Luca Mining (TSXV: LUCA) reported high-grade gold mineralization at its Tahuehueto mine in Durango, Mexico, with drill hole DDH26-SU-01 returning 7.6 meters grading 14.27 grams of gold per tonne, while DDH26-SU-03 showed 13.2 meters at 6.66 grams of gold. These findings are from just 30 meters below Level 23, which features established underground infrastructure.
The results come amid a significant rise in gold prices, which surged approximately 65% last year, fueling interest in expanding resources near existing operations. The company has approved a 40% increase to its exploration budget, now totaling $3.5 million. This year, Luca has completed 28 underground drill holes totaling about 6,750 meters and 19 surface holes across its prospective vein targets.
Luca Mining’s market valuation stands at approximately C$471 million ($346 million), with shares dropping 0.3% to C$1.72 on Friday. The mine, which became operational in 2025, focuses on gold-silver mineralization enriched with copper, lead, and zinc in the Sierra Madre Occidental mining belt.
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