Tue Aug 26, 2008 Lumina Copper reports results from six drill holes at Taca Taca including 426 meters grading 0.99% copper equivalent** - Rio Tinto discontinues option
Vancouver, British Columbia -- Lumina Copper Corp. ("Lumina") announces that Rio Tinto plc. ("Rio Tinto") has notified the Company that it will not continue its option on the Taca Taca copper-gold-molybdenum project in Salta Province, Argentina in spite of drilling the best holes on the property to date. Rio Tinto indicated that despite the excellent results from its exploration program, the deposit would not likely meet its corporate objectives.
The results of the Rio Tinto program are highlighted by holes TTBJ-0007 which graded 426 meters grading 0.75% copper, 0.16 grams/tonne gold and 0.025% molybdenum (0.99% copper equivalent**) including 120 meters grading 1.40% copper, 0.21 grams/tonne gold and 0.035% molybdenum (1.73% copper equivalent**); TTBJ-0006 that returned 248 meters grading 0.89% copper, 0.11 grams/tonne gold and 0.036% molybdenum (1.16% copper equivalent**) and TTBJ-0003 that returned 195 meters grading 0.78% copper, 0.29 grams/tonne gold and 0.030% molybdenum (1.12'% copper equivalent**)
Rio Tinto completed 5,003 meters in eight steeply inclined (-70 to -90 degrees) diamond drill holes drilled from six platforms covering an 800 meter diameter area in the centre of the Taca Taca porphyry copper-gold-molybdenum deposit. Two of the eight holes (TTBJ-0001 and TTBJ-0004) were stopped due to mechanical reasons before they reached the target.
Rio Tinto targeted a deeper zone of higher grade copper mineralization inferred to exist below the base of the existing drilling and also delineated a central area of enriched copper mineralization that is open to the north as well as to depth. The six successful Rio Tinto holes ranged from 472 to 1,153 meters in vertical depth and averaged 708 meters. In comparison, the 159 holes (24,614 meters) drilled by the five previous operators ranged in vertical depth between 15 and 529 meters and averaged 149 meters vertical depth.
The results of the successful holes are listed in the table below:
Rio Tinto Hole Number
From (m)
To (m)
Int. (m)
Cu (%)
Mo (%)
Au (g/t)
CuEq %*
Comments
TTBJ-0002
260
494
234
0.38
0.017
0.01
0.48
Restart of "lost" hole TTBJ-0001, (end of TTBJ-0002 1,153m)
and
528
540
12
0.29
0.020
0.04
0.43
and
626
664
38
0.36
0.018
0.01
0.47
and
788
816
28
0.32
0.020
0.15
0.53
TTBJ-0003
294
489
195
0.78
0.030
0.29
1.12
Interval open to depth, (end of hole at 489m)
TTBJ-0005
400
408
8
0.14
0.097
0.05
0.75
Restart of "lost" hole TTBJ-0004, (end of TTBJ-00005 at 801m)
and
612
620
8
0.47
0.007
0.02
0.52
TTBJ-0006
316
564
248
0.89
0.036
0.11
1.16
Sampling started at 316m leaving the interval open upwards, as well as to the north, (end of hole at 736m)
incl.
316
428
112
1.40
0.041
0.02
1.66
TTBJ-0007
228
654
426
0.75
0.025
0.16
0.99
End of hole at 683m
incl
264
384
120
1.40
0.035
0.21
1.73
TTBJ-0008
294
518
224
0.55
0.015
0.09
0.70
Interval open to north and to depth, (end of hole at 518m)
* Copper equivalent calculated using US$1.00/lb Cu, US$400/oz Au and US$6.00/lb Mo and is not adjusted for metallurgical recoveries as these remain uncertain. The formula used is as follows: CuEQ = Cu% + (Au g/t x 12.86 / 22.05) + Mo% x 132.28 / 22.05). ** Intervals have been calculated using a 0.40% CuEq cut-off grade.
Lumina has now reacquired a 100% interest in the property. In light of the excellent Rio Tinto drill results, Lumina intends to aggressively advance the project. Within the next six weeks, after all data has been received from Rio Tinto, the Company will release a comprehensive drill plan and a new 43-101 compliant resource estimate and during the 4th quarter initiate an exploration and infill drill program designed to expand and upgrade the zone of enriched copper mineralization at Taca Taca and to explore for the deeper zone of higher grade copper-gold-molybdenum mineralization.
Leo Hathaway, P.Geo., is the Qualified Person as defined by National Instrument 43-101 for the Taca Taca project and has reviewed and approved the contents of this news release and the QA/QC data and has visited the project and sampling facilities while drilling was in progress. The 2008 drill campaign on the project was managed on site by Rio Tinto geologists. Drill core was sampled every two meters and logging and sampling were completed at Rio Tinto's secure facility located at the project. The drill cores were sawn in half on site and the samples were securely transported to the Alex Stewart's 9001:2000 certified facilities in Mendoza, Argentina for sample preparation and analysis. Total copper content was determined by three-acid digestion with atomic absorption finish. Rio Tinto inserted standards, blanks and duplicates selected on a random basis into the sample stream and sent sample pulps from one complete hole to check laboratories in Santiago, Chile.
LUMINA COPPER CORP
Signed "David Strang"
David Strang, President & CEO
For further information contact:
David Strang, President & CEO
tel: + 604 687 0407
fax: + 604 687 7041
CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper and molybdenum, the timing of exploration activities, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Lumina Copper's commitment to, and plans for developing any of its projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lumina Copper to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, silver, copper and molybdenum, as well as those factors discussed in the sections relating to risk factors of our business filed in Lumina Copper's required securities filings on SEDAR. Although Lumina Copper has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Lumina Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
You can view the Next News Releases item: Thu Oct 9, 2008, Lumina Copper Reports a new Sulphide Inferred Mineral Resource Estimate for the Taca Taca Copper/Molybdenum/Gold Deposit -- 841 million tonnes grading 0.64% copper equivalent
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