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Lundin Gold Reports Significant Expansion at Bonza Sur

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New drilling results highlight the potential of the gold deposit

VANCOUVER, BC, December 3, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce additional drilling results from its ongoing 2024 near-mine exploration program at Bonza Sur, in close proximity to its 100%-owned Fruta del Norte (“FDN”) gold mine in southeastern Ecuador.  Recent results confirm the significant size of the Bonza Sur mineral deposit. Drilling has extended the deposit’s length by 800 metres to approximately 2.6 kilometres and widened it to 150 metres.  Importantly, Bonza Sur remains open for further discovery in all directions and at depth.

 

Highlights from the ongoing drill program at Bonza Sur are outlined below (not true widths).  Detailed results are provided at the end of this release (see Appendix 1).

 

Bonza Sur Exploration Drilling Highlights (not true widths):

 

  • Drill hole AMN -2024-156 intersected 2.35 grams per tonne (“g/t”) of gold (“Au”) over 100.30 m from 333.2 m, including:
  • 3.30 g/t Au over 53.20 m from 353.8m
  • Drill hole BLP-2024-189 intersected 1.54 g/t Au over 123.50 m from 72.90 m, including:
  • 3.08 g/t Au over 48.0 m from 81.3m, with:
    • 10.06 g/t Au over 7.60 m
  • Drill hole BLP-2024-162 intersected 1.43 g/t Au over 115.60 m from 47.40 m including:
  • 2.43 g/t Au over 58.10 m from 92.90m, with:
    • 4.58 /t Au over 20.50m
  • Drill hole BLP-2024-173 intersected 1.22 g/t Au over 133.20 m from 31.90 m including:
  • 2.54 g/t Au over 49.80 m from 113.40m, with:
    • 17.29 g/t Au over 2.9m

 

Ron Hochstein, President and CEO, commented, “The significant and rapid advance of Bonza Sur from an early-stage exploration target to a mineral deposit is an exciting time for Lundin Gold.  Our drilling program continues to highlight the meaningful potential of this new discovery.  Recent results have defined a much larger mineralized system close to surface that extends over 2.6 kilometres and remains open for further expansion.  The Company plans to release an initial mineral resource at Bonza Sur mid-year 2025 and drilling is ongoing.”

 

NEAR-MINE PROGRAM

 

The ongoing near-mine exploration program continues to unlock the significant potential of Lundin Gold’s world-class land package.  2024 marks the largest drilling program ever undertaken on the concessions that host the FDN mine.  To date, approximately 56,110 metres of drilling have been completed, with a target of at least 65,000 metres in 2024, primarily focused on the Bonza Sur deposit.

 

Over recent months, the program has focused on efforts to define and expand Bonza Sur and a total of 43 drill holes across 17,315 metres have been completed.  Assay results for these holes are provided in Tables 1 and 2 of this release.  Drilling is ongoing, and results for some holes are still pending.

 

Bonza Sur

 

Initially discovered through drilling a geochemical soil anomaly one kilometre south of the FDN mine, Bonza Sur continues to evolve as a substantial mineral deposit.  The resource envelope now extends over 2.6 kilometres along strike, is 150 metres wide, and reaches at least 500 metres deep (see Figures 1, 2, and 3).  Since its 2023 discovery, over 90 drill holes have been completed, and results consistently point to further growth potential.

 

Bonza Sur is interpreted as a shallow, disseminated gold-silver epithermal system situated east of the East Fault, a critical structural control at FDN. Gold mineralization is characterized by a broad hydrothermal halo with a higher-grade core associated with quartz-chalcedony-manganoan-carbonate veins and veinlets, enveloped by a lower-grade gold zone with silica-illite and sulfides.

 

The recent drilling program, detailed in Tables 1 and 2, has expanded Bonza Sur in all directions.  In the south, drilling has extended mineralization by 800 metres to 2.6 kilometres, with potential for further growth.  Drill hole AMN-2024-156 (2.35 g/t Au over 100.30m from 333.2m) is a prime example of these strong results.  In the central area, drilling has expanded Bonza Sur laterally by 150 metres to the east.  In the north, drill holes have intersected a high-grade gold zone near the surface, surrounded by a wider disseminated gold halo, confirming the mineral envelope in this sector.

 

All drilling data is being integrated into a new geological model for Bonza Sur, and a metallurgical study is underway. An initial mineral resource estimate is expected by mid-2025. Currently, four drill rigs are active at Bonza Sur, focused on expanding the deposit both along strike and at depth.
 

