The Company has established a successful track record of identifying, testing, and implementing ongoing improvements at Campo Morado:
- The ALS test work has provided a pathway to a copper-lead separation process that can be implemented at Campo Morado by re-configuring existing plant equipment.
- Open circuit, bulk rougher results returned copper recovery of between 80 and 93%.
- Testing indicates that copper grades as high as 28% Cu are achievable compared to current grades of 15-18% Cu in the bulk concentrate.
- The separation results in the lab have been positive with improved grades of gold and silver in the copper concentrate. The work has shown that there is additional upside, and development of a new flowsheet and reagent optimization program has already begun.
The copper concentration test work was conducted at ALS, utilizing parent samples sourced from each ore body in the production plan. A composite blend was formulated from these parent composites. The tests conducted were bench-scale open circuit flotation tests. A flowsheet was developed utilizing the pre-flotation and bulk roughing circuits in operation in the Campo Morado plant.
Understanding the mineralogy and the mineral associations has been a critical part of the test work to date. The test work results have guided modifications to the plant, identifying grinding target size and predicting flotation performance.
Open circuit, bulk rougher results returned copper recovery of between 80 and 93%. The testing indicates improvements to overall recovery and concentrate grades as high as 28% Cu are achievable.
The test work has shown that gold and silver behave similar to galena and chalcopyrite in the flotation process with preferential recovery to the copper and lead concentrates. Gold recovery of between 35% and 65% was achieved in open circuit copper rougher circuit testing, depending on ore body mineralogy. The key conclusion is that increasing copper and lead recovery will increase the recovery of gold and silver.
In conjunction with Ausenco, formally kicked-off the optimization project, internally called the
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On Behalf of the Board of Directors
(signed) "Ramon Perez"
President and Interim CEO
The technical information contained in this News Release has been reviewed and approved by Mr.
It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated
Positive operating cash flow is defined as excluding capital, debt repayment and Trafigura financing.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the planned program to improve mining operations at Campo Morado; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the
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