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Luminex Step-out Drilling Hits 8 Metres of 4.8 g/t Gold and 37.5 g/t Silver at the Camp Zone

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Luminex Step-out Drilling Hits 8 Metres of 4.8 g/t Gold and 37.5 g/t Silver at the Camp Zone

 

 

 

 

 

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 CC19-15 through CC19-18. The Company has drilled approximately 10,700 metres to date in 23 holes and is continuing step-out drilling with three drill rigs. The Company believes it will have sufficient data to issue a maiden resource for the Camp Zone in Q1 2020.

 

Hole CC19-15 and CC19-16, step-outs to the southeast, were drilled from the same pad with hole 16 crossing the mineralized zone deeper than hole 15 (see plan and long section, Figures 1 and 2). While mineralization was cut in both holes, results from CC19-16 indicate mineralization is more widespread and better developed at depth within the Camp Zone. Likewise, CC19-18 collared 75 metres to the northwest of CC19-15 and 16, was also angled to cross the zone deeper. It too shows strong mineralization including 8.0 metres of 4.84 g/t gold and 37.5 g/t silver.

 

Given the apparent increase in mineralization intensity at depth in the Camp Zone, systematic down-dip step-out exploration is now underway and focused on testing below 400-metres, under the bulk of the current exploration holes and surrounding the deep intersection cut in CC19-12 (19.3 metres grading 6.1 g/t gold and 36.3 g/t silver, released in the November 4, 2019 news release).

 

CC19-17 was a hole drilled to test intervening ground between the Camp Zone and the Cuyes diatreme pipe located approximately 400 metres away, where Luminex has an existing NI 43-101 resource. The hole was oriented northeast to sweep across the poorly exposed area between the two deposits (Figure 1). While the hole cut several narrow, precious-metal-anomalous zones including 1.0 metre of 2.32 g/t gold and 10.0 g/t silver, none of the mineralization appears to warrant immediate follow up.

 

Figure 1 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/3153e6dc-82af-43a2-b3e1-4d7dfe9e0671

 

Figure 2 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/155043c9-9f2c-4d73-a2d2-0c04e63a0978

 

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)
CC19-15 210°/50°/294.6 m 8.0 91.0 89.0* 52.1 0.53 9.1
Incl   50.8 53.0 2.2 1.8 4.29 30.2
Incl   60.0 61.0 1.0 0.8 3.10 46.9
And   200.0 202.0 2.0 1.6 2.17 3.9
 
CC19-16 210°/75°/211.6 m 9.5 74.0 64.5* 19.9 1.00 6.7
Incl.   9.5 18.0 8.5 2.6 4.23 14.1
Incl.   26.0 27.0 1.0 0.3 5.87 33.0
Incl.   64.0 65.0 1.0 0.3 3.94 9.7
And   91.0 93.0 2.0 0.6 2.32 5.4
And   112.0 117.0 5.0 1.5 5.45 80.6
Incl.   112.0 113.0 1.0 0.3 17.40 192.0
Incl.   116.0 117.0 1.0 0.3 8.77 168.0
And   138.0 139.0 1.0 0.3 2.14 26.7
And   143.0 144.0 1.0 0.3 2.34 32.7
And   161.0 163.0 2.0 0.6 2.89 34.2
 
CC19-17 30°/50°/620.27 m 415 416 1 0.7 2.32 10.0
               
CC19-18 210°/65°/451.8 m 28.0 32.0 4.0* 2.3 0.50 128.2
And   94.0 149.0 55.0* 32.5 1.38 12.4
Incl.   129.0 149.0 20.0 11.9 2.82 22.7
Incl.   141.0 149.0 8.0 4.8 4.84 37.5
And   164.0 165.0 1.0 0.6 3.67 20.6
And   196.5 198.4 1.9 1.1 3.15 7.0
And   206.0 208.0 2.0 1.3 2.92 5.2
And   234.0 236.0 2.0 1.3 3.99 7.7
And   263.0 265.0 2.0 1.3 3.49 25.9
And   282.0 283.0 1.0 0.6 21.80 60.6

 

All holes except those marked with an asterisk (*) are for “Deeper” 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 21.8 g/t Au. Asterisked holes are “Shallower” intervals calculated using a lower limit of 0.25 g/t Au with a maximum inclusion of five continuous metres below cutoff occurring within the stated intercept and the highest gold value used in the reported weighted averages is 9.69 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’ (“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 Tarqui and Pegasus projects, which are being co-developed with BHP Group plc and Anglo American plc respectively.

 

Posted November 28, 2019

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