Drill Results Routine +

LUCA INTERSECTS 118 METRES OF 2.5 G/T GOLD, 78.0 G/T SILVER, 0.8% COPPER, 0.6% PB AND 2.0% ZINC AT LARGO NORTE ZONE, CAMPO MORADO MINE

Luca Mining Expands Campo Morado Gold Potential with High-Grade Largo Norte Intercepts

By The Northwire Desk — AI Analysis Apr 28, 2026 · 06:00 LUCA · 1.4 Luca Mining Corp.

Executive Summary

Luca Mining Corp. announced high-grade underground drill results from its ongoing exploration program at the Campo Morado polymetallic VMS mine in Guerrero State, Mexico.
Recent drilling in the Largo Norte zone has successfully intersected significant gold and silver mineralization, expanding previously defined mineralized areas.
The results include intercepts of up to 118.2 metres of 2.53 g/t Au, 77.89 g/t Ag, 0.76% Cu, 0.57% Pb, and 1.99% Zn.
Drillhole CMUG-26-38 Intercepts: 118.2m @ 2.53 g/t Au, 77.89 g/t Ag, 0.76% Cu, 0.57% Pb, and 1.99% Zn (from 179.9m).
Includes 20.8m @ 4.02 g/t Au, 180.72 g/t Ag, 0.47% Cu, 2.02% Pb, and 3.90% Zn (from 275.3m).
Drillhole CMUG-26-39 Intercepts: 100.7m @ 2.80 g/t Au, 90.72 g/t Ag, 0.59% Cu, 0.71% Pb, and 2.59% Zn (from 113.0m).
Includes 35.1m @ 3.99 g/t Au, 131.32 g/t Ag, 0.57% Cu, 0.88% Pb, and 3.59% Zn (from 153.6m).
Exploration continues at Campo Morado with two surface drill rigs and one underground drill rig; drilling is also planned for the Largo, Largo Norte, Naranjo, and Fish deposits to support 2026-2028 mine plans.

Material Impact

The news confirms continuity of mineralization in the Largo Norte Zone, which was previously defined as a large, consistent VMS body in February 2026.
While grades are higher than the initial February announcement (1.58 g/t Au vs 2.53 g/t Au), this is follow-up drilling on an already identified zone rather than a new discovery like El Rey or Reforma earlier in the year.
The results support the Campo Morado Expansion Study expected to deliver a technical report in H2 2026, validating management's strategy to feed new mineralization into operating mills.
Financial context from April 21 Q1 results shows cash reserves at $36.4 million and debt reduced to $1.4 million, providing ample runway for the exploration program without immediate dilution risk.
The market likely anticipated this level of activity given the November 2025 announcement of a US$25 million three-year exploration program; therefore, the news is incremental rather than transformative.

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Company Overview

Luca Mining operates two fully permitted underground mines in Mexico: Campo Morado (Guerrero) and Tahuehueto (Durango).
Campo Morado is a polymetallic VMS mine producing zinc, copper, gold, silver, and lead; it serves as the primary cash flow generator.
Tahuehueto is an epithermal gold-silver project with by-product credits from lead, zinc, and copper; production ramp-up continues.
The company strategy focuses on de-risking operations through cash-flow generation while driving organic growth via optimization and exploration.
Management aims to eliminate all debt by mid-2026 using operating cash flow and warrant exercises.

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