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Ecuador

Cangrejos Project

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Cangrejos Project

Location: 29 km SE from Machala, Ecuador

Project Contacts:

Calle Pampite s/n Edificio Officenter, of 214, Cumbaya
Quito
Ecuador
170901

Contacts:

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Summary

Mine TypeOpen Pit
Study CompletedPrefeasibility
Study in ProgressFeasibility
StagePermitting
Commodities
  • Gold
  • Copper
  • Silver
  • Molybdenum
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotThe Cangrejos Gold-Copper deposit is the largest primary gold deposit in Ecuador and the 26th largest gold asset globally.

The Project consists of two adjacent open pit mines referred to as Cangrejos (eastern pit) and Gran Bestia (western pit).

The Cangrejos Project is designed around three major phases of material throughput, incorporating staged increases in daily milled throughput during the first seven years of the mine's life.

The Feasibility Study remains on schedule for completion during Q2 2025.

Work for the Environmental Impact Study (“EIS”) is progressing on schedule. This work will allow for the submission of the EIS to the Government of Ecuador in mid-2025. Lumina is targeting receiving its Environmental License for the construction and operation of the Project by early 2026.
Latest NewsLumina Gold Announces Mailing of Information Circular     May 20, 2025

Owners

SourceSource
CompanyInterestOwnership
Lumina Gold Corp. 100 % Indirect
The Cangrejos Project consists of six mining concessions totaling 6,374 ha. All concessions are held by Lumina through its 100% owned Ecuadorian subsidiary, Odin Mining del Ecuador S.A.

On April 21, 2025, Lumina Gold Corp. and CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited, are pleased to announce that they have entered into an arrangement agreement, pursuant to which CMOC will acquire all of the issued and outstanding common shares of Lumina.

Pursuant to the Arrangement Agreement and subject to satisfying all necessary conditions and receipt of all required approvals, the parties anticipate completion of the Transaction in the third quarter of 2025.

Contractors

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SourceSource

Deposit type

  • Porphyry
  • Breccia pipe / Stockwork

Summary:

The Cangrejos and Gran Bestia deposits are gold-copper, silica-saturated, alkalic porphyry-style deposits. This type of deposit is found along paleo-subduction margins.

The Cangrejos Project is largely underlain by a Miocene porphyritic dacite and a Cretaceous equigranular quartz diorite which is interpreted as being part of the El Oro metamorphic complex. Gold showings are associated with the Miocene porphyry and adjacent breccias and metamorphic rocks.

Mineralization
Gold-copper mineralization is associated with sulphides that occur as open-space breccia fill or as disseminations in former mafic phenocrysts. Total sulphide content is generally less than 5% and consists of chalcopyrite and pyrite with minor bornite, molybdenite and pyrrhotite. In drillhole C17-65, native copper is found on fracture surfaces at depths ranging from 142 m to 186 m. This is not very common and is probably due to strong oxidation along a fracture zone.

The highest gold grades occur in calcic-sodic altered breccias at contacts between the PQD and the metamorphic complex. The best gold grades occur in breccias where the dominant clast type is EQD. The EQD is more mafic in composition, and gold is preferentially deposited in reducing (mafic) environments.

Cangrejos Zone
Current understanding of the surface geology of the Cangrejos Zone is limited because of a lack of outcrop exposures. Eastnortheasterly trending porphyritic rocks (PQD, iPQD, QD) intrude EQD and schists (SCH) of the metamorphic complex. The southeastern contact is steep, but the northwestern contact dips approximately 50° to the southeast and is defined by porphyry dikes. The edges of the porphyry are brecciated with dominant PQD clasts. These breccias extend at depth and may relate to breccia pipes that are associated with the intrusion of the porphyry. Breccias with dominant metamorphic clasts (EQD, SCH) occur at the edge of the porphyry.

Drilling has defined a northeast-southwest-trending, steeply dipping zone of gold-copper mineralization which is commonly associated with hydrothermal breccias and quartz vein stockwork in the dacite porphyry. Gold-copper values are not restricted to these lithologies and can be found in all units except for the late-stage dikes.

The mineralized zone extends for approximately 1,500 m in a northeasterly direction, has widths ranging from 70 m to 600 m, and has been defined to a depth of at least 600 m below surface. The zone remains open to expansion with further exploration to the west and at depth.

Gran Bestia Zone
As with Cangrejos, current understanding of the surface geology of the Gran Bestia Zone is limited to drill core data due to a lack of outcrop exposures.

The majority of the Gran Bestia deposit is hosted in hydrothermal breccia. The approximate dimensions of mineralization at Gran Bestia are 700 m by 600 m and defined to a depth of at least 700 m. The geology of the southeastern portion of Gran Bestia is similar to the Cangrejos deposit where porphyritic dacite (PQD) and Quartz Diorite (QD) intrusions are present. Gold-copper mineralization occurs within the hydrothermal breccia and the PQD, with higher grades associated with breccias and quartz vein stockworks and the contact between the PQD and surrounding metamorphic country rock. The QD unit is largely unmineralized with only minor small exceptions.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Gold Metal in doré koz 854
Gold Metal in concentrate koz 8,969
Gold Payable metal koz 3719,643
Copper Metal in concentrate M lbs 1,121
Copper Payable metal M lbs 411,070
Silver Metal in doré koz 242
Silver Payable metal koz 2305,985
Silver Metal in concentrate koz 7,579
Gold Equivalent Payable metal koz 469

Operational metrics

Metrics
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Annual ore mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
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Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2023 study.

Production Costs

CommodityUnitsAverage
All-in sustaining costs (AISC) Gold Equivalent USD  ....  Subscribe
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
C1 cash costs Gold Equivalent USD  ....  Subscribe
C1 cash costs Gold USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2023 study / presentation.
** Net of By-Product.

Operating Costs

CurrencyAverage
OP mining costs ($/t mined) USD  ....  Subscribe
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
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* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
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Expansion CapEx $M USD  ......  Subscribe
Equipment leasing costs $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 4,999
Freight costs $M USD 257
Refining and treatment costs $M USD  ......  Subscribe
G&A costs $M USD 527
Total OpEx $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
Net Operating Income (LOM) $M USD  ......  Subscribe
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Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 7% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
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Workforce

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Aerial view:

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