Lumina Gold Hits at Gran Bestia Northwest Step-out and Extends Gran Bestia High-grade Breccia; 1.17 g/t Au Eq over 134 Metres From Surface

Rhea-AI Summary

Lumina Gold Corp. announced positive results from its Cangrejos project in Ecuador, showcasing significant drill hole findings. Hole C22-167 revealed 1.17 g/t gold equivalent over 134 metres from surface, extending a higher-grade breccia area. Hole C22-160 indicated mineralization extended laterally 180 metres outside the PEA pit. These findings suggest the potential for increased mineral resources and a reconfiguration of the Gran Bestia pit, enhancing future economic studies. Currently, 36 drill holes have been completed with ongoing drilling expected to refine understanding of the mineralization.

Positive

• Hole C22-167 intercepted 1.17 g/t gold equivalent over 134 metres, extending higher-grade breccia.
• Hole C22-160 extended mineralization laterally by approximately 180 metres beyond the PEA pit limit.
• Ongoing drilling with six rigs currently operating, indicating active exploration and resource expansion.

Negative

• None.

Highlights include:

 Hole C22-167

• 1.17 g/t gold equivalent over 134 metres from surface at Gran Bestia
• Extends existing higher-grade breccia area

Hole C22-160

• Extended mineralization laterally outside the PEA ultimate pit to the northwest by approximately 180 metres
• Including 0.49 g/t gold equivalent over 170 metres
• Open laterally and to depth

Based on results from hole C22-160, Lumina is drilling an additional step-out hole at Gran Bestia

• If more positive results are received, Lumina will advance plans for a more substantive step-out drilling program
• Hole C22-160, has shown potential to add to the mineral resource and change the Gran Bestia pit configuration, which could affect how much of the existing mineral resource is brought into a mine plan

VANCOUVER, BC, March 29, 2022 /PRNewswire/ - Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the "Company" or "Lumina") is pleased to announce results from twelve drill holes at its Cangrejos project (the "Project") in Ecuador. Seven of the reported drill holes are from Cangrejos and five are from Gran Bestia (see Table 1). To date, thirty-six drill holes have been completed and six drill holes are in progress, totalling 15,055 metres of drilling. Lumina currently has six rigs operating and will be drilling with eight rigs in April.

At Gran Bestia, hole C22-167 intercepted 134 metres from surface grading 1.01 g/t gold, 0.10% copper, for a gold equivalent grade of 1.17 g/t Au Eq. In this area, zones of brecciation tend to be of higher grade. This interval was breccia dominated and extends the existing higher grade breccia body by at least 100m to the southeast. Additional drilling at Gran Bestia is expected to further refine the Company's understanding of the geometry of this shallow zone of high grade mineralization.

Also, at Gran Bestia, approximately 450m northwest from hole C22-167, Lumina drilled an aggressive step-out hole, C22-160, into an area where the deposit is open to the northwest and to depth (see Figures 1 and 2). The intervals in this hole extend the known mineralization laterally, to the northwest. The area remains open laterally and to depth and warrants further drilling. The significance of hole C22-160 is illustrated in Figure 2 as it extends mineralization above the base case cut-off grade (0.30 g/t Au Eq) approximately 120m laterally from the mineral resource block model limit and approximately 180m laterally from the northwest pit limit. These measurements are compared to the 2020 Preliminary Economic Assessment ("PEA") mineral resource and mine plan, respectively. The potential extension of the resource in this direction could improve future economic studies.

Follow-up drilling along the northwestern flank of the deposit, starting with one additional hole in April, is planned to fully understand the potential of this extension. The additional mineralized material could potentially change the Gran Bestia pit configuration and result in the incorporation of existing mineral resources that were not included in the PEA mine plan (see Figure 2).

Three infill holes, C22-161, C22-164 and C22-165 were also drilled at Gran Bestia and all encountered at least 100m intercepts at typical grades for the deposit.

At Cangrejos, hole C22-154 was drilled in the central part of the deposit and intercepted 214m from 246m down the hole grading 0.52 g/t gold and 0.11% copper, for 0.70 g/t Au Eq. Hole C22-152 was drilled approximately 300m to the east-northeast of C22-154, close to the northeastern limit of the deposit, and intersected 156m from 4m down the hole grading 0.47 g/t gold and 0.12% copper, for 0.65 g/t Au Eq.

Holes C22-159 and C22-166 were drilled in the southwestern quadrant of the Cangrejos deposit to further delineate the extent of a poorly mineralized dike that had been included in previous deposit modelling. Both holes were collared in this dike, were inclined to the northwest and established its northwest contact.

Hole C22-162 was drilled in the southwest quadrant of Cangrejos, hole C22-163 was drilled in the central area, and C22-168 was drilled in the northwest quadrant of the deposit. These three holes all returned intervals with grades typical for the  Cangrejos deposit.

