Highlights:
- CU22-03 – 4.0 metres of 5.5 g/t Au Eq
- CU22-04 – 4.0 metres of 7.7 g/t Au Eq
- CU22-05 – Intercepted Cuyes West structure and a new
mineralized structure; assays pending
VANCOUVER, BC, Sept. 8,
2022 /CNW/ - Luminex Resources Corp. (TSXV:
LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to
announce that after assay results from four of five completed
holes, it has drill-delineated at least 200 metres of strike length
at the Company's high-grade gold and silver discovery, that it is
referring to as Cuyes West. The additional step-out holes were
drilled after the initial discovery announced in the March 14, 2022 news release. In addition to the
drilling, the Company has discovered a new mineralized structure,
the Ruiz structure, which is parallel to the Camp deposit and has
also identified other similar targets for potential future testing
at Condor North.
Marshall Koval, CEO &
Director commented: "The existing underground Camp deposit provides
early, high grade gold mineral resources in the Condor North PEA to
blend with the three open pits. Additional similar underground
areas such as Cuyes West, the Ruiz structure and other newly
discovered targets should continue to enhance the Condor North
project."
Cuyes West Structure
Cuyes West is located in a previously untested area immediately
west of the Los Cuyes mineral resource. To date, four lateral
step-out holes on hole CU21-01 have been completed to begin
delineating the Cuyes West structure (see Figure 2). CU21-01
intercepted 17.6 metres (278.4 to 296.0 metres) and graded 2.91 g/t
gold and 15.23 g/t silver (3.09 g/t AuEq), with an internal zone of
8.6 metres grading 5.1 g/t gold and 24.85 g/t silver (5.39 g/t
AuEq.). Luminex has received assay results for three of the
four holes (see Table 1).
Table 1. Drill intercepts for Cuyes West holes.
Hole
|
Azimuth
/ Dip /
Length
|
From (m)
|
To
(m)
|
Interval
(m)
|
Au (g/t)
|
Ag (g/t)
|
Au
Eq* (g/t)
|
|
|
|
|
|
|
|
|
Western Step-out off
of CU21-01
|
CU22-03
|
343° /
-25° /
300m
|
16
|
82
|
66*
|
0.37
|
3.1
|
0.41
|
And
|
102
|
174
|
72*
|
0.26
|
4.7
|
0.33
|
And
|
181
|
201
|
20*
|
0.96
|
6.8
|
1.04
|
And
|
245
|
267
|
22
|
1.88
|
20.5
|
2.13
|
Incl.
|
262
|
266
|
4
|
5.04
|
38.3
|
5.50
|
And
|
292
|
294
|
2
|
1.74
|
1.6
|
1.76
|
|
|
|
|
|
|
|
|
CU22-04
|
340° /
-25° /
315m
|
118
|
132
|
14*
|
0.34
|
3.3
|
0.38
|
And
|
168
|
205
|
37*
|
0.41
|
11.6
|
0.55
|
And
|
214
|
218
|
4
|
6.38
|
108.1
|
7.68
|
|
|
|
|
|
|
|
|
CU22-05
|
340° /
-55° /
402m
|
Assays
Pending
|
|
|
|
|
|
|
|
|
Eastern Step-out off
of CU21-01
|
CU22-02
|
352° /
-25° /
384m
|
0
|
40
|
40*
|
0.37
|
0.9
|
0.38
|
And
|
54
|
188
|
134*
|
0.81
|
4.4
|
0.86
|
And
|
296
|
298
|
2
|
1.16
|
26.5
|
1.47
|
And
|
321
|
327
|
6
|
1.31
|
17.0
|
1.51
|
And
|
334
|
339
|
5
|
0.44
|
12.1
|
0.59
|
Intervals, except
those marked with an asterisk (*), are calculated using a lower
limit of 1.00 g/t Au with a maximum inclusion of up to five
continuous metres below cut-off and the highest gold value used in
the reported weighted averages is 15.75 g/t Au. Asterisked
intercepts are calculated using a lower limit of 0.20 g/t Au with a
maximum inclusion of ten continuous metres below cut-off occurring
within the stated intercept and the highest gold value used in the
reported weighted averages is 2.03 g/t Au. Eq values assume
$1,500 gold and $18.00 silver (AuEq= Au g/t + (Ag g/t
*0.012).
