Luminex Resources Corp. (TSX-V: LR) (US OTC: LUMIF) is pleased to release Condor Camp Zone drilling results for holes CC20-26 through CC20-28 and a Pegasus A&B exploration update. The Company has completed approximately 17,800 metres in 32 holes at the Camp Zone since the campaign began. Holes CC19-1 through CC20-28 will be included in the maiden mineral resource estimate for the Camp Zone that will be released later this month.
Given recent events and developments with COVID-19, the Company has elected to pause drilling temporarily and will continuously evaluate restarting the program. Luminex has not had any employees, contractors or community laborers test positive for COVID-19. The Company is implementing measures required by the Ecuadorian government authorities, as well as WHO recommendations in order to protect all workers on site, as well as those at its Quito and Vancouver offices.
Step-out hole CC20-28 intercepted a new higher-grade area measuring 28.1 metres true width from 419.0 to 463.0 metres grading 3.12 g/t gold and 68.2 g/t silver. The intercept included 3.6 metres true width from 421.0 to 426.7 metres grading 12.13 g/t gold and 285.8 g/t silver, the highest silver grades so far encountered at the Camp Zone. Mineralization at the Camp Zone lies on a plane that dips approximately negative 80 degrees to the northeast. The intercept in CC20-28 is located approximately 90 metres southwest of this, deeper in the footwall of the deposit. This new, higher-grade zone appears to be associated with a coalescing of the rhyolite dikes that focus mineralization along their margins. The dikes appear to coalesce to form a thicker single dike to depth and also to the southwest of the current grid of drill intercepts (Figure 2).
Holes CC20-26 and 27 were infill holes focused approximately 150 metres above the main intercept in hole CC20-28 in the area of holes CC19-04EXT, 06, 08, 24 and 25, all of which returned significant intervals that were previously reported (Figure 3). Hole CC20-27 returned 18.0 metres grading 3.24 g/t gold and 28.0 g/t silver.
The Camp Zone remains open at depth and along strike. Future drilling will continue with two drills, one focusing on expansion of the Camp zone targets at depth and one testing shallow surface targets between the Camp Zone and the known mineralization at the Soledad deposit. Soledad Bajo is the area between the Camp Zone and Soledad deposits and is a possible southeast strike extension of the Camp Zone. Soledad Bajo has the potential to significantly increase the deposit size if it connects the two deposits (Figure 1).
Table 1: Drill Hole Results
|Hole||Azimuth / Dip (degrees) / Depth (m)||From
Intervals calculated using a lower limit of 0.5 g/t Au with a maximum inclusion of up to four continuous metres below cut-off and the highest gold value used in the reported weighted averages is 22.7 g/t Au.
Figure 1 is available at
Figure 2 is available at
Figure 3 is available at
Anglo American – Pegasus A&B Earn-in Update
Pegasus A&B Highlights:
In addition to the work at Condor, the Company is pleased to provide an update on its Pegasus A&B concessions that are being operated by Anglo American plc group. Since beginning work in September 2018, a total of approximately US$7.4 million has been spent as of December 31, 2019. The first earn-in ownership threshold of 25% occurs once US$10 million has been spent across the concessions and US$2.4 million of cash payments have been paid. US$0.8 million in cash payments remain to be paid to satisfy the 25% threshold.
Throughout 2019, Anglo American conducted early-stage exploration on the Pegasus A&B concessions (approximately 67,000 ha), completing geological field mapping and sampling, as well as an airborne supported geophysical survey, covering approximately 2,000 line-km. Most of the airborne geophysics focused on Pegasus A, where coincident magnetic and conductivity anomalies from the survey better defined the areas of interest. In addition, these results were integrated into a detailed three-dimensional structural and lithological interpretation of the claim block. Age dating and whole rock geochemistry has assisted in contextualizing the project with other productive areas of the tertiary porphyry belt. This exploration program has generated several prospects for follow-up work and potential drilling at Pegasus A.
Subject to licensing, the 2020 plan at Pegasus A includes: (1) conducting detailed geological field mapping and sampling in higher priority prospects; (2) completing ground geophysics in higher priority prospects; (3) evaluating and defining drill-ready targets; and (4) commencing diamond drilling on the highest priority targets. Anglo American is working on obtaining the relevant community consents and government licenses to drill under the Ecuadorian Scout Drilling regime.
Work at Pegasus B will primarily consist of community engagement aimed at obtaining community consents needed to conduct geological mapping and sampling.
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 on site 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 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.
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 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 Tarqui and Pegasus projects, which are being co-developed with BHP Group plc and Anglo American respectively.
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