Luminex Resources Corp. (TSXV: LR) (US OTC:
LUMIF) (the “Company” or “Luminex”) is pleased to
provide a Camp Zone drilling update at the Condor Project, located
in southeast Ecuador with results from holes CC19-19 through
CC19-25, as well as a drilling extension to previously announced
CC19-04. All of the new Camp Zone step-out holes and the extension
to CC19-04 hit significant high-grade mineralization. The Company
completed 12,918 metres at the Camp Zone across 25 holes in 2019.
Results from these holes will form the basis for a maiden Camp Zone
resource which Luminex expects to announce by March 2020.
Holes CC19-20, 22, 23, 24 and 25 focused on
further definition of the northwestern portion of the Camp Zone.
The drilling tested a gap of approximately 300 metres between
shallower holes CC19-01, 06 and 08 and the deep intersections cut
in the previously announced hole CC19-12 (3.8 metres grading 6.09
g/t gold and 36.3 g/t silver, Figure 3 and press release dated
November 4, 2019).
Hole CC19-21 was drilled below the previously
reported hole CC19-18 and was successful in demonstrating not only
apparent width continuity, but also a significant increase in grade
at depth. Hole CC19-18 contained numerous zones of mineralization,
most notably 4.8 metres of 4.8 g/t gold and 37.5 g/t silver along a
contact zone between rhyolite and a foliated granodiorite (November
28, 2019 press release). In CC19-21, this zone of mineralization
was cut again 100 metres deeper with an exceptional intercept of
5.8 metres grading 8.4 g/t gold and 98.9 g/t silver (Figure 3).
The previously reported hole CC19-04 was
extended from 341 meters to 651 and cut the zone at projected
depths with results up to 18.9 g/t gold and 22.7 g/t silver over
0.6 metres (Table 1 and Figure 2).
Hole CC19-19 tested the extent of mineralization
to depth and to the southeast (Figures 1 and 3). The hole was
successful in cutting narrow high-grade mineralization, leaving the
system open to the southeast.
Due to the Camp Zone being located on sloping
terrain, as the steeply dipping mineralization is drill tested to
deeper levels, it is more efficient to collar drill holes from the
footwall side. As such, holes CC19-23 and onwards have been
collared downhill on the footwall side of the zone (see Figure
1).
Drilling with two rigs restarted at the project
on January 6th. Several additional holes are planned to further
define the existing zone to depth before continuing exploration
along strike. Additionally, surface work continues to define new
drill targets at Prometedor, Soledad and other areas the company
expects to drill test in the first half of the year.
Table 1: Drill Hole Results
Hole |
Azimuth / Dip (degrees) / Depth (m) |
From(m) |
To(m) |
Interval(m) |
True Width(m) |
Gold(g/t) |
Silver(g/t) |
CC19-04 Extension |
210°/70°/341 to 651 m |
378.0 |
380.0 |
2.0 |
1.1 |
