Lumina Gold Extends Mineralization at the Cangrejos Deposit and Continues to Expand the Gran Bestia Ridge

Gran Bestia

• Long intercepts in seven ridge holes expected to add mineral resources, open in all directions
• C22-225: 0.76 g/t gold equivalent over 287 metres
• C22-214: 0.72 g/t gold equivalent over 126 metres

Cangrejos

• C22-226: 0.70 g/t gold equivalent over 222 metres - open to southwest and to depth
• C22-222: 1.23 g/t gold equivalent over 36 metres - open to east

VANCOUVER, Aug. 17, 2022 - Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the "Company" or "Lumina") is pleased to announce results from twenty-five drill holes at its Cangrejos Project (the "Project") in Ecuador. Seventeen of the reported drill holes are from Cangrejos and eight are from Gran Bestia (see Table 1). During the 2021/2022 drill program, 107 drill holes have been completed, totalling 36,027 metres of resource definition and geotechnical drilling. The drill program is now complete, and all drill rigs have been demobilised from site. Results from two holes at Cangrejos and fifteen at Gran Bestia are pending; including geotechnical holes.

Marshall Koval, CEO, President and Director commented: "I would like to thank our geological team for completing a well executed large-scale program on time. The drilling campaign appears to have delivered exactly what we set out to do, infill the US$1,100 gold constrained pits that formed the basis of the 2020 PEA, while also completing step-out drilling that should enhance the resource size and overall attractiveness of the Project."

Work on the Pre-Feasibility Study ("PFS"), expected to be completed in Q2 2023, is continuing. With the drilling now concluded, PFS resource estimation work has been initiated. The supporting geologic and structural models are near completion. Pit slope geotechnical testing and hydrogeologic characterization are also near completion for development of pit slope design recommendations. In addition, metallurgical testing of ~4,700 kgs of drill core is underway at Laboratorio Plenge in Lima. Ongoing field work includes site characterization for project infrastructure and baseline environmental studies.

Results from nine drill holes from the southwestern quadrant of Cangrejos are reported (C22-211, C22-213, C22-217, 22-221, C22-223, C22-224, C22-226, C22-230, and C22-231). Results from these holes are highlighted by hole C22-226 that intersected 221.6 metres from surface to the end of the hole grading 0.57 g/t gold and 0.08% copper, for 0.70 g/t Au Eq. This hole is open to the southwest and leaves the deposit open in this direction and to depth. Results from the other eight holes in this quadrant were typical of those returned from the edges of the deposit.

Results from eight drill holes from the remaining northern, central and southeastern parts of Cangrejos (C22-208, C22-210, C22-215, C22-216, C22-219, C22-222, C22-227 and C22-229), are also typical of the deposit limits. However, hole C22-222 contained 36 metres from 164m grading 1.14 g/t gold and 0.06% copper, for 1.23 g/t Au Eq. This interval is open to the east and corresponds to those higher-grade zones reported from other areas of the Cangrejos periphery.

Seven of the eight holes drilled at Gran Bestia were collared on the ridge crest and drilled down into the ridge to potentially add resources and lower the strip ratio, as this mostly previously uncategorized material formed the high wall of the Gran Bestia PEA pit. All of these holes returned long intervals above the previous mineral resource cut-off grade and are expected to add significantly to the Gran Bestia mineral resource estimate for use in the upcoming PFS. This drilling leaves mineralization in this area open in all directions, including to depth. Of particular note is hole C22-225, that intersected 287m grading 0.59 g/t gold with 0.12% copper for a gold equivalent of 0.76 g/t gold from 270 metres and remains open to depth, as well as six other reported intervals (see Table 1); and hole C22-214, that intersected 126m grading 0.62 g/t gold with 0.07% copper for a gold equivalent of 0.72 g/t gold from 144 metres down the hole, as well as two other reported intervals (see Table 1). The eighth hole, C22-207 at Gran Bestia was drilled at the southeastern limit of the pit towards the Cangrejos deposit and contained a 56-metre interval from 28m grading 1.11 g/t gold and 0.04% copper, for 1.18 g/t Au Eq, leaving the deposit open in this direction.

Table 1: Drill Results

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.

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.

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.

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 potentially adding mineral resources and timing of the completion of a PFS study. 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.

SOURCE Lumina Gold Corp.



Contact
Scott Hicks, shicks@luminagold.com, T: +1 604 646 1890