Luca Mining Found 16 g/t Next to Its Own Mill — and Raised the Budget 40%

Luca Mining (TSXV: LUCA) just drilled high grade a stone's throw from its own mill — and management liked it enough to open the wallet wider.

Luca is a commercial polymetallic producer running the Tahuehueto gold-silver-copper mine in Durango, Mexico, with in-house processing already turning rock into revenue. That vertical setup matters here: 2026 drilling returned 7.6m of 16.08 g/t AuEq — 14.27 g/t Au, 46.64 g/t Ag, 0.33% Cu, 2.57% Pb and 1.19% Zn — from breccia-hosted zones near existing mine workings.

The upside case is simple. Ounces found next to operating infrastructure are the cheapest ounces to bring online, and these hits confirm near-mine resource expansion right where Luca can act on it. The board evidently agrees, approving a 40% budget increase that lifts total 2026 drilling to C$3.5 million. With direct leverage to gold, silver and copper, every metre extending the resource compounds.

The bear case: intercepts are not reserves, and near-mine expansion still has to prove up into mineable, economic tonnes before it moves the production needle.

One mine, three metals, and a drill that keeps hitting.

This is market commentary, not investment advice — small-cap resource stocks are highly speculative and you can lose your entire investment.