Lumina Gold (TSXV: LUM) has raised $19 million to advance its Cangrejos gold-copper challenge in Ecuador, the place work is beneath manner on a prefeasibility examine.
Along with closing a personal placement of 31.6 million widespread shares priced at $0.60 every, it additionally issued further shares price $5.2 million to Ross Beatty in alternate for retiring that quantity of debt. He now has a 19.8% curiosity within the firm.
The corporate will use the web proceeds of the providing for infill drilling, stepout drilling and prefeasibility work at Cangrejos. Lumina owns 100% of the challenge, situated 40 km from the port of Puerto Bolivar.
A preliminary financial evaluation for Cangrejos was accomplished in June 2020. It included up to date useful resource quantity for 2 deposits utilizing a 0.3 gram gold-equivalent cutoff grade.
The deposit hosts an indicated useful resource of 469.7 million tonnes grading 0.59 gram gold per tonne and 0.12% copper (0.77 gram per tonne gold-equivalent), for 8.9 million oz. of gold and 1.2 billion lb. of copper. The inferred useful resource is 254.9 million tonnes grading 0.43 gram gold per tonne and 0.08% copper (0.55 gram per tonne gold-equivalent), for 3.5 million oz. of gold and 472 million lb. of copper.
The Gran Bestia deposit has an indicated useful resource of 101.1 million tonnes grading 0.46 gram gold per tonne and 0.1% copper (0.58 gram per tonne gold-equivalent), for 1.5 million oz. of gold and 180 million lb. of copper. The inferred useful resource is 245.5 million tonnes grading 0.4 gram gold per tonne and 0.1% copper (0.50 gram per tonne gold-equivalent), for 3.1 million oz. of gold and 368 million lb. of copper.
The preliminary financial evaluation examined a challenge with a 25-year mine life with common annual manufacturing of 366,000 oz. of gold and 46 million lb. of copper. An open pit mine and a 40,000-tonne-per-day mill would function within the first 5 years of manufacturing, and capability could be expanded to 80,000 tonnes per day for the remaining years. All-in sustaining prices, internet of byproducts, have been estimated to be US$604 per oz. of gold.
The Cangrejos challenge has a internet current worth with a 5% low cost of $1.6 billion and an inside charge of return of 16.2%. Preliminary capital prices, together with working capital and refundable worth added tax, is anticipated to be US$1 billion.