Figure 1: Bonza Sur mineral deposit location map
 


Figure 2: Bonza Sur plan view and selected results
 


Figure 3: Bonza Sur longitudinal section showing selected results
 

 

Qualified Persons

 

The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

Samples consist of half HQ and NQ-size diamond core that are split by diamond saw on site, prepared at the ALS laboratory in Quito, and analysed by 50g fire assay and multi-element (ICP-AES/ICP-MS) at the ALS Laboratory in Lima, Peru.  The quality assurance-quality control (QA-QC) program of Lundin Gold includes the insertion of certified standards of known gold content, blank and duplicate samples.  The remaining half core is retained for verification and reference purposes.  For further information on the assay, QA-QC and data verification procedures, please see Lundin Gold’s Annual Information Form dated March 26, 2024, filed under the Company’s profile at www.sedarplus.ca.

 

Additional Information

 

The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on December 3, 2024, at 4:00 p.m. Pacific Time through the contact persons set out below. 

 

Caution Regarding Forward-Looking Information and Statements

 

Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements relating to the Company’s exploration plans, activities and results, including the plans to release a resource estimate on Bonza Sur. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 26, 2004, which is available at www.lundingold.com or www.sedarplus.ca.

Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador; community relations; forecasts relating to production and costs; mining operations; security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador; waste disposal and tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development; control of Lundin Gold; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent recruitment and retention; market price of the Company’s shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to maintain obligations or comply with debt; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations.

APPENDIX 1

 

Table 1: Drillhole assay results from the near-mine drilling program at Bonza Sur reported for thickness versus grade intervals above 14 (m x g/t Au >14). Drill hole intercepts are reported in drill core lengths

 

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Target

Zone

BLP-2024-140

207.1

231.9

24.8

0.92

2.95

BLP

Surface

Including

230.1

230.9

0.8

9.08

4.81

BLP-2024-140

332.2

470

137.8

0.83

1.47

Including

333

413.9

80.9

1.11

1.55

with

399.7

413.9

14.2

4.46

1.95

with

401.7

404.8

3.1

9.38

2.42

Including

459

462

3

3.20

2.45

BLP-2024-141

18

191.1

173.1

0.57

6.91

BLP

Surface

Including

133.1

155.4

22.3

1.43

25.37

with

134.8

138.8

4

2.77

11.10

BLP-2024-143

No Significant Results

BLP

Surface

BLP-2024-143-D1

No Significant Results

BLP

Surface

BLP-2024-143-D2

227.4

231.8

4.4

4.17

1.72

BLP

Surface

Including

227.4

228.9

1.5

11.93

3.23

BLP-2024-143-D2A

No Significant Results

BLP

Surface

BLP-2024-143-D3

494.2

515.5

21.3

0.93

20.34

BLP

Surface

Including

506.5

511.5

5

2.56

64.66

BLP-2024-146

0.2

41.35

41.15

0.69

1.28

BLP

Surface

Including

0.2

10.7

10.5

2.27

1.82

with

0.2

3.2

3

4.15

5.25

BLP-2024-146

360.85

361.75

0.9

6.53

326.76

Including

361.35

361.75

0.4

13.70

25.20

HOR-2024-147

55.75

141.9

86.15

0.83

8.43

BLP

Surface

Including

61.4

78.2

16.8

2.02

12.47

with

70

71

1

25.30

34.30

Including

138.2

141.9

3.7

3.27

26.80

HOR-2024-147

229.9

257.8

27.9

0.53

19.64

BLP-2024-149

143.5

147.7

4.2

1.09

2.74

BLP

Surface

Including

143.5

144.4

0.9

4.65

4.12

BLP-2024-151

512.85

540.2

27.35

0.57

7.34

BLP

Surface

Including

523.6

525

1.4

7.93

99.70

AMN-2024-156

333.2

433.5

100.3

2.35

13.15

BLP

Surface

Including

353.8

407

53.2

3.30

8.97

with

359.75

364.05

4.3

5.26

11.43

with

367.6

376.6

9

4.17

7.87

with

389.65

403.05

13.4

3.77

11.31

Including

426.2

430

3.8

4.67

56.66

BLP-2024-157

116.4

140.05

23.65

0.53

11.76

BLP

Surface

Including

124.5

127.8

3.3

1.50

41.70

Including

135.25

137.4

2.15

1.56

36.33

BLP-2024-161

No Significant Results

BLP

Surface

BLP-2024-161-D1

401.35

516.75

115.4

0.6

17.6

BLP

Surface

Including

404.75

410.35

5.6

1.41

7.77

with

408.6

409.35

0.75

9.94

39.2

Including

478.6

516.75

38.15

1.26

44.1

with

485.4

488.8

3.4

6.02

72.26

with

486.4

487.65

1.25

15.22

182.23

BLP-2024-161-D2

175.2

208

32.8

1.17

3.40

BLP

Surface

Including

181.45

185.15

3.7

4.65

10.72

BLP-2024-161-D2

434.7

472.7

38

0.54

27.90

Including

440

442.7

2.7

4.25

17.41

with

440

440.65

0.65

14.4

57.1

 

