Luminex Resources Commences Drilling at the Condor Camp Zone After Promising Surface Sampling
TSX VENTURE: LR
VANCOUVER, British Columbia, May 02, 2019 (GLOBE NEWSWIRE) -- Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) is pleased to announce that it has commenced a 1,200-metre diamond drilling program at the Camp Zone in the northern area of its Condor Project. The Camp Zone is located proximal to Condor’s existing epithermal gold and silver resources at Los Cuyes, Soledad and Enma.
The Camp Zone comprises a recently identified rock and soil gold-silver anomaly situated below the ridge upon which the current camp and core storage facility are built. The coherent anomaly extends for 400 x 200 metres and averages 0.6 grams/tonne (g/t) gold and 6 g/t silver based on over 600 rock chip and channel samples. Gold is interpreted to be hosted in intermediate sulphidation epithermal veins within volcanic and underlying batholith lithologies and may form an extension of the existing resource defined at Los Cuyes. The mineralized zone contains artisanal mine workings. Surface chip samples assayed as high as 47.5 g/t gold, 154 g/t silver, 23% zinc and 0.23% copper. Luminex plans on drilling approximately 1,200 metres from four holes below the axis of the soil anomaly to test the subsurface grades. Given its proximity to the Company’s Condor exploration base, the drill program requires minimal access infrastructure and logistical support, which is expected to result in lower costs and efficient execution.
Planned Camp Zone Drilling
Earn-in Partnership Expenditure and Progress Updates
Luminex filed its consolidated financial statements and management’s discussion and analysis (“MD&A”) for the year ended December 31, 2018 on April 17, 2019. First Quantum Minerals Ltd. (“First Quantum”) has spent approximately US$1.7 million on the Orquideas and Cascas concessions as of December 31, 2018. First Quantum has also paid the US$150,000 cash payment that was due in February 2019. Anglo American plc (“Anglo American”) has spent approximately US$1.5 million on the Pegasus concessions as of December 31, 2018. Anglo American’s next cash payment of US$300,000 is due in September 2019. Please see the MD&A for December 31, 2018 for more details. Luminex and BHP Group plc (“BHP”) continue to progress work on a definitive agreement and the original timeline of approximately three months from March 19, 2019 remains in place.
All Luminex reconnaissance sample assay results reported herein have been independently monitored and verified through a quality control / quality assurance (“QA/QC”) program including the insertion of blanks and the reanalysis of duplicate samples. Luminex samples are analyzed at ALS Lima and the Company is not aware of any sampling or other factors that could materially affect the accuracy or reliability of the data referred to herein. Gold content is determined by fire assay of a 50-gram charge with all other elements determined by four-acid digestion with ICP finish.
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. 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 consisting of approximately 100 thousand hectares, including the Tarqui, Orquideas, Cascas and Pegasus projects, which are being co-developed with BHP (subject to entry into a definitive agreement), First Quantum Minerals and Anglo American 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|
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 completion of a 1,200 metre drill program and that the drill program proximity of the four proposed drill holes to the Company’s Condor exploration base will result in lower costs and efficient execution. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans” or variations of those words and phrases or statements that certain actions, events or results are “expected to” 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.