Lumina Gold Targets H1 2025 For Release Of Feasibility Study For Cangrejos Gold-Copper Project
Lumina Gold (TSXV: LUM) is set to begin a feasibility study on its Cangrejos Gold-Copper project in Ecuador, revealing it has appointed Ausenco Engineering to lead the process.
Slated for completion in the first half of 2025, the feasibility study will follow a pre-feasibility study that was published last year, outlining the project as having the largest primary gold deposit in the country.
The wholly owned Cangrejos project is said to have a net present value (5%) of US$2.2 billion at $1,650 an ounce gold and $3.75 per pound copper. Based in southwestern Ecuador, the project has probable reserves of 11.56 million ounces of gold at 0.55 g/t, 1,421 million pounds of copper at 0.10%, and 14.38 million ounces of silver at 0.69 g/t.
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The pre-feasibility study outlines a life of mine of 26 years, with annual payable production of 371,000 ounces of gold, and 41 million pounds of copper. Initial production is targeting 30,000 tonnes per day, increasing to 60,000 in year four and further improving to 80,000 tonnes per day in year seven. All in sustaining costs meanwhile are estimated at $671 an ounce. Initial capital costs are estimated at $925 million.
Lumina Gold last traded at $0.365 on the TSX Venture.
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