Luminex Resources Corp. (TSX-V: LR) (OTCQX: LUMIF) is pleased to announce confirmation of a new gold-silver epithermal structure at its Condor North project in southern Ecuador: the Ruiz structure. Hole CU22-05 drilled through the expected mineralized structure at Cuyes West and was extended by Company geologists to test this new structure. The Cuyes West structure dips steeply to the east-southeast; the Ruiz structure dips steeply to the southwest; and the reported intercept occurs close to the intersection of the two (see Figures 1 and 2). The intercept that cut the Ruiz structure was five metres from 277m down hole, grading 29.43 g/t gold and 86.5 g/t silver, for a gold equivalent grade of 30.47 g/t.

Leo Hathaway, SVP Exploration commented: “These are the highest grades that have ever been encountered at Condor North and should add to the mineral resource in the centre of the 2021 PEA area. Luminex plans to continue drilling high priority underground targets with a view to scoping a less capital-intensive project.”

The Ruiz structure has an estimated strike length of 450 metres and extends to the northwest from its intersection with Cuyes West before it is thought to terminate at its intersection with the Northeast Camp Fault, shown as a blue trace on Figure 1. Based on the results from hole CU22-05, Luminex has drilled a fan of three shallow holes that total 730 metres, shown in gray on Figures 1 and 2. These holes are targeting the northwest extension of the Ruiz structure at a higher level than the intercept in hole CU22-05.

Higher up in the hole, the Cuyes West structure was intercepted at the expected depth in two splays, each measuring one metre from 186m and from 192m, grading 5.58 g/t Au Eq and 2.79g/t Au Eq respectively. As epithermal veins commonly pinch and swell, it is unclear whether this intercept represents localized thinning of the structure or the termination of the mineralized structure to the southwest. Cuyes West remains open to depth along its approximately 300 metre strike length.

At a depth of 12m the hole intersected 6.0 metres grading 1.88 g/t gold and 12.7 g/t silver for a gold equivalent grade of 2.03 g/t associated with a northwest-southeast trending rhyolite dike that is probably associated with the Los Cuyes diatreme.

Since starting the 2022 drill campaign, Luminex has completed or started seven drill holes at Cuyes West, four drill holes at Camp, three drill holes at the Ruiz structure, and four drill holes at El Hito in Condor Central. The total drilled to date is approximately 7,000 metres. Luminex has results pending for three drill holes at Cuyes West, four drill holes at Camp, the three holes at the Ruiz structure, and four holes at El Hito, all of which it expects to release before year end. The company currently has two rigs on site drilling higher-grade underground targets within Condor North.

Table 1. Drill intercepts for Cuyes West hole CU22-05

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’ 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.