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Luminex Announces Positive Exploration Drilling Results for Copper at El Hito and Orquideas

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Luminex Announces Positive Exploration Drilling Results for Copper at El Hito and Orquideas

 

 

 

 

 

Summary and Highlights:

 

El Hito Target at Condor

  • EH22-01: 73 metre intersection grading 0.34% Cu Eq from nine metres down hole.
  • EH22-03: 627 metre intersection grading 0.21% Cu Eq.
  • Additional potential porphyry copper centres identified along trend.
  • New connection between the Prometedor Gold target and a porphyry copper centre discovery to the south (“Prometedor Copper”).

 

Orquideas

  • ORQ22-03: 300 metres averaging 0.17% Cu Eq from 196 metres down hole.
  • JOGMEC plans to complete a follow-up drilling program in 2023.

 

Luminex Resources Corp. (TSX-V: LR) (OTCQX: LUMIF) is pleased to announce results from four drill holes, totalling 2,418 metres at its El Hito porphyry prospect, located in the central area of Luminex’s Condor project. Luminex is also pleased to report the drill results from five holes totalling 2,386 metres at its Orquideas project, where JOGMEC is earning into 70% ownership.

 

Condor – El Hito Drill Results

 

All four drill holes cut significant intervals of copper mineralization, including 627 metres grading 0.20% copper and 42 ppm molybdenum for a copper equivalent grade of 0.21% in EH22-03. Most of the copper and molybdenum mineralization is hosted in phyllic-altered quartz-diorite porphyry. These rocks were intersected as drill holes probed for the potassic core of the porphyry copper-molybdenum system, where higher grades may be expected. A compilation of the data suggests that the potassic core may well be located below the base of the current drilling, or possibly to the north or northeast, where copper and molybdenum rock and soil anomalies have not yet been drilled. The molybdenum-only rock and soil anomaly to the northeast of the drilled area may also be indicative of another porphyry centre in this area (Figure 1).

 

Table 1. Drill intercepts for El Hito holes. 

 

Hole Azimuth /
Dip /
Length
From

(m)

To

(m)

Interval
(m)
Cu

(%)

Mo

(ppm)

Cu Eq

(%)

EH22-01 90° /

-60° /
500m

9.0 109.0 98.0 0.29 14 0.29
Incl 9.0 84.2 73.2 0.33 17 0.34
And 120.4 500.0 379.6 0.20 34 0.21
Incl 366.0 464.0 98.0 0.27 44 0.28
EH22-02  270° /

-60° /
512m

42.0 362.0 320.0 0.16 14 0.16
Incl 239.0 250.0 11.0 0.26 44 0.27
Incl 280.0 298.0 18.0 0.25 5 0.25
And 438.0 470.0 32.0 0.11 18 0.12
And 480.0 496.0 16.0 0.11 11 0.11
EH22-03 90° /

-60° /
704.8m

77.5 704.8 627.3 0.20 42 0.21
Incl 111.0 199.0 88.0 0.27 20 0.27
Incl 428.0 490.0 62.0 0.30 78 0.31
Incl 684.0 704.8 20.8 0.27 16 0.27
EH22-04 180° /

-75° /
701m

12.0 186.0 74.0 0.18 28 0.19
Incl 12.0 50.0 38.0 0.28 17 0.28
And 194.0 224.0 30.0 0.16 5 0.16
And 234.0 474.0 240.0 0.21 13 0.21
Incl 312.0 368.0 56.0 0.30 18 0.30
Incl 378.0 438.0 60.0 0.28 17 0.28
And 482.0 494.0 12.0 0.18 10 0.18
And 508.0 542.0 34.0 0.15 3 0.15
And 558.0 620.0 62.0 0.16 7 0.16
Incl 558.0 572.0 14.0 0.25 3 0.25
And 656.0 666.0 10.0 0.15 34 0.16
And 676.0 700.0 24.0 0.13 3 0.13
Intervals are calculated using a lower limit of 0.10% Cu and minimum length of 10 metres with a maximum inclusion of up to six continuous metres below cut-off. The highest copper value used in the reported weighted averages is 1.63 % Cu. Cu Eq values assume $3.00 copper and $7.00 molybdenum (Cu Eq= Cu % + (Mo ppm *2.33). Equivalent values assume 100% recoveries for all metals.

