Condor Project Overview

Summary

Condor is a highly mineralized project with approximately 135,000 metres of drilling as of Q2-2020 across all deposits.

In 2019, Luminex discovered a new high-grade area called the Camp deposit that helped unlock the lower grade open pit deposits at Los Cuyes, Soledad and Enma (collectivley known as Condor North) within the northern epithermal deposits. The Company will release a Preliminary Economic Assessment for Condor North in July 2021.

Central Condor has the Santa Barbara deposit.

Southern Condor hosts the Nayumbi Prospect, Luminex’s most recent high-grade low sulphidation gold and silver discovery with grades up to 80.5 g/t gold and 14.4 g/t silver collected from rock chip samples. The geology and mineralization at Nayumbi is analogous to Lundin Gold's Fruta del Norte Mine and occurs along the same regional fault system.

The Condor Project is 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.

  • 43-101 Gold Resource:
    - Indicated Resource of 1.6 Moz of gold1
    - Inferred resource of 3.6 Moz of gold1
  • 43-101 Silver Resource:
    - Indicated resource of 9.7 Moz of silver1
    - Inferred resource of 16.0 Moz of silver1
  • Located 35 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.

*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 SE 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. 

Camp Deposit

~23,870 metres of drilling to date has discovered substantial high-grade gold mineralization. Please see our news section for more detailed results on the drilling.

Current Drilling Site Plan

Long Section

Nayumbi Prospect

Characterized as a low sulfidation epithermal gold-silver system, Nayumbi is Luminex’s newest exploration target within the Condor Project. Luminex geologists recently discovered widespread hydrothermal brecciation, epithermal veining and alteration with gold and silver grades returning up to 80.5 g/t gold and 14.4 g/t silver collected from rock chip samples.  Breccias are hosted in sediments of the Chapiza Formation, the same cover rocks as those at Fruta del Norte. Nayumbi can be prospect.

Nayumbi Geology and Geophysics Plan Map

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

Four 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
  • Au-Cu porphyry mineralization at Santa Barbara and Cu-Mo porphyry mineralization at El Hito
  • A Low sulphidation gold-silver system hosted in hydrothermal breccias and epithermal veining at recently discovered Nayumbi Prospect

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 Central 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.

The Southern Area hosts the Nayumbi Prospect and consists of low sulphidation epithermal Au and Ag mineralization that is interpreted to have formed in permeable breccias and sandstones around a feeder structure that channeled mineralizing fluids from depth. The geological setting of Nayumbi as well as its surface geochemical and geophysical signature are analogous to Lundin Gold's Fruta del Norte Mine which is located some 45km to the north-northeast of Nayumbi, along the same regional fault system.

Condor Project

Condor July 2021

Qualified Person

  • Resource QP:  Rob Sim, P.Geo., as defined by NI 43-101
  • 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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