Lupaka Gold Corp. Files Ni 43-101 Technical Report for the Updated Mineral Resource Estimate on its Crucero Gold Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/02/12 -- Lupaka Gold Corp. ("Lupaka Gold" or the "Company") (TSX: LPK) is pleased to announce that a technical report for the updated mineral resource estimate announced on March 5, 2012 has been filed on SEDAR on March 30, 2012, in compliance with National Instrument 43- 101. The technical report is available under the Company's profile on SEDAR (www.sedar.com) and can also be viewed on Lupaka Gold's website at www.lupakagold.com.
The updated resource estimate was prepared by Wardrop Tetra Tech. The following table summarizes resources estimated at a 0.4 g/t threshold (cut-off), effective as at March 2, 2012:
Resource AU CAP AU CAP
Category Tonnes g/t(i) oz(i)
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Indicated 34,641,000 1.03 1,145,000
Inferred 28,966,000 0.69 647,000
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(i) Assay values capped at 17 g/t
Resource estimates generated at varying threshold (cut-off) gold grades (capped and uncapped) are presented at Table 1 at the end of this news release.
Eric Edwards, President and CEO of Lupaka Gold, commented, "The mineralized envelope at the A-1 Zone is now defined over 800 metres in length and remains open to the north and at depth. With the Company's current cash position of $5.2 million, we are able to commit to the full 11,000 meter drilling campaign planned for 2012 that is scheduled to commence in early Q2 2012 and will most immediately focus on expansion of the A-1 Zone resource. Commencing mid-year 2012, the Company also plans to drill for the first time on a number of high priority targets within the other 10 known exploration anomalies at the Crucero Gold Project. We look forward to another exciting and successful exploration year ahead."
About the Company
Lupaka Gold is aggressively exploring and developing the Crucero Gold Project, its 5,500 hectare gold property located in southern Peru. The Company, based in Vancouver, Canada, is project operator and holds a 100% interest in the property. The Company began exploring at Crucero in April 2010. In addition to the existing resource, Lupaka Gold has identified several exploration targets within the Crucero Property that display similar anomalous characteristics. Lupaka Gold is led by a strong management team with a proven ability to develop, finance and operate mining projects. The Company completed an initial public offering of its common shares and warrants on the Toronto Stock Exchange on June 28, 2011.
Quality Control and Assurance
Drill assays for this resource estimate were carried out by SGS Peru and ALS Chemex in Lima, Peru, exercising a thorough Quality Assurance and Control program (QA/QC). As part of QA/QC protocol, duplicates, standards and blanks were inserted into the sample processing stream. The core was photographed for reference, logged and mineralized sections were sawed in half. Sample lengths vary between 0.5 to 2.0 metres. Half core samples were bagged, sealed and delivered to SGS Peru in Juliaca, Peru, and ALS Chemex in Lima, Peru both accredited laboratories. Gold was assayed by a 50 gram fire assay with an AAS finish. All SGS Peru and ALS Chemex labs are ISO 9000 registered.
Greg Mosher is an employee of Tetra Tech, a "qualified person" as defined by National Instrument 43- 101 and independent of Lupaka Gold as defined by Section 1.5 of NI 43-101. Mr. Mosher has reviewed and approved the scientific and technical information contained in this news release. Mr. Mosher has verified the technical and scientific information including sampling, analytical and test data underlying the information or opinions contained in this news release. The technical report supporting this disclosure, entitled "Technical Report for the Crucero Property, Peru", dated effective March 2, 2012, has been filed and is available for review under the Company's profile on SEDAR (www.sedar.com ) or on the Company's website at www.lupakagold.com.
Forward-Looking Information
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates, the 2012 Crucero Project drill plan, the anticipated effect of completed drill results on the Crucero Project, planned work programs, future upgrading of mineral resources and expected outcomes. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
The forward-looking information contained in this news release is based on certain assumptions that the Company believes are reasonable, including, with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based, that the current price of and demand for gold will be sustained or will improve, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and local community approval required to conduct the
Company's planned exploration and development activities will be available on reasonable terms and that the Company will not experience any material accident, labour dispute, or failure of equipment.
However, 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. Such factors include, among others, risk that actual results of exploration activities will be different than anticipated, that cost of labour, equipment or materials will increase more than expected, that the future price of gold will decline, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources are not as estimated, unexpected variations in mineral resources, grade or recovery rates, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failure to obtain governmental or community approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. 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. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.
Table 1: Crucero A-1 Zone Inverse Distance Squared Resource Estimate
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THRESHOLD G/T TONNES AU AU CAP AU AU CAP
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INDICATED G/T G/T OUNCES(i) OUNCES(i)
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5.00 202,916 10.00 1.88 65,230 12,278
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4.00 271,836 8.57 1.83 74,857 15,956
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3.00 528,990 6.07 1.93 103,193 32,767
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2.00 2,543,525 3.09 2.03 252,323 166,315
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1.00 15,539,049 1.67 1.46 832,608 730,322
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0.80 20,991,619 1.47 1.31 989,627 885,536
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0.70 24,224,388 1.37 1.24 1,067,593 962,627
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0.60 27,710,095 1.28 1.16 1,140,303 1,034,527
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0.55 29,359,518 1.24 1.13 1,170,809 1,064,695
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0.50 31,099,708 1.20 1.09 1,200,121 1,093,826
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0.45 32,938,565 1.16 1.06 1,228,229 1,121,583
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0.40 34,641,233 1.12 1.03 1,251,567 1,144,667
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0.35 36,445,774 1.09 1.00 1,273,361 1,166,290
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0.30 38,078,528 1.05 0.97 1,290,447 1,183,232
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0.25 39,446,851 1.03 0.94 1,302,563 1,195,273
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0.20 40,532,270 1.01 0.92 1,310,459 1,203,097
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0.10 42,305,419 0.97 0.89 1,318,358 1,210,952
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THRESHOLD G/T TONNES AU AU CAP AU AU CAP
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INFERRED G/T G/T OUNCES(i) OUNCES(i)
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5.00 40,120 5.64 1.11 7,277 1,426
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4.00 85,072 4.97 1.06 13,601 2,890
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3.00 166,464 4.17 0.93 22,344 4,995
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2.00 622,069 2.93 1.03 58,566 20,660
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1.00 4,062,068 1.50 1.15 196,326 150,140
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0.80 7,937,327 1.20 1.02 307,051 260,165
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0.70 11,512,382 1.06 0.93 392,693 345,716
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0.60 16,347,936 0.94 0.85 493,457 446,307
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0.55 19,111,272 0.89 0.81 544,555 497,260
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0.50 22,135,184 0.84 0.77 595,532 548,212
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0.45 25,461,047 0.79 0.73 646,235 598,886
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0.40 28,965,683 0.75 0.69 694,094 646,716
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0.35 32,546,280 0.70 0.66 737,348 689,921
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0.30 35,728,944 0.67 0.63 770,612 723,149
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0.25 39,465,209 0.63 0.60 803,677 756,169
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0.20 42,844,596 0.60 0.57 828,276 780,767
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0.10 48,397,436 0.55 0.52 853,105 805,582
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(i) 1 TROY OUNCE = 31.10348 GRAMS
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"AU CAP G/T" - Assay values are capped at 17 g/t
Contacts:
Lupaka Gold Corp.
Scott Warren
Manager, Investor Relations
+1 (604) 681-5900
www.lupakagold.com
