Lupaka Gold (LPK-T) starts fieldwork at Crucero, Invicta
May 2nd, 2013 - News Release
Lupaka Gold Corp. has mobilized geologic field teams to the company's Crucero gold project and the Invicta polymetallic project in Peru to begin the 2013 field season.
Eric Edwards, president and chief executive officer of Lupaka Gold, commented: "The rainy season has ended, and weather has improved to a point where we can fully mobilize for our field season. After the success of our 2012 drill program, which resulted in an 84-per-cent increase in estimated inferred gold ounces at our Crucero gold project, we are looking forward to another field season. With 10 untested mineralized anomalies currently identified, there remains significant detailed geology, mapping and sampling to be done as we refine our understanding of the Crucero mineralization and identify high-priority drill targets."
Crucero project
The company stopped drilling at the Crucero project for the 2012 season as planned in December, 2012, due to the rain that typically occurs between January and March. Based on the drilling results of the 2012 campaign, the company announced an updated National Instrument 43-101 resource on Feb. 27, 2013. The company reported an indicated resource of 31.4 million tonnes at 1.01 grams per tonne of gold at a capped grade for 1,017,999 gold ounces at the A-1 zone within the Crucero gold project. In addition, the company reported an inferred resource of 37.2 million tonnes at 1.00 g/t gold at a capped grade for 1,190,526 gold ounces at the A-1 zone. See the technical report dated April 10, 2013, titled "Technical Report for the Crucero Property, Peru" and prepared by Tetra Tech Wardrop, which is available at SEDAR under the company's name.
Invicta project
The company is also commencing a field work program at its Invicta project. The company acquired the Invicta project in October, 2012, and continued limited geologic evaluation through the winter months to identify priority targets. The planned program will focus on historic workings and geologic anomalies outside of the immediate Invicta resource area, including a stream sediment sampling program.
Mr. Edwards continued: "The Invicta project is largely unexplored outside of the existing resource area. Our field team has identified several intriguing early-stage targets within the claim boundaries that certainly are worthy of follow-up. We know that there is one existing resource on the property and see opportunities for additional discoveries on unexplored concessions."
The Invicta project contains a current measured and indicated gold resource estimate of 8.6 million tonnes at a 3.48 g/t gold equivalent grade for 967,000 gold equivalent ounces. In addition, the company reports an inferred resource of 2.5 million tonnes at a 2.9 g/t gold equivalent grade for 240,000 equivalent gold ounces at a 1.3 g/t gold equivalent cut-off, all contained within 600 hectares of the total 36,000-hectare concession package. See the technical report dated April 16, 2012, titled "Technical Report on Resources, Invicta Gold Project, Juaura Province, Peru," and prepared by SRK Consulting, which is available at SEDAR under Andean American Gold's profile.
William Burstow, Lupaka Gold's consulting geologist and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release and has verified the opinions contained in this news release.
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