CEO.CA Chairman's Briefing

Highlights include:

Hole C22-179 – Highest grade gold intercept in project's history: 10 metres grading 19.33 g/t gold

Hole C22-181 – 280m from surface grading 0.99 gold equivalent at Gran Bestia, open to the north and northwest

• Intercept is from an outcropping high grade breccia body that is significantly larger than previously modelled

VANCOUVER, BC, May 9, 2022 /CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the "Company" or "Lumina") is pleased to announce results from fifteen drill holes at its Cangrejos project (the "Project") in Ecuador. Six of the reported drill holes are from Cangrejos and nine are from Gran Bestia (see Table 1). To date, 66 drill holes have been completed and four are in progress, totalling 22,450m of drilling. Lumina currently has eight rigs operating, seven working on resource holes, and one dedicated to geotechnical drilling in support of the Pre-Feasibility Study.

At the northern limit of the Cangrejos deposit, hole C22-179 returned the highest grade intercept drilled in the history of the Project: 10 metres from 148 metres down the hole grading 19.33 g/t gold with 0.12% copper for a gold equivalent of 19.51 g/t. High grade veins such as this are typically found in the periphery of large gold-copper porphyry deposits and additional intercepts are likely to be found as the current program delineates these areas. This intercept on its own does not provide enough data to calculate a true thickness. Modelling work is underway to ensure that the gold content in these areas is reflected in resource estimation. Located in the same area, holes C22-171, C22-172 and C22-178 contained mineralization consistent with the delineation of the northern margin of the deposit and similar mineralization was intercepted by holes C22-174 and C22-180, that were drilled to delineate the southern margin.

At the northeastern limit of the Gran Bestia deposit hole C22-181 intersected 280.6m from surface, grading 0.84g/t gold with 0.10% copper for a gold equivalent 0.99 g/t, that included 44m from 80m down hole grading 1.32g/t gold with 0.15% copper for a gold equivalent 1.55 g/t. Also in this area, hole C22-170 intersected 308.9m from 330m down the hole, grading  0.67 g/t gold with 0.11% copper for a gold equivalent 0.83 g/t, that included 48m from 406m down the hole grading 1.25 g/t gold with 0.17% copper for a gold equivalent 1.51 g/t. These intercepts are from an outcropping high grade breccia body that is significantly larger than previously modelled and remains open to the north, east  and to depth. Drill holes C22-169, C22-173, C22-176 and C22-182 continue to extend the known extents of the mineralization at Gran Bestia to the east and northeast. Holes C22-175, C22-177 and C22-183 were located on the southwestern margin of Gran Bestia and will be used to model the limits of the deposit in this area.

Table 1: Drill Results

Note: Intervals in the reported holes are calculated using a cut-off of 0.2 g/t Au with maximum internal dilution of ten continuous metres and 10-meter minimum reporting length. Sampling is done in consistent, continuous 2-metre intervals. The highest gold value used in the reported weighted averages is 64.9 g/t Au. In addition to the above results there are  multiple intercepts of mineralized  material in the drill holes which do not meet the minimum reportable length. Gold equivalent values were calculated using the following prices: a gold price of US$1,500 per ounce, a copper price of US$3.00 per pound, a molybdenum price of US$7.00 per pound and a silver price of US$18.00 per ounce.

All Lumina sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") program that includes the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Lumina's secure facility located at the Cangrejos Project. Drill core is sawn in half on site and half drill-core samples are securely transported to ALS Labs' ("ALS") sample preparation facilities in Quito, Ecuador. Sample pulps are sent to ALS' chemical labs in Lima, Peru for analysis. Gold content is determined by fire assay of a 30 gram charge with total copper content determined by four-acid digestion with ICP finish. ALS  is independent from Lumina.

Lumina is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

Leo Hathaway, P.Geo., Senior Vice President of Lumina and the Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the Cangrejos Project has reviewed, verified and approved the contents of this news release and has verified the data underlying the contents of this news release.

Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. Cangrejos is being advanced to a Pre-Feasibility Study and is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.

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Further details are available on the Company's website at https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact.

LUMINA GOLD CORP.

Signed: "Marshall Koval"

Marshall Koval, President & CEO, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE Lumina Gold Corp.

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