Highlights:
- Potential higher-grade copper-molybdenum porphyry core
discovered to the north of previous drilling.
- Rock chip sampling has delineated an area approximately 320
metres in diameter where rock chip sampling mostly exceeds 0.4%
copper.
- The anomaly is coincident with bornite and potassic alteration,
both of which are characteristic of a high-grade copper porphyry
core.
- 1,500 metre drill program is expected to commence next week
with a second drill rig at Condor.
- Drilling is ongoing with one rig at the high-grade underground
targets at Condor North.
VANCOUVER, BC, June 9, 2022
/CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX:
LUMIF) (the "Company" or "Luminex") is pleased to announce the
discovery of a copper porphyry drill target located 500 metres
north of the El Hito prospect at its Condor Project in southeastern
Ecuador. The target area is
characterized by a broadly coincident >250ppm copper and
>10ppm molybdenum anomaly delineated by the recently completed
soil survey (see Figure 1). The anomaly is approximately 1,800
metres from north to south, 700 metres from east to west and is
generally coincident with a mapped diorite porphyry with pervasive
alteration, veining and mineralization (see Figure 1). The soil
survey was completed on 200-metre spaced east-west oriented lines
that extended four kilometres to the north from El Hito and two
kilometres from east to west, on average.
The southern portion of the El Hito soil anomaly contains
historic drill holes, while the northern part of the anomaly
remains undrilled. A total of 4,687 metres in nine holes was
drilled by previous operators, including an interval grading 0.58%
copper over 172 metres from eight metres down the hole. These
historic results are summarized in Table 1. The northern part of
the soil anomaly was recently found to contain an approximately 320
metre diameter zone where the majority of rock chip samples
returned values exceeding 0.4% copper. This zone is larger and more
coherent than where the historic drilling occurred, when the same
surface sampling criteria is applied (see Figure 1). The northern
rock chip anomaly is coincident with a zone where bornite and
chalcocite are observed at surface and is also the only area where
an erosional "window" through the outer phyllic alteration shell
exposes the inner potassic altered core of the porphyry system (see
Figure 2).
Luminex geologists interpret the observations outlined above to
indicate that the historic drilling may not have drilled the
highest-grade part of the porphyry copper system at El Hito.
Luminex's initial 1,500 metre, five-hole drill program at El Hito
will test this area and expand outwards from there on a 100-metre
spaced grid (hole 1 shown on Figure 1 & 2). A drill rig has
been mobilized to the drill pad shown on Figure 2 and drilling on
an easterly inclined hole will commence next week.
Drilling is still ongoing with one rig at the high-grade
underground targets at Condor North. Three drill holes have been
completed since drilling resumed in early May at Los Cuyes. The
drill rig is being mobilized to the Camp underground targets while
Luminex awaits assays on the three completed Los Cuyes drill
holes.
Table 1. Historic drill results from El Hito
Hole
|
Azimuth/
Inclination /
Depth
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Copper
(%)
|
Molybdenum
(%)
|
Year
Drilled
|
DEH-05
|
90°/-60°/811.7m
|
3.8
|
614.6
|
610.9
|
0.29
|
0.005
|
2012
|
Incl.
|
|
492.0
|
536.5
|
44.5
|
0.42
|
0.003
|
|
Incl.
|
|
577.0
|
614.6
|
37.6
|
0.44
|
0.002
|
|
And
|
|
631.5
|
739.0
|
107.6
|
0.46
|
0.003
|
|
Incl.
|
|
631.5
|
673.0
|
41.6
|
0.73
|
0.001
|
|
|
|
|
|
|
|
|
|
DEH-06
|
90°/-60°/701.0m
|
0.0
|
580.0
|
580.0
|
0.27
|
0.003
|
2013
|
Incl.
|
|
342.0
|
374.0
|
32.0
|
0.48
|
0.003
|
|
|
|
|
|
|
|
|
|
DEH-07
|
270°/-65°/749.8m
|
1.0
|
646.0
|
645.0
|
0.31
|
0.005
|
2013
|
Incl.
|
|
8.0
|
180.0
|
172.0
|
0.58
|
0.004
|
|
|
|
|
|
|
|
|
|
DEH-08
|
90°/-60°/634.0m
|
6.5
|
550.0
|
543.5
|
0.30
|
0.004
|
2013
|
|
|
|
|
|
|
|
|
DEH-09
|
90°/-65°/601.7m
|
24.0
|
560.0
|
536.0
|
0.26
|
0.007
|
2013
|
|
|
|
|
|
|
|
|
DH-1
|
284°/-59°/261.4m
|
24.0
|
261.4
|
237.4
|
0.32
|
0.005
|
2000
|
|
|
|
|
|
|
|
|
DH-2
|
264°/-59°/249.2m
|
26.0
|
246.0
|
220.0
|
0.27
|
0.009
|
2000
|
|
|
|
|
|
|
|
|
DH-3
|
0°/-60°/178.9m
|
14.0
|
178.9
|
164.9
|
0.30
|
0.003
|
2000
|
|
|
|
|
|
|
|
|
DH-4
|
277°/-58°/498.9m
|
12.0
|
484.0
|
472.0
|
0.22
|
0.004
|
2000
|
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) (OTCQX: LUMIF) 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, Pegasus and
Orquideas projects, which are being co-developed with BHP Group
plc, Anglo American and JOGMEC
respectively.
Further details are available on the Company's website
at https://luminexresources.com/.
To receive news releases please sign up at
https://www.luminexresources.com/contact/contact-us/.
Follow us on: Twitter, Linkedin or Facebook.
LUMINEX RESOURCES CORP.
Signed: "Marshall Koval"
Marshall Koval, CEO and
Director
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 planned drilling and work programs at
El Hito. Often, but not always, forward-looking statements or
information can be identified by the use of words such as "will" or
variations of that word and phrases or statements that certain
actions, events or results "will", "could" or are "intended 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; 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.
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SOURCE Luminex Resources Corp.