Luminex Resources Discovers High-Grade Gold and Silver Zone at the Condor Project; Highlights Include: 6.73 g/t Au Over 11.0 Metres and 4.77 g/t Au Over 40.1 Metres
TSX VENTURE: LR
VANCOUVER, British Columbia, June 18, 2019 (GLOBE NEWSWIRE) -- Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) is pleased to announce that it has successfully completed a four hole, 1,195 metre diamond drilling program at the Camp Zone in the northern part of its Condor Project. The Camp Zone is located proximal to Luminex’s existing epithermal gold and silver resources at Los Cuyes, Soledad and Enma, with the nearest drill holes at the Camp Zone and Los Cuyes situated some 400 metres apart.
Results for the first two drill holes within the 400 x 200 metre surface gold and silver anomaly described in Luminex’s May 2, 2019 news release have been received. Since reporting this anomaly, the company has extended it along strike to 700 x 200 metres. The two holes reported herein identify significant high-grade gold and silver mineralization that warrants further drilling.
Marshall Koval, CEO, commented: “The high-grade Camp Zone discovery has the potential to change the dynamic at Condor due to its proximity to existing resources at Los Cuyes, Soledad and Enma, the northern epithermal deposits. Given these extremely positive results, we will design a follow up drill program to determine the width of the high-grade zone and its lateral continuity later this year.”
Drill Results Table:
|Hole||Azimuth / Inclination (degrees) / Final length (m)||From (m)||To
|Core length (m)||True width (m)||Gold (g/t)||Silver (g/t)||Target Type* & comments|
Penultimate 1.70m sample 1.00m from hole end grades 2.64g/t gold and 33.6g/t silver.
Final 1.66m sample returned 8.38 g/t gold and 54.9g/t silver.
|*Intervals denoted as “shallower” are calculated using a lower limit of 0.25 g/t Au with a maximum of ten continuous metres occurring within the stated intercept and the highest gold value used in the reported weighted averages is 10.7 g/t Au. Intervals denoted as “deeper” are calculated using a lower limit of 2.00 g/t Au with a maximum of five continuous metres and the highest gold value used in the reported weighted averages is 54 g/t Au.|
The mid-points of the two longer “deeper” intercepts in each hole are separated by a distance of 80 metres. The reported intervals remain open down-hole, along strike in both directions and at depth. The higher grade “deeper” intercepts appear to be associated with the margins of two rhyolite porphyry dikes, the contacts of which are interpreted to have focussed mineralising fluids upwelling through brecciated feeder structures. At the southeastern surface extension where this zone daylights, artisanal workings are found. To the northwest, the zone may be displaced by a fault 250 metres along strike from hole CC19-02. 300 metres northwest of hole CC19-02 continuous two-metre channel sampling returned 76 metres averaging 0.65 g/t gold, with the highest sample grading 9.87 g/t gold. The Camp Zone could be an extension of the existing resource defined at Los Cuyes, a concept to be tested with further drilling.
Gold is hosted in intermediate sulphidation epithermal veins and veinlets, disseminations and as breccia fill within volcanic/sub-volcanic and batholith lithologies, similar to Los Cuyes. Mineralisation occurs as pyrite, sphalerite and marcasite with traces of pyrrhotite as well as carbonate (rhodochrosite and calcite), sericite and clay alteration.
Red arrows indicate direction in which high grade gold intercepts are open. Results for holes CC19-03 and CC19-04 are pending. Geology logged in hole is shown in darker shade than interpretation.
Gold histograms are capped at 3.0 g/t gold along drill hole traces. Red arrows indicate direction in which high grade gold intercepts are open. Results for holes CC19-03 and CC19-04 are pending. Geology logged in hole is shown in darker shade than interpretation.
All Luminex drill core sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) program including the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Luminex’s facility located at the Condor property. Drill core is sawn on site and half drill-core samples are securely transported by ALS Laboratories (“ALS”) to their sample preparation facility in Quito, Ecuador. Sample pulps are sent to ALS’s lab in Lima, Peru for analysis. 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. Samples with greater than 10 g/t gold or 100 g/t silver are re-run via fire assay with AAS and gravimetric finishes respectively. 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 is independent of Luminex.
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 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|
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 testing whether the mineralized zone including the higher grade “deeper” intercepts could be an extension of the existing resource defined at Los Cuyes, a concept to be tested with further drilling; and whether the Company will undertake any further drilling at the Camp Zone. 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 are “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.