.
These deposits host mineral resources (see Company News Release dated April 8, 2025) that have not
been assessed in over 14 years.
A total of thirty-eight (38) priority targets are identified across the Campo Morado concession package
based on coincident favourable geological, geochemical and geophysical characteristics. Several of these
targets, including Reforma and El Rey, have historical exploration, including diamond drilling; however,
the majority remain undrilled. Given the fertile geological setting of the Campo Morado concessions and
the camp’s prolific discovery history, each of these targets has the potential to host significant VMS
mineralization. Luca intends to systematically prioritize and advance these targets in the coming months
(see Figure 8).