Vancouver, British Columbia – Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) is pleased to release Condor Camp deposit drilling results for hole CC20-29 and announce that it is recommencing drilling at the Condor project. The Company has completed approximately 17,800 metres in 32 holes at the Camp deposit since the campaign began and results from CC20-30 to CC20-32 are still pending. Hole CC20-29 and subsequent holes were not included in the maiden mineral resource estimate for the Camp deposit that was released March 31, 2020.
Step-out hole CC20-29 intercepted a new high-grade area measuring 21 metres core length from 617.0 to 638.0 metres grading 4.26 g/t gold and 26.3 g/t silver. The intercept included 4.0 metres core length from 630.0 to 634.0 metres grading 10.53 g/t gold and 42.8 g/t silver. This intercept is located at approximately 530 metres vertical depth and is approximately 110 metres horizontally from the previously reported intercept in hole CC19-12 and approximately 280 metres south-southwest and approximately 50 metres below the previously reported interval in hole CC19-23 (Figure 2). More drilling is needed to determine the geological data required to calculate true widths for the intercepts.
Luminex has elected to restart drilling on a limited basis. Drilling will focus on Soledad Bajo, the immediate southeast surface extension of the Camp deposit (Figure 1 and 3), using one drill rig running a single daily 12-hour shift. The Government of Ecuador has mandated that companies in “Strategic Industries”, a denomination that includes mining, may continue operations during the COVID-19 State of Exception. Luminex continues to follow the Ecuadorian health and safety requirements as well as strict in-house safety protocols developed to minimize risk to employees and contractors from COVID-19. To date the Company has had no occurrences of COVID-19 at its Condor project. Employees and contractors are screened and tested prior to any personnel shift changes at the project.
Table 1: Drill hole results.
|Hole||Azimuth / Dip (degrees) / Depth (m)||From
Intervals calculated using a lower limit of 0.5 g/t Au with a maximum inclusion of up to four continuous metres below cut-off and the highest gold and silver values used in the reported weighted averages are 24.9 g/t Au and 99.9 g/t Ag. More drilling is needed to determine the geological data required to calculate true widths for the intercepts.
Figure 1: Drill hole plan map.
Figure 2: Drill section through hole CC20-29.
Figure 3. Geological map with surface and drill core samples showing the main target areas in the area of the Camp deposit.
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 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 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 recommencing drilling focused on Soledad Bajo. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results “will” occur or be 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); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to exploration activities and the preparation of an updated NI 43-101 technical report for the Condor project; 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.