Cascas

SUMMARY

Oct 2020 - Luminex Discovers Attractive Copper Porphyry Target at Cascas: Shakai

Highlights:

  • High potential, underexplored copper-gold-molybdenum porphyry belt
  • Extensive multi-kilometre geochemical and geophysical footprint
  • Copper enrichment at surface, indicating potential for high copper grades

For more details see NR:20-13

On Oct 22, 2020 the Company announced the discovery of a porphyry copper target at the Company’s 100% owned Cascas copper-gold project. The Company has named this discovery Shakai, and additional resources are being allocated to advance it to drill stage as quickly as possible.

The Shakai discovery lies within a 6 kilometre long, 1 to 2 kilometre-wide northwest oriented zone of anomalous copper in soils. Coincident with this and the Shakai discovery is an irregular conductive zone approximately 2 kilometres in diameter that was outlined by the Company’s 2019 ZTEM survey.

42 chip samples have been taken from two creek exposures in the newly discovered zone and are currently being analyzed. Shakai is readily accessed from the Cascas field camp to the southwest along 2 kilometres of trails and is 2.5 kilometres west of a road leading to the Company’s Condor Camp. Further mapping and sampling will be completed by field crews with the objective of identifying the best targets for drill testing.

Cascas - Shakai Creek 2 Traverse

A: Stockwork of quartz pyrite chalcocite veins

B: Banded pyrite-silica veins with covellite-chalcopyrite

C: Chalcocite mineralization in pyrite, sericite silica altered intrusive rock

D: Massive quartz vein with pyrite bands

E: Secondary copper staining in fracture surfaces

F: Copper silicate mineralization in quartz/sericite

 

Cascas Geology & Location:

Preliminary fieldwork has delineated an approximately 200 by 300 metre zone of intense quartz-sulphide porphyry copper style veining and stockworking that is open in all directions. Mineralization is characterized by chalcopyrite, molybdenite and chalcocite with pyrite and magnetite. The presence of chalcocite indicates supergene copper enrichment and the strong phyllic alteration with abundant pyrite suggests an extensive and well-developed secondary copper zone comprising near-surface, higher grade copper may be present. 

Shakai lies in a developing belt of recent porphyry copper discoveries. The Mirador open-pit mine, owned by a joint venture of Tongling Nonferrous Metals Group and China Railway Construction is located 88 kilometres to the north-northwest. Additionally, Solaris Copper Inc.’s Warintza porphyry copper project is located 135 kilometres to the north-northwest and SolGold’s recently discovered Porvenir porphyry copper project is located 34 km southwest. Luminex’s Tres Picachos copper project is located 55 kilometres southwest of Shakai and the company’s early-stage La Canela project, which is contiguous with Porvenir is located 41 kilometres south-southwest.

Qualified Person

Leo Hathaway, P.Geo, a "qualified person" within the definition of that term in NI 43-101, has reviewed and approved the scientific and technical information contained on this page.

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