Orquideas Earn-in

Work Program and JOGMEC Earn-in

On December 29, 2021, Luminex signed an earn-in agreement with the with Japan Oil, Gas and Metals National Corporation ("JOGMEC")

  • JOGMEC has the right to earn a 70% ownership interest in Orquideas by investing an aggregate US$7 million between now and March 31, 2026
  • Luminex will manage and operate the exploration programs for Orquideas and will receive a management fee based on expenses
  • A 2,500-metre initial drill program across five holes was completed in Q1-2022 
  • Additional drilling planned for 2023

Prior Luminex and First Quantum Work

  • Luminex and First Quantum completed rock and soil sampling, geological mapping and radiometric test work, as well as approximately 43 km of Induced Polarization survey work between 2017 and 2018
  • Luminex and First Quantum jointly drilled five holes in 2019 that did not produce significant mineralized intercepts, but hit copper-molybdenum porphyry

Geology Summary

  • Southern continuation of prolific Zamora Cu-Au Belt
  • Structurally controlled porphyry Cu-Mo-Ag system
  • 5.5 km x 2 km coincident Cu-Mo anomaly
  • Mineralized outcrops assaying up to 0.9% copper and 0.66% molybdenum
  • Peripheral high grade gold/base metal veins

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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