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Luca Mining

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Luca Mining Corp is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.

Investor website: https://lucamining.com/

About

Luca Mining Corp is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects. The Tahuehueto Gold Mine project in Durango State is set to declare commercial production in early 2025, while Campo Morado is an operating polymetallic base metal mine in Guerrero, Mexico, currently producing approximately 2,300 tpd and is estimated to be Mexico’s 6th largest zinc producer. The company is committed to responsible and sustainable mining practices that create lasting value for shareholders, employees, and communities.

Verified company data

Cash position
0.0M
Shares outstanding
34,868,052
Fully diluted shares
76,534,718
Mineral resource
The following mineral resources have been calculated using a cut-off of 5.5% Zinc Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. ### Measured & Indicated Resources | Classification | ZnEq% | Tonnes | Gold | Silver | Copper | Lead | Zinc | | --- | --- | --- | --- | --- | --- | --- | --- | | Total M&I | 8.68 | 16,627,000 | 1.70 g/t | 123 g/t | 0.80 % | 0.93 % | 4.01 % | | Measured | 9.27 | 9,292,000 | 1.7 g/t | 124 g/t | 0.82 % | 0.94 % | 4.56 % | | Indicated | 7.94% | 7,335,000 | 1.7 g/t | 123 g/t | 0.80 % | 0.92 % | 3.31 % | ### Inferred Resources | Classification | ZnEq% | Tonnes | Gold | Silver | Copper | Lead | Zinc | | --- | --- | --- | --- | --- | --- | --- | --- | | Inferred | 7.27 | 998,000 | 1.32 g/t | 116 g/t | 0.64 % | 0.92 % | 3.2 % |
Projects
["## Campo Morado\n\nCampo Morado is a polymetallic underground operation located in the state of Guerrero, Mexico.\n\n368K\n\n### M&I Oz Gold\n\n18M\n\n### M&I Oz Silver\n\n0M\n\n### M&I Oz Au Eq\n\nResources, reserves and contained metal estimates based on Preliminary Economic Assessment dated March 31, 2018\n\n## Overview\n\n### Campo Morado is a fully operating asset that brings a consistent cash flow to the Company and provides exposure to base metal markets.\n\nCampo Morado is an underground multi-metal mine with infrastructure, installations and equipment capable of processing 2,500 tonnes of ore per day. There are over 700 exploration diamond drill holes in place which have outlined six mineralized bodies containing approximately 16.6 million tons of measured and indicated resources grading 4.01% zinc, 0.80% copper, 0.93% lead, 123 g/t Ag and 1.70 g/t Au plus, an additional 1 million tons of inferred mineral resources as calculated and released by Titley Consulting Ltd. in November 2017. The Campo Morado Mine was commissioned and commenced operations in 2009 by Farallon Resources. Nyrstar purchased Farallon Resources in a friendly takeover in 2010 for the equivalent of approximately C$420 million thereby gaining control of Campo Morado. Nyrstar produced up to the end of 2014 when mining operations were suspended in January 2015 and the mine was placed on care and maintenance due to deteriorating industry conditions.\n\nOn April 27, 2017 Luca signed an agreement with Nyrstar to acquire 100% of the Campo Morado mine. On September 18, 2017, Luca announced that it had secured the funding required to initiate the restart of continuous mining operations at the Campo Morado Mine and on October 23, 2017 the Company announced the restart of full scale mining and mill processing on a pre-production basis from mine development at a starting rate of 1,400 tonnes per day. On May 23, 2017 the Company was pleased to announce the start of commercial production with the aim of increasing throughput at the mill to its 2,500 tonne per day capacity.\n\n### Technical Reports\n\n- [PEA ・March 2018](https://lucamining.com/wp-content/uploads/2023/07/PEA_2018_March-31_Final.pdf)\n\n### Location & Infrastructure\n\nNestled in the northeastern region of Guerrero State, Mexico, lies the Campo Morado Project area. This expansive property, spanning an impressive 12,090 hectares, is situated 160 km southwest of Mexico City and 20 km southeast of the municipality of Arcelia’s city centre. Seven contiguous mineral concessions grace this land, each contributing to the vast wealth that lies beneath the surface.