Luca Mining Confirms New High-Grade Gold Zones with Significant Mining widths at the Tahuehueto Gold Mine
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
Luca Mining Confirms New High-Grade Gold Zones with
Significant Mining widths at the Tahuehueto Gold Mine
Vancouver, British Columbia, May 29, 2024
Luca Mining Corp. (“ Luca” or the “ Company” (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) is issuing
this news release as a result of a review by British Columbia Securities Commission to clarify its disclosure.
The Company is updating from its May 21, 2024 news release and announces that mining activity has
confirmed high grade gold mineralization over significant widths at the Tahuehueto G old Mine in Durango,
Mexico. The mineralization occurs in shoots branching off the main Creston vein at Underground Level 23.
Creston is one is one of two main structures currently being mined. Regular geological mapping, as part of
mining activities, and channel sampling at this level confirmed the presence of breccia ore shoots up to 20
meters wide. Internally assayed channel samples 1taken as part of the ore control process have indicated
higher-than-average grades.
Level 23 Geology
The underground mine development at Tahuehueto has been advancing since early 2022 and most recently
has included developing access, dewatering and mining the first stopes of Level 23, currently the lowest
level in the mine. Two mineralized splays have been exposed on the hangingwall and footwall sides of the
Creston fault, and mineralized breccia in between with economic widths up to 20m . In this zone there are
two types of mineralization; the first is represented by northeast- trending veins of structurally controlled
hydrothermal breccias carrying zinc and lead sulphides, hosted in highly altered andesitic rocks with greater
contents of gold and copper as a result of higher temperature and deep-seated mineralization. The second
type consists of high- grade gold and silver mineralization, superimposed over the lodes and breccias of
base metals sulphides formed in previous stages of mineralization.
The block model developed for the pre- feasibility study (refer to Technical Report Preliminary Feasibility
Study, 2022) identified maximum vein widths in this area of 8.4m in the hangingwall and 6.5m in the footwall
vein splays on Level 23 respectively. Actual vein widths are very comparable, with up to 4.9m in the footwall
and 9.5m in the hangingwall, though detailed vein geometries vary. The footwall vein has been exposed
160 meters along strike and shows excellent continuity. Figure 2 shows production channel sampling of the
southwest extent of the mineralized vein-breccia zone. Previous diamond drilling indicated that this area
extends laterally 200 meters by 230 vertical meters, and the area remains open at depth and to the NE and
SW. Based on the field mapping and ore control results, these targets will be included within an upcoming
exploration program.
1 Channel sampling of the mineralized zones is used for ore control purposes and assayed in the internal
laboratory at site. Channel samples used for operational control are not sent to an outside laboratory for
verification. In addition, ore control channel samples are not considered part of any exploration activities,
nor are they used for updating resource estimates of the Tahuehueto mine.
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
Figure 1: General Plan View – North Mine Area
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
Figure 2 –Partial Level 23 map showing channel samples of SW extents of mineralized vein-breccia
zone
Channel Sampling
Where it is feasible and safe to do so, channel samples are taken in the back and face of excavations in
mineralized zones across all lithologies approximately every 1.2 meters. Some areas may not be correctly
sampled due to limitations in equipment and local ground conditions. Each sample weighs approximately
2.5 kgs and are sent to the mine laboratory for preparation and analysis by fire assay and atomic absorption
methods.
Summary statistics of the channel sample assays from level 23 are included below:
Summary Statistics Channel Samples Level 23
Au Ag Cu Pb Zn
g/t g/t % % %
Max 65.04 267.00 4.41 11.29 14.19
Min 0.00 0.05 0.00 0.01 0.03
Average 3.30 27.17 0.22 0.78 1.39
Count 494
Control and duplicate samples are inserted with the regular samples and include blanks and standards .
Control samples account for approximately 6% of the total number of samples analyzed. The QP has verified
the data includ ing site visits and analysis of the control sample data. T he QP also notes that none of the
samples have been verified by an outside laboratory and are indicative only.
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
Figures 3 and 4 show long-sections of the Lever 23 area and illustrate the block
model interpretations of mineralisation on these structures, together with limits
to the existing drilling.
Figure 3: Long-Section – Lower Mine (Looking West)
Figure 4: Zoomed-In Long-Section – Level 23 (Looking West)
OPEN
Creston
South
Catorce
Creston North
Legend
Reserved vein
Drillhole trace
Developed / mined
Current block model
Level 23
Level 20
Level 12
Planned Drilling Below L23
Level 23
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. 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 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 key test work and production
ramp-up is underway, to increase production by 2H 2024.
The Company expects its operations to start generating positive cash flows 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 Person
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 fea sibility
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 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
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
economic conditions and courses of action; the timing and costs of future activities on the Company’s
properties, such 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 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 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
Tel: +1 604 306 6867
or
Glen Sandwell
Corporate Communications Manager
Tel: +1 (604) 684-8071