VANCOUVER, March 15 /PRNewswire/ - Luna Gold Corp. (TSXV: LGC) ("Luna" or the "Company") is pleased to announce positive assay results from eight holes from its ongoing resource drill program at the Piaba gold deposit, Aurizona. An updated drill plan map and cross sections have been uploaded to the Luna Gold website at www.lunagold.com or to view directly click below. Significant mineralized intercepts are highlighted below:
- 19.00 m @ 1.45 g/t Au including 2.00 m @ 5.99 g/t Au and 1.00 m @ 6.44 g/t Au in BRAZD285
- 15.00 m @ 1.46 g/t Au including 1.00 m @ 4.20 g/t Au in BRAZD286
- 9.00 m @ 2.23 g/t Au including 1.00 m @ 10.65 g/t Au and 2.00 m @ 8.85 g/t Au in BRAZD287
- 2.00 m @ 130.45 g/t Au and 6.00 m @ 1.67 g/t Au including 2.00 m @ 3.83 g/t Au in BRAZD288
Luna's President & CEO, John Blake, comments, "We are pleased with the level of consistency in our drill results that demonstrate the strike and depth continuity of the ore body. Consistent mineralization along strike and at depth is encouraging for our objective to increase gold ounces in a resource update at the completion of our drill program planned for delivery in the Q4 of 2011."
The Company embarked on a 20,000 m drill program in August 2010 and currently has seven drill rigs in operation at Aurizona. Assays from 15 holes have been received and samples from 7 additional holes are at the assay lab. Drilling is currently focused on infilling over the 3 kilometer strike length of the Piaba deposit to increase measured and indicated resources. Holes are being drilled on 100 meter spaced sections to a maximum depth of -300 meters RL. Drill production has increased significantly in recent weeks.
Complete assay results have been received for eight drill holes totaling approximately 1,738 m drilled on five sections in the central portion of the Piaba deposit. In seven holes core was recovered from 100 meters depth to accelerate drill production and reduce costs. All drill holes intersected gold mineralization and the deposit remains open at depth on all sections. Significant mineralized intercepts are tabulated below.
|SECTION||HOLE ID||AZI||DIP||START DEPTH (M)||END DEPTH (M)||FROM (M)||TO(M)||INT(M)||AU (G/T) UNCAPPED|
Table 1. Mineralized drill intercepts from the ongoing Aurizona resource drill program. Intervals are calculated as composites using a 0.30 g/t Au cut-off and maximum 2 meter internal waste. True widths to be established.
Luna's VP Exploration, Titus Haggan, states, "Drilling rates have accelerated significantly with the mobilization of two additional rigs and we are currently on schedule to finalize drilling ahead of an updated resource estimate at Aurizona in the fourth quarter of 2011. Near mine exploration targets are also being brought to the drill stage and will be included in the 2011 resource update."
About Luna Gold Corp
Luna Gold is a producing gold company, with development and exploration projects. Gold production is from the Aurizona Mine in Maranhão state Brazil, development is the Cachoeira deposit Para, Brazil and the Company is exploring in a large strategically placed land position in Maranhão, Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
John Blake- President and CEO
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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 at approximately 2 meter intervals, which is reduced to 1 meter interval 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 Lima, Peru 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. Additional technical information about the Aurizona Project is available in our technical report dated September 1, 2010, filed on SEDAR.
Titus Haggan Ph.D., EurGeol Certified Professional Geologist #746, Luna's VP Exploration is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and has supervised the preparation of and reviewed the technical disclosure in this press release. Non qualified persons currently work on Luna's exploration programs under the guidance of Titus Haggan. Dr Haggan takes responsibility for work, information and advice generated by non-Qualified persons and has taken the steps required to ensure that the work, information and advice is sound.
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.
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Certain of the statements made herein by Luna Gold Corp. are forward-looking and subject to various risks and uncertainties, both known and unknown, many of which are beyond the ability of Luna Gold Corp. to control or predict. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Forward-looking information is subject to known and unknown risks and uncertainties that may cause Luna Gold Corp.'s actual results, performance or achievements may be materially different from those expressed or implied by such forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, mine development and production costs, the projected life of the Company's mines, future production levels, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. 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. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Luna Gold Corp.