Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company) is pleased to announce new assay results from the Company's 2008 drill program at the Tucano zone on the Cachoeira gold project. Significant mineralized intercepts are highlighted below.
Luna's CEO, Jim Bahan comments, "The target at Tucano is a multi-vein system that has the potential to support a bulk-tonnage open pit operation, including at least one high grade vein that has the potential to be mined by underground methods, either below the open pit or as a stand-alone operation.
Field work for the 2008 program is complete and management is now concentrated on refining the geological models for the three zones drilled at Cachoeira in 2008 and carrying out a preliminary evaluation of Tucano, which is the most advanced and promising deposit. The Cachoeira project is in an area of direct federal road access with good infrastructure to support the types of operations envisaged."
Complete assay results have been received for holes LCD024 and LCD026 totaling 540 meters and partial assay results have been received for holes LCD027 and LCD028 totaling 41 meters. Only intervals with visible gold were sampled from these latter two holes.
Significant mineralized intercepts are tabulated below (assays for the full length of each hole will be available on the Company's website) and will be updated as new information is released). The holes were drilled at the Tucano target area. A project map and updated plan maps for all targets can be viewed on the Company's website.
Titus Haggan, Luna's Exploration Manager, comments, "Luna's drill program at Tucano was designed to open up the dip and plunge extent of the high-grade mineralized zones to the west and southwest. All step out holes hit mineralized zones, several of which are very high-grade indicating that the mineralizing system is more extensive than previously defined and remains open."
LCD024 was drilled in the southeast corner of the Tucano target to test beneath a large flooded garimpo pit. The hole intersected footwall metasediments and, while it did not encounter gold mineralization, it is useful in defining the extent and nature of the deposit footwall.
Hole LCD026 was sited as a wide step-out hole to the southwest and drilled to the northeast to test for a southwesterly plunge extent to the mineralized zones. The hole intersected a wide zone of high-grade mineralization of 21.45 m @ 5.87 g/t Au from 137.55 m core depth including an intercept of 7.95 m @ 14.96 g/t Au. This mineralized interval corresponds with quartz veins containing abundant visible gold and is highly significant in extending mineralization to the southwest of previously defined zones. Several deeper, lower-grade, gold intervals were also intersected including 6.00 m @ 1.61 g/t Au and 11.00 m@ 1.67 g/t Au including 3.00 m @ 4.29 g/t Au.
LCD027 was a vertical hole drilled off the same pad as LCD018 (see the press release dated September 8th 2008) and intersected 1.00 m @ 17.30 g/t Au from 107.00 m core depth extending mineralization further west.
LCD028 was drilled off the same pad as LCD023 (see the press release dated September 8th 2008) and intersected 13.04 m @ 1.84 g/t Au from 109.13 m core depth. Only core samples containing visible gold were sent for assay from holes LCD027 and LCD028. The remaining core will be assayed at a later date.
Preliminary geologic modeling of these data indicates that the high-grade ore zone displays relatively good continuity between the drill holes. Tucano is a shear zone gold deposit and mineralization is coarse grained in quartz veins that typically have a close spatial relationship with felsic dykes. The deposit host rocks are Proterozoic volcanic units of the Chega Tudo formation.
About Luna Gold Corp
Luna is a mining exploration company focused on the acquisition, exploration, and development of advanced stage gold exploration projects in northeastern Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
Jim Bahan - CEO & COO
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.
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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