Lupaka Gold Completes Crucero Project Structural Geology Assessment
June 13, 2013 — VANCOUVER, BRITISH COLUMBIA (Source: Marketwired) — Lupaka Gold Corp. (“Lupaka Gold” or “the Company”) (TSX:LPK)(LMA:LPK)(FRANKFURT:LQP) announces that it has completed and received a structural geological context and interpretation report developed from field work and aerial photo interpretation conducted by SRK Consulting Toronto (“SRK”). Lupaka Gold commissioned the report to gain a better understanding of the structural geology and mineralization controls at its Crucero Gold Project.
“The recommendations made by SRK in our report will be used to help direct Lupaka Gold’s ongoing exploration and field work programs and help us better understand and target the highest priority anomalies,” stated Lupaka Gold President and CEO Eric Edwards. “Outside of our existing A-1 Zone resource, the Crucero Project is underexplored, and the studies and recommendations provided by SRK increase our overall knowledge of the geologic setting and structural context for our other 10 untested anomalies within the property boundaries.”
The structural interpretation was designed to illustrate the structural framework of the region and aid in the definition of target areas for further exploration. The structures interpreted on the high level images of the Crucero project include regional faulting as well as local and detail foliations, shear zones, faults, and, subordinately, dykes, veins, joints, and fold axial traces.
The Company plans to complete detailed field examination to establish the relative timing and relationship between the individual structures, their kinematics, and relationship to gold mineralization. The Company will also be conducting detailed geologic field mapping to confirm and trace visible sulphide-bearing structures through the Crucero project area. In addition to the existing resource at the A-1 Zone, visible mineralization is already identified in the A-5 and A-9 Zones.
As a typical example of orogenic gold mineralization, the known exploration anomalies at Crucero are believed to be structurally controlled. In addition to the previously identified exploration targets, a series of other areas of fault complexity have been defined within the SRK study. These other areas include an echelon fault system at Lake Chinchalamani, in the Limbani monzonite, at the border between Aricoma granite and Ananea Group sedimentary rocks, and within the Aricoma granite. These areas will also be subjects of future exploration program.
The structural study was undertaken by Dr. Julia Kramer Bernhard who was supervised by Dr. James Siddorn, P.Geo. Both Dr. Kramer Bernhard and Dr. Siddorn are appropriately experienced SRK structural geologists who are independent of Lupaka Gold. They have reviewed and approved the scientific and technical information contained in this news release and have verified the underlying the information or opinions contained in this news release.
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Crucero Metallurgical Studies’ Update
The Company confirms that the current campaign of standard metallurgical test work procedures is on schedule and, consistent with previous disclosure, will be completed by the end of June. The data is substantially complete and is being analyzed for conclusions as well as outlining recommendations for follow-on work.
About the Company
Lupaka Gold is a well-financed, Peru-focused gold explorer with geographic diversification and balance through its asset-based resource projects spread across northern, central and southern Peru.
Lupaka Gold’s flagship project is the Crucero Gold Project, its 5,500 hectare gold property is located in the northern part of Puno, a southern region of Peru. The Company holds a 100% interest through Minera Pacacorral S.A.C. in the Crucero Gold Project, containing an indicated resource of 1,017,999 gold ounces at 1.01 g/t and an inferred resource of 1,190,526 gold ounces at 1.00 g/t. Since commencing active exploration in April 2010, the Company has reported annual NI 43-101 compliant gold resource estimate increases for the Crucero Gold Project from 2011 to 2013 (see the Company’s most recent technical report on www.sedar.com).
As a result of the Company’s recent acquisition of Andean American, Lupaka Gold’s assets also include the 100% owned Invicta Gold Project in the central Lima region of Peru, which has near-term underground gold, silver and copper development potential. Lupaka Gold also owns a 17% stake in Southern Legacy Minerals Inc., owner of the AntaKori copper-gold deposit located in the northern Cajamarca region of Peru.
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 includes, but is not limited to, statements with respect to mineral resource estimates, future upgrading of mineral resources, that the structural geological interpretation report will help create future exploration targets, and related outcomes. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects, “is expected”, “budget”, “scheduled”, “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 mineral resource estimates, the key assumptions and parameters on which such estimates are based, that the current price of and demand for gold will be sustained or will improve, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and local community approvals required to conduct the Company’s planned exploration and development activities will be available on reasonable terms, that results of exploration activities will be consistent with management’s expectations and that the Company will not experience any material accident, labour dispute, or failure of equipment.
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 factors include, among others, 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, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failure to obtain community, governmental or regulatory approvals or financing. 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>