2.89 |
12.9 |
And |
|
433.0 |
437.0 |
4.0 |
2.2 |
3.4 |
43.4 |
And |
|
449.0 |
450.0 |
1.0 |
0.6 |
18.85 |
22.7 |
And |
|
465.0 |
468.0 |
3.0 |
1.8 |
5.33 |
26.7 |
And |
|
493.0 |
494.0 |
1.0 |
0.7 |
2.38 |
6.5 |
And |
|
496.0 |
501.5 |
5.5 |
3.6 |
2.26 |
35.1 |
And |
|
637.0 |
638.1 |
1.1 |
0.7 |
5.36 |
19.1 |
|
CC19-19 |
210°/70°/642 m |
257.0 |
258.0 |
1.0 |
0.4 |
6.89 |
37.6 |
And |
|
301.0 |
303.0 |
2.0 |
0.9 |
2.61 |
7.4 |
And |
|
424.0 |
425.0 |
1.0 |
0.4 |
2.42 |
10.8 |
And |
|
449.0 |
452.0 |
3.0 |
1.3 |
4.73 |
14.4 |
And |
|
476.0 |
477.0 |
1.0 |
0.4 |
41.00 |
272.0 |
And |
|
486.0 |
488.0 |
2.0 |
0.9 |
2.02 |
7.8 |
And |
|
504.0 |
505.5 |
1.5 |
0.7 |
2.10 |
2.3 |
|
|
|
|
|
|
|
|
CC19-20 |
210°/62°/585 m |
381.0 |
385.5 |
4.5 |
2.9 |
3.98 |
49.4 |
Incl |
|
384.7 |
385.5 |
0.9 |
0.6 |
16.8 |
178.0 |
And |
|
419.0 |
425.0 |
6.0 |
4.4 |
5.27 |
23.5 |
Incl |
|
421.0 |
421.6 |
0.6 |
0.4 |
30.6 |
75.2 |
And |
|
445.0 |
446.0 |
1.0 |
0.8 |
3.54 |
4.3 |
And |
|
449.0 |
450.0 |
1.0 |
0.7 |
3.01 |
61.5 |
|
CC19-21 |
210°/65°/580 m |
291.0 |
292.0 |
1.0 |
0.6 |
3.79 |
18.7 |
And |
|
315.0 |
320.0 |
5.0 |
2.9 |
3.27 |
25.8 |
And |
|
324.0 |
325.0 |
1.0 |
0.6 |
2.84 |
27.1 |
And |
|
329.0 |
330.0 |
1.0 |
0.6 |
2.66 |
21.9 |
And |
|
342.0 |
343.0 |
1.0 |
0.6 |
3.28 |
20.6 |
And |
|
348.0 |
358.0 |
10.0 |
5.8 |
8.39 |
98.9 |
And |
|
367.0 |
368.0 |
1.0 |
0.6 |
69.4 |
765.0 |
And |
|
509.0 |
513.0 |
4.0 |
2.3 |
2.43 |
7.8 |
And |
|
523.5 |
525.3 |
1.8 |
1.0 |
2.23 |
1.8 |
|
CC19-22 |
210°/75°/725 m |
468.0 |
472.0 |
4.0 |
1.9 |
3.39 |
2.2 |
And |
|
479.0 |
480.0 |
1.0 |
0.5 |
2.75 |
3.9 |
And |
|
485.0 |
486.0 |
1.0 |
0.5 |
3.56 |
14.2 |
And |
|
518.0 |
519.0 |
1.0 |
0.5 |
4.06 |
20.6 |
And |
|
528.0 |
528.7 |
0.7 |
0.3 |
9.46 |
68.9 |
And |
|
533.0 |
534.0 |
1.0 |
0.5 |
3.08 |
19.6 |
And |
|
559.0 |
560.0 |
1.0 |
0.5 |
4.01 |
84.3 |
|
CC19-23 |
30°/55°/756m |
110.0 |
111.0 |
1.0 |
0.5 |
3.52 |
8.7 |
And |
|
131.0 |
136.0 |
5.0 |
2.9 |
4.59 |
5.2 |
And |
|
276.0 |
277.0 |
1.0 |
0.6 |
9.65 |
18.9 |
And |
|
312.0 |
313.0 |
1.0 |
0.5 |
2.24 |
22.6 |
And |
|
340.0 |
341.0 |
1.0 |
0.5 |
17.1 |
29.9 |
And |
|
346.0 |
347.0 |
1.0 |
0.5 |
2.01 |
6.6 |
And |
|
363.0 |
372.0 |
9.0 |
4.8 |
2.30 |
121.3 |
And |
|
390.0 |
395.0 |
5.0 |
2.9 |
7.69 |
12.6 |
And |
|
421.0 |
423.0 |
2.0 |
1.2 |
3.55 |
7.5 |
And |
|
475.0 |
476.0 |
1.0 |
0.6 |
4.00 |
6.2 |
And |
|
569.0 |
570.0 |
1.0 |
0.6 |
2.99 |
17.6 |
|
CC19-24 |
30°/50°/687 m |
378.0 |
380.0 |
2.0 |
1.3 |
2.48 |
4.0 |
And |
|
411.0 |
413.0 |
2.0 |
1.4 |
7.39 |
18.1 |
And |
|
422.0 |
423.0 |
1.0 |
0.7 |
3.33 |
29.6 |
And |
|
438.0 |
439.0 |
1.0 |
0.7 |
21.2 |
7.6 |
And |
|
461.0 |
462.0 |
1.0 |
0.7 |
7.14 |
16.2 |
And |
|
496.0 |
497.0 |
1.0 |
0.7 |
2.53 |
21.4 |
And |
|
522.0 |
523.0 |
1.0 |
0.7 |
7.45 |
70.8 |
And |
|
528.0 |
529.0 |
1.0 |
0.7 |
6.63 |
83.1 |
And |
|
549.0 |
550.0 |
1.0 |
0.7 |