 

BLP-2024-161-D3

174.7

213.3

38.6

0.58

2.50

BLP

Surface

BLP-2024-161-D3

324.6

326.6

2

1.68

3.04

BLP-2024-161-D3

471.1

474.6

3.5

1.26

4.87

BLP-2024-161-D3

521.1

557.4

36.3

0.50

26.73

Including

523.1

524.1

1

9.61

21.00

BLP-2024-161-D4

284.8

297.6

12.8

0.55

5.41

BLP

Surface

BLP-2024-161-D4

353.7

368.9

15.2

0.57

2.26

Including

365.05

365.5

0.45

12.60

37.00

BLP-2024-161-D4

500.65

600.1

99.45

1.07

6.80

Including

500.65

539.9

39.25

2.54

7.04

with

502.15

504.5

2.35

4.29

7.97

with

530.8

537.9

7.1

12.26

22.63

BLP-2024-161-D5

Pending Results

BLP

Surface

BLP-2024-162

47.4

163

115.6

1.43

13.53

BLP

Surface

Including

92.9

151

58.1

2.43

21.28

with

105.05

125.55

20.5

4.58

38.53

BLP-2024-162

258.2

271

12.8

1.05

1.51

Including

259.2

264.9

5.7

2.14

1.27

BLP-2024-166

102.5

173.7

71.2

0.92

7.37

BLP

Surface

Including

123.6

125.7

2.1

4.14

22.56

AMN-2024-168

167.9

238.85

70.95

0.66

2.61

BLP

Surface

Including

167.9

180.2

12.3

2.88

6.89

with

175.9

179

3.1

6.37

11.58

BLP-2024-169

275.4

335.6

60.2

0.48

14.24

BLP

Surface

Including

297.7

301.1

3.4

1.55

129.90

BLP-2024-173

31.9

165.1

133.2

1.22

17.95

BLP

Surface

Including

113.4

163.2

49.8

2.54

31.53

with

132

134.9

2.9

17.29

258.63

BLP-2024-177

265.8

323.45

57.65

0.59

2.45

BLP

Surface

Including

298.6

301.5

2.9

4.87

2.23

with

298.6

299.6

1

10.85

1.27

BLP-2024-179

8.35

9.9

1.55

4.16

13.27

BLP

Surface

BLP-2024-179

16.5

33

16.5

0.50

11.81

BLP-2024-179

137.7

192

54.3

0.44

14.48

BLP-2024-179

214

236.6

22.6

0.45

2.85

BLP-2024-182

43.7

187.3

143.6

1.06

5.60

BLP

Surface

Including

76.1

131.1

55

2.33

8.27

with

81.4

96.1

14.7

5.14

13.22

BLP-2024-189

72.9

196.4

123.5

1.54

10.70

BLP

Surface

Including

81.3

129.3

48

3.08

10.68

with

97.4

105

7.6

10.06

27.19

BLP-2024-186

Pending Results

BLP

Surface

BLP-2024-187

Pending Results

BLP

Surface

AMN-2024-190

Pending Results

BLP

Surface

AMN-2024-193

Pending Results

BLP

Surface

BLP-2024-194

Pending Results

BLP

Surface

BLP-2024-195

Pending Results

BLP

Surface

BLP-2024-197

Pending Results

BLP

Surface

BLP-2024-198

Pending Results

BLP

Surface

BLP-2024-201

Pending Results

BLP

Surface

AMN-2024-202

Pending Results

BLP

Surface

AMN-2024-203

Pending Results

BLP

Surface

BLP-2024-205

Pending Results

BLP

Surface

BLP-2024-208

Pending Results

BLP

Surface

BLP-2024-209

Pending Results

BLP

Surface

BLP-2024-217

Pending Results

BLP

Surface

BLP-2024-218

Pending Results

BLP

Surface

AMN-2024-224

Pending Results

BLP

Surface

BLP-2024-225

Pending Results

BLP

Surface

BLP-2024-226

Pending Results

BLP

Surface

 

Table 2: Bonza Sur Collar Drill Holes

 

Hole ID

Target

Easting

Northing

Elevation

Azimuth

Dip

EOH (m)

