Cuyes West Drilling Highlights:

•  CU23-17 – 27.0 metres grading 3.71 g/t Au Eq including 5.0 metres grading 14.47 g/t Au Eq
•  CU23-18 – 3.0 metres grading 39.87 g/t Au Eq and 31.0 metres grading 1.47 g/t Au Eq

Luminex Resources Corp. (TSX-V: LR) (OTCQX: LUMIF) is pleased to announce drill results from three holes (CU22-16 to CU23-18) at the Cuyes West structure. The latest results continue to delineate a zone of higher-grade gold mineralization within the Cuyes West structure that extends into the hanging wall to form a widening mineralization zone at depth. Holes CU23-17 and CU23-18 have intersected the Cuyes West hanging wall mineralization at depth in a fault bound package of rocks to the southwest of the main structure (see Figure 2). Luminex is currently drilling hole CU23-22 at Cuyes West and the maiden hole at Prometedor, which commenced on February 24, 2023. Holes CU23-19 to CU23-21 are pending results.

Hole CU23-18 intersected multiple hanging wall high-grade structures, notably 3.0 metres from 128 metres grading 39.13 g/t gold and 61.67 g/t silver (39.87 g/t Au Eq) and a wider intercept of 31 metres from 263 metres grading 1.31 g/t gold and 13.09 g/t silver (1.47 g/t Au Eq). The Cuyes West structure was intersected from 325 metres over 8 metres grading 2.46 g/t gold and 19.7 g/t silver (2.69 g/t Au Eq). The hole intercepted increasingly broader sections of mineralization at depth.

CU23-17 intersected 5.0 metres grading 12.40 g/t gold and 172.7 g/t silver (14.47 g/t Au Eq) from 263.0 metres in the hanging wall package, within a broader intercept of 27.0 metres from 248.0 metres grading 3.15 g/t gold and 46.25 g/t silver (3.71 g/t Au Eq). The Cuyes West structure was intersected over 14.0 metres from 314.0 metres and graded 2.29 g/t gold and 9.4 g/t silver (2.40 g/t Au Eq). This hole stepped out approximately 50 metres vertically on Cuyes West, below hole CU22-13, which intersected 6.0 metres grading 4.01 g/t gold and 10.9 g/t silver (4.14 g/t Au Eq) from 267 metres within a broader mineralized intercept of 36.0 metres from 245 metres grading 2.17 g/t gold and 10.4 g/t silver (2.29 g/t Au Eq). These results are part of an increasingly broad zone of mineralization at depth comprising 165.0 metres of 1.40 g/t gold and 15.8 g/t silver (1.58 g/t Au Eq) from 187.0 metres. Results from CU23-17 indicate that this broader zone is continuous and open to depth.

Hole CU22-16, stepped out approximately 105 metres west of CU22-05 and approximately 115 metres below hole CU22-10 and intersected only weak mineralization in the Cuyes West structure at 158 metres, which may indicate a pinching of the structure to the west and to depth. At a depth of 338.0 metres the hole intersected 1.0 metre grading 1.49 g/t gold, 651.0 g/t silver (9.30 g/t Au Eq) in the Ruiz structure.

Other intervals are present in additional structures in holes CU22-16, CU23-17 and CU23-18 and are detailed in Table 1.

The style of mineralization at Cuyes West and in the hanging wall package is identical to that at the Camp deposit, 600 metres to the west. At a property scale, these mineralized structures are interpreted to be hosted in ring and radial fractures around the Los Cuyes Diatreme (See Figure 1).

Table 1. Drill intercepts for Cuyes West drill holes. Asterisked intervals are shallower and belong to the diatreme at Los Cuyes (see note below).

Asterisked (*) intervals are “Shallower” intervals 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 48.60 g/t Au. Remaining intervals not marked with an asterisk are for “Deeper” intervals calculated using a lower limit of 1.0 g/t Au with a maximum inclusion of up to six continuous metres below cut-off and the highest gold value used in the reported weighted averages is 31.30 g/t Au. Au Eq values assume $1,500 gold and $18.00 silver (Au Eq= Au g/t + (Ag g/t *0.012)).

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 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. 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. Plan map showing location of the Camp, Cuyes, and Cuyes West deposits. (CNW Group/Luminex Resources Corp.)

Figure 2. Drill cross section showing mineralization highlights. (CNW Group/Luminex Resources Corp.)