VANCOUVER, British Columbia , July 18, 2019 (GLOBE NEWSWIRE) -- Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) is pleased to announce results from the final two holes of its initial four hole, “Phase 1” diamond drilling program at the Camp Zone in the northern part of its Condor Project, as well as the commencement of its “Phase 2” follow-up drill program. The results from these two drill holes complement those described in Luminex’s June 18, 2019 news release announcing the discovery of a high-grade, broad zone of precious metal mineralization.
Drill hole CC19-03 demonstrated lateral continuity of the high-grade gold and silver mineralization that was intersected in CC19-01 and 02. The best intersection from CC19-03 was 35 metres assaying 4.58 g/t gold and 10.3 g/t silver. Similar to the initial two drill holes, hole CC19-03 cut the mineralized zone at an angle of approximately 65 degrees with an approximate true thickness of 25 metres. The three longer intersections cut in holes CC19-01 to 03 (high-grade zone) are separated by 125 metres along trend, and as noted in the June 18 news release, holes CC19-01 and 02 ended in high-grade mineralization. Long intervals of lower-grade mineralization were also cut in CC19-03 from three metres below surface. The fourth hole did not penetrate deep enough to test the high-grade epithermal system.
Drill Results Table:
|Hole||Azimuth / dip|
* “Shallower” intervals are calculated using a lower limit of 0.25 g/t Au with a maximum of ten continuous metres occurring within the stated intercept and the highest gold value used in the reported weighted averages is 12.2 g/t Au.
** “Deeper” intervals are calculated using a lower limit of 2.00 g/t Au with a maximum of six continuous metres and the highest gold value used in the reported weighted averages is 59.3 g/t Au.
These results help confirm the geometry of the high-grade zone and have prompted Luminex to plan the 2,300-metre Phase 2 program, consisting of seven new drill holes. Phase 2 drilling has commenced with one drill rig and a second drill rig will be added in the near-term. Phase 2 is designed to step-out along trend in both directions and to depth (see Figures 1&2). An extension to CC19-02 and a deep hole are also being planned as part of Phase 2. The deep hole will evaluate the relationship between the Camp Zone and the diatreme-hosted precious-metal deposit at Los Cuyes, situated 400 metres away. The hole’s location and depth will be determined following the completion of geophysics. Luminex believes there is likely a common magmatic source feeding the Camp Zone and Los Cuyes.
Channel samples collected along a newly constructed trail located on trend 380 metres to the northwest of drill hole CC19-02 have identified a probable extension to the zone. Assays show a 9-metre zone averaging 5.61 g/t gold (3 continuous 3-metre channel samples with individual assays up to 9.48 g/t gold) within a broader zone 18-metre zone averaging 3.16 g/t gold (6 continuous samples). Current surface rock sampling suggests the Camp Zone could extend 700 metres, only 125 metres of which has been drill tested.
Figure 1: Geological map with gold histograms capped at 3.0 g/t gold along drill hole traces projected to surface. Proposed Phase 2 follow-up drill holes shown is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5422648d-b517-4017-86f5-7edd7b4a409e
Figure 2: Long section viewing along strike of high-grade mineralization in holes CC19-01, CC19-02, and CC19-03. Limits of this section are the map extent of Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d8a9cbc-a4af-4fe4-ac5a-59bf04278d8a
All Luminex sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) program including the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Luminex’s facility located at the Condor property. Drill core is 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. 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. Samples with greater than 10 g/t gold or 100 g/t silver are re-run via fire assay with ALS and gravimetric finishes respectively. 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 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 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. (TSXV: LR) 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 consisting of approximately 100 thousand hectares, including the Tarqui, Orquideas, Cascas and Pegasus projects, which are being co-developed with BHP Group plc, First Quantum Minerals Ltd. and Anglo American plc respectively.
Further details are available on the Company’s website at https://luminexresources.com/.
|LUMINEX RESOURCES CORP.|
|For further information contact:|
|Signed: “Marshall Koval”||Scott Hicks|
|Marshall Koval, CEO and Director||T: +1 604 646 1899|
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to Luminex’s planned 2,300 metre Phase 2 drill program, the drilling of a deeper hole to test the relationship between the Camp Zone and Los Cuyes and timing for the arrival of a second drill rig. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plan” or “will", or phrases or statements that certain actions, events or results are “will” be taken or achieved.
With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.