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LUMINEX EXTENDS THE CAMP ZONE TO DEPTH WITH SIGNIFICANT INTERCEPTS IN SIX STEP-OUT HOLES

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LUMINEX EXTENDS THE CAMP ZONE TO DEPTH WITH SIGNIFICANT INTERCEPTS IN SIX STEP-OUT HOLES

 

 

 

 

 

Luminex Resources Corp. (TSX-V: LR) (US OTC: LUMIF) is pleased to provide a Camp Zone drilling update at the Condor Project, located in southeast Ecuador with results from holes CC19-19 through CC19-25, as well as a drilling extension to previously announced CC19-04. All of the new Camp Zone step-out holes and the extension to CC19-04 hit significant high-grade mineralization. The Company completed 12,918 metres at the Camp Zone across 25 holes in 2019. Results from these holes will form the basis for a maiden Camp Zone resource which Luminex expects to announce by March 2020.

 

Holes CC19-20, 22, 23, 24 and 25 focused on further definition of the northwestern portion of the Camp Zone. The drilling tested a gap of approximately 300 metres between shallower holes CC19-01, 06 and 08 and the deep intersections cut in the previously announced hole CC19-12 (3.8 metres grading 6.09 g/t gold and 36.3 g/t silver, Figure 3 and press release dated November 4, 2019).

 

Hole CC19-21 was drilled below the previously reported hole CC19-18 and was successful in demonstrating not only apparent width continuity, but also a significant increase in grade at depth. Hole CC19-18 contained numerous zones of mineralization, most notably 4.8 metres of 4.8 g/t gold and 37.5 g/t silver along a contact zone between rhyolite and a foliated granodiorite (November 28, 2019 press release). In CC19-21, this zone of mineralization was cut again 100 metres deeper with an exceptional intercept of 5.8 metres grading 8.4 g/t gold and 98.9 g/t silver (Figure 3).

 

The previously reported hole CC19-04 was extended from 341 meters to 651 and cut the zone at projected depths with results up to 18.9 g/t gold and 22.7 g/t silver over 0.6 metres (Table 1 and Figure 2).

 

Hole CC19-19 tested the extent of mineralization to depth and to the southeast (Figures 1 and 3). The hole was successful in cutting narrow high-grade mineralization, leaving the system open to the southeast.

 

Due to the Camp Zone being located on sloping terrain, as the steeply dipping mineralization is drill tested to deeper levels, it is more efficient to collar drill holes from the footwall side. As such, holes CC19-23 and onwards have been collared downhill on the footwall side of the zone (see Figure 1).

 

Drilling with two rigs restarted at the project on January 6th. Several additional holes are planned to further define the existing zone to depth before continuing exploration along strike. Additionally, surface work continues to define new drill targets at Prometedor, Soledad and other areas the company expects to drill test in the first half of the year.

 

Table 1: Drill Hole Results

 

 

Hole Azimuth / Dip (degrees) / Depth (m) From
(m)
To
(m)
Interval
(m)
True Width
(m)
Gold
(g/t)
Silver
(g/t)
CC19-04 Extension 210°/70°/341 to 651 m 378.0 380.0 2.0 1.1 2.89 12.9
And   433.0 437.0 4.0 2.2 3.4 43.4
And   449.0 450.0 1.0 0.6 18.85 22.7
And   465.0 468.0 3.0 1.8 5.33 26.7
And   493.0 494.0 1.0 0.7 2.38 6.5
And   496.0 501.5 5.5 3.6 2.26 35.1
And   637.0 638.1 1.1 0.7 5.36 19.1
 
CC19-19 210°/70°/642 m 257.0 258.0 1.0 0.4 6.89 37.6
And   301.0 303.0 2.0 0.9 2.61 7.4
And   424.0 425.0 1.0 0.4 2.42 10.8
And   449.0 452.0 3.0 1.3 4.73 14.4
And   476.0 477.0 1.0 0.4 41.00 272.0
And   486.0 488.0 2.0 0.9 2.02 7.8
And   504.0 505.5 1.5 0.7 2.10 2.3
               
CC19-20 210°/62°/585 m 381.0 385.5 4.5 2.9 3.98 49.4
Incl   384.7 385.5 0.9 0.6 16.8 178.0
And   419.0 425.0 6.0 4.4 5.27 23.5
Incl   421.0 421.6 0.6 0.4 30.6 75.2
And   445.0 446.0 1.0 0.8 3.54 4.3
And   449.0 450.0 1.0 0.7 3.01 61.5
 