\n\nThe journey to Campo Morado from Mexico City is a scenic one, traversing the length of Highway 95, a major artery linking the bustling capital to the coastal city of Acapulco. From there, the route diverts to Highway 51, leading west towards Arcelia. This all-weather, two-lane road serves as the main east-west highway in Guerrero State. A further 25 kilometres southeast from Arcelia, on a mostly unpaved municipal road, the western boundary of the Mine Property emerges. A few kilometers further east, the Campo Morado process plant stands, a testament to the mining prowess of the region.\n\nThe drive from Mexico City to Campo Morado is a journey of approximately 360 km, typically taking five to six hours. However, the distance is not just measured in kilometers, but also in the transformation of the landscape, from the urban jungle of the capital to the rugged beauty of Guerrero State.\n\nLuca has been diligent in their recruitment efforts, focusing on hiring and training local workers. This policy, initially put into place by Farallon in 1996, has been continued by Luca, fostering a sense of community and providing valuable skills to the local population. Many of these workers have been part of the G9 Mine and Mill complex operations, which started in 2009.\n\nThe Company’s commitment to the local communities extends beyond employment. Goods and services required for mining operations are primarily sourced from Mexico City, stimulating the local economy. Additionally, Luca has ensured sufficient surface rights and the availability of power and water for mining operations, ensuring a sustainable and profitable future for Campo Morado.\n\n### Resources & Reserves\n\nThe following mineral resources have been calculated using a cut-off of 5.5% Zinc Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.\n\n### Measured & Indicated Resources\n\n| Classification | ZnEq% | Tonnes | Gold | Silver | Copper | Lead | Zinc |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Total M&I | 8.68 | 16,627,000 | 1.70 g/t | 123 g/t | 0.80 % | 0.93 % | 4.01 % |\n| Measured | 9.27 | 9,292,000 | 1.7 g/t | 124 g/t | 0.82 % | 0.94 % | 4.56 % |\n| Indicated | 7.94% | 7,335,000 | 1.7 g/t | 123 g/t | 0.80 % | 0.92 % | 3.31 % |\n\n### Inferred Resources\n\n| Classification | ZnEq% | Tonnes | Gold | Silver | Copper | Lead | Zinc |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Inferred | 7.27 | 998,000 | 1.32 g/t | 116 g/t | 0.64 % | 0.92 % | 3.2 % |\n\n## History\n\n##### 1810\n\nThe Campo Morado mine in Mexico has a rich history dating back to the Mexican War of Independence in 1810. During this time, General Guerrero paid his soldiers with copper pesos derived from Campo Morado.\n\n##### 1885\n\nIn 1885, Don Vicente Ortiz obtained mineral rights in the area and named it Campo Morado. Mining took place on a small scale until 1903 when a more substantial discovery of gold and silver-bearing oxide material led to increased production.\n\n##### 1912-1940\n\nOperations were halted in 1912 due to the Mexican revolution but resumed intermittently between 1920 and 1940.\n\n##### 1995-1998\n\nIn 1995, Farallon Resources Limited began exploration around the Reforma Mine deposit, discovering several previously unknown massive sulphide bodies. However, exploration work was put on hold in 1998 due to unfavorable metal prices.\n\n##### 2004-2007\n\nExploration resumed in 2004 and continued until 2010, leading to several new discoveries. In 2007, Farallon received its primary mine permit and by 2008, the mine and mill were fully operational.\n\n##### 2010\n\nIn 2010, Farallon announced that Nyrstar Canada (Holdings) Ltd would acquire a 100% interest in the Campo Morado property and the Campo Morado mine at a cost of CAD$420M.\n\n##### 20??\n\nUnder Nyrstar, the mine was in production until January 2015, when operations were suspended due to deteriorating metal prices and security concerns. The mine was placed on care and maintenance status until it was sold to Luca for US$20M. Luca restarted operations at 1,400 tpd, ramping up to 2,500 tpd by 2H 2017.\n\n## Geology\n\n### Regional Geology\n\nThe Campo Morado area lies in the Eastern part of the Teloloapan Subterrane of the Guerrero Terrane close to its margins with the Mixteco Terrane to the east, the Sierra Madre Occidental to the west, and the Trans-Mexican Neogene Volcanic belt to the north (Figure 7-1). An elongate, fault bounded, composite terrain, the Guerrero Terrane sits along the Mexico’s southwestern edge, with the Pacific Ocean and the Cocos plate to its west (Coney, 1985). It primarily consists of submarine, or rarely, subaerial volcanic and sedimentary successions ranging from Upper Jurassic to Middle Upper Cretaceous in age (Centeno-García et al., 2003).