Luna Gold Identifies Additional New Targets at Luna Greenfields
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/11/13 -- Luna Gold Corp. (TSX: LGC)(OTCQX: LGCUF)(LMA: LGC) ("Luna" or the "Company") today announced the identification of the Jupiter, Indus and Juno gold targets at the Company's Luna Greenfields project. Luna has mapped numerous artisanal gold workings associated with shear zones within this new district, which is located 23 kilometers southeast of the Company's Aurizona Gold Mine. Target maps and photos can be viewed on the Luna Gold website, www.lunagold.com.
Highlights
-- New mineralized east-northeast trending Jupiter Shear Zone ("JSZ")
extending for 8 km and hosting over 10 artisanal gold workings -
reconnaissance rock and tailings grab sampling program (135 samples)
returned grades from below detection limit (0.005 grams per tonne
("g/t")) gold to 38.90 g/t gold
-- New Indus target consisting of a 250 meters long outcropping north-
northwest trending shear-hosted quartz-vein system located north of the
JSZ - reconaissance rock and tailings grab sampling program (103
samples) returned grades from below detection limit to 21.30 g/t gold
with over 50 samples exceeding 1.00 g/t gold
-- New Juno target consisting of a large artisanal pit where gold
mineralization is hosted in a shallow dipping shear zone in amphibolite
rocks - reconnaissance rock and tailings grab sampling program (46
samples) returned grades from below detection limit to 5.54 g/t gold
"The encouraging initial exploration results at our Jupiter, Juno, and Indus targets further add to the discovery potential of our promising Luna Greenfields project," stated John Blake, Luna's President and CEO. "Our exploration team is focused on defining targets that share the characteristics of the gold deposits at the Aurizona Gold Mine in terms of both structural controls and scale. Additionally, we are devoting increased attention to the discovery of higher-grade deposits."
"Luna's top priority is to successfully complete the Aurizona Phase I Expansion by the end of 2013 on budget. The Company has adjusted its 2013 exploration field programs in order to conserve the Company's financial resources to ensure Phase I Expansion delivery targets are met," explains John Blake, also adding "We remain focused on generating new gold targets through the interpretation of Luna Greenfields' significant exploration database which we have been developing since 2009. This database consists of over 33,000 surface geochemical samples, in addition to geological, drill, and geophysical data. For the remainder of 2013, the exploration team is conducting detailed target generation studies that will help Luna identify future discoveries."
Jupiter Shear Zone
The east-northeast-trending JSZ is located in the eastern portion of the Luna Greenfields project approximately 22 kilometers southeast of the Aurizona mine. Eleven separate artisanal workings have been mapped to date within the 8 kilometers long JSZ. These workings range from old flooded pits, where artisanal miners extracted gold from quartz veins (such as artisanal pit JPT01), to surface lateritic workings where gold nuggets were mined using metal detectors. Luna has conducted a reconnaissance stage exploration program within the JSZ that involved surveying of pits and excavations, geological mapping, and soil, rock and tailings sampling. These data are presented on maps on the Company's website, and collectively they define a mineralized shear corridor. Gold mineralization is predominantly contained in quartz vein sets hosted by Paleoproterozoic intrusives consisting of tonalities and granodiorites. However, low-grade gold mineralization was also identified within some intrusives. Grades from surface geochemical sampling range from below detection limit to 38.90 g/t gold. Table 1 contains a summary of Luna's reconnaissance rock and tailings sampling program along the Jupiter Shear Zone.
Indus Target
The Indus target is located 20 kilometers southeast of the Aurizona Gold Mine and to the north of the JSZ. Indus consists of a shear controlled north-northwest trending swarm of westerly-dipping (at 50 degrees ) quartz veins hosted in saussuritized porphyritic granodiorite displaying strong kaolinization and containing minor pyrite with occasional visible gold. Luna has conducted geologic mapping and a reconnaissance stage rock and tailings sampling program to determine the grade of both the veins and host rock. Initial results are positive, with grades ranging from below detection limit to 21.30 g/t gold and over 50 samples greater than 1.00 g/t gold. A systematic outcrop channel sampling program will be conducted when water levels in the pits drop. Mapping will also be undertaken to the north and south in order to determine the true strike of this vein system.
