Luna Gold Intercepts at Cachoeira Gold Project
Jun 30th, 2008 | By Doug Casey | Category: Gold MarketVancouver, June 26, 2008 – 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 hole LCD-008
- 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. (http://www.lunagold.com/i/pdf
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
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 laboratory.”
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
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 Maranhão State. Cachoeira is accessible by paved highway, BR 316, from Belém, the capital of Pará 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.
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