Golden Minerals

Luminex Drilling Substantially Extends Depth of the Camp Zone; 19.3 Metres of 6.1 g/t Gold and 36.3 g/t Silver

Highlights:       

  • Intercepted second high-grade zone of mineralization below 600 metres (Hole CC19-12)
    • 19.3m of 6.1 g/t gold and 36.3 g/t silver; including 0.9m of 60.50 g/t gold and 299.0 g/t silver
       
  • Extended mineralization to the southeast and infilled the known zone above 400 metres
    • CC19-11: 24.5m of 4.0 g/t gold and 10.2 g/t silver
    • CC19-13: 6.0m of 4.2 g/t gold and 4.9 g/t silver and 9.0m of 3.1 g/t gold and 12.3 g/t silver
    • CC19-14: 8.0m of 3.8 g/t gold and 16.6 g/t silver and 9.0m of 4.7 g/t gold and 24.9 g/t silver

VANCOUVER, British Columbia, Nov. 04, 2019 (GLOBE NEWSWIRE) --  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 CC19-09 through CC19-14. The Company has drilled approximately 7,600 metres to date in 18 holes and is continuing step-out drilling on mineralized intercepts, guided by surface sampling and mapping. A third rig has begun work at site.

Current drilling has delineated a consistently mineralized zone of variable width over a strike length of 300 metres and vertical extent of 400 metres. The mineralization dips at approximately minus 80 degrees to the northeast, as illustrated in Figure 2. This zone is completely open to depth and work is continuing to understand lateral continuity.

Importantly, hole CC19-12 tested the zone at least 300 metres below previous drilling and indicates that mineralization continues to these depths, see Figure 2. The 17 reported intercepts from this hole include a 0.8-metre core length returning 60.50 g/t gold and 299.0 g/t silver. This intercept was part of a broader 19.3 metres of 6.1 g/t gold and 36.3 g/t silver. In this hole, true thicknesses have been calculated for the reported intervals from 470 to 699 metres assuming that the zone(s) dip at the same angle as those intercepted higher up in the sequence, but this draws heavily on interpretations from holes hundreds of metres above this hole.

Hole CC19-10 was a 70-metre step out to the southwest of CC19-03 and returned 14 high-grade intercepts that were less than one-metre in true width, making correlation with the zone in hole CC19-12 difficult. This is illustrated in Figure 3, from which gold mineralization can be interpreted to “pond” underneath impermeable rhyolite dikes.

CC19-11 was drilled from the same pad as CC19-03 up-dip from it at an angle of 50 degrees. This hole successfully extended the mineralized zone close-to surface. From 27.0 metres down the hole CC19-11 intercepted 130 metres (96 metres estimated true width), grading 1.31 g/t and 8.4 g/t silver. This is illustrated in Figure 3.

Hole CC19-13 intersected footwall mineralization over 9 metres of core length from 290 metres down hole. Footwall mineralization has not been seen before and represents an additional exploration target that appears to be associated with a raft of wall rock schist incorporated into the granodiorite intrusion. This interval is bracketed by the two greater than 3 g/t gold samples towards the bottom of hole CC19-13, as shown in Figures 1 and 5.

Hole CC19-09 cut a true width of 43.7 metres grading 0.60 g/t gold and 16.6 g/t silver starting from approximately 20 metres vertically below the surface and 50 metres down the hole. This drill hole stepped out approximately 130 metres from CC19-08 (news release dated September 26, 2019) above the reported intercept of 15.8 metres (true width) grading 3.61 g/t gold and 28.5 g/t silver, see Figure 4. The zone was encountered at the expected depth as three intercepts of true widths 6.0 metres grading 3.37 g/t gold and 13.8 grams per tonne silver, 2.8 metres grading 6.03 g/t gold and 11.4 g/t silver and 5.1 metres grading 3.64 g/t gold and 13.6 g/t silver.

Hole CC19-14 returned 19 mineralized intervals over 364 metres down hole from 44 metres.

Table 1: CC19-14 Highlights:

From
(m)
To
(m)
Interval
(m)
True Width
(m)
Gold
(g/t)
Silver
(g/t)
225.9 227.0 1.1 0.4 63.2 378.0
233.0 242.0 9.0 3.1 4.72 24.9
268.0 278.6 10.6 3.6 3.32 32.8
301.0 312.0 11.0 3.8 2.79 29.0

Hole 14 also intersected a significant thickness of schist within the granodiorite batholith. Defining the size and influence on mineralization of this rock type may be important in this southeastern part of the deposit. See Figure 5.

Figure 1:

Figure 2:

Table 2. Drill Hole Results

Hole Azimuth / Dip (degrees) /
Depth (m)
From
(m)
To
(m)
Interval
(m)
True
Width

(m)
Gold
(g/t)
Silver
(g/t)
CC19-09 210°/55°/452.8 m 50.0 114.8 64.8* 43.7 0.60 16.6
And   140.0 142.0 2.0 1.2 2.81 4.6
And   186.0 187.0 1.0 0.6 3.11 379.0
And   204.0 213.3 9.3 6.0 3.37 13.8
Incl.   209.0 213.3 4.3 2.8 6.03 11.4
And   220.0 228.0 8.0 5.1 3.64 13.6
 