 

Condor – Prometedor Copper Discovery

 

Detailed geological and geophysical work in the area shows additional porphyry copper and associated systems could lie further north in the Wanwintza Alto area, where porphyry-style, high-level, siliceous alteration is present. Another porphyry copper centre has also been identified via geological mapping, grid soil sampling and geophysical magnetic surveying at Prometedor Copper (Figure 2). As at El Hito, the Prometedor Copper porphyry centre is marked by a low magnetic signature.

 

The extensive gold-in-soil anomaly identified at the drill-ready Prometedor Gold target appears to be a distal, structurally controlled, precious-metal system related to the Prometedor Copper porphyry centre (Figure 3). The gold target is being readied for initial drill testing.

 

Orquideas Results

 

During 2022, Luminex and JOGMEC drilled 2,386 metres in five holes, testing a diverse set of geochemical and geophysical targets across the large Orquideas property. While the results were mixed, these holes and previous exploration drilling on the property have highlighted multiple areas warranting future exploration. JOGMEC is planning a follow-up drilling campaign in 2023.

 

The best results from the 2022 program came from the third hole, ORQ22-03, which cut 300 metres of continuous copper and molybdenum mineralization averaging 0.17% Cu Eq. This mineralization is hosted in an alteration assemblage (phyllic) known to flank copper porphyry deposits. In addition, a series of outcrops with consistent anomalous copper values, above 0.1% copper, have recently been found through sampling in close proximity to these holes. These discoveries provide compelling targets for follow-up drilling for higher grades potentially associated with a porphyry centre.

 

Other areas with strong geochemical signatures for copper and molybdenum, particularly in the southern portion of the project area (see Figure 4), may offer additional drill targets. ORQD002, drilled during an earlier campaign in 2019, cut an aggregate 132 metres averaging 0.18% Cu Eq hosted in phyllic alteration potentially indicating proximity to a second porphyry centre. Other short higher-grade intercepts from the 2019 and 2022 programs (ORQD003 and ORQ22-01) require further study to determine if additional drilling is warranted.

 

Table 2. Drill intercepts for Orquideas holes.

 

Hole Azimuth /
Dip / Length
From

(m)

To

(m)

Interval
(m)
Cu

(%)

Mo

(ppm)

Cu Eq

(%)

ORQ22-01 50° /

-70° / 503m

106 132 26 0.11 47.2 0.12
ORQ22-02 50° /

-70° / 383m

No Reportable Intervals
ORQ22-03 50° /

-60° / 500m

196 496 300 0.14 118.8 0.17
ORQ22-04 230° /

-60° / 500m

No Reportable Intervals
ORQ22-05 50° /

-60° / 500m

No Reportable Intervals
Intervals are calculated using a lower limit of 0.10% Cu and with a maximum inclusion of up to six continuous metres below cut-off. The highest copper value used in the reported weighted averages is 0.31 % Cu. Cu Eq values assume $3.00 copper and $7.00 molybdenum (Cu Eq= Cu % + (Mo ppm *2.33). Equivalent values assume 100% recoveries for all metals.

 

Quality Assurance

 

All Luminex sample assay results have been independently monitored through a quality control/quality assurance 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 at the Company’s nearby Conder Project’s core logging facility and half drill-core samples are securely transported to ALS Laboratories’ sample preparation facility in Quito, Ecuador. Sample pulps are sent to ALS’s lab in Lima, Peru for analysis where copper and molybdenum contents are determined by ICP-MS methods. Over-limit samples assaying greater than 1% copper are re-analyzed by ALS using four-acid digestion and ICP-AES 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. 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.

 

 


Figure 1: El Hito drilling on soil and rock geochemistry, also displaying an isolated molybdenum anomaly to the northeast. (CNW Group/Luminex Resources Corp.)

 

 

 


Figure 2: Regional copper geochemistry overlain on reduced-to-pole magnetics (cooler colors denote a lower magnetic signature). (CNW Group/Luminex Resources Corp.)

 

 

 


Figure 3: Two-kilometre long +0.1 g/t gold-in-soil anomaly and relationship to Prometedor Copper porphyry centre. (CNW Group/Luminex Resources Corp.)

 

 

 


Figure 4: Geology and copper geochemical map of Orquideas showing completed drill holes. (CNW Group/Luminex Resources Corp.)

 

Posted November 15, 2022

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