Jun 17 2015
Lupaka Gold Corp. announces that it has mined approximately 900 tonnes from underground at the Invicta Gold Project with sample assays averaging 21.9 grams per tonne equivalent gold*.
The rock was mined from three available faces underground at the 3400 level of the Atenea Vein, and was completed in preparation for transport to the toll mill for bulk process testing.
Assays values for the mined rock averaged:
| Gold |
14.6 |
gpt |
| Silver |
160.4 |
gpt |
| Copper |
2.4 |
% |
| Lead |
1.7 |
% |
| Zinc |
1.2 |
% |
| Gold Equivalent* |
21.9 |
gpt |
*-- Gold equivalent contained ounces are calculated at $1,171.80/oz gold, $16.20/oz silver, $2.63/lb copper, $0.81/lb lead and $0.95/lb zinc.
PLH S.A.C. Mining Contractors operating under the direction and supervision of the Company mined the material from three separate areas within the existing sub-development that exposes more than 200 meters of mineralized vein. The material was mined by slashing out the footwall side of the drift. Approximately 400 tonnes has been trammed to surface in preparation for transporting to the toll mill.
Forty-eight samples were taken from the broken material at surface and underground. The piles of broken material were trenched at 2 meter intervals with samples taken across the entire width of the pile. The samples are believed to contain a representative composite of the mined material and may not characterize the entire deposit. Vein mineralization is mainly composed of chalcopyrite, galena and sphalerite along with associated gangue mineralization. Tonnage is estimated from the bucket count.
As previously reported May 19 2015, the Company has contracted Procesadora Leslie Semanco S.A.C. ("PLS") in Chimbote, Peru to process the Invicta bulk sample. PLS has committed to provide a minimum of 100 tonnes per day ("tpd") of process capacity for the Invicta Gold Project beginning in July 2015 at terms to be negotiated following receipt of the results of the bulk testing. The Company is also pursuing the potential purchase of a permitted process plant site closer to the Invicta mine site, to provide for growth and expansion of the Invicta Gold Project.
The Invicta Gold Project contains a poly-metallic resource primarily comprised of gold with accessory copper and, to a lesser degree, lead, silver and zinc. As previously disclosed, the Company intends to commence production at an initial rate of 100 tpd, scaling up to 350 tpd in 2015. Mining operations will initially target some of the highest grade gold and copper mineralization within the Atenea Vein.