Lumina Gold Corp: Announces Cangrejos Drill Results

Mineralization in hole C18-76 along the southern flank of the deposit intercepted 162 metres from surface grading 0.64 g/t gold and 0.14% copper. This hole extends mineralization that was intercepted 100 metres to the southwest in the previously announced C18-75 hole (0-168 metres grading 0.64 g/t gold and 0.15% copper), demonstrating notable continuity in the south of the deposit.

Holes C18-77 and C18-78 were drilled in the east-central portion of the mineral resource. C18-77 angled to the southeast and intercepted surface mineralization from 0 to 138 metres averaging 0.43 g/t gold and 0.09% copper. C18-78, drilled to the northwest, hit four significant intervals of mineralization that totalled 199 metres in length. The best interval was high-grade material from surface to 90 metres averaging 1.27 g/t gold and 0.11% copper. The hole ended in lower grade mineralization, intercepting 0.27 g/t gold and 0.08% copper over its final 37 metres.

Drilling on the northeast flank of the resource is having success at extending near-surface mineralization beyond the current mineral resource estimate’s limits. Holes C18-79 and C18-80 are northwest-oriented step-out holes. C18-80 is the northern and eastern-most hole drilled to date on the Cangrejos deposit and the resource remains open in that direction and to depth.

Summary Drill Results

Note: Intervals in the reported holes are calculated using a cut-off of 0.2 g/t Au with maximum internal dilution of 10 continuous metres and the highest gold value used in the reported weighted averages is 9.91 g/t Au. Above cut-off intervals of less than 12m are not reported, and in addition to the above results there were multiple intercepts of lower-grade material in the drill holes.

Quality Assurance

All Lumina sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") program including the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Lumina’s secure facility located at the Cangrejos project. Drill core is sawn in half on site and half drill-core samples are securely transported to ALS's sample preparation facility in Quito, Ecuador. Sample pulps are sent to Lima, Peru for analysis. Gold content is determined by fire assay of a 30 gram charge with total copper content determined by four-acid digestion with ICP finish.

Qualified Persons

Leo Hathaway, P.Geo, Senior Vice President of Lumina and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects for the Cangrejos project has reviewed, verified and approved the contents of this news release.

About Lumina Gold

Lumina Gold Corp. (TSXV:LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. The Company’s Cangrejos Gold-Copper project is located in El Oro Province, southwest Ecuador, and its Condor Gold-Copper project is located in Zamora-Chinchipe Province, southeast Ecuador. The Company also holds a large and highly prospective land package in Ecuador consisting of 135 thousand hectares. The Company has an experienced management team with a successful track record of advancing and monetizing exploration projects.

Further details are available on the Company’s website at https://luminagold.com/.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.