VANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) is pleased to announce that it has finalized the layout of an exploratory 4,500 metre diamond drilling program at its Orquideas earn-in project with First Quantum Minerals, located in the province of Zamora-Chinchipe in southeast Ecuador. The Company has applied for drilling and water permits and drilling operations should commence following approvals, currently anticipated for the first half of 2019.
First Quantum Minerals and Luminex geologists compiled and analyzed data generated from over 2,500 surface geochemical samples, mapping of lithology, structure and alteration, as well as interpretation of legacy aeromagnetic data and an Induced Polarization (IP) survey over 42.6 line kilometres. This work resulted in the definition of the eight planned drill holes.
The Orquideas porphyry copper project comprises a coincident copper-molybdenum geochemical anomaly extending 5.5 x 2 km trending northwest to southeast. Mineralized outcrops assaying up to 0.9% copper and 0.66% molybdenum are hosted in variably altered intrusive rocks of the Zamora Batholith, a known host of major porphyry copper/gold deposits such as Mirador, located 67 km to the northeast. This large geochemical anomaly contains four distinctive target areas, each with its own defining attributes; namely, the northern, central, south central and southern areas. The 4,500 metre drill program will test each target area, starting from the most prospective southern target and progressing northwards.
About Luminex Resources
Luminex Resources Corp. is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex’s Condor Gold-Copper project is located in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador consisting of approximately 100 thousand hectares, including the Orquideas and Pegasus projects being co-developed with First Quantum Minerals and Anglo American Plc respectively.
Further details are available on the Company’s website at https://luminexresources.com/.
|LUMINEX RESOURCES CORP.|
|For further information contact:|
|Signed: “Marshall Koval”||Scott Hicks|
|Marshall Koval, CEO and Director||T: +1 604 646 1899|
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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 receipt of permit approvals for drilling operations, timing of commencement of the 4,500 metre drill program, completion of the drill program, and that the drill program will test each target area. Often, but not always, forward-looking statements or information can be identified by the use of words such as “will”, “should” or variations of those words and phrases or statements that certain actions, events or results “will” or “should” be taken, 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.