Luca Mining Completes Construction of Tahuehueto Gold Mine
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
NEWS RELEASE
Luca Mining Completes Construction of Tahuehueto Gold Mine
Vancouver, British Columbia, July 25, 2024
Luca Mining Corp. (“Luca” or the “ Company”) (TSX -V: LUCA ) (OTCQX: LUCMF ) (Frankfurt: Z68 ) is pleased to
announce that it has completed construction of its new, 100% owned Tahuehueto gold mine located in Durango
State, Mexico.
Tahuehueto is a fully permitted underground operation with a 1,000 tonne per day (tpd) nameplate processing
capacity. The mine was completed within budget and has been successfully producing on a pre -production
basis for several months. Processing rates will now start to ramp up to commercial levels and this is expected
to be achieved by the end of September . Commercial run-rate levels are considered to be an average of
approximately 800 tpd or 25,000 tonnes of ore per month . Tahuehueto is a large property (121 square
kilometres) that hosts an extensive epithermal gold vein system with less than 10% of the prospective ground
explored so far. Regionally, Tahuehueto is with in a prolific and historic mining region including the famous
San Dimas gold mine. San Dimas has a similar style of mineralization to Tahuehueto and has produced over 11
million ounces of gold to date.
Mr. Dan Barnholden, CEO , commented, “We are extremely pleased with our progress at the Tahuehueto Gold
Mine. Processing rates are currently averaging 450 tpd and we expect to steadily increase over the coming weeks
to reach commercial production in September 2024. Tahuehueto is set to become the second cornerstone asset
at Luca. W e are ultimately targeting at least 50,000 oz Au Eq* annual production from this mine . We are also
excited about encountering new high-grade gold zones with significant min eable widths, as recently announced,
through our normal course development work. We expect to start exploring these zones from underground in the
upcoming months . This is a tremendous achievement, and it reinforces the strength of our team, which is
underpinned by the high geological prospectivity of our asset and the favorable operating environment in Mexico.”
Tahuehueto Update
The Company has successfully completed the installation of a third filter press at Tahuehueto. The Company utilizes
dry stack tailings which has many advantages over traditional methods including significant reduction of water usage,
materially reduced environmental risk, non -hazardous and safe storage of tailings cakes , and faster and more
efficient reclamation in the future . This crucial enhancement enables the Company to increase its average
production to commercial levels of 800 tpd (approximately 25,000 tonnes per month) and beyond.
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
In addition to this increase in production capacity, the Company is actively continuing its underground development
efforts. Resource drilling from underground is expected to commence in the coming weeks. The focus will be on new
zones with significant min ing widths. This drilling initiative is anticipated to increase the resource at Tahuehueto,
bolstering the Company’s asset base.
The combination of increased production, resource development, and exploration investment positions the
Company for sustained growth and profitability in the future.
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
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 within the prolific Sierra Madre Mineral Belt. 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 State, a n important 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 mill at Campo Morado has a nameplate capacity of 2,400 tonnes per day.
The Tahuehueto Gold, Silver mine is a new underground mine in Durango State, Mexico which hosts numerous
producing and historic mines on trend. Tahuehueto has a nameplate processing capacity of 1,000 tonnes per
day and expected to achieve commercial production 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) “Dan Barnholden”
Dan Barnholden, Chief Executive Officer
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.
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
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
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 has 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 thos e
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 co ntained in this news release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
*Gold equivalent estimates are based on metal prices of $1,850/oz Au, $22.50/oz Ag, $0.90/lb Pb, $1.15/lb Zn,
$3.60/lb Cu.
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
Tel: +1 (604) 306-6867
or
Glen Sandwell
Corporate Communications Manager
Tel: +1 (604) 684-8071