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.