Condor Project Overview

Summary

  • 90%* owned by Luminex 10% owned by the Instituto de Seguridad Social de las Fuerzas Armadas ("ISSFA"), which is the pension fund for Ecuador's armed forces personnel
  • Located 31 km south of the 9.5 million oz Au Fruta del Norte project and 55 km south of Ecuacorriente's 4 million oz Au Mirador Project.
  • 43-101 Gold Resource:
    - Indicated Resource of 1.4 Moz of gold1
    - Inferred resource of 2.5 Moz of gold1
  • 43-101 Silver Resource:
    - Indicated resource of 9.2 Moz of silver1
    - Inferred resource of 7.9 Moz of silver1
  • 43-101 Copper Resource:
    - Indicated resource of 43 Mlbs of copper1
  • - Inferred resource of 260 Mlbs of copper1

*Luminex’s level of ownership on the Condor concessions varies between 90% and 100%; 6,900 ha of the 10,101 ha are 90% owned by Luminex

Location & Access

The Condor Project is located in Zamora-Chinchipe province in the SW of Ecuador. The province is serviced twice daily by air from the City of Loja, which is a three-hour drive from the property. Access is by paved highways via the provincial capital of Zamora and 30 km east to the village of Zumbi. From Zumbi ~35 km of gravel road passes through several villages with a variety of services before arriving to the property. 

A Mature Metallogenic District

The Cordillera del Cóndor region in southeast Ecuador where the namesake Condor Project is located, has received considerable attention following the discovery and definition of both the Fruta del Norte gold deposit by Aurelian Resources in 2006, now owned by Lundin Gold, and the Mirador Cu-Au deposits by Ecuacorriente in 2003. Fruta del Norte is located 31 km north of the Condor project whereas Mirador lies 55 km to the north. The Condor Project concessions surround the Jerusalem project owned by Core Gold. 

With its established trend of paired porphyry Cu deposits, epithermal deposits and prolific skarn mineralization at Nambija, the Cordillera del Cóndor now constitutes a mature metallogenic district with highly significant exploration upside.

Mineralization

Three distinctive types of mineralization are recognized at the Condor Project:

  • An intermediate sulphidation narrow-vein epithermal system in the historical Chinapintza area;
  • Intermediate sulphidation epithermal gold-bearing diatremes, volcanoclastic and breccia bodies at Los Cuyes, Enma and Soledad; and
  • Au-Cu porphyry mineralization at Santa Barbara and Cu-Mo porphyry mineralization at El Hito.

The Northern Area consists of intermediate sulphidation epithermal Au and Ag mineralization hosted by several breccia bodies and their associated altered and mineralized felsic intrusions, collectively referred to as the Condor Sector, and by systems of narrow mineralized veins exemplified by the Chinapintza. In addition, the area hosts hitherto untested porphyry style mineralization. Los Cuyes, Soledad and Enma have a reported mineral resource. Although Chinapintza is classified as an exploration target, an extensive inventory of drilling exists.

The Southern Area contains two significant porphyry-style deposits with drill core inventory, namely the Santa Barbara porphyry Au-Cu deposit hosted in andesites and the El Hito Cu-Mo deposit hosted in an altered dioritic phase of the Zamora Batholith. Recent prospecting suggests the possibility of structurally controlled higher grade Au and Ag mineralization in the Southern Area.

Condor May 2018

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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