Condor Project Overview

Summary

Condor is a highly mineralized project with approximately 138,000 metres of drilling as of July-2022 across all deposits. Drill programs are underway at Condor North (gold) and Central Condor (copper).

The Condor Project is 98.7%* owned by Luminex and 1.3% 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 2.3 Moz of gold1
    - Inferred resource of 4.3 Moz of gold1
  • 43-101 Silver Resource:
    - Indicated resource of 12.8 Moz of silver1
    - Inferred resource of 18.1 Moz of silver1
  • Located 35 km south of the 9.5 million oz Au Fruta del Norte project and 55 km south of Tongling-China Rail's 4 million oz Au Mirador Project.

*Luminex’s level of ownership on the Condor concessions varies between 98.7% and 100%; 6,900 ha of the 10,101 ha are 98.7% owned by Luminex

1 Mineral resource estimate has an effective date of July 28, 2021 across the Santa Barbara, Los Cuyes, Soledad, Enma and Camp deposits

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. 

Condor North

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 (collectively known as Condor North) within the northern epithermal deposits. The Company released a Preliminary Economic Assessment for Condor North in July 2021. Click here to review PEA Summary.  In May 2022, the Company resumed a 1500m drill program targeting the high-grade discovery adjacent to Los Cuyes (see NR: Mar 14, 2022), to better understand the extent of this discovery.

Following completion of drilling at Los Cuyes, Luminex plans to move to the Camp resource area and drill approximately 2,000 metres in a series of holes to extend and infill gaps within the current mineral resource (see NR: July 28, 2021). The goal of this effort will be to enhance the size and continuity of the existing gold-silver underground mineral resource at Camp.

Condor North also contains a target called Prometedor that Luminex plans to drill within 2022. This target could add to the Condor North PEA area, if sufficient gold mineralization is discovered.

Central Condor

Consists of the Santa Barbara gold-copper porphyry deposit, El-Hito, El Hito North and Wanwintza Alto targets. This area contains more porphyry style mineralization and would likely require a different processing methodology vs. the Condor North area.

Previous work in the area between El Hito and Wanwintza Alto indicates that the best copper mineralization, including the centre of the porphyry system, lies in the El Hito North area just to the north of the historic drilling at El Hito. The best drill interval returned at El Hito was 332m from surface, grading 0.44% copper and 53ppm molybdenum. Gold was not analysed in this historic drilling. 

Luminex has started drilling at El Hito North and expects to complete an initial program there in 2022.

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, Camp, Enma and Soledad
  • Au-Cu porphyry mineralization at Santa Barbara and Cu-Mo porphyry mineralization at El Hito

 

Camp Deposit

Highlights Q1-2022

  • Camp northwest underground extension target drilled – results pending
  • Camp deposit lateral and deep step-out targets have been developed

~23,870 metres of drilling to date has discovered substantial high-grade gold mineralization. Surface sampling and mapping may have identified a northwest extension to the Camp deposit. This work has defined rhyolite dikes with highly altered, brecciated and veined margins with abundant pyrite dominant sulphide mineralization, a style identical to the Camp deposit. Rock chip sampling has returned up to 4 g/t Au and up to 108 g/t Ag from surface (see Figure below). Luminex has completed a single diamond drill hole, CC21-38, to a planned depth of approximately 300m, to determine whether the Camp deposit does indeed extend to the northwest. (see NR: Feb 9, 2022)

In addition to the Northwest extension, the Camp deposit mineralization remains open laterally and at depth, with indications that grade and mineralized widths increase to depth. Luminex is currently investigating stepping out laterally and to depth in order to increase the Camp deposit mineral resource estimate

 Drill Site Plan

Long Section

Los Cuyes Underground

A new structurally controlled, high grade intermediate epithermal discovery has been made adjacent to the Los Cuyes open pit resource. Four drill holes have confirmed lateral continuity across 200 metres and the zone remains open trending towards the Camp deposit 450m to the southwest. Mineralization of pyrite, marcasite and sphalerite in veins, veinlet networks and disseminations are very similar to the underground Camp mineral deposit. This new zone could extend the mine life of the Camp underground deposit by tying in this Los Cuyes underground zone. More drilling is planned to continue testing the extend of this new underground zone. (see NR: May 9, 2022)

Los Cuyes Plan map

El Hito & El Hito North

June 2002, the Company announced the discovery of a copper porphyry drill target located 500 metres north of the El Hito prospect.The initial 1,500 metre, five-hole drill program at El Hito will test this area and expand outwards from there on a 100-metre spaced grid.

Highlights:  (see NR: June 9, 2022 for details)

  • Potential higher-grade copper-molybdenum porphyry core discovered to the north of previous drilling
  • Rock chip sampling has delineated an area approximately 320 metres in diameter where rock chip sampling mostly exceeds 0.4% copper
  • The anomaly is coincident with bornite and potassic alteration, both of which are characteristic of a high-grade copper porphyry core

Alteration map with diorite porphyry outline, alteration mapping, soil anomalies, rock chip sample results, and historic drilling

El Hito North - Geology map with soil anomalies, rock chip sample results and historic drilling

Santa Barbara

Santa Barbara deposit is classified as a gold-copper porphyry deposit and is hosted in basaltic andesites within the eastern edge of the Zamora Batholith. The mineralized body extends at least 700m in length by approximately 300m in width and contains an NI 43-101 resource of 0.9 Moz gold and 1.0 Moz silver Indicated, and 2.8 Moz gold and 4.9 Moz silver Inferred.

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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