CU23-27 – 287.0 metres grading 1.21 g/t Au Eq, including 2.0 metres grading 34.78 g/t Au Eq intersected in the breccia pipe
CU23-28 – 24.0 metres grading 2.47 g/t Au Eq intersected in the Cuyes West structure
CU23-29 – 30.0 metres grading 2.83 g/t Au Eq intersected in the Cuyes West structure; including 6.0 metres of 6.72 g/t Au Eq
VANCOUVER, BC, June 21, 2023 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce drill results from three holes that targeted the Cuyes West structure (CU23-27 to CU23-29), while simultaneously targeting the adjacent Breccia Pipe target. Luminex is also announcing the results from its initial seven-hole campaign at Prometedor.
Figure 1. Plan map showing location of the Camp, Cuyes, and Cuyes West deposits. (CNW Group/Luminex Resources Corp.)
Figure 2. Drill Section with interpreted geology viewing east, with location indicated on Figure 1. (CNW Group/Luminex Resources Corp.)
Figure 3. Longitudinal vertical section showing pierce points of the primary intercepts in the Cuyes West structure, coloured by gold grade x thickness, where results are available. (CNW Group/Luminex Resources Corp.)
Figure 4. Plan map showing the location of the Prometedor drill holes with the surface soil anomalies and mapped geology. (CNW Group/Luminex Resources Corp.)
Hole CU23-27 intersected multiple high-grade structures in the breccia pipe, notably 2.0 metres from 229.0 metres grading 33.30 g/t gold and 123.5 g/t silver (34.78 g/t Au Eq), within a wider intercept of 287.0 metres from 99.0 metres, which graded 1.10 g/t gold and 8.8 g/t silver (1.21 g/t Au Eq).
Hole CU23-29 confirmed that Cuyes West extends at least 500 metres down from surface, while remaining open to depth. The hole cut a 30.0 metre interval grading 2.81 g/t gold and 1.66 g/t silver (2.83 g/t Au Eq) from 475.0 metres, including 6.0 metres grading 6.69g/t gold and 3.0g/t silver (6.72g/t Au Eq) from 487.0 metres. This hole stepped out approximately 210 metres vertically below hole CU23-22, which intercepted 15.0 metres of 6.18 g/t gold and 41.8 g/t silver (6.68 g/t Au Eq) from 308.0 metres.
Hole CU23-28 intersected multiple high-grade intercepts, including 24.0 metres returning 2.31 g/t gold and 13.08 g/t silver (2.47 g/t Au Eq) from 313.0 metres, within a broader 50.0 metre zone of 1.70 g/t gold and 9.51 g/t silver (1.82 g/t Au Eq) from 293.0 metres.
Other intervals are present in additional structures in holes CU23-27, CU23-28 and CU23-29 and are detailed in Table 1.
The style of mineralization at Cuyes West structure is identical to that at the Camp deposit, 600 metres to the west. At a property scale, these mineralized structures are interpreted to be hosted in ring and radial fractures around the Los Cuyes caldera (See Figure 1).
Table 1. Drill intercepts for the Cuyes West structure and breccia pipe.
Hole
Azimuth / Dip / Length
From
(m)
To
(m)
Interval (m)
Au
(g/t)
Ag
(g/t)
Au Eq
(g/t)
CU23-27
6° /
- 48° / 441.45m
24.0
26.0
2.0*
0.41
0.8
0.42
And
80.0
84.0
4.0*
0.73
0.8
0.74
And
99.0
386.0
287.0*
1.10
8.8
1.21
Incl
166.0
168.0
2.0
6.82
25.8
7.13
Incl
182.0
183.0
1.0
5.26
68.1
6.08
And
199.0
218.0
19.0
1.34
9.3
1.45
And
229.0
231.0
2.0
33.30
123.5
34.78
And
345.0
375.0
30.0
2.11
21.9
2.38
CU23-28
78.0
82.0
4.0*
0.41
3.0
0.45
And
94.0
162.0
68.0*
0.52
3.3
0.56
And
178.0
184.0
6.0*
0.88
14.1
1.05
And
196.0
206.0
10.0*
0.91
15.9
1.10
And
234.0
235.0
1.0
1.70
9.2
1.81
And
277.0
279.0
2.0
1.63
7.3
1.72
And
293.0
343.0
50.0
1.70
9.5
1.82
Incl
313.0
337.0
24.0
2.31
13.1
2.47
CU23-29
0° /
-75° / 593.45m
10.0
14.0
4.0*
0.40
4.1
0.45
And
30.0
34.0
4.0*
0.56
6.5
0.64
And
46.0
84.0
38.0*
0.36
5.6
0.43
And
122.0
316.0
194.0*
0.96
3.4
1.00
Incl
203.0
234.0
31.0
2.06
4.7
2.12
Incl
241.0
265.0
24.0
1.79
5.3
1.85
Incl
313.0
314.0
1.0
6.34
5.1
6.40
And
330.0
445.0
115.0*
0.74
3.2
0.78
Incl
339.0
340.0
1.0
2.93
0.5
2.93
Incl
348.0
351.0
3.0
1.83
2.1
1.86
Incl
361.0
363.0
2.0
2.37
2.4
2.40
Incl
422.0
440.0
18.0
1.66
5.1
1.72
And
475.0
505.0
30.0
2.81
1.7
2.83
Incl
487.0
493.0
6.0
6.69
3.0
6.72
Asterisked (*) intervals are "Shallower" intervals calculated using a lower limit of 0.20 g/t Au with a maximum inclusion of ten continuous metres below cut-off occurring within the stated intercept and the highest gold value used in the reported weighted averages is 9.94 g/t Au. Remaining intervals not marked with an asterisk are for "Deeper" intervals calculated using a lower limit of 1.0 g/t Au with a maximum inclusion of up to six continuous metres below cut-off and the highest gold value used in the reported weighted averages is 48.60 g/t Au. Au Eq values assume $1,500 gold and $18.00 silver (Au Eq= Au g/t + (Ag g/t *0.012)).
