Orquideas/Cascas Earn-in

On October 26, 2017 Lumina Gold announced an earn-in agreement with First Quantum Minerals with the following terms:

  • A Binding agreement was finalized on June 21, 2018
  • The agreement was assigned to Luminex in August 2018
  • US$38.5M to be expended between 2018 and 2023 as follows:
    • US$31.5M to be invested in the exploration of Cascas and Orquideas over the 5 years
    • US$7M of staged cash payments with the final payment in 2023
  • First Quantum can accelerate the work and payments at their election

Post completion of the stipulated spending First Quantum will own 51%

  • Ownership can increases to 70% if First Quantum funds the project to a mining decision

For more detailed information please view news release NR:18-08 Jun 21, 2018

For more detailed information please view news release NR:17-09 Oct 26, 2017

Orquideas Geology & Location

  • Situated within the Zamora-Morona Santiago Cu-Mo Metallogenic Belt in phases of the mid-Jurassic Zamora Batholith
  • Located 40 km south of Lundin Gold’s Fruta Del Norte Mine (Indicated: 7.35 Moz Au, 9.89 Moz Ag)
  • Orquideas contains a 5.5 km long by 2 km wide, northwest-southeast, Cu-Mo geochemical anomaly defined by rock and soil samples
  • A ~43 km Induced Polarization survey was completed over 15 profiles and a two-pronged zone of high chargeability/conductivity defined
  • Anaconda mapping, 2,500 surface samples and legacy aero-magnetics data has defined three porphyry Cu-Mo centers occupying a fault-bound uplift structure
  • Four priority targets have been identified for an intial 4,500 metre drill program that is expected to commence once industrial water permits are received

Orquideas 2019 Drill Plan & Geochemical Anomaly Summary

 

Cascas Geology & Location:

  • Located 16 km southwest of Orquideas
  • Southern continuation of the prolific Zamora Cu-Au  Metallogenic Belt
  • Two phase porphyry system comprising Cu-Mo and Au anomalies hosted in the Zamora Batholith
  • A 5 km x 2.5 km coincident Cu-Mo anomaly
  • A 3 km x 2.5 km coincident Au-As anomaly

Qualified Person

Leo Hathaway, P.Geo, a "qualified person" within the definition of that term in NI 43-101, has reviewed and approved the scientific and technical information contained on this page.

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