\n\n### Property Geology\n\nThe Campo Morado property hosts several precious metal-rich volcanic associated massive sulphide deposits, which occur in a sequence of felsic to intermediate flows and tuffs, and heterolithic fragmental rocks. Most are in the upper part of the felsic pile or at the contact with stratigraphically overlying, fine-grained, chemical and clastic sedimentary rocks. The five major lithostratigraphic units from oldest to youngest are the Guerrero Ridge intermediate volcanicsubvolcanic unit, the Naranjo sedimentary unit, the Campo Morado felsic volcanic unit, the La Canita volcanic unit and, the Reforma sedimentary unit. Two stages of magmatic pulses intrude all of these units except La Canita. One is associated with the Campo Morado felsic unit, the other being of Tertiary age.\n\n### Exploration\n\nExploration at Campo Morado is advancing through Luca’s three-year, US$25 million exploration program, representing the first district-wide exploration initiative undertaken at the project in more than a decade. The program combines surface and underground drilling with the integration of over 650,000 metres of historical drilling and geological data, leveraging modern targeting techniques, including AI-assisted interpretation, to identify new and expand known mineralized zones across the property.\n\nCurrent exploration activities are focused on 38 priority targets generated through the integration of geological, geophysical, and geochemical datasets. Drilling is targeting both near-mine resource growth opportunities and broader district-scale discoveries across the largely underexplored Campo Morado land package. While the program is expected to support resource growth and mine-life extension, it is also designed to unlock the district’s significant exploration potential and identify new mineralized centres beyond the currently defined deposits. Recent drilling results continue to demonstrate the scale and prospectivity of the Campo Morado VMS system.\n\n**Recent Exploration Highlights**\n\n**Reforma**\n\n- Drilling returned 37.2 metres grading 13.85 g/t AuEq, including 6.2 metres grading 43.77 g/t AuEq, confirming the presence of high-grade precious metal-rich mineralization within the system.\n\n**Largo Norte**\n\n- Multiple long intervals of continuous polymetallic VMS mineralization were intersected, including:\n\n135.7 metres grading 1.58 g/t Au, 77.1 g/t Ag, 0.88% Cu, and 1.61% Zn\n\n118.2 metres grading 2.53 g/t Au, 77.9 g/t Ag, 0.76% Cu, and 1.99% Zn\n\n- These results extend the limits of a substantial mineralized body adjacent to existing mine workings.\n\n**El Rey**\n\n- Drilling returned 28.6 metres grading 5.35 g/t AuEq, including 2.8 metres grading 12.55 g/t AuEq, expanding the deposit beyond historical interpretations and highlighting additional growth potential.\n\n## Tahuehueto\n\nThis 7,492-hectare property covers at least 12 mineralized zones hosted within a structurally controlled epithermal system that has been traced for more than 6 km.\n\n### Overview\n\n##### Located in Durango, México\n\nTahuehueto provides exposure to precious metals and excellent growth potential to the Company. It is Luca’s flagship asset, where over $ 30M has been invested between Exploration, Prefeasibility Study and Mine Development.\n\n##### Commercial Production in 2025\n\nTahuehueto’s 1000 tpd processing plant has successfully commissioned its mill and is now in commercial production.\n\n### Technical Reports\n\n- [NI 43-101 PFS・April 2022](https://lucamining.com/wp-content/uploads/2023/07/NI-43-101-April-2022.pdf)\n- [NI 43-101 PFS・Jan 2017](https://lucamining.com/wp-content/uploads/2023/07/NI-43-101-PFS-Jan-2017.pdf)\n- [Site Assessment and PEA・August 2011](https://lucamining.com/wp-content/uploads/2023/07/Site-Assessment-and-PEA-Aug-2011.pdf)\n- [PEA ・Oct 2010](https://lucamining.com/wp-content/uploads/2023/07/PEA-October-2010.pdf)\n- [Technical Report・June 2009](https://lucamining.com/wp-content/uploads/2023/07/Technical-Report-June-2009.pdf)\n- [Technical Report・June 2008](https://lucamining.com/wp-content/uploads/2023/07/Technical-Report-June-2008.pdf)\n- [Mineralization