Vancouver, British Columbia – Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) is pleased to announce the results of diamond drill holes CC19-05 and CC19-06 from the Camp Zone in the northern part of its Condor Project located in southeast Ecuador. The Company has two drill rigs at site and has extended its 2,300 metre Phase 2 drill program given positive results. Approximately 2,500 metres over six holes has been drilled as part of Phase 2 to date. The locations of Phase 1 and 2 drill holes that have been completed, are in progress and are planned are shown in Figure 1. Luminex anticipates continuation of drilling post completion of the last planned Phase 2 hole.
Drill Results Table
|Hole||Azimuth / dip (degrees) / Final depth (m)||From|
* “Shallower” intervals are calculated using a lower limit of 0.25 g/t Au with a maximum of ten continuous metres occurring within the stated intercept and the highest gold value used in the reported weighted averages is 0.95 g/t Au.
** “Deeper” intervals are calculated using a lower limit of 2.00 g/t Au with a maximum of six continuous metres and the highest gold value used in the reported weighted averages is 52.4 g/t Au.
Figure 1: Geological map with gold histograms capped at 3.0 g/t gold along drill hole traces projected to surface. Proposed Phase 2 follow-up drill holes are shown.
CC19-06 was drilled downdip of CC19-02 (Figure 2), the latter having ended in mineralization. CC19-06 drilled into the footwall of the mineralized system as it is currently known. Here, the mineralized system dips 70° to the northeast and is 31 metres wide. The highest-grade sample from CC19-06 is a massive sulphide vein 1-metre wide cut at 351-metre down hole, which assayed 52.4 g/t gold, 546 g/t silver and 14.65% zinc (Figure 3) and was part of a 9.6 metre intersection. The longest intersection was 44 metres of 2.48 g/t gold and 26.0 g/t silver and is associated with rhyolite dikes and breccias. The Cuyes gold-silver deposit located 400 metres to the northeast as well as several intervening parallel epithermal veins are suspected to share a common source and will be the focus of future exploration.
Figure 2: Scaled geological cross section of CC19-02 & CC19-06 with gold histograms capped at 3.0 g/t gold.
Figure 3: Left image: Segment of massive sulphide vein from CC19-06, 351 m depth composed of chalcopyrite, sphalerite, marcasite, tetrahedrite. Right image: Example of mineralized rhyolitic dike host rock from CC19-06.
CC19-05 was a step-out hole located 100 metres to the northwest of CC19-02, designed to explore for mineralized extensions in this direction. Drilling intercepted peripheral epithermal mineralization peaking at 0.95 g/t gold and 305 g/t silver, encompassing two low-grade gold intercepts in the drill results table above. High angle faults encountered between 86 and 150 metres in CC19-05 (Figure 4) appear to displace the main body of mineralization. The surface geochemical anomaly appears to split in two where CC19-05 was collared and appears to narrow as it tracks northwest. Additional surface sampling and geological mapping is ongoing in this northwest sector to evaluate and understand the structural setting and better target the zone for drilling going forward.
To the southeast the surface anomaly maintains or broadens, with a width of up to 160 metres. The anomaly is open in this direction for over 600 metres from CC19-05 and is the target of ongoing drilling. Recent surface exploration to the southeast of the Camp Zone returned bedrock samples assaying up to 14.4 g/t gold and 37.7 g/t silver. The combination of surface sampling and drilling to date have defined a geochemical footprint of to over 1.1 kilometres of strike length. Announced drill holes CC19-01 to CC19-06 have only tested approximately 200 metres of the strike length.
Figure 4: Long section along strike of the high-grade mineralization. Limits of this section are the map extent of Figure 1.
All Luminex sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) protocol which includes the insertion of blind standards, blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at Luminex’s core handling facility located at the Condor property. Drill core is diamond sawn on site and half drill-core samples are securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Quito, Ecuador. Sample pulps are sent to ALS’s lab in Lima, Peru for analysis where gold content is determined by fire assay of a 50-gram charge with ICP finish.
Silver and other elements are also determined by ICP methods. Over-limit samples assaying greater than 10 g/t gold and 100 g/t silver are re-analyzed by ALS using fire assay with a gravimetric finish. Luminex 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. ALS Laboratories is independent of Luminex.
Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information concerning the Condor Project in this news release and has verified the data underlying that scientific and technical information.
About Luminex Resources
Luminex Resources Corp. (TSXV:LR) is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex’s inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador, including the Tarqui and Pegasus projects, which are being co-developed with BHP Group plc and Anglo American plc respectively.
Further details are available on the Company’s website at https://luminexresources.com/.
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|LUMINEX RESOURCES CORP.|
|For further information contact:|
|Signed: “Marshall Koval”||Scott Hicks|
|Marshall Koval, CEO and Director||T: +1 604 646 1899|
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Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to Luminex’s planned 2,300 metre Phase 2 drill program, planned drill holes and that Luminex will continue drilling post the completion of Phase 2. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plan” or “will", or phrases or statements that certain actions, events or results are “will” be taken or achieved.
With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.