Juno Target
The Juno target is located 23 kilometers southeast of the Aurizona Gold Mine and is centered on a large artisanal pit (JNO01) that extends for 100 meters in a northeast direction. Gold mineralization is contained in a smoky and milky quartz vein set within a shallow-dipping northeast trending shear zone that cuts through an amphibolite unit. The amphibolite is altered to sericite-kaolin-quartz+chlorite in the footwall of the shear zone. Reconnaissance rock grab sampling has returned samples ranging from below detection limit up to 5.54 g/t gold at the Juno target and an outcrop channel sampling program will be conducted when water levels in the pits drop.
Luna will advance the understanding of these new targets through focused sampling programs, structural mapping and interpretation. The Company's objective is to rank these new targets against the existing targets at Luna Greenfields. The diverse geology and association of gold mineralization with regional-scale shear zones are significant targets.
To view Figure 1 and Table 1, please visit the following link: http://media3.marketwire.com/docs/lgc611i.pdf.
BMLX Geophysical (TMI) Map: http://www.lunagold/en/explorationprojects/resources/LGRF_BMLX_Geophysical(TMI)_Map_20130604.pdf
BMLX Geophysical (AS) Map: http://www.lunagold/en/explorationprojects/resources/LGRF_BMLX_Geophysical(AS)_Map_20130604.pdf
About Luna Gold Corp.
Luna is a gold production company engaged in the operation, expansion, and exploration of gold projects in Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
John Blake, President and CEO
Website: www.lunagold.com
Regulatory Footnotes
Luna operates a rigorous QA/QC protocol on all aspects of geochemical sampling, drilling and analytical procedure. Soil sampling programs are supervised by mining technicians and samples are collected on regular grids surveyed using total stations. Soil samples are collected at a nominal 0.50 meter depth or deeper corresponding to the B soil horizon. Several types of ancillary data are recorded including soil type, granulometry, magnetism, and the presence of laterite. Rock and tailings sampling is supervised by geologists and mining technicians and recorded on special log sheets. All areas intended for sampling are assessed and marked-up for sampling by geologists. For surface channel sampling all sample faces are cleaned to a depth of 15 centimeters and marked for sampling which is conducted at nominal 1 meter intervals using appropriate sampling tools which are cleaned between each sample. Sample intervals are surveyed using a Total Station. Auger drilling is conducted using Company owned motorized Honda auger drills. Auger drill teams are supervised by mining technicians. Auger samples are collected at continual 1 meter intervals using a 10.16 centimeter diameter collector. Sample weight averages 16 kilograms. All data including depth, sample number and geologic information are recorded on special log sheets. All samples are stored in secure locked areas under Company supervision. Samples are transported from the Aurizona and Luna Greenfields projects to the ALS Chemex sample preparation facility in Belo Horizonte, Minas Gerais and to the ACME Labs sample preparation facility in Goiania accompanied by Luna personnel. Soil and rock channel samples are assayed for gold via fire assay (30 and 50 grams) at ALS Chemex, Lima, Peru. Auger samples are assayed for gold via fire assay (50 grams) at ACME Laboratories, Santiago, Chile. Luna operates a rigorous QA/QC program for soil and rock samples which involves the insertion of blanks, CRM and sample duplicates. These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample.
Titus Haggan Ph.D., EurGeol Certified Professional Geologist #746, Luna's Vice President Exploration is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and has supervised the preparation of and reviewed the technical disclosure in this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the United States Securities Act of 1933 and applicable state securities laws or an exemption from such registration is available.
Forward-Looking Statements
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements include, but are not limited to, statements with respect to the exploration program for the Company's Aurizona, Areal and Luna Greenfields projects and any planned resource upgrades. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
Certain of the statements made herein by Luna Gold Corp. are forward-looking and subject to various risks and uncertainties, both known and unknown, many of which are beyond the ability of Luna Gold Corp. to control or predict. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Forward-looking information is subject to known and unknown risks and uncertainties that may cause Luna Gold Corp.'s actual results, performance or achievements may be materially different from those expressed or implied by such forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, mine development and production costs, the projected life of the Company's mines, future production levels, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Contacts:
Luna Gold Corp.
Investor Relations
(604) 568-7993
www.lunagold.com