Comments・Nov 2007](https://lucamining.com/wp-content/uploads/2023/07/Mineralization-Comments-2007.pdf)\n\n### Location & Infrastructure\n\nThe Tahuehueto project is located in the northwest portion of the state of Durango, about 250 km northwest of Durango, the state capital, and 160 km northeast of the city of Culiacan, Sinaloa. The project is located about 25 km north of the Topia polymetallic-silver mine, 40 km northwest of the La Cienega gold, silver, base metal mine, 85 km southwest of the Guanacevi silver district, 280 km southeast of the Palmarejo silver and gold mine, and 150 km northwest of the San Dimas mining district, most notable for the Tayoltita silver and gold mine. The project is approximately centered on UTM coordinates (WGS 84 Zone 13 for México) 337366 m E and 2812659 m N (106°37’1 longitude west and 25°25’19 latitude north).\n\nThe nearest sizeable community to the project area is Tepehuanes, which is located approximately 175 km by road east of the property and has a population of approximately 15,000. A 34.5 kv power line and telephone service extends as far as Tepehuanes; diesel generators presently supply power to the project site.\n\n### Resources & Reserves\n\n### Mineral Reserve Estimate\n\n| Classification | Tonnes <br>(x1000) | Gold | Oz Au <br>(x1000) | Silver | Oz Ag <br>(x1000) | Copper | Lbs Cu <br>(x1000) | Lead | Lbs Pb <br>(x1000) | Zinc | Lbs Zn <br>(x1000) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Proven Reserves | 2,538 | 2.89 g/t | 219 | 51.93 g/t | 3937 | 0.27 % | 14,246 | 1.18 % | 61,429 | 2.07 % | 107,515 |\n| Probable Reserves | 1,227 | 1.90 g/t | 75 | 46.48 | 1,834 | 0.23 % | 6,304 | 0.96% | 25,929 | 1.63% | 44,125 |\n\nCanadian Institute of Mining, Metallurgy and Petroleum standards were followed in the estimation of the Mineral Reserves. Mineral Reserves were estimated using metal price forecasts of $0.92/lb for lead, $1.14/lb for zinc, $3.60/lb for copper, $1,647.05/oz for gold and $21.64/oz for silver. Totals may not add due to rounding. The foregoing mineral reserves are included within the current Mineral Resource Estimate for the Project.\n\n### Measured & Indicated Resources\n\n| Classification | Tonnes <br>(x1000) | Gold | Oz Au <br>(x1000) | Silver | Oz Ag <br>(x1000) | Copper | Lbs Cu <br>(x1000) | Lead | Lbs Pb <br>(x1000) | Zinc | Lbs Zn <br>(x1000) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Total M&I | 6,260 | 2.11 g/t | 425 | 46.97 g/t | 9,454 | 0.27 % | 36,594 | 0.90 % | 123,872 | 1.98% | 273,364 |\n| Measured | 3,875 | 2.42 g/t | 302 | 48.54 g/t | 6,047 | 0.27 % | 23,215 | 1.11 % | 94,9667 | 2.01 % | 171,481 |\n| Indicated | 2,385 | 1.60 g/t | 123 | 44.43 g/t | 3,407 | 0.25 % | 13,379 | 0.55% | 28,905 | 1.94% | 101,883 |\n\n### Inferred Resources\n\n| Classification | Tonnes <br>(x1000) | Gold | Oz Au <br>(x1000) | Silver | Oz Ag <br>(x1000) | Copper | Lbs Cu <br>(x1000) | Lead | Lbs Pb <br>(x1000) | Zinc | Lbs Zn <br>(x1000) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Inferred | 918 | 1.02 g/t | 30 | 28.46 g/t | 840 | 0.15 % | 3.077 | 1.16 % | 23,571 | 1.96 % | 39,755 |\n\n**Note**: The above mineral resources have been calculated using a cut-off of 1.35 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Resources, reserves and contained metal estimates based on Preliminary Feasibility Study dated April 27, 2022\n\n### Geology\n\n### Regional Geology\n\nThe Tahuehueto project lies near the western edge of the Sierra Madre Occidental, a 1,200 km long north-northwest-trending volcanic plateau that is 200 to 300 km in width. This mountainous plateau separates the southward extension of the Basin and Range Province of the southwestern United States into two parts; Sedlock et al. (1993) suggested calling these two areas of extension the eastern and western Mexican Basin and Range provinces. Tahuehueto is near the boundary between the Sierra Madre Occidental and western Mexican Basin and Range Province.\n\n### Property Geology\n\nThe property contains four main rock types: lower volcanic series andesite, granodiorite stocks, polymictic conglomerate, and felsic ash-flow tuffs of the upper volcanic series. The majority of the project area is underlain by andesite flows, tuffs, and volcaniclastic rocks of the lower volcanic series.