10:29 AM EDT, 05/21/2024 (MT Newswires) -- Luca Mining ( LUCMF ) on Tuesday confirmed a new high-grade gold mineralization over "significant widths" at the Tahuehueto Gold Mine in Durango, Mexico.

According to a statement, the mineralization occurs in shoots branching off the main Creston vein at Underground Level 23. Creston is one of two main structures currently being mined. It said new geological mapping and channel sampling at this level confirmed the presence of breccia ore shoots up to 20 meters wide with some internally assayed channel samples returning greater than 20 g/t of gold.

Ramon Perez, Interim CEO, in Tuesday's statement said: "Our geology team at Tahuehueto are doing excellent work. They are progressively adding to our understanding of the mineralisation and confirming the enormous upside potential of the mine. These wide and higher-grade mineralised zones at depth, where two vein splays intersect, were identified in earlier drilling. With the added detail from mapping and channel sampling we see the excellent potential in multiple areas. These wider, high-grade zones will be part of our plan to ramp-up to 1,000 tpd, a milestone we expect to achieve in the next few months."

The company's shares were at last look unchanged at $0.47, having been up over 2% a bit earlier.

Price: 0.48, Change: +0.01, Percent Change: +1.06