June 24, 2008
Luna Gold Intercepts 57.00 M of 1.25 G/T Au at Aurizona, Extending Gold Mineralization
VANCOUVER, June 24 /PRNewswire-FirstCall/ -- Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company") is pleased to announce new assay results from the Company's ongoing drill program at Piaba, the main gold deposit at its wholly owned gold project, Aurizona. Significant mineralized intercepts are highlighted below.
- 25.00 meters @ 1.28 g/t Au in hole BRAZD-256 - 29.00 meters @ 1.56 g/t Au in hole BRAZD-257 - 57.00 meters @ 1.25 g/t Au including 7.62 meters @ 3.66 g/t Au in hole BRAZD-259.
Luna's CEO, Tim Searcy, comments, "Luna has drilled a total of 42 holes at Piaba to date, 38 of which have intersected wide zones of gold mineralization. This tremendous success rate is due to the excellent vertical continuity of the mineralization at Piaba. Furthermore, only 25% of Piaba's strike length has been tested to a depth of 200m, the remainder being closer to 100m. (please see http://www.lunagold.com/i/maps/Aurizona-resource-estimate.jpg). These two factors give the Company confidence that the resource at Piaba will continue to grow as Luna drills down dip."
Complete assay results have been received for a further 5 holes totaling 975 metres drilled in the east central portion of the Piaba deposit. None of the results from this round of drilling have been included in the recent resource estimate (please see the press release dated 20 May 2008). All drill holes intersected gold mineralization. Significant mineralized intercepts are tabulated below.
TRUE HOLE TOTAL AU THICK- ID AZI DIP DEPTH(m) FROM(m) TO(m) INT(m) (g/t) NESS(m) ------------------------------------------------------------------------- BRAZD-256 168 50 216.35 118.00 143.00 25.00 1.28 19.3 BRAZD-257 168 60 193.50 117.00 119.45 2.45 7.26 - 156.00 185.00 29.00 1.56 18.2 BRAZD-258 168 50 191.75 109.15 120.40 11.25 1.21 8.2 BRAZD-259 168 60 190.20 78.00 135.00 57.00 1.25 36.1 including 120.38 128.00 7.62 3.66 - BRAZD-260 168 55 182.50 82.37 119.00 36.63 1.07 29.1 Table 1. Mineralized intercepts from the Piaba deposit.
The drill holes were sited to test the vertical continuity to the fresh rock mineralization at a nominal 30 meter spacing beneath existing drillholes at Piaba. All holes were drilled on regular drill sections from north to south and intersected the deposit hanging wall, crossed the deposit and terminated in the southern footwall. All holes have extended gold mineralization at depth. Drill hole BRAZD-256 intersected 25.00 m @ 1.28 g/t Au. BRAZD-257 intersected 29.00 m @ 1.56 g/t Au. BRAZD-258 intersected 11.25 m @ 1.21 g/t Au. BRAZD-259 intersected a wide zone of 57.00 meters @ 1.25 g/t Au. BRAZD-260 intersected 36.63 meters @ 1.07 g/t Au.
Luna's Exploration Manager, Titus Haggan states, "Each drill hole is meeting its objective in extending gold mineralization at Piaba. The new holes are being planned based on the new geological interpretation and the new resource block model. These latest results show that the deposit maintains its continuity and width at depth. Drilling will continue at Piaba throughout 2008 to generate additional data for an updated resource estimate."
Incentive Stock Options
Luna has issued incentive stock options to directors Nolan Watson and Tom O'Neil, 250,000 each, effective June 18th, 2008. The options are exercisable at CAD 0.90/share for 5 years. They vest at a rate of 33% every 6 months. Mr. Watson and Dr. O'Neil were voted in as directors of Luna at the Company's AGM on June 18th.
About Luna Gold Corp
Luna is a mining exploration company focused on the acquisition, exploration, and development of gold resources and advanced stage gold exploration projects in northeastern Brazil.
On behalf of the Board of Directors LUNA GOLD CORP. Tim Searcy, P. Geo. - President and CEO The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. Regulatory Footnotes
Luna operates a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and sawn in half. One half of the HTW (71 mm diameter) core is maintained for future reference and one half of the core is sent for analysis. Samples are collected in approximately 1 meter intervals or less when a mineralized zone is encountered. All core and samples are stored in secure locked areas. Samples are transported from the Aurizona project to the ALS Chemex sample preparation facility in Belo Horizonte, Minas Gerais accompanied by Luna personnel. Samples are assayed at ALS Chemex Labs in Belo Horizonte using a 30 gram fire assay with AAS finish. Each sample batch contains 10% of randomly inserted internal control samples consisting of certified analytical standards, blanks (barren rock) and duplicates. These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample.
Titus Haggan Ph.D., EurGeol Certified Professional Geologist # 746, Luna's Brazil Exploration Manager is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and has reviewed the technical disclosure in this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the United States Securities Act of 1933 and applicable state securities laws or an exemption from such registration is available.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Luna Gold Corp.'s periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Luna Gold does not assume the obligation to update any forward-looking statement.
CONTACT: Website: http://www.lunagold.com/; Investor Relations at (604) 689-7317 or toll free at 1-866-689-7317
Luna Gold Corp.
CONTACT: Website: http://www.lunagold.com/; Investor Relations at (604) 689-7317or toll free at 1-866-689-7317