Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company") is pleased to announce new assay results from the Company's resource drill program at Piaba, the main gold deposit at its wholly owned gold project, Aurizona. Significant mineralized intercepts are highlighted below.
<< - 31.00 meters @ 2.27 g/t Au including 3.00 meters @ 9.73 g/t Au in hole BRAZD-267 - 17.00 meters @ 1.16 g/t Au in hole BRAZD-268 - 15.00 meters @ 4.45 g/t Au and 18.00 meters @ 1.34 g/t Au in hole BRAZD-269 >>
Luna's CEO, Tim Searcy, comments, "The Aurizona project continues to deliver great results. These holes will have a significant impact on the economics of the deposit. They were drilled into a large inferred block that falls within the proposed open-pit area. The Feasibility Study (see press release dated 7 July 2008) modeled it as waste, now much of it will be modeled as ore, reducing the strip rate and costs, while increasing production. Furthermore, the grades are significantly higher than what was estimated previously."
Complete assay results have been received for a further 4 holes totaling 602 meters drilled in the western portion of the Piaba deposit. All drill holes intersected gold mineralization. Significant mineralized intercepts are tabulated below.
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HOLE ID AZI DIP FROM TO INT AU TRUE WIDTH
(m) (m) (m) (g/t) (m)
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BRAZD-266 168 60 75.00 83.00 8.00 1.91 7.00
BRAZD-267 340 55 0.00 18.00 18.00 1.78 10.16
44.00 75.00 31.00 2.27 17.07
including 53.00 56.00 3.00 9.73 1.66
BRAZD-268 338 50 90.00 107.00 17.00 1.16 10.38
118.00 120.00 2.00 2.81 1.22
BRAZD-269 178 55 47.00 62.00 15.00 4.45 14.30
71.00 89.00 18.00 1.34 17.05
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Table1. Mineralized intercepts from the Piaba deposit. Width in the table
represents core width of the intersections, True width, where
available, is also shown.
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Luna's Exploration Manager, Titus Haggan states, "These holes were sited to drill into inferred blocks in the resource model and estimate released on May 20, 2008 which cubed a measured and indicated resource of 763,000 ounces gold at 1.30 g/t and an inferred resource of 525,000 ounces gold at 1.29 g/t at Aurizona. The gold grades returned in holes BRAZD-267 and BRAZD-269 are higher than expected for this area and demonstrate good grade continuity at depth. The Phase 1 drill program is now completed and a new resource estimate will be conducted to incorporate the 19 new holes drilled by Luna since the database was frozen for the May resource estimate. All 19 new holes intersected significant gold mineralization."
The drill holes were sited to test the vertical continuity of oxide and fresh rock gold mineralization within a 175 m strike length at Piaba West. All holes successfully extended gold mineralization. Drill holes BRAZD-266 intersected 8.00 m @ 1.91 g/t Au. BRAZD-267 intersected 18.00 m @ 1.78 g/t Au from surface and 31.00 m @ 2.27 g/t Au from 44.00 m core depth including a high-grade interval of 3.00 m @ 9.73 g/t Au. BRAZD-268 intersected 17.00 m @ 1.16 g/t Au from 90.00 m core depth. BRAZD-269 intersected 15.00 m @ 4.45 g/t Au from 47.00 m and 18.00 m @ 1.34 g/t Au from 71.00.
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About Luna Gold Corp
Luna is a mining exploration company focused on the acquisition,
exploration, and development of gold resources and advanced stage gold
exploration projects in northeastern Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
Tim Searcy, P. Geo. - President and CEO
Website: www.lunagold.com
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
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Regulatory Footnotes
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 in approximately 1 meter intervals 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 Belo Horizonte using a 30 gram fire assay with AAS finish. Each sample batch contains approximately 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.
Titus Haggan Ph.D., EurGeol Certified Professional Geologist No.746, Luna's Brazil Exploration Manager is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and has reviewed the technical disclosure in this press release.
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.
Forward-Looking Statements
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Luna Gold Corp.'s periodic filings with Canadian Securities Regulators. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future. 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.
SOURCE: Luna Gold Corp.
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