10:18 AM EDT, 05/12/2025 (MT Newswires) -- Luca Mining ( LUCMF ) was at last look down 4.4% on Monday, despite gains for the broader market, after it reported drill results from the next seven underground diamond drill holes of an ongoing 5,000 metre Phase One exploration drill program at the Campo Morado Polymetallic VMS mine in Guerrero State, Mexico.

The company in a statement said drillhole CMUG-25-012 drilled 3.8m of 12.54 grams per tonne (g/t) gold equivalent (AuEq) within a wider 15.8m of 4.87 g/t AuEq representing the discovery of a new ore zone within the G9 Deposit.

It added that 16 underground drillholes were completed to date as part of a 5,000m Phase 1 program targeting near mine resource expansion; that untapped high grade mineral potential close to existing mine workings continue to be identified in underdrilled zones, with results to inform updated mineral resource and mine plans; and that surface drilling was underway.

Paul D. Gray, Luca VP Exploration, said: " Drilling new high-grade massive sulphides straight away is a great start to our exploration program and demonstrates that previous exploration left very significant ore to be discovered, and some very close to our active mine workings.

"The 2025 drilling program at Campo Morado continues to define additional mineral potential beyond the extent of currently known mineral resources. These results have not only corroborated our interpretations that the known mineralized trends are more extensive and continuous than previously thought but have quickly defined new areas of high-grade massive sulphide mineralization that may quickly develop into brand new ore zones. Additionally, the surface drilling program now underway at Campo Morado will concentrate initially on the Reforma and El Rey VMS deposits, both of which remain unmined and which the Company believes can be expanded by the drill bit."

It added that the surface drilling program now underway at Campo Morado will concentrate initially on the Reforma and El Rey VMS deposits. Luca Mining ( LUCMF ) said 16 underground diamond drillholes have been completed for over 2,700 m with "HQ" sized diamond drill core to date. It is anticipated that these drillholes will inform a planned, updated Mineral Resource at Campo Morado and will contribute to add new ore into the near-term and medium-term Campo Morado Mine Plan.

Shares of the company were last seen down $0.07 at $1.3 on the TSX Venture Exchange.

Price: 1.30, Change: -0.07, Percent Change: -5.11