VANCOUVER, June 24 /CNW/ - Luna Gold Corp. (TSXV-LGC) ("Luna" or the
"Company") is pleased to announce new assay results from the Company's ongoing
drill program at Piaba, the main gold deposit at its wholly owned gold
project, Aurizona. Significant mineralized intercepts are highlighted below.
- 25.00 meters @ 1.28 g/t Au in hole BRAZD-256
- 29.00 meters @ 1.56 g/t Au in hole BRAZD-257
- 57.00 meters @ 1.25 g/t Au including 7.62 meters @ 3.66 g/t Au
in hole BRAZD-259.
Luna's CEO, Tim Searcy, comments, "Luna has drilled a total of 42 holes
at Piaba to date, 38 of which have intersected wide zones of gold
mineralization. This tremendous success rate is due to the excellent vertical
continuity of the mineralization at Piaba. Furthermore, only 25% of Piaba's
strike length has been tested to a depth of 200m, the remainder being closer
to 100m. (please see
http://www.lunagold.com/i/maps/Aurizona-resource-estimate.jpg). These two
factors give the Company confidence that the resource at Piaba will continue
to grow as Luna drills down dip."
Complete assay results have been received for a further 5 holes totaling
975 metres drilled in the east central portion of the Piaba deposit. None of
the results from this round of drilling have been included in the recent
resource estimate (please see the press release dated 20 May 2008). All drill
holes intersected gold mineralization. Significant mineralized intercepts are
HOLE TOTAL AU THICK-
ID AZI DIP DEPTH(m) FROM(m) TO(m) INT(m) (g/t) NESS(m)
BRAZD-256 168 50 216.35 118.00 143.00 25.00 1.28 19.3
BRAZD-257 168 60 193.50 117.00 119.45 2.45 7.26 -
156.00 185.00 29.00 1.56 18.2
BRAZD-258 168 50 191.75 109.15 120.40 11.25 1.21 8.2
BRAZD-259 168 60 190.20 78.00 135.00 57.00 1.25 36.1
including 120.38 128.00 7.62 3.66 -
BRAZD-260 168 55 182.50 82.37 119.00 36.63 1.07 29.1
Table 1. Mineralized intercepts from the Piaba deposit.
The drill holes were sited to test the vertical continuity to the fresh
rock mineralization at a nominal 30 meter spacing beneath existing drillholes
at Piaba. All holes were drilled on regular drill sections from north to south
and intersected the deposit hanging wall, crossed the deposit and terminated
in the southern footwall. All holes have extended gold mineralization at
depth. Drill hole BRAZD-256 intersected 25.00 m @ 1.28 g/t Au. BRAZD-257
intersected 29.00 m @ 1.56 g/t Au. BRAZD-258 intersected 11.25 m @ 1.21 g/t
Au. BRAZD-259 intersected a wide zone of 57.00 meters @ 1.25 g/t Au. BRAZD-260
intersected 36.63 meters @ 1.07 g/t Au.
Luna's Exploration Manager, Titus Haggan states, "Each drill hole is
meeting its objective in extending gold mineralization at Piaba. The new holes
are being planned based on the new geological interpretation and the new
resource block model. These latest results show that the deposit maintains its
continuity and width at depth. Drilling will continue at Piaba throughout 2008
to generate additional data for an updated resource estimate."
Incentive Stock Options
Luna has issued incentive stock options to directors Nolan Watson and
Tom O'Neil, 250,000 each, effective June 18th, 2008. The options are
exercisable at CAD 0.90/share for 5 years. They vest at a rate of 33% every
6 months. Mr. Watson and Dr. O'Neil were voted in as directors of Luna at the
Company's AGM on June 18th.
About Luna Gold Corp
Luna is a mining exploration company focused on the acquisition,
exploration, and development of gold resources and advanced stage gold
exploration projects in northeastern Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
Tim Searcy, P. Geo. - President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
Luna operates a rigorous QA/QC protocol on all aspects of sampling and
analytical procedure. Drill core is checked, logged, marked for sampling and
sawn in half. One half of the HTW (71 mm diameter) core is maintained for
future reference and one half of the core is sent for analysis. Samples are
collected in approximately 1 meter intervals or less when a mineralized zone
is encountered. All core and samples are stored in secure locked areas.
Samples are transported from the Aurizona project to the ALS Chemex sample
preparation facility in Belo Horizonte, Minas Gerais accompanied by Luna
personnel. Samples are assayed at ALS Chemex Labs in Belo Horizonte using a
30 gram fire assay with AAS finish. Each sample batch contains 10% of randomly
inserted internal control samples consisting of certified analytical
standards, blanks (barren rock) and 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 No. 746,
Luna's Brazil Exploration Manager is the Qualified Person as defined under
National Instrument 43-101 responsible for the scientific and technical work
on the exploration program and has reviewed the technical disclosure in this
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.
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors
identified in Luna Gold Corp.'s periodic filings with Canadian Securities
Regulators. 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.
Luna Gold does not assume the obligation to update any forward-looking
For further information:
For further information: Website: www.lunagold.com; Investor Relations
at (604) 689-7317 or toll free at 1-866-689-7317