|
Drill hole CU22-03 stepped out approximately 70 metres to the
south of CU21-01 and intercepted 4.0 metres grading 5.04 g/t gold
and 38.3 g/t silver, for 5.50 g/t AuEq., from 262 metres contained
within a 22.0-metre interval grading 1.88 g/t gold and 20.5 g/t
silver (2.13 g/t AuEq.) (see Figures 2 and 3). On the basis of this
successful step-out hole Luminex stepped out a further 80 metres to
the south with hole CU22-04, that intercepted 4.0 metres grading
6.38 g/t gold and 108.1 g/t silver (7.68 g/t AuEq.), from 214
metres.
Drill hole CU22-05 was drilled to step out on CU22-04 and
intercepted the projected mineralised structure over approximately
7 metres from 186 metres. This represents a step-out of
approximately 120 metres to depth and 50 metres laterally. Assays
from this intercept have not been received and grades are
unknown.
Drill hole CU22-02 stepped out approximately 50 metres to the
north of CU21-01 and intercepted 6 metres grading 1.31 g/t gold and
17 g/t silver (1.51 g/t AuEq.), from 321 metres with 134 metres
grading 0.81 g/t gold and 4.4 g/t silver (0.86 g/t AuEq.) and 40
metres grading 0.37 g/t gold and 0.9 g/t silver (0.38 g/t AuEq.)
from surface higher up in the hole. Artisanal workings and surface
sampling indicate that the structure also continues to the north,
but hole CU22-02 represents a thinning of the structure. Further
work to establish the northward extension is required.
Ruiz Structure
The Ruiz structure connects to the Cuyes West structure from the
north at a high angle (see Figure 1 and Figure 4). Luminex
geologists extended hole CU22-05 to intersect this structure and,
at the predicted depth, the hole cut approximately 18 metres of
disseminated and centimetric vein sulphides from 266 metres,
including 50 centimetres of semi massive sulphides at 280 metres.
Assays from this intercept have not been received and grades are
unknown. Luminex is testing this structure with a second drill
hole, drilled to the north-northeast having designed the hole to
intersect the structure at a vertical depth of approximately 70
metres. This drill hole is shown on Figure 1 and Figure 4.
District Context
Both the Cuyes West and Ruiz structures consist of pyrite,
sphalerite, marcasite disseminated along rhyolite dike contacts
that is associated with illite, sericite, silica and carbonate
(locally rhodocrosite) alteration. This style of mineralization is
identical to the Camp deposit located approximately 700 metres to
the south-southwest (see Figure 4) and is classified as
intermediate sulphidation type. The Camp deposit hosts an inferred
resource of 6.0 Mt with 663,000 Au Eq oz, with a gold and silver
grade of 3.28 g/t and 27.8 g/t respectively. Luminex geologists
have identified additional structures at Condor North that have
similar characteristics and may constitute future drill
targets.
Future Plans
At Condor North, Luminex plans to:
- Continue to delineate a resource at Cuyes West;
- Continue to drill test the Ruiz structure;
- Continue step-out and infill drilling at the Camp deposit;
and
- Explore similar intermediate sulphidation targets and bring
them to drill stage.
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) (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 Pegasus and Orquideas
projects, which are being co-developed with Anglo American and JOGMEC respectively.
Further details are available on the Company's website
at https://luminexresources.com/.
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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 regarding
future drilling and work programs at Condor. 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 "will" 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.
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SOURCE Luminex Resources Corp.