Aug 20 2015
Lupaka Gold Corp. ("Lupaka Gold" or the "Company") announces that it has commenced shipping approximately 900 tonnes of mineralized rock from the Invicta Gold Project for the initial toll mill test campaign. The Invicta rock is being shipped to a toll mill near La Oroya in central Peru for processing.
The processing campaign will test and demonstrate grinding and recovery kinetics, chemical consumption, treatment cost and final concentrate grade performance. The material should be fully processed before the end of September 2015 with results available soon after.
"The project is advancing as planned toward commencement of operations later this year." commented Mr. Eric Edwards, President and CEO of Lupaka Gold. "The Invicta Gold project is one of the few near term production projects that we see in the gold sector today. Given our progress of the past year, excellent grades, in-place operating permits, and infrastructure and supportive community relations, we remain committed to advancing the project."
Toll Process Plant Update
The Company has recently contracted with the SAN JUAN EVANGELISTA Plant ("SJE"), located in Huari, near La Oroya Peru to process the Invicta mineralization. SJE will process the 900 tonnes and generate a copper/gold, lead/silver and zinc concentrate products. SJE was selected to complete the processing because of its multiple process circuits and ability to generate the required three separate concentrate products.
The Invicta Gold Project contains a poly-metallic resource primarily comprised of gold with accessory copper and, to a lesser degree, lead, silver and zinc.
As previously disclosed, the Company intends to commence production at an initial rate of 100 tpd in 2015, and thereafter scaling up to 350 tpd, subject to available financing. Mining operations will initially target some of the highest grade gold and copper mineralization within the projects Atenea Vein.
The Company is also pursuing the potential purchase of a permitted process plant or site closer to the Invicta mine, to provide for the most efficient growth and expansion of the Invicta Gold Project. See the Company's press release of June 16 2015. The Company has engaged CERTIMIN S.A. to supervise the bulk test to be carried out by SJE and to collect sufficient processing performance data to guide the design and potential construction of such a dedicated process plant.
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 is located approximately 120 kilometres by road north of Lima. The resource estimate for Invicta shows a Measured resource estimate of 131,000 tonnes grading 6.65 grams per tonne ("g/t") gold equivalent for 28,000 contained ounces of gold. As well, the Invicta resource estimate shows an Indicated resource estimate of 8,513,000 tonnes grading 3.43 g/t gold equivalent for 939,000 contained ounces of gold and an Inferred resource estimate of 2,534,000 tonnes grading 2.90 g/t gold equivalent for 236,000 contained ounces of gold.
The Company holds an option to earn a 65% interest on 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.
Lupaka Gold holds a 100% interest in the Crucero Gold Project, a 5,500 hectare gold property located in southern Peru. Crucero has an Indicated mineral resource estimate of 1,003,041 ozs Au contained in 30,919,873 tonnes at 1.02 gpt gold (capped) and an Inferred mineral resource estimate of 1,027,806 ozs Au contained in 31,201,648 tonnes at 1.03 gpt gold (capped). 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.
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.
The Invicta Gold Project 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., which is available at www.sedar.com under Lupaka Gold Corp's profile.
The Crucero A-1 mineral resource estimates referred to in this news release are disclosed in the technical report with effective date January 17, 2013, amended and re-stated October 22, 2013, titled "Technical Report for the Crucero Property, Carabaya Province, Peru", and prepared by Tetra Tech WEI Inc. and SRK Consulting (Canada) Inc., which is available at www.sedar.com under Lupaka Gold's profile.
Source: http://www.lupakagold.com/