Luminex Step-out Drilling Hits 8 Metres of 4.8 g/t Gold and 37.5 g/t Silver at the Camp Zone


Highlights:

  • Extended mineralization to the southeast, drill grid now extends to 400 metre depth
    • CC19-16: 8.5 m of 4.2 g/t gold and 14.2 g/t silver
    • CC19-16: 5.0m of 5.5 g/t gold and 80.6 g/t silver, including 1.0m of 17.4 g/t gold and 192.0 g/t silver
    • CC19-18: 20.0m of 2.8 g/t gold and 22.7 g/t silver, including 8.0m of 4.8 g/t gold and 37.5 g/t silver

Vancouver, British Columbia – Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) is pleased to provide a Camp Zone drilling update at the Condor Project, located in southeast Ecuador with results from holes CC19-15 through CC19-18. The Company has drilled approximately 10,700 metres to date in 23 holes and is continuing step-out drilling with three drill rigs. The Company believes it will have sufficient data to issue a maiden resource for the Camp Zone in Q1 2020.

Hole CC19-15 and CC19-16, step-outs to the southeast, were drilled from the same pad with hole 16 crossing the mineralized zone deeper than hole 15 (see plan and long section, Figures 1 and 2). While mineralization was cut in both holes, results from CC19-16 indicate mineralization is more widespread and better developed at depth within the Camp Zone. Likewise, CC19-18 collared 75 metres to the northwest of CC19-15 and 16, was also angled to cross the zone deeper. It too shows strong mineralization including 8.0 metres of 4.84 g/t gold and 37.5 g/t silver.

Given the apparent increase in mineralization intensity at depth in the Camp Zone, systematic down-dip step-out exploration is now underway and focused on testing below 400-metres, under the bulk of the current exploration holes and surrounding the deep intersection cut in CC19-12 (19.3 metres grading 6.1 g/t gold and 36.3 g/t silver, released in the November 4, 2019 news release).

CC19-17 was a hole drilled to test intervening ground between the Camp Zone and the Cuyes diatreme pipe located approximately 400 metres away, where Luminex has an existing NI 43-101 resource. The hole was oriented northeast to sweep across the poorly exposed area between the two deposits (Figure 1). While the hole cut several narrow, precious-metal-anomalous zones including 1.0 metre of 2.32 g/t gold and 10.0 g/t silver, none of the mineralization appears to warrant immediate follow up.

Figure 1: Geological map (plan view) with gold histograms capped at 3.0 g/t gold along drill hole traces projected to surface.

Figure 2: Long section along strike of the high-grade mineralization. Limits of this section are the map extent of Figure 1.

Table 1. Drill Hole Results

Hole

Azimuth / Dip (degrees) /
Depth (m)

From
(m)

To
(m)

Interval
(m)

True
Width
(m)

Gold
(g/t)

Silver
(g/t)

CC19-15

210°/50°/294.6 m

8.0

91.0

89.0*

52.1

0.53

9.1

Incl

 

50.8

53.0

2.2

1.8

4.29

30.2

Incl

 

60.0

61.0

1.0

0.8

3.10

46.9

And

 

200.0

202.0

2.0

1.6

2.17

3.9

 

CC19-16

210°/75°/211.6 m

9.5

74.0

64.5*

19.9

1.00

6.7

Incl.

 

9.5

18.0

8.5

2.6

4.23

14.1

Incl.

 

26.0

27.0

1.0

0.3

5.87

33.0

Incl.

 

64.0

65.0

1.0

0.3

3.94

9.7

And

 

91.0

93.0

2.0

0.6

2.32

5.4

And

 

112.0

117.0

5.0

1.5

5.45

80.6

Incl.

 

112.0

113.0

1.0

0.3

17.40

192.0

Incl.

 

116.0

117.0

1.0

0.3

8.77

168.0

And

 

138.0

139.0

1.0

0.3

2.14

26.7

And

 

143.0

144.0

1.0

0.3

2.34

32.7

And

 

161.0

163.0

2.0

0.6

2.89

34.2

 

CC19-17

30°/50°/620.27 m

415

416

1

0.7

2.32

10.0

 

 

 

 

 

 

 

 

CC19-18

210°/65°/451.8 m

28.0

32.0

4.0*

2.3

0.50

128.2

And

 

94.0

149.0

55.0*

32.5

1.38

12.4

Incl.

 

129.0

149.0

20.0

11.9

2.82

22.7

Incl.

 

141.0

149.0

8.0

4.8

4.84

37.5

And

 

164.0

165.0

1.0

0.6

3.67

20.6

And

 

196.5

198.4

1.9

1.1

3.15

7.0

And

 

206.0

208.0

2.0

1.3

2.92

5.2

And

 

234.0

236.0

2.0

1.3

3.99

7.7

And

 

263.0

265.0

2.0

1.3

3.49

25.9

And

 

282.0

283.0

1.0

0.6

21.80

60.6

All holes except those marked with an asterisk (*) are for “Deeper” intervals calculated using a lower limit of 2.00 g/t Au with a maximum inclusion of up to four continuous metres below cutoff and the highest gold value used in the reported weighted averages is 21.8 g/t Au. Asterisked holes are “Shallower” intervals calculated using a lower limit of 0.25 g/t Au with a maximum inclusion of five continuous metres below cutoff occurring within the stated intercept and the highest gold value used in the reported weighted averages is 9.69 g/t Au.

Quality Assurance

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.

Qualified Persons

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
  info@luminexresources.com
Marshall Koval, CEO and Director T: +1 604 646 1899

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 a maiden resource for the Camp Zone being released in Q1 2020. 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); 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.

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