2.13 |
8.1 |
And |
|
556.0 |
557.0 |
1.0 |
0.7 |
2.03 |
18.5 |
And |
|
562.0 |
563.0 |
1.0 |
0.7 |
9.35 |
21.8 |
And |
|
568.0 |
569.0 |
1.0 |
0.7 |
2.47 |
140.0 |
And |
|
675.2 |
676.3 |
1.1 |
0.8 |
5.81 |
15.1 |
|
CC19-25 |
30°/50°/592 m |
439.0 |
441.0 |
2.0 |
1.5 |
3.01 |
20.6 |
And |
|
453.0 |
454.0 |
1.0 |
0.7 |
2.57 |
28.6 |
And |
|
461.4 |
462.0 |
0.6 |
0.5 |
4.36 |
161.0 |
And |
|
472.0 |
473.0 |
1.0 |
0.7 |
16.95 |
101.0 |
And |
|
500.0 |
501.0 |
1.0 |
0.8 |
3.55 |
17.1 |
And |
|
535.0 |
536.0 |
1.0 |
0.8 |
3.17 |
5.0 |
Intervals calculated using a lower limit of 2.00
g/t Au with a maximum inclusion of up to four continuous metres
below cutoff and the highest gold value used in the reported
weighted averages is 69.4 g/t Au. |
Quality Assurance
All Luminex sample assay results have been
independently monitored through a quality control / quality
assurance (“QA/QC”) protocol which includes the insertion of blind
standards, blanks as well as pulp and reject duplicate samples.
Logging and sampling are completed at Luminex’s core handling
facility located at the Condor property. Drill core is diamond sawn
on site and half drill-core samples are securely transported to ALS
Laboratories’ (“ALS”) sample preparation facility in Quito,
Ecuador. Sample pulps are sent to ALS’s lab in Lima, Peru for
analysis where gold content is determined by fire assay of a
50-gram charge with ICP finish.
Silver and other elements are also determined by
ICP methods. Over-limit samples assaying greater than 10 g/t gold
and 100 g/t silver are re-analyzed by ALS using fire assay with a
gravimetric finish. Luminex is not aware of any drilling, sampling,
recovery or other factors that could materially affect the accuracy
or reliability of the data referred to herein. ALS Laboratories is
independent of Luminex.
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 concerning the Condor Project in this news
release and has verified the data underlying that scientific and
technical information.
About Luminex Resources
Luminex Resources Corp. (TSXV:LR) 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 plc respectively.
Further details are available on the Company’s
website at https://luminexresources.com/.
To receive future news releases please sign up
at https://www.luminexresources.com/contact/contact-us/.
LUMINEX RESOURCES CORP. |
|
|
For further information contact: |
Signed: “Marshall Koval” |
Scott Hicks |
|
info@luminexresources.com |
Marshall Koval, CEO and Director |
T: +1 604 646 1899 |
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 a maiden resource for the Camp Zone
being released by March 2020 and certain drill targets being tested
in the first half of the year. 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.
Photos accompanying this announcement are available at
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