Drilling Type

Year

BLP-2024-140

Bonza Sur

778616

9580904

1508

88

-67

500.75

Surface

2024

BLP-2024-141

Bonza Sur

778688

9580440

1578

89

-70

323.20

Surface

2024

BLP-2024-143

Bonza Sur

778816

9581523

1449

269

-45

198.70

Surface

2024

BLP-2024-143-D1

Bonza Sur

778816

9581523

1449

269

-45

361.30

Surface

2024

BLP-2024-143-D2

Bonza Sur

778816

9581523

1449

269

-45

107.25

Surface

2024

BLP-2024-143-D2A

Bonza Sur

778816

9581523

1449

269

-45

295.90

Surface

2024

BLP-2024-143-D3

Bonza Sur

778816

9581523

1449

269

-45

560.55

Surface

2024

BLP-2024-146

Bonza Sur

778687

9580443

1579

298

-56

520.25

Surface

2024

HOR-2024-147

Bonza Sur

778723

9580099

1609

264

-45

424.65

Surface

2024

BLP-2024-149

Bonza Sur

778692

9580980

1517

99

-44

256.70

Surface

2024

BLP-2024-151

Bonza Sur

778705

9581803

1489

268

-49

624.20

Surface

2024

AMN-2024-156

Bonza Sur

778747

9579870

1657

72

-44

500.00

Surface

2024

BLP-2024-157

Bonza Sur

778685

9580242

1601

299

-54

507.20

Surface

2024

BLP-2024-161

Bonza Sur

778866

9580888

1525

256

-46

148.50

Surface

2024

BLP-2024-161-D1

Bonza Sur

778866

9580888

1525

256

-46

387.80

Surface

2024

BLP-2024-161-D2

Bonza Sur

778866

9580888

1525

256

-46

420.80

Surface

2024

BLP-2024-161-D3

Bonza Sur

778866

9580888

1525

256

-46

460.15

Surface

2024

BLP-2024-161-D4

Bonza Sur

778866

9580888

1525

256

-46

379.20

Surface

2024

BLP-2024-161-D5

Bonza Sur

778866

9580888

1525

256

-46

556.00

Surface

2024

BLP-2024-162

Bonza Sur

778468

9581652

1454

289

-44

275.80

Surface

2024

BLP-2024-166

Bonza Sur

778342

9581540

1461

93

-61

321.10

Surface

2024

AMN-2024-168

Bonza Sur

778744

9579869

1657

269

-45

440.35

Surface

2024

BLP-2024-169

Bonza Sur

778673

9581293

1498

262

-44

492.65

Surface

2024

BLP-2024-173

Bonza Sur

778468

9581653

1454

269

-61

300.60

Surface

2024

BLP-2024-177

Bonza Sur

778638

9581037

1526

103

-71

589.70

Surface

2024

BLP-2024-179

Bonza Sur

778616

9580902

1509

128

-69

512.15

Surface

2024

BLP-2024-182

Bonza Sur

778343

9581541

1461

68

-38

400.05

Surface

2024

BLP-2024-186

Bonza Sur

778654

9581180

1521

90

-42

250.40

Surface

2024

BLP-2024-187

Bonza Sur

778675

9580698

1540

89

-74

300.15

Surface

2024

BLP-2024-189

Bonza Sur

778342

9581541

1461

69

-54

350.05

Surface

2024

AMN-2024-190

Bonza Sur

778748

9579869

1657

74

-33

507.05

Surface

2024

AMN-2024-193

Bonza Sur

778826

9580014

1634

84

-34

515.15

Surface

2024

BLP-2024-194

Bonza Sur

778654

9581180

1521

91

-59

403.00

Surface

2024

BLP-2024-195

Bonza Sur

779593

9580744

1650

294

-50

430.25

Surface

2024

BLP-2024-197

Bonza Sur

778723

9580636

1569

119

-50

367.65

Surface

2024

BLP-2024-198

Bonza Sur

778654

9581180

1521

90

-79

351.50

Surface

2024

BLP-2024-201

Bonza Sur

779048

9581111

1548

89

-40

350.05

Surface

2024

AMN-2024-202

Bonza Sur

778748

9579869

1657

74

-49

500.00

Surface

2024

AMN-2024-203

Bonza Sur

778825

9580014

1634

84

-45

440.15

Surface

2024

BLP-2024-205

Bonza Sur

778534

9581207

1473

89

-70

347.35

Surface

2024

BLP-2024-208

Bonza Sur

779595

9580744

1651

254

-50

441.05

Surface

2024

BLP-2024-209

Bonza Sur

779001

9581334

1486

270

-60

181.60

Surface

2024

BLP-2024-217

Bonza Sur

779047

9581111

1548

89

-60

479.10

Surface

2024

BLP-2024-218

Bonza Sur

778457

9581058

1458

83

-39

360.20

Surface

2024

AMN-2024-224

Bonza Sur

779018

9579691

1733

90

-44

430.00

Surface

2024

BLP-2024-225

Bonza Sur

778674

9580698

1541

89

-39

350.05

Surface

2024

BLP-2024-226

Bonza Sur

778984

9579462

1720

304

-45

478.90

Surface

2024

 

 

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