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Luminex Provides an Update on the Condor and Cascas Projects

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Highlights:

  • Luminex has commenced drilling at its high-grade gold target, Nayumbi, at the Condor project

  • Long intercepts of copper-molybdenum mineralization in results from first three holes at Cascas

VANCOUVER, BC, June 23, 2021 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to provide an update on progress at the Condor and Cascas projects, both located in southern Ecuador.

Condor Project

Nayumbi Target: Luminex has begun drilling the first hole of a programmed 2,000-metre drill program designed to test the depth extent of the high-grade, low sulphidation gold system identified at surface. Surface geology, geochemistry and geophysical modeling in three dimensions point to strong similarities to the Fruta del Norte gold deposit, located 45 kilometres north-northeast in the same mineral belt, as described in the company's news release dated May 13, 2021 (see Figure 1). The initial drill hole, currently underway, is designed to test hydrothermal breccias with sandstone clasts that occur with a latticework of narrow feldspar porphyry dikes, that coincide with rock chip samples grading up to 62.90 g/t gold.

Prometedor Target: Surface mapping and sampling of the area to the southeast of Los Cuyes and Camp, extending to Prometedor is continuing, with the objective of defining targets for drill testing. Mapping has revealed swarms of rhyolite dikes cutting metamorphic and volcanic host rocks, with rock chip sampling returning results of up 3.75 g/t Au. The mineralization style reflects the mineralization style encountered at Camp, that hosts an underground Inferred resource of 1,126 koz AuEq at an average grade of 2.95 g/t AuEq, calculated at a cut-off grade of 1.50 g/t AuEq; see news release dated March 31, 2020 for details.

Condor Preliminary Economic Assessment: The Condor North study that will include Camp, Los Cuyes, Soledad and Enma is near completion. The Company expects to announce results in July.

Figure 1. Location of initial drill hole with surface geology and rock chip sample results. (CNW Group/Luminex Resources Corp.)
Figure 1. Location of initial drill hole with surface geology and rock chip sample results. (CNW Group/Luminex Resources Corp.)

Cascas Project

Shakai Target: The Company has received assay results from the first three holes of the five-hole, 2,017 metre program at the Shakai porphyry copper-molybdenum target, located within the Cascas claim block. The first three holes were drilled on the eastern half of the target area as shown in Figure 2. Results, shown in Table 1 below, reveal long intercepts of low-grade copper-molybdenum mineralization. It is notable that the 0.22% Cu Eq interval reported for hole SK21-03 remains open to depth. The results are consistent with geological observations of disseminated sulphides hosted within porphyritic granodiorites and leucogranites that are pervasively altered with potassic, propylitic and phyllic alteration. The porphyry intrusive is interpreted to be dissected into wedges by a series of northwest to north-northwest trending fault overlaps that dip to the southwest (Figure 2). The Company expects to receive results from the remaining two drill holes in July.

Table 1. Significant intervals from holes SK21-01 through SK21-03.

Drill Hole (final depth)

From

(m)

To

(m)

Interval

(m)

Cu

(%)

Mo

(ppm)

Cu Eq

(%)*


SK21-01 (569.8m)

33.0

406.0

373.0

0.13

88

0.15

incl.

33.0

52.0

19.0

0.15

69

0.18

incl.

312.0

366.0

54.0

0.18

138

0.23


SK21-02 (567.2m)

13.0

19.0

6.0

0.19

478

0.35

and

197.0

343.9

146.9

0.13

52

0.15

and

440.0

454.0

14.0

0.26

5

0.26


SK21-03 (263.2m)

75.0

135.6

60.6

0.15

60

0.17

and

195.0

263.2

68.2

0.19

89

0.22

* Copper equivalent calculation for reporting purposes only. The copper equivalent grade (CuEq) is calculated as follows: CuEq (%) = Cu (%) + 0.000333 × Mo (%) assuming prices of Cu US$3.00/lb and Mo US$10.00/lb. Minor gold and silver values not included.

Figure 2. Drill hole locations and interpreted geology at the Shakai prospect. (CNW Group/Luminex Resources Corp.)
Figure 2. Drill hole locations and interpreted geology at the Shakai prospect. (CNW Group/Luminex Resources Corp.)

Kuru Target: Drill target definition work is continuing at the Kuru low sulphidation epithermal gold vein target located approximately three kilometres southwest of Shakai. Mapping and sampling work are continuing, and rock chip samples have returned grades of up to 8.82 g/t gold.

Figure 3. Contoured soil sample and rock chip gold results overlain on mapped geology to date. (CNW Group/Luminex Resources Corp.)
Figure 3. Contoured soil sample and rock chip gold results overlain on mapped geology to date. (CNW Group/Luminex Resources Corp.)

Qualified Persons

Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information in this news release and has verified the data underlying that scientific and technical information.

About Luminex Resources

Luminex Resources Corp. (TSXV:LR, OTCQX:LUMIF) is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex's inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador, including the Tarqui and Pegasus projects, which are being co-developed with BHP Group plc and Anglo American respectively.

Further details are available on the Company's website at https://luminexresources.com/.

To receive news releases please sign up at https://www.luminexresources.com/contact/contact-us/.

LUMINEX RESOURCES CORP.

Signed: "Marshall Koval"

Marshall Koval, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the timing for the Preliminary Economic Assessment at Condor North, drilling timing and amount at the Nayumbi target and timing for further Cascas results. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results "will" occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE Luminex Resources Corp.

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