CC19-21 210°/65°/580 m 291.0 292.0 1.0 0.6 3.79 18.7
And   315.0 320.0 5.0 2.9 3.27 25.8
And   324.0 325.0 1.0 0.6 2.84 27.1
And   329.0 330.0 1.0 0.6 2.66 21.9
And   342.0 343.0 1.0 0.6 3.28 20.6
And   348.0 358.0 10.0 5.8 8.39 98.9
And   367.0 368.0 1.0 0.6 69.4 765.0
And   509.0 513.0 4.0 2.3 2.43 7.8
And   523.5 525.3 1.8 1.0 2.23 1.8
 
CC19-22 210°/75°/725 m 468.0 472.0 4.0 1.9 3.39 2.2
And   479.0 480.0 1.0 0.5 2.75 3.9
And   485.0 486.0 1.0 0.5 3.56 14.2
And   518.0 519.0 1.0 0.5 4.06 20.6
And   528.0 528.7 0.7 0.3 9.46 68.9
And   533.0 534.0 1.0 0.5 3.08 19.6
And   559.0 560.0 1.0 0.5 4.01 84.3
 
CC19-23 30°/55°/756m 110.0 111.0 1.0 0.5 3.52 8.7
And   131.0 136.0 5.0 2.9 4.59 5.2
And   276.0 277.0 1.0 0.6 9.65 18.9
And   312.0 313.0 1.0 0.5 2.24 22.6
And   340.0 341.0 1.0 0.5 17.1 29.9
And   346.0 347.0 1.0 0.5 2.01 6.6
And   363.0 372.0 9.0 4.8 2.30 121.3
And   390.0 395.0 5.0 2.9 7.69 12.6
And   421.0 423.0 2.0 1.2 3.55 7.5
And   475.0 476.0 1.0 0.6 4.00 6.2
And   569.0 570.0 1.0 0.6 2.99 17.6
 
CC19-24 30°/50°/687 m 378.0 380.0 2.0 1.3 2.48 4.0
And   411.0 413.0 2.0 1.4 7.39 18.1
And   422.0 423.0 1.0 0.7 3.33 29.6
And   438.0 439.0 1.0 0.7 21.2 7.6
And   461.0 462.0 1.0 0.7 7.14 16.2
And   496.0 497.0 1.0 0.7 2.53 21.4
And   522.0 523.0 1.0 0.7 7.45 70.8
And   528.0 529.0 1.0 0.7 6.63 83.1
And   549.0 550.0 1.0 0.7 2.13 8.1
And   556.0 557.0 1.0 0.7 2.03 18.5
And   562.0 563.0 1.0 0.7 9.35 21.8
And   568.0 569.0 1.0 0.7 2.47 140.0
And   675.2 676.3 1.1 0.8 5.81 15.1
 
CC19-25 30°/50°/592 m 439.0 441.0 2.0 1.5 3.01 20.6
And   453.0 454.0 1.0 0.7 2.57 28.6
And   461.4 462.0 0.6 0.5 4.36 161.0
And   472.0 473.0 1.0 0.7 16.95 101.0
And   500.0 501.0 1.0 0.8 3.55 17.1
And   535.0 536.0 1.0 0.8 3.17 5.0
 

Intervals calculated using a lower limit of 2.00 g/t Au with a maximum inclusion of up to four continuous metres below cutoff and the highest gold value used in the reported weighted averages is 69.4 g/t Au.

 

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’ 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 Tarqui and Pegasus projects, which are being co-developed with BHP Group plc and Anglo American plc respectively.

 

Figure 1

 

Geological map (plan view) with gold histograms capped at 2.0 g/t gold along drill hole traces projected to surface. Only the last two digits of hole numbers are shown.

Luminex Resources Corp.

 

Figure 2

 

Section showing contact mineralization in CC19-18 and repetition and strengthening of the zone at depth in CC19-21.

Luminex Resources Corp.

 

Figure 3

 

Vertical longitudinal section along strike of the high-grade mineralization. Systematic drilling of the gap between the deep intersection in hole CC19-12 and the holes above it is underway. Limits of this section are the map extent of Figure 1. Only the last two digits of hole numbers are shown.

Luminex Resources Corp.

 

Posted January 20, 2020

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