Table 1: Drill Results

Hole	Deposit / Azimuth / Dip (°)	From (m)	To (m)	Interval (m)	Au (g/t)	Cu (%)	Au Eq (g/t)	Cu Eq (%)	Total Depth (m)
C21-152	Cangrejos	4	160	156	0.47	0.12	0.65	0.47	252
Incl.	330 °/ -83 °	176	230	54	0.31	0.10	0.46	0.34
C21-154	Cangrejos	20	104	84	0.31	0.05	0.39	0.28	470
And	330° / -80°	150	208	58	0.24	0.01	0.27	0.19
And		246	460	214	0.52	0.11	0.70	0.51
And		472	488	16	0.21	0.09	0.35	0.26
C21-159	Cangrejos	No significant intersections							493
	330° / -65°
C22-160	Gran Bestia	60	230	170	0.34	0.09	0.49	0.35	599
Incl.	330° / -50°	118	146	28	0.86	0.19	1.17	0.85
And		246	260	14	0.29	0.04	0.36	0.26
And		440	470	30	0.33	0.03	0.38	0.28
And		540	562	22	0.34	0.03	0.38	0.28
C22-161	Gran Bestia	0	136	136	0.34	0.03	0.41	0.30	369
Incl.	150° / -85°	0	12	12	1.14	0.07	1.50	1.09
C22-162	Cangrejos	292	308	16	0.51	0.03	0.57	0.42	442
And	330° /-81°	372	404	32	0.21	0.01	0.23	0.17
C22-163	Cangrejos	2	82	80	0.22	0.08	0.37	0.27	557
And	330° / -50°	308	512	204	0.49	0.07	0.61	0.45
C22-164	Gran Bestia	0	369	369	0.50	0.12	0.67	0.49	369
	na / -90°
C22-165	Gran Bestia	22	56	34	0.43	0.05	0.53	0.39	357
And	142° / -60°	72	90	18	0.28	0.04	0.35	0.25
And		130	152	22	0.27	0.02	0.30	0.22
And		164	298	134	0.30	0.05	0.39	0.28
C21-166	Cangrejos	No significant intersections							381
	330° / -61°
C22-167	Gran Bestia	0	134	134	1.01	0.10	1.17	0.85	454
And	na / -90°	146	388	242	0.49	0.10	0.63	0.46
Incl.		226	246	20	1.90	0.19	2.19	1.59
And		414	450	36	0.27	0.06	0.35	0.26
C22-168	Cangrejos	0	38	38	0.35	0.03	0.43	0.32	408
And	330° / -71°	70	80	10	0.30	0.03	0.35	0.26
And		280	304	24	0.26	0.11	0.43	0.31
And		318	340	22	0.27	0.04	0.33	0.24

Note: Intervals in the reported holes are calculated using a cut-off of 0.2 g/t Au with maximum internal dilution of ten continuous metres. Sampling is done in consistent, continuous 2-metre intervals. The highest gold value used in the reported weighted averages is 12.50 g/t Au. In addition to the above results there were multiple intercepts of lower-grade material in the drill holes. Equivalent values were calculated using Gold equivalent values were calculated using the following prices: a gold price of US$1,500 per ounce, a copper price of US$3.00 per pound, a molybdenum price of US$7.00 per pound and a silver price of US$18.00 per ounce.

Quality Assurance

All Lumina sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") program that includes the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Lumina's secure facility located at the Cangrejos Project. Drill core is sawn in half on site and half drill-core samples are securely transported to either Bureau Veritas Labs' (BV) or ALS Labs' ("ALS") sample preparation facilities in Quito, Ecuador. Sample pulps are sent to BV's or ALS' chemical labs in Lima, Peru for analysis. Gold content is determined by fire assay of a 30 gram charge with total copper content determined by four-acid digestion with ICP finish. Both labs are independent from Lumina.

Lumina is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

Qualified Persons

Leo Hathaway, P.Geo., Senior Vice President of Lumina and the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the Cangrejos Project has reviewed, verified and approved the contents of this news release and has verified the data underlying the contents of this news release.

 About Lumina Gold

Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. Cangrejos is being advanced to a Pre-Feasibility Study and is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.

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LUMINA GOLD CORP.

Signed: "Marshall Koval"

Marshall Koval, President & CEO, Director

Neither the 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 news release.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to drilling with eight rigs in April. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE Lumina Gold Corp.

FAQ

What are the recent drill results from Lumina Gold Corp's Cangrejos project?

Recent drill results revealed significant findings, including 1.17 g/t gold equivalent over 134 metres from hole C22-167.

How has Lumina Gold Corp's drilling impacted the Gran Bestia pit configuration?

Drilling at Gran Bestia has revealed potential changes to the pit configuration due to lateral extensions of mineralization.

What is the significance of hole C22-160 in Lumina Gold Corp's drilling results?

Hole C22-160 extended mineralization by approximately 180 metres outside the PEA pit limit, indicating potential resource growth.

How many drill holes has Lumina Gold Corp completed to date in its Cangrejos project?

Lumina Gold has completed 36 drill holes and has 6 more ongoing, totaling 15,055 metres of drilling.

What is the expected future drilling plan for Lumina Gold Corp at Gran Bestia?

Lumina plans to conduct additional step-out drilling at Gran Bestia, contingent on positive results from current drilling.