VANCOUVER, July 7, 2020 - Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the "Company" or "Luminex") is pleased to release Condor Camp deposit drilling results for holes CC20-30, CC20-31 and CC20-32. The Company has completed approximately 17,800 metres in 32 holes at the Camp deposit since the campaign began. Holes CC20-29 to 32 were not included in the maiden mineral resource estimate for the Camp deposit that was released March 31, 2020 and have started to delineate a new high-grade area that adds mineralization to the deeper southeast area of the deposit. This area is open along strike in both directions and to depth.
Holes CC20-30 and CC20- 31 stepped out into the area above two of the deposits' highest-grade intercepts, in holes CC20-29 and CC20-12, where drill coverage had previously been insufficient for resource categorization. Hole CC20-31 intercepted 25 metres (13.5 metres true width) of 3.3 g/t gold and 31.5 g/t silver. This area exhibits higher zinc grades than the rest of the Camp deposit (see Table 1), possibly increasing as drilling vectors towards the intrusive mineralization source. Hole CC20-32 stepped out to the southwest approximately 80 metres from hole CC20-21 and continued to expand the deposit in this direction. The location of the new drill holes in relation to the rest of the Camp deposit are shown in Figure 1 below.
Luminex is currently drilling with one rig in the Soledad Baja and Soledad deposit areas. Soledad Baja, the immediate southeast surface extension of the Camp deposit and the Soledad deposit, represent a continuation of the trend to the southeast from the Camp area. Approximately 1,750 metres has been completed in three holes to date (see Figure 2).
The Government of Ecuador has mandated that companies in "Strategic Industries", a denomination that includes mining, continue operations during the COVID-19 State of Exception. Luminex continues to follow the Ecuadorian health and safety requirements as well as strict in-house safety protocols developed based on World Health Organization guidelines to minimize risk to employees and contractors from COVID-19. To date the Company has had no occurrences of COVID-19 at its Condor project. All incoming employees and contractors are tested and screened prior to all shift changes.
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) | Zinc
(%) |
| CC20-30 | 30°/-60°/849.85 m | 304.0 | 312.0 | 8.0 | 3.3 | 1.48 | 5.5 | 0.72 |
| Incl. |
| 310.0 | 312.0 | 2.0 | 0.8 | 3.68 | 5.5 | 0.74 |
| And |
| 358.0 | 360.0 | 2.0 | 0.8 | 2.65 | 1.5 | 0.10 |
| And |
| 407.0 | 409.0 | 2.0 | 0.8 | 4.08 | 13.0 | 0.76 |
| And |
| 420.0 | 429.0 | 9.0 | 3.4 | 3.16 | 48.0 | 2.20 |
| And |
| 451.0 | 513.0 | 62.0 | 22.2 | 1.45 | 11.4 | 0.85 |
| Incl. |
| 499.0 | 505.0 | 6.0 | 2.4 | 3.10 | 13.4 | 1.32 |
|
|
|
|
|
|
|
|
|
| CC20-31 | 30°/-55°/775.23 m | 521.0 | 546.0 | 25.0 | 13.5 | 3.30 | 31.5 | 0.96 |
| Incl. |
| 541.0 | 542.0 | 1.0 | 0.5 | 48.70 | 293.0 | 7.13 |
| And |
| 590.0 | 593.0 | 3.0 | 2.8 | 2.40 | 10.0 | 0.16 |
| And |
| 603.0 | 604.0 | 1.0 | 0.9 | 2.01 | 7.6 | 0.77 |
| And |
| 608.0 | 609.0 | 1.0 | 0.9 | 3.60 | 41.2 | 0.17 |
| And |
| 673.0 | 674.0 | 1.0 | 0.9 | 2.03 | 10.7 | 0.11 |
|
|
|
|
|
|
|
|
|
| CC20-32 | 30°/-50°/535.10 m | 222.0 | 227.0 | 5.0 | 3.1 | 2.33 | 3.4 | 0.77 |
| And |
| 329.3 | 330.0 | 0.8 | 0.5 | 8.12 | 118.0 | 10.60 |
| And |
| 342.0 | 344.0 | 2.0 | 1.3 | 3.00 | 22.9 | 0.78 |
| And |
| 402.0 | 404.0 | 2.0 | 1.3 | 2.08 | 9.5 | 0.13 |
| And |
| 408.0 | 410.0 | 2.0 | 1.3 | 2.09 | 14.4 | 0.56 |
| And |
| 439.0 | 440.0 | 1.0 | 0.6 | 3.53 | 7.2 | 0.68 |
| Intervals calculated using a lower limit of 0.5 g/t Au with a maximum inclusion of up to four continuous metres below cut-off and the highest gold and silver values used in the reported weighted averages are 48.7 g/t Au and 293.0 g/t Ag. More drilling is needed to determine the geological data required to calculate true widths for the intercepts. |
Quality Assurance
All Luminex sample assay results have been independently monitored through a quality assurance / quality control ("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' ("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 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, including the Tarqui and Pegasus projects, which are being co-developed with BHP Group plc and Anglo American respectively.
Further details are available on the Company's website at https://luminexresources.com/.
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Luminex Resources Corp.
Signed: "Marshall Koval"
Marshall Koval, CEO and Director
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.
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SOURCE Luminex Resources Corp.
