VANCOUVER, June 26 /CNW/ - Luna Gold Corp. (TSXV-LGC) ("Luna" or the
"Company") is pleased to announce assay results from the first nine holes of
the Company's ongoing 6,000 m drill program at its Cachoeira gold project,
including hole LCD-009 which intercepted 6.00 meters of 12.58 g/t Au.
Significant mineralized intercepts are highlighted below.
- 6.00 meters @ 12.58 g/t Au in hole LCD-009
- 2.00 meters @ 9.50 g/t within 15.00 meters @ 1.75 g/t Au in
- 2.00 meters @ 5.40 g/t Au in hole LCD-007
- 14.35 meters @ 1.68 g/t Au in hole LCD-004
- 1.00 meter @ 9.52 g/t Au in hole LCD-006
- 97.00 meters @ 0.43 g/t Au in hole LCD-001
Luna's CEO, Tim Searcy comments, "This first set of drill results from
Cachoeira highlights the quality of projects that Luna is acquiring in the
northeast of Brazil. The advanced stage exploration ongoing at Cachoeira is an
excellent complement to the feasibility work ongoing at the Aurizona project
100 km to the northeast."
He continues, "These results come from the Arara target, which is the
most northerly target along the 5 km of variably mineralized strike at
Cachoeira. The Company is very pleased with the high grade intervals
encountered at Arara, as it is viewed, primarily, as an underground type
target. Further south along strike, the targets Coruja and Toucano have
potential for both broad zones of lower-grade mineralization and structurally
controlled higher-grade mineralization. Drilling will continue at Cachoeira
for two months as the Company has a contract for a minimum of 6,000 m in this
phase. Luna anticipates the delivery of the first NI 43-101 resource estimate
for Cachoeira by the second quarter of 2009. The estimate will incorporate
historic drilling from previous operators and Luna's recent results."
Complete assay results have been received for 9 holes totaling
1940 metres. Significant mineralized intercepts are tabulated below (assays
for the full length of each hole will be available on the Company's website
shortly, and will be updated as new information is released). The holes were
drilled on east-west sections spaced approximately 50 meters apart on the
Arara Target Area in the north of the project area. Project maps have been
updated to the Company's website.
HOLE ID AZI DIP TOTAL DEPTH (m) FROM (m) TO (m) INT (m) AU (g/t)
LCD-001 270 50 150.00 0.00 97.00 97.00 0.43
LCD-002 270 55 310.35 99.00 112.00 13.00 1.27
LCD-003 270 55 240.00 no significant Intercepts
LCD-004 270 55 221.60 2.00 27.00 25.00 0.43
55.00 69.35 14.35 1.68
LCD-005 270 55 177.00 no significant Intercepts
LCD-006 270 55 160.00 12.00 40.00 28.00 0.71
including 35.00 36.00 1.00 9.52
LCD-007 270 55 236.60 119.00 129.00 10.00 1.10
151.00 153.00 2.00 5.40
LCD-008 270 55 141.00 52.00 67.00 15.00 1.75
including 61.00 63.00 2.00 9.50
LCD-009 270 55 302.60 164.00 170.00 6.00 12.58
Table 1. Mineralized intercepts from initial drill holes, Cachoeira.
Width in the table represents core width of the intersections,
and does not represent the true width.
Titus Haggan, Luna's Brazil Exploration Manager comments, "Drilling at
Arara is now complete and the rigs have been mobilized to the Coruja (located
1 km south) and Tucano (located 3.5 km south) targets
(http://www.lunagold.com/i/pdf/CCH_Map1_250608.pdf ). The objective of this
Phase 1 drill program is to extend and confirm the known limits of gold
mineralization in the three main target areas within the 5.0 km of mineralized
strike that defines the Cachoeira project. The drill results from Arara
indicate the presence of high-grade gold mineralization in the north of the
Cachoeira trend. Samples from an additional three Arara drillholes are at the
The drill holes reported here are the first holes Luna has drilled at
Cachoeira and were drilled within a 350 meter strike corridor at the Arara
Target. Drill results confirm the existence of high grade gold mineralization.
LCD-009 intersected 6.00 m @ 12.58 g/t Au which corresponds to a zone of
abundant visible gold in drill core
(http://www.lunagold.com/s/Cachoeira.asp?ReportID=198003). This intercept is
located 50 meters south of historic hole FD008 drilled by CVRD in 2003 which
returned 8.00 meters @ 16.68 g/t Au from 82.00 meters core depth indicating
continuity of the high-grade gold mineralization in this area. LCD-001 (97.00
m @ 0.43 g/t Au), LCD-004 (25.00 meters @ 0.43 g/t and LCD-006 (28.00 meters @
0.71 g/t Au) all intersected wide zones of low-grade oxide gold mineralization
from surface indicating the existence of a broad mineralizing system at Arara.
Core geology intersected to date is dominated by a highly altered
pyroclastic volcano sedimentary sequence. Gold mineralization is associated
with massive to semi-massive quartz veins associated with sulfides and
albitization located within and proximal to shear zones.
The Cachoeira gold project is located 100 km due SW of Luna's Aurizona
gold project in Maranhco State. Cachoeira is accessible by paved highway, BR
316, from Belém, the capital of Para State. The zones of known mineralization
are controlled by high-angle north-south structures dominated by shear zones.
The land package extends roughly 13 km north-south and 2.5 km east-west,
encompassing the full extent of the structures that are known to be
mineralized, which to date has a strike length of 5 km. The project consists
of two mining licences and 1 exploration licence for 3760 ha.
Addition to the Brazilian Management Team
The Company is also pleased to report that Marcus Brewster has joined
Luna Gold in the role of Project Manager for Cachoeira. Marcus is a graduate
of the Camborne School of Mines in the UK and holds Masters Degrees in both
Mining Geology and Mining Engineering. He spent 12 years with Gold Fields
Limited and was involved in the start-up and development of the Tarkwa Mine
and various satellite open-pit operations at the Damang Mine, Ghana and will
play an important role in advancing Cachoeira.
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.
Quality Assurance/Quality Control
Luna operates a rigorous QA/QC protocol on all aspects of sampling and
analytical procedure at Cachoeira overseen by Marcus Brewster, AusIMM
Certified Professional Geologist No.226310. Drill core is checked, logged,
marked for sampling and sawn in half. One half of the HQ (71 mm diameter) core
is maintained for future reference and one half of the core is sent for
analysis. Samples are collected in approximately 2 meter intervals reduced to
1 meter or less when a mineralized zone is encountered. All core and samples
are stored in secure locked areas. Samples are transported from the Cachoeira
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 50 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: Investor Relations at (604) 689-7317 or toll
free at 1-866-689-7317