Lumina Gold Announces Positive Cangrejos Metallurgical Testing Results

VANCOUVER, British Columbia, Jan. 15, 2018 (GLOBE NEWSWIRE) -- Lumina Gold Corp. (TSX-V:LUM) (the “Company” or “Lumina”) is pleased to announce that it has received positive results from the latest metallurgical testing program conducted on its 100% owned Cangrejos gold-copper project (the “Project”) located in southern Ecuador. The test results were the second round of metallurgical testing completed by the Company on the Project and demonstrated that the mineralized material can be processed by conventional industrial techniques.

Flotation combined with gravity concentration can be used to recover 83% of the gold and 87% of the copper into saleable concentrates. These results demonstrate a 4% improvement in the copper recoveries and similar gold recoveries when compared with the 2015 testing. The results also demonstrate that cyanidation of the gravity concentrates and flotation cleaner scavenger tails is not required in the flow sheet, which was the most favourable recovery method during the 2015 testing. Alternatively, whole-ore cyanidation can be used to process the mineralized materials to recover 90% of the gold in dore, but no copper is recovered.

The test work was performed at C.H. Plenge & CIA S.A. (“Plenge”), an independent metallurgical testing laboratory based in Lima, Peru and conducted on four individual composites and a Master Composite. The composites were prepared using 870 kilograms of quartered drill core collected during the 2017 drilling campaign from eight different drill holes and represented high grade and low grade mineralized materials from the Project.

The Master Composite contained 0.25% copper, 0.96 grams per tonne gold, 0.6 grams per tonne silver and 20 ppm molybdenum. Gravity concentration tests, followed by lock-cycle flotation tests on gravity tails, were performed. The gravity concentrate contained 39% of the gold and 12% of the silver. The gravity concentrate assay was 143 grams/tonne gold and 31 grams/tonne silver. The flotation concentrate contained 44% of the gold, 87% of the copper and 67% of the molybdenum. The flotation concentrate assay was 43 grams/tonne gold, 21% copper and 0.2% molybdenum. When the molybdenum content is high enough the production of a separate molybdenum concentrate may be warranted. Comminution tests indicate that the materials have average Bond Ball Mill work index and SAG Mill specific pinion energy values of 17.7 kWh/mt.

Quality Assurance and Quality Control

All Lumina sample assay results have been monitored through a quality control / quality assurance ("QA/QC") program including the insertion of blind standards, blanks and the reanalysis of duplicate samples. The results of the QA/QC program and the resampling program indicate that the sample database is of sufficient accuracy and precision.

Qualified Persons

Nelson King, SME Registered Member and Metallurgical Consultant to Lumina, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. King has assisted Lumina in the development and direction of the metallurgical testing program for the Project, has visited Plenge’s laboratory in Lima to observe the testing program, and has reviewed and approved the content of this press release relating to the metallurgical testing. Mr. King also verified the results of the metallurgical testing.

About Lumina Gold

Lumina Gold Corp. is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. The Company’s Cangrejos Gold-Copper project is located in El Oro Province, southwest Ecuador, and its Condor Gold-Copper project is located in Zamora-Chinchipe Province, southeast Ecuador. The Company also holds a large and highly prospective land package in Ecuador consisting of 135 thousand hectares. The Company has an experienced management team with a successful track record of advancing and monetizing exploration projects.

Further details are available on the Company’s website at https://luminagold.com/.

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.