Welcome!

News Feed Item

Invicta Gold Project Mineralization Sample Results Include 6.38 Grams per Tonne Gold and 1.68% Copper at 6.4 Meters Width and Over 105 Meters Length Exposed in Drift

VANCOUVER, BC--(Marketwired - July 10, 2014) - Lupaka Gold Corp ("Lupaka Gold" or the "Company") (TSX: LPK) (LMA: LPK) (FRANKFURT: LQP) is pleased to announce the results of a recent mapping and confirmation sampling program at the Invicta Gold Project. Sample assay values on the footwall split averaged 6.38 gold grams per tonne ("gpt") and 1.68% copper over a length of 105 meters and a width of 6.4 meters, and 2.15 gpt gold and 1.52% copper over a length of 125 meters and a widty of 6.2 meters for the hanging wall split. 

The Company completed the sampling and mapping program on mineralization exposed within the existing drift and cross-cut development at the 3,400 meter level, which lies within the existing mineral resource estimate envelope.

Two main adjacent mineralized veins within the Atenea Vein were identified and correlated separately, with assay values averaging as follows:

                                                                            
                   ---------------------------------------------------------
Atenea Vein          Length    Width      Au      Ag      Cu      Pb      Zn
                     Meters   Meters     gpt     gpt       %       %       %
                   ---------------------------------------------------------
Footwall Split          105     6.40    6.38   83.00    1.68    0.79    0.75
                                     ---------------------------------------
Hanging wall split      125     6.16    2.15   59.22    1.52    1.87    0.70
                                     ---------------------------------------
                                                                            

See Table 1 below for additional details.

Mr. Eric Edwards, President and CEO of Lupaka Gold stated, "This work confirms that the mineralization exposed in the existing workings is consistent with our understanding of the mineralization that we intend to initially target in our production plans for Invicta. We continue to make progress toward initiating a mining operation at the Invicta Gold Project at an initial planned rate of 300 tonnes per day ("tpd") by the end of Q1-2015."

As previously reported, the Company intends to commence production at an initial rate of 300 tpd by using the existing 1.2 km of tunnels developed by previous owners, utilizing contracted third-party mining and a low-cost and scalable sub-level open stoping mining method, development and haulage, and selling the mineralized rock to a local mill for processing. Production is planned to initially target some of the highest grade gold and copper mineralization within the Atenea Vein, which contains the majority of the current Invicta gold resource estimate. The Company also intends to pursue further drilling from underground, concurrent with production, with the objective of expanding and upgrading the current estimated inferred mineral resources and providing additional data to guide control and direction decisions for future mining operations.

Technical Advisors

Aminpro - Peru S.A.C. has been engaged to complete metallurgical assessments, plant design and an evaluation of the available process options for the mineralized rock from the Invicta Gold Project.

Summary Assay Results

The recent sampling and mapping work has confirmed that there are distinct and separate episodes of mineralization within the Atenea Vein at Invicta. These episodes of mineralization follow the same structural controls and generally lie parallel to each other in forming the main Atenea Vein mineral resource estimate envelope. 

Summary results obtained from 160 samples taken in the drift and crosscuts are as set out in Table 1 below:

Table 1: Summary of Assay Results For The Footwall and Headwall Split Of The Atenea Vein At The 3400 Meter Level

                                                                            
                       -----------------------------------------------------
                       ATENEA 3400 SW - footwall Split                      
                       -----------------------------------------------------
                            Width (m)     Au g/t Ag g/t  Cu %   Pb %   Zn % 
                       -----------------------------------------------------
                              5.05         4.05   29.43  1.26   0.20    0.5 
                       -----------------------------------------------------
                              8.30         3.19   20.81  0.69   0.12   0.87 
                       -----------------------------------------------------
                              4.15         3.43   72.31  2.79   0.67   0.59 
                       -----------------------------------------------------
                              6.90         5.96  116.19  2.38   2.36   0.87 
                       -----------------------------------------------------
                              5.00         2.07   49.76  1.77   0.45   0.66 
                       -----------------------------------------------------
                              9.00         14.72 168.36  1.74   0.76   0.83 
----------------------------------------------------------------------------
Weighted averages             6.40         6.38   83.00  1.68   0.79   0.75 
----------------------------------------------------------------------------
Length (meters)              105.00                                         
------------------------------------------                                  
                                                                            
                       -----------------------------------------------------
                       ATENEA 3400 SW - hanging wall Split                  
                       -----------------------------------------------------
                            Width (m)     Au g/t Ag g/t  Cu %   Pb %   Zn % 
                       -----------------------------------------------------
                              3.75         0.41   37.37  1.26   0.78   0.29 
                       -----------------------------------------------------
                              5.45         2.41   86.65  1.13   0.47   0.48 
                       -----------------------------------------------------
                              6.65         5.55   53.97  1.62   2.36   0.91 
                       -----------------------------------------------------
                              7.50         2.96   84.68  2.33   3.87    1.1 
                       -----------------------------------------------------
                              5.60         1.00   56.78  1.83   2.19   0.83 
                       -----------------------------------------------------
                              8.00         1.41   32.96  0.86   0.53   0.39 
----------------------------------------------------------------------------
Weighted averages             6.16         2.15   59.22  1.52   1.81   0.70 
----------------------------------------------------------------------------
Length (meters)              125.00                                         
------------------------------------------                                  
                                                                            

The mineral resource estimates referred to in this news release are disclosed in the technical report dated April 16, 2012, titled "Technical Report on Resources, Invicta Gold Project, Huaura Province, Peru", and prepared by SRK Consulting (U.S.) Inc. ("SRK Technical Report"), is available at www.sedar.com under Lupaka Gold Corp's profile. 

