Luminex Resources Commences Drilling at Orquideas with First Quantum Minerals
TSX VENTURE: LR
VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) announces the commencement of its 4,500-metre drilling program at Orquideas with First Quantum Minerals Ltd. (“First Quantum”) pursuant to the earn-in. In preparation for the drilling activities, using two man-portable diamond drill rigs, Luminex has built a 15-person support camp. Drilling will begin at the two southernmost targets where 2018 Induced Polarization results defined the most chargeable zone, which further coincides with a low aeromagnetic signature from historic data. In addition, the favorable porphyry geochemical characteristics of the Southern Target are matched by the occurrences of peripheral gold-bearing vein systems. Of the eight planned drill holes, the Southern Target is situated closest to the drilling support camp. Luminex anticipates that the results of drilling will be released during the third quarter of 2019.
Orquideas is a porphyry copper and molybdenum mineralized system hosted in phases of the mid Jurassic Zamora Batholith. The exploration project is located 40 km south of Lundin Gold Inc.’s Fruta Del Norte epithermal gold and silver mine and approximately 15 km southwest of Luminex’s Condor project, which contains epithermal gold and silver as well as gold and copper porphyry resources. The geochemical footprint of Orquideas extends northwest by southeast for 5.5 km and is 2 km wide. Although first discovered in the mid nineties, Luminex and First Quantum have significantly refined the geological model of Orquideas through rock and soil sampling, geological mapping and radiometric test work, as well as approximately 43 km of Induced Polarization survey work between 2017 and 2018.
In addition to work at Orquideas, Luminex geologists will begin prospecting activities at Cascas in June 2019 after the establishment of a camp.
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 consisting of approximately 100 thousand hectares, including the Tarqui, Orquideas, Cascas and Pegasus projects, which are being co-developed with BHP Group plc (subject to entry into a definitive agreement), First Quantum Minerals Ltd. 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 releasing drill results during the third quarter of 2019, that drilling will begin at the two most southern targets on the property that are the closest to the drilling camp and that prospecting work will begin at Cascas after the establishment of a camp. Often, but not always, forward-looking statements or information can be identified by the use of words such as “will”, “anticipates” or variations of those words and phrases or statements that certain actions, events or results are “intended” or “anticipated” 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.