On Mar 19, 2019, Luminex announced a US$82M Non-Binding LOI with BHP with the following terms:
- Luminex completed a definitive earn-in agreement in July, 2019
- BHP will have the right to earn up to 70% ownership interest by investing an aggregate amount up to US$75M
- BHP will make cash payments to Luminex up to US$7M
Key points of three stage LOI earn-in by BHP:
- Earn a 51% interest on completion of US$25M exploration expenditure and cash payments of US$2.4M to Luminex within 4 years of signed JV Agreement (First Earn-in)
- Earn additional 9% interest on cumulative exploration expenditure of US$35M and cumulative cash payments to Luminex of US$7M within 6 years (Second Earn-in)
- Earn an additional 10% on cumulative US$75M exploration expenditure (Third Earn-in)
For more detailed information please view news releases NR19-02, Mar 19, 2019 and NR19-09, July 15, 2019
- Tarqui - 4,817 Ha
- 25 km N of the Mirador deposit (7.8 Blbs Cu, 3.2 Moz Au)
- 25 km S of San Carlos (7.7 Blbs Cu) / Panantza (6.7 Blbs Cu) deposits
- Identified fertile mineralized porphyry system on the property
- Continued exploration underway
Geology & Location
Newly discovered porphyry Cu-Au mineralization at Tarqui, located in the province of Morona Santiago represents an engaging opportunity for Luminex. Porphyry Cu mineralization assaying over 1.2% Cu is hosted in fertile, structurally partitioned phases of the Zamora Batholith and is traversed by numerous Cordilleran quartz Cu-Au-Ag veins assaying up to 14.9% Cu, 38.3 ppm Au and 597 ppm Ag over an area measuring 4 km by 2 km north to south.
Tarqui is situated 25 km to the north of the Mirador Cu deposit which contains an indicated resource of 7.8 Blbs Cu and 3.2 Moz Au and is 25 km south of the San Carlos (7.7 Blbs Cu) / Panantza (6.7 Blbs Cu) deposits. With continued exploration underway, comprising bedrock sampling and mapping as well as ridge and spur soil sampling the company aims to move Tarqui towards drilling in 2019.
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.