Prometedor
Seven exploration holes were drilled at the Prometedor target (PR23-01 to PR23-05 and EB23-01 to EB23-02), located three kilometres south-east of the Soledad deposit. This target comprises a one kilometre by 250 metre rock and soil anomaly at surface with creek bed samples returning up to 38.97 g/t gold. The maiden drilling consisted of five drill holes spaced 100 to 250 metres apart. Holes EB23-01 and EB23-02 were drilled 430 metres south of the main Prometedor surface anomaly. All holes encountered various mineralized intercepts and provided important geologic data. Hole PR23-01 intercepted a 1.79 metre interval grading 1.21 g/t gold and 22.99g/t silver (1.48 g/t Au Eq) from 27.5 metres within a broader interval of 8.34 metres grading 0.59 g/t gold and 7.34 g/t silver (0.68 g/t Au Eq) from 21.0 metres. Hole PR23-03 intercepted 48.9 metres grading 0.36 g/t gold and 7.48 g/t silver (0.45 g/t Au Eq) from surface. See Table 2 for additional intervals in all of the holes drilled on this target.
Mineralization from parts of the Prometedor area is of the same style as discovered at Camp and Cuyes deposits and is associated with rhyolite dikes. Strong quartz-sericite-pyrite alteration is present in the drill core with mineralized intercepts including pyrite, marcasite and sphalerite as the dominant sulphide minerals. Drilling has been paused in this area, but given the possibility of discovering mineralogically similar material to Camp and Cuyes, surface geological and geochemical work at Prometedor continues.
Table 2. Drill intercepts for Prometedor and Esperanza drill holes.
Hole
Azimuth / Dip / Length
From
(m)
To
(m)
Interval (m)
Au
(g/t)
Ag
(g/t)
Au Eq
(g/t)
PR23-01
240° /
-60° / 147.45m
21.0
29.3
8.3
0.59
7.3
0.68
Incl
27.5
29.3
1.8
1.21
23.0
1.48
And
47.0
58.0
11.0
0.20
2.0
0.22
And
75.0
76.0
1.0
0.32
1.6
0.34
And
79.0
80.0
1.0
0.34
1.1
0.35
And
84.0
85.0
1.0
0.29
4.6
0.34
And
92.0
120.0
28.0
0.30
3.5
0.35
PR23-02
230° /
-60° / 182.50m
25.0
41.0
16.0
0.20
1.6
0.22
And
68.0
75.0
7.0
0.63
14.2
0.80
And
89.0
96.0
7.0
0.73
16.9
0.93
Incl
89.0
92.0
3.0
1.26
29.8
1.61
PR23-03
230° /
-50° / 181.35m
0.0
48.9
48.9
0.36
7.5
0.45
And
67.0
92.0
25.0
0.28
3.6
0.32
And
103.0
115.0
12.0
0.32
3.3
0.36
PR23-04
270° /
-60° / 105.05m
18.0
20.0
2.0
0.34
1.9
0.37
And
48.0
53.0
5.0
0.20
0.6
0.21
And
73.0
74.6
1.6
0.40
6.1
0.47
And
97.0
98.3
1.3
0.42
4.5
0.47
And
103.0
105.0
2.0
0.28
18.3
0.50
PR23-05
202° / -60° / 163.15m
70.3
77.0
6.7
0.44
4.0
0.48
And
136.0
137.0
1.0
0.67
39.9
1.15
EB23-01
225° / -60° / 124.65m
27.0
69.4
42.4
0.27
4.1
0.32
And
95.0
96.0
1.0
0.64
1.1
0.65
And
111.0
114.0
3.0
0.26
5.1
0.32
EB23-02
260° /
-60° / 125.20m
4.0
11.0
7.0
0.29
3.1
0.32
And
17.0
21.0
4.0
0.24
0.9
0.25
And
32.4
34.0
1.6
0.23
0.7
0.24
And
38.0
40.0
2.0
0.25
0.9
0.26
Interval calculated using a lower limit of 0.20 g/t Au with a maximum inclusion of ten continuous metres below cut-off occurring within the stated intercept and the highest gold value used in the reported weighted averages is 2.88 g/t Au. Au Eq values assume $1,500 gold and $18.00 silver (Au Eq= Au g/t + (Ag g/t *0.012)).
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' ("ALS") or Bureau Veritas Minerals' ("BMV") sample preparation facility in Quito, Ecuador. The ALS lab's sample pulps are sent to Lima, Peru for analysis where gold content is determined by fire assay of a 50-gram charge with ICP finish. The BMV lab's samples are analyzed for gold by a 50-gram charge fire assay in Quito and the remainder of the sample is sent to Lima, Peru for a 44 element - 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 both labs 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 and BMV are 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. (TSXV:LR, OTCQX:LUMIF) 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.
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 regarding future drilling and work programs at Condor. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results "will" occur or be 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.
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