12:01 PM EDT, 10/23/2024 (MT Newswires) -- Luca Mining ( LUCMF ) said Wednesday it started an exploration-drilling campaign of up to 5,000 meters at the Tahuehueto gold mine in Mexico.

The company said it is the first significant exploration-drilling program on the property in over 10 years.

"Tahuehueto is a brand new mine which will soon be in commercial production," chief executive Dan Barnholden said. "There are all the indicators of significant resource expansion potential at this project, and I am excited that our recently completed financing enables us to not only explore that potential but expeditiously."

Luca said it aims to target recently developed areas to potentially extend the resource along the modeled veins.

The company said mineralization is open along strike and at depth for most of the modeled resource area, adding that the campaign will include infill and step-out drilling.

Luca shares were last seen down $0.02 to $0.59 on the TSX Venture Exchange.

Price: 0.58, Change: -0.03, Percent Change: -4.92