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 CC19-07 and CC19-08 from the Camp Zone at the Condor Project located in southeast Ecuador. The Company has drilled approximately 5,200 metres to date across 13 holes and is continuing its strategy of step out drilling along strike and down dip with a current emphasis to the southeast of discovery hole CC19-01. Drilling is guided by surface soil and bedrock sampling and geological mapping activities.
CC19-07 was drilled to better define the location of the interpreted fault that appears to displace the north-northwest part of the deposit. The hole did not intercept any significant late faulting indicating the location of the offset must lie further west-northwest and closer to CC19-05 (see Figure 2). CC19-07 intercepted ten gold-silver-zinc mineralized intervals between 104 and 391 metres, hosted in altered granodiorite and breccias cut by rhyolite dikes. The most significant gold-silver mineralized intercept, between 320 to 337 metres comprises a true thickness of 12.3 m averaging 2.53 g/t gold and 5.5 g/t silver.
CC19-08 is located between the reported intercepts in CC19-06 and CC19-01 and completes a fence of three drill holes that step out to depth in this area. The most significant intercept of 22 metres from 340 metres comprises a true thickness of 15.8 metres averaging 3.61 g/t gold and 28.5 g/t silver. The upper gold zone in CC19-07 intercepted a 62-metre interval, with a true thickness of 30 metres grading 0.55 g/t gold and 3.9 g/t silver from 76 metres of depth.
Table 1. Drill hole results for CC19-07 and CC19-08
|Hole||Azimuth / Dip
(degrees) / Depth (m)
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 of six continuous metres and the highest gold value used in the reported weighted averages is 25.4 g/t Au. Asterisked holes are "Shallower" intervals 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 2.63 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.
Figure 2: 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 plans to continue step out drilling along strike and down dip. 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.