Luca Mining Corp. Expands Its Territory with New Acquisition Next to the Tahuehueto Mine
Luca Mining Corp., a notable player in the mining industry, has recently announced a significant addition to its portfolio by acquiring a key mining concession adjacent to its established Tahuehueto Mine in Durango, Mexico. This strategic acquisition involves the Humaya 3 mining concession, which encompasses 2,507 hectares and directly surrounds the Tahuehueto site. The completion of this transaction highlights Luca's growth strategy and commitment to expanding its operational footprint in the region.
The decision to purchase the Humaya 3 concession was formalized through a purchase agreement with Fresnillo plc's subsidiary, Minera Mexicana La Ciénega S.A. de C.V. This transaction is valued at $400,000 in cash and comes with the added benefit of not being subject to any underlying Net Smelter Return (NSR) royalties, allowing Luca to utilize the concession more freely to enhance its exploration and resource optimization efforts.
The recent acquisition boosts Luca's land position at the Tahuehueto Mine by over 25%, extending its overall mining area to nearly 10,000 hectares. Dan Barnholden, CEO of Luca Mining, noted that this strategic move is in line with the company's objectives to increase the value of its assets. "By acquiring this significant concession, we are reinforcing our commitment to exploration and ensuring that we can maximize shareholder value through continued development and discovery programs, particularly at our Tahuehueto operations," he stated.
Paul D. Gray, the Vice President of Exploration, emphasized the exploration potential unlocked by the Humaya 3 concession. According to Gray, several geologically interpreted veins associated with existing mineral resources extend onto this newly acquired land. Importantly, the Santiago vein, which hosts significant mineral resources at the Tahuehueto Mine, extends northeast into the Humaya 3 concession. This makes it a prime target for future drilling activities, aimed at expanding the understanding and quantity of available resources.
The Humaya 3 mining concession is not only a strategic acquisition but also marks a pivotal step in enhancing the operational efficiency of Luca Mining’s current activities. This site is expected to serve as a crucial area within Luca's near-term exploration strategy, potentially leading to more sustainable and profitable operations. The integration of this new concession into Luca's existing framework could provide the company with a new lease on growth as it navigates the competitive landscape of mining in Mexico. This acquisition is expected to have a considerable impact on the company's near-term exploration and resource development strategies.
About Luca Mining Corporation: Established as a resilient mining company, Luca Mining boasts two wholly owned mines in Mexico's Sierra Madre mineralized belt. The company is focused on producing a variety of metals, including gold, copper, zinc, silver, and lead. Both of its operational mines have demonstrated significant potential for development and resource expansion, contributing to strong cash flow and sustained growth.
The Campo Morado Mine, situated in Guerrero State, operates underground and hosts a variety of polymetallic mineralizations across a vast land package. On the other hand, the Tahuehueto Mine, located in Durango State, is recognized for its epithermal gold and silver vein-style mineralization. Since being newly constructed, the Tahuehueto Mine has successfully commenced commercial production, demonstrating the operational capabilities of the company.
For more information about Luca Mining Corp. and its ongoing projects, please visit their official website. Stay tuned for further updates regarding future exploration programs, outcomes from the new acquisition, and insights into the performance of their established mining operations.
The decision to purchase the Humaya 3 concession was formalized through a purchase agreement with Fresnillo plc's subsidiary, Minera Mexicana La Ciénega S.A. de C.V. This transaction is valued at $400,000 in cash and comes with the added benefit of not being subject to any underlying Net Smelter Return (NSR) royalties, allowing Luca to utilize the concession more freely to enhance its exploration and resource optimization efforts.
The recent acquisition boosts Luca's land position at the Tahuehueto Mine by over 25%, extending its overall mining area to nearly 10,000 hectares. Dan Barnholden, CEO of Luca Mining, noted that this strategic move is in line with the company's objectives to increase the value of its assets. "By acquiring this significant concession, we are reinforcing our commitment to exploration and ensuring that we can maximize shareholder value through continued development and discovery programs, particularly at our Tahuehueto operations," he stated.
Paul D. Gray, the Vice President of Exploration, emphasized the exploration potential unlocked by the Humaya 3 concession. According to Gray, several geologically interpreted veins associated with existing mineral resources extend onto this newly acquired land. Importantly, the Santiago vein, which hosts significant mineral resources at the Tahuehueto Mine, extends northeast into the Humaya 3 concession. This makes it a prime target for future drilling activities, aimed at expanding the understanding and quantity of available resources.
The Humaya 3 mining concession is not only a strategic acquisition but also marks a pivotal step in enhancing the operational efficiency of Luca Mining’s current activities. This site is expected to serve as a crucial area within Luca's near-term exploration strategy, potentially leading to more sustainable and profitable operations. The integration of this new concession into Luca's existing framework could provide the company with a new lease on growth as it navigates the competitive landscape of mining in Mexico. This acquisition is expected to have a considerable impact on the company's near-term exploration and resource development strategies.
About Luca Mining Corporation: Established as a resilient mining company, Luca Mining boasts two wholly owned mines in Mexico's Sierra Madre mineralized belt. The company is focused on producing a variety of metals, including gold, copper, zinc, silver, and lead. Both of its operational mines have demonstrated significant potential for development and resource expansion, contributing to strong cash flow and sustained growth.
The Campo Morado Mine, situated in Guerrero State, operates underground and hosts a variety of polymetallic mineralizations across a vast land package. On the other hand, the Tahuehueto Mine, located in Durango State, is recognized for its epithermal gold and silver vein-style mineralization. Since being newly constructed, the Tahuehueto Mine has successfully commenced commercial production, demonstrating the operational capabilities of the company.
For more information about Luca Mining Corp. and its ongoing projects, please visit their official website. Stay tuned for further updates regarding future exploration programs, outcomes from the new acquisition, and insights into the performance of their established mining operations.
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