\n\nThe lower volcanic series remains generally undifferentiated. A volcaniclastic unit distinct from the andesite flows exists in the Texcalama and Cinco de Mayo areas and an andesite lithic lapilli tuff exists in the footwall of the El Creston structural zone. Granodioritic stocks intrude the andesites and are exposed at surface in the footwall of the El Creston structural zone and the El Rey mine area.\n\nThe andesites and granodiorite are overlain by a basal polymictic conglomerate unit that is tens of meters thick and marks the unconformity between the lower and upper volcanic series. Amygdaloidal basalt flows occur locally within the conglomerate unit. In some areas, thin units of ignimbrite were deposited before the conglomerate. Late Tertiary or Quaternary landslides obscure outcrop patterns in the El Creston-El Perdido area and are likely to be present in other areas of steep topography within the project area.\n\nA series of northeast-striking veins that formed within a series of normal faults with subordinate left-lateral displacement hosts the Mineral Resources described in Section 14. The principal, through going veins have a general strike of 045° to 060° and dip between 65° and 80° to the southeast. This vein set includes Cinco de Mayo, El Catorce, and El Perdido and extends northeastward to Santiago. Other veins with the same orientation include El Rey, Dolores, Tahuehueto, Texcalama, El Espinal, and Tres de Mayo. Within the core area of the Mineral Resources, the El Creston series of veins, striking about 035° and dipping 60° to 80° east, formed in a strongly dilatant zone between the through-going El Perdido and El Rey structures.\n\n### Exploration\n\nTahuehueto is a district-scale epithermal gold-silver system hosting approximately 11 kilometres of prospective vein structures. The property is supported by a substantial historical exploration database, including approximately 48,260 metres of drilling completed in 252 drill holes between 2004 and 2011.\n\nLuca restarted systematic exploration at Tahuehueto as part of its three-year, US$25 million exploration program. Current exploration is focused on near-mine resource expansion and mine-life extension through the systematic testing of known mineralized structures, while also evaluating selected targets across the broader property. Drilling is designed to extend mineralization along strike and at depth within existing mining areas, where multiple vein systems remain open and continue to demonstrate strong growth potential.\n\nRecent drilling results continue to advance key targets across the property, particularly within the Creston, Santiago, and El Rey vein systems, confirming the potential to expand known mineralization and enhance the long-term production profile of the operation.\n\n**Recent Exploration Highlights**\n\n- Multiple high-grade drill intercepts were returned from recent drilling, including 7.6 metres grading 16.08 g/t AuEq and 5.4 metres grading 16.00 g/t AuEq, in the Creston vein.\n- Also from the Creston vein system, drilling returned high-grade mineralization, including 6.8 metres grading 5.54 g/t AuEq, with narrower intervals grading up to approximately 16 g/t AuEq.\n- High-grade breccia ore shoot discovered within the El Creston vein system, returning 9.4 m of 5.21 g/t AuEq within a broader 13.9 m interval of 3.90 g/t AuEq.\n- Santiago returned 14.0 m grading 6.68 g/t Au and 6.0 m grading 9.0 g/t Au, marking the first drilling at the deposit since 2008 and extending mineralization by >100 m along strike."]
Leadership
Mike Struthers (Technical Advisor, Seasoned professional and Chartered Engineer with over 40 years of international mining experience, including project management and executive roles at Lundin Mining Corporation.), Sophia Shane (Director of Corporate Development, Brings nearly 30 years of experience in capital markets and corporate development from the Lundin Group, with a focus on shareholder communications and strategic IR.), Peter Damouni (Chairman & Director, Over 20 years of corporate and investment banking experience in the natural resource sector, instrumental in corporate strategies including financings and acquisitions.), Adam Melnyk (VP Corporate Development, Former Executive VP of Business Development at Victoria Gold Corp, with a background in mining engineering and equity research, holds a B.Sc. in Geological Engineering and is a CFA Charterholder.)

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