VANCOUVER, BC, Feb. 5, 2025 /PRNewswire/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce that programs underway to maximize operational efficiencies at both the Campo Morado zinc/copper/gold mine and the Tahuehueto gold/silver mine have yielded excellent results.
Campo Morado The Company has achieved its targeted throughput rates at the Campo Morado zinc/copper/gold mine of 2,000 tonnes per day ("tpd"). This was a milestone set when Luca's newly contracted mining team, Cominvi, S.A. de C.V. ("Cominvi"), was seconded in August of last year. Cominvi, working with the Luca team, achieved sustained 2,000 tpd in the latter part of Q4 2024 and the Campo Morado mill is now consistently running at this rate, representing a 43% increase over the preceding six months. In the month of January 2025, the Campo Morado mill processed over 62,850 tonnes of ore; and ample built-in capacity at the mill remains towards future production growth. With 2,000 tpd achieved, the next phase of optimization efforts will now focus on improving throughput to 2,400 tpd over the coming months.
Tahuehueto Commissioning of this new gold mine has been progressing extremely well and is nearing completion. Throughput at the Tahuehueto mill has started to stabilize at the 1,000 tpd level. In the month of January 2025, even with a planned shutdown of greater than one week (consisting of testing and commiserate adjustments), the mill processed over 24,700 tonnes of ore; an exciting milestone for Luca. In preparation for commercial production, the Company is working to ensure sufficient parts and commodity supply redundancy is in place for its operations through purchasing and stocking a new warehouse now under construction on site.
Dan Barnholden, CEO, commented, "I am very pleased to see that our careful planning is allowing us to meet these important throughput objectives. Steady and stable operations with back up contingencies are key to consistent results. I would like to congratulate our entire Luca team and affiliates on a job well done. We've been able to quickly increase production at both operations and we can clearly see a path forward for further increases ahead."
About Luca Mining Corp. Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.
The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.
The Tahuehueto epithermal gold and silver mine is a new underground operation in Durango State. The Company is commissioning the Tahuehueto mill and expects to achieve commercial production in early 2025.
Qualified Person The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice-President Exploration at Luca Mining. Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.
On Behalf of the Board of Directors (signed) "Dan Barnholden" Dan Barnholden, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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.