The decision to commence production at the Invicta Gold Project and the Company's plans for a mining operation as disclosed herein (the "Production Decision and Plans") were based on economic models prepared by the Company in conjunction with management's knowledge of the property and the existing preliminary estimates of the measured, indicated and inferred mineral resources on the property. The Production Decision and Plans were not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Plans, in particular the risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations are more difficult or more expensive than expected, the risk that the Company will not be able to transport or sell the mineralized rock it produces to local custom toll mills on the terms it expects, or at all; production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis according to and in accordance with NI 43-101. Inferred mineral resource estimates are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. 

Quality Control and Assurance

The analyses for this sampling campaign were carried out by SGS, an accredited laboratory, in Lima, Peru, exercising a thorough Quality Assurance and Control program (QA/QC). As part of QA/QC protocol, duplicates, standards and blanks were inserted into the sample processing stream. The sample locations were mapped, surveyed and photographed for reference. Sample channels vary between 0.5 to 2.0 metres. Samples were bagged, sealed and delivered to the SGS sample preparation facility in Lima, Peru. Gold was assayed by a 50 gram fire assay and re-assayed for the overlimits, with an AAS finish. All SGS labs are ISO 9000 registered.

About Lupaka Gold

Lupaka Gold is a Peru-focused gold explorer and developer with geographic diversification and balance through its interest in asset-based resource projects spread across three regions of Peru.

The Company's 100% owned Invicta Gold Project (central Peru) has near-term underground gold and poly-metallic production potential. The Company plans to implement a 300 tpd mining operation and complete permitting, development and engineering with production to commence by the end of Q1-2015. Presently, the Company is evaluating several financing alternatives for obtaining the Invicta Gold Project's capital funding requirements. 

Lupaka Gold's flagship exploration project is the Crucero Gold Project, its 5,500 hectare gold property located in southern Peru. Crucero has an indicated mineral resource estimate of 1,003,041 ozs Au and an inferred mineral resource estimate of 1,027,806 ozs Au, and the Company is actively exploring the property to identify future drill targets. These mineral resource estimates have been constrained by a conceptual pit shell in order to confirm reasonable prospects of economic extraction as set out in the CIM Definition Standards for Mineral Resources and Mineral Reserves and NI 43-101.

In November 2013, the Company optioned the Josnitoro Gold Project from Hochschild Mining PLC. The project is located approximately 600 kilometres by road southeast of Lima in the Department of Apurimac, southern Peru. Historical work on the disseminated gold zones includes over 170 shallow drill holes and extensive surface trenching.

The Company also owns a strategic 17% stake in Southern Legacy Minerals Inc. (TSX VENTURE: LCY), owner of the AntaKori copper-gold deposit located in central Peru.

Qualified Person

The technical information in this document has been reviewed and approved by Julio Castañeda Mondragon, MAIG, the President of Lupaka Gold Peru S.A.C., a Peruvian subsidiary of the Company, and a Qualified Person as defined by National Instrument 43-101. Mr. Castañeda has verified the scientific and technical information, including sampling, analytical and test data underlying the information or opinions contained in this news release.

Forward Looking Information and Regulatory Endnotes

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information in this news release includes all of the plans and expectations described above regarding initiating mining operations at the Invicta Gold Project (the "planned production"), including but not limited to: the timing and cost of completing pre-production mine development; the mineralizations to be targeted; the existence of high-grade mineralizations and the depth of any such mineralization from the existing tunnels on the project; the Company's plans for shipping and selling mineralized rock from the planned production; all statements regarding the permits necessary for the planned production and the timing and conditions of receiving those permits; mining methods to be used for the planned production and the costs thereof; the date by which the Company expects the planned production to commence; and all quantities and rates of production. Forward-looking information also includes statements as to the sufficiency of current cash reserves to pay for planned exploration and to fund future operations, as well as estimates of mineral resources. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "projects", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. The forward-looking information contained in this news release is based on certain assumptions that the Company believes are reasonable, including, with respect to the planned production: that pre-production mine development can be completed in the time and for the cost projected; that the Company will be able to obtain required funding for expenses of the planned production from its current cash reserves; that mineralizations on the project will be of the grades and in the locations expected; that the Company will be able to extract and transport mineralized rock efficiently and sell the mineralized rock at the prices and in the manner and quantities expected; that permits will be received on the terms and timeline expected and that other regulatory or permitting issues will not arise; that mining methods can be employed in the manner and at the costs expected and that such methods yield the results the Company expects them to; that supplies, equipment, personnel, permits and local community approvals required to develop and conduct the planned production will be available on reasonable terms; that the Company will not experience any material accident, labour dispute, or failure of equipment. The Company's assumptions with respect to mineral resource estimates include all of the key assumptions and parameters on which such estimates are based, as described in the technical report referred to in this news release. However, 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. Such risks , uncertainties and other factors include, among others: all of the risks described in this news release; the risk that actual results of exploration activities will be different than anticipated; that cost of labour, equipment or materials will increase more than expected; that the future price of gold will decline; that the Canadian dollar will strengthen against the U.S. dollar; that mineral resources are not as estimated; unexpected variations in mineral resources, grade or recovery rates; risks related to shipping mineralized rock; the risk that local mills cannot or will not buy or process mineralized rock from the planned production for the prices expected or at all; risk of accidents, labour disputes and other risks generally associated with mineral exploration; unanticipated delays in obtaining or failure to obtain community, governmental or regulatory approvals or financing; and all of the risks generally associated with the development of mining facilities and the operation of a producing mine; as well as the risks described in the Company's annual information form, which is available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. 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. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.

FOR FURTHER INFORMATION PLEASE CONTACT:
Lupaka Gold Corp.
Investor Relations
 +1 (604) 681-5900
or visit the Company's profile at www.sedar.com or its website at www.lupakagold.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...