CC19-10 210°/70°/422.2 m 61.4 62.8 1.4 0.5 45.7 39.3
And   138.0 140.0 2.0 0.8 3.95 68.9
And   145.4 146.2 0.8 0.3 3.79 229.0
And   189.3 190.0 0.7 0.3 5.77 87.5
And   207.0 208.0 1.0 0.5 3.47 169.0
And   240.0 241.0 1.0 0.5 2.14 5.7
And   261.0 262.0 1.0 0.5 2.18 31.1
And   288.0 289.0 1.0 0.5 2.01 21.0
And   292.0 293.0 1.0 0.5 2.58 50.8
And   308.0 309.0 1.0 0.5 2.53 172.0
And   316.0 317.0 1.0 0.5 5.62 6.8
And   321.0 323.0 2.0 1.0 7.45 18.1
And   329.0 330.0 1.0 0.5 4.28 74.8
And   349.0 350.0 1.0 0.5 4.32 35.2
 
CC19-11 210°/50°/421.5 m 14.0 18.0 4.0* 4.0 0.40 3.5
And   27.0 157.0 130.0* 95.6 1.31 8.4
Incl.   72.0 76.0 4.0 3.1 3.36 23.2
Incl.   80.0 81.0 1.0 0.8 3.65 23.2
Incl.   101.5 126.0 24.5 15.8 3.99 10.2
Incl.   123 124 1.0 0.8 22.00 19.7
Incl.   132.0 133.0 1.0 0.7 3.00 13.3
Incl.   147.0 148.0 1.0 0.80 13.90 108.0
Incl.   155.0 156.0 1.0 0.80 4.36 41.7
 
CC19-12 210°/85°/750.1 m 395.0 396.0 1.0 0.2 2.77 12.4
And   409.0 411.0 2.0 0.4 7.26 9.3
And   470.0 471.0 1.0 0.2 2.07 33.6
And   490.0 491.0 1.0 0.3 9.62 23.3
And   498.0 499.0 1.0 0.3 3.40 6.7
And   505.0 506.0 1.0 0.3 3.22 5.5
And   521.0 522.0 1.0 0.3 2.37 4.1
And   533.0 534.0 1.0 0.3 2.64 12.3
And   548.0 549.0 1.0 0.3 2.47 18.8
And   555.0 560.0 5.0 1.2 2.44 57.0
Incl.   559.0 560.0 1.0 0.3 7.37 165.0
And   570.0 571.0 1.0 0.3 2.22 21.5
And   579.0 586.0 7.0 1.6 2.36 12.8
And   603.0 612.0 9.0 1.8 2.33 10.0
And   625.0 626.0 1.0 0.3 2.8 23.6
And   646.0 665.3 19.3 3.8 6.09 36.3
Incl.   649.0 649.9 0.9 0.2 60.50 299.0
And   687.0 688.0 1.0 0.3 2.57 19.4
And   693.0 699.0 6.0 1.1 7.19 53.0
               
CC19-13 210°/60°/406.2 m 31.5 125.0 93.5 51.3 0.67 9.4
Incl.   49.0 50.0 1.0 0.6 12.25 47.6
Incl.   84.0 93.0 9.0 5.1 1.63 21.6
Incl.   102.9 104.0 1.1 0.7 2.73 32.8
Incl.   118.0 119.0 1.0 0.6 3.51 39.2
And   137.0 139.0 2.0 1.3 10.7 73.7
And   164.0 170.0 6.0 3.8 4.16 4.9
And   181.0 182.0 1.0 0.2 11.6 28.3
And   185.0 186.0 1.0 0.3 3.31 13.3
And   290.0 299.0 9.0 1.1 3.12 12.3
               
CC19-14 210°/80°/447.3 m 44.0 46.0 2.0 0.7 2.06 6.4
And   92.0 94.0 2.0 0.7 5.69 10.0
And   184.0 185.0 1.0 0.3 3.3 19.5
And   190.0 199.0 9.0 3.1 2.45 7.9
And   209.0 217.0 8.0 2.7 3.77 16.6
And   220.0 221.0 1.0 0.3 2.44 17.1
And   225.9 227.0 1.1 0.4 63.2 378.0
And   233.0 242.0 9.0 3.1 4.72 24.9
Incl.   238.0 239.1 1.1 0.4 30.1 97.0
And   247.1 248.0 0.9 0.3 2.46 13.4
And   258.0 259.0 1.0 0.3 2.85 3.4
And   268.0 278.6 10.6 3.6 3.32 32.8
And.   301.0 312.0 11.0 3.8 2.79 29.0
Incl.   301.0 302.0 1.0 0.3 16.95 113.0
And   311.0 312.0 1.0 0.3 9.2 67.8
And   328.0 329.0 1.0 0.3 9.56 241.0
And   370.0 379.0 9.0 3.1 2.99 12.3
Incl.   377.8 379.0 1.2 0.4 12.15 23.2
And   406.3 408.4 2.1 0.7 6.98 37.8

All holes except those marked with an asterisk (*) are for “Deeper” 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 63.2 g/t Au. Asterisked holes are “Shallower” intervals calculated using a lower limit of 0.25 g/t Au with a maximum inclusion of five continuous metres below cutoff occurring within the stated intercept and the highest gold value used in the reported weighted averages is 22.0 g/t Au.

Figure 3:

Figure 4:

Figure 5:

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
  This email address is being protected from spambots. You need JavaScript enabled to view it.
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.

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