Vancouver, British Columbia - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the “Company” or “Luminex”) is pleased to announce it has resumed drilling at Condor North, the gold-silver epithermal area of Condor, which was the basis of the 2021 Preliminary Economic Assessment. Initially, the drilling will target the new high-grade discovery adjacent to the Los Cuyes open pit mineral resource (see March 14, 2022 news release). An additional 1,500 metres, over a planned five holes, will help Luminex to better understand the extent of this discovery (see Figures 1-3).
Figure 1: Condor Geology map and location of drill target and resource areas.
The drill program is designed to test the lateral continuity of the new zone at Los Cuyes West and may be modified to also test the depth extent, depending on results (see Figures 2 and 3).
Figure 2. Los Cuyes Plan Map
Figure 3. Los Cuyes Vertical Longitudinal Section
Following completion of drilling at Los Cuyes, Luminex plans to move to the Camp resource area and drill approximately 2,000 metres in a series of holes to extend and infill gaps within the current mineral resource (see news release dated July 28, 2021). The goal of this effort will be to enhance the size and continuity of the existing gold-silver underground mineral resource at Camp.
Work at Central Condor in the area between where past El Hito drilling was performed and Wanwintza Alto (“El Hito North”) indicates that the best copper mineralization, including the centre of the porphyry system, lies to the north of the historic drilling. The best drill interval returned at El Hito was 332m from surface, grading 0.44% copper and 53ppm molybdenum. Gold was not analysed in this historic drilling. Luminex is awaiting final results from rock, soil and magnetic work programs before determining El Hito North drill targets. The Company expects the completion of this preliminary work to align with the end of drilling at Condor North, enabling it to drill the most prospective copper targets in Central Condor later this year.
Prometedor is the final planned target of this campaign. After drilling is completed in Central Condor, the Company intends to drive access north with new trails and drill its best gold targets there.
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, OTCQX:LUMIF) 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, Pegasus and Orquideas projects, which are being co-developed with BHP Group plc, Anglo American and JOGMEC 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 1890|
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
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 planned drilling and work programs at Condor. Often, but not always, forward-looking statements or information can be identified by the use of words such as “will” or variations of that word and phrases or statements that certain actions, events or results “will”, “could” or are “intended to” be taken, 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; 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.