EH22-01: 73 metre intersection grading 0.34% Cu Eq from nine metres down hole.
EH22-03: 627 metre intersection grading 0.21% Cu Eq.
Additional potential porphyry copper centres identified along trend.
New connection between the Prometedor Gold target and a porphyry copper centre discovery to the south ("Prometedor Copper").
Orquideas
ORQ22-03: 300 metres averaging 0.17% Cu Eq from 196 metres down hole.
JOGMEC plans to complete a follow-up drilling program in 2023.
VANCOUVER, BC, Nov. 15, 2022 /PRNewswire/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce results from four drill holes, totalling 2,418 metres at its El Hito porphyry prospect, located in the central area of Luminex's Condor project. Luminex is also pleased to report the drill results from five holes totalling 2,386 metres at its Orquideas project, where JOGMEC is earning into 70% ownership.
Figure 1: El Hito drilling on soil and rock geochemistry, also displaying an isolated molybdenum anomaly to the northeast. (CNW Group/Luminex Resources Corp.)
Figure 2: Regional copper geochemistry overlain on reduced-to-pole magnetics (cooler colors denote a lower magnetic signature). (CNW Group/Luminex Resources Corp.)
Figure 3: Two-kilometre long +0.1 g/t gold-in-soil anomaly and relationship to Prometedor Copper porphyry centre. (CNW Group/Luminex Resources Corp.)
Figure 4: Geology and copper geochemical map of Orquideas showing completed drill holes. (CNW Group/Luminex Resources Corp.)
All four drill holes cut significant intervals of copper mineralization, including 627 metres grading 0.20% copper and 42 ppm molybdenum for a copper equivalent grade of 0.21% in EH22-03. Most of the copper and molybdenum mineralization is hosted in phyllic-altered quartz-diorite porphyry. These rocks were intersected as drill holes probed for the potassic core of the porphyry copper-molybdenum system, where higher grades may be expected. A compilation of the data suggests that the potassic core may well be located below the base of the current drilling, or possibly to the north or northeast, where copper and molybdenum rock and soil anomalies have not yet been drilled. The molybdenum-only rock and soil anomaly to the northeast of the drilled area may also be indicative of another porphyry centre in this area (Figure 1).
Table 1. Drill intercepts for El Hito holes.
Hole
Azimuth / Dip / Length
From
(m)
To
(m)
Interval (m)
Cu
(%)
Mo
(ppm)
Cu Eq
(%)
EH22-01
90° /
-60° / 500m
9.0
109.0
98.0
0.29
14
0.29
Incl
9.0
84.2
73.2
0.33
17
0.34
And
120.4
500.0
379.6
0.20
34
0.21
Incl
366.0
464.0
98.0
0.27
44
0.28
EH22-02
270° /
-60° / 512m
42.0
362.0
320.0
0.16
14
0.16
Incl
239.0
250.0
11.0
0.26
44
0.27
Incl
280.0
298.0
18.0
0.25
5
0.25
And
438.0
470.0
32.0
0.11
18
0.12
And
480.0
496.0
16.0
0.11
11
0.11
EH22-03
90° /
-60° / 704.8m
77.5
704.8
627.3
0.20
42
0.21
Incl
111.0
199.0
88.0
0.27
20
0.27
Incl
428.0
490.0
62.0
0.30
78
0.31
Incl
684.0
704.8
20.8
0.27
16
0.27
EH22-04
180° /
-75° / 701m
12.0
186.0
74.0
0.18
28
0.19
Incl
12.0
50.0
38.0
0.28
17
0.28
And
194.0
224.0
30.0
0.16
5
0.16
And
234.0
474.0
240.0
0.21
13
0.21
Incl
312.0
368.0
56.0
0.30
18
0.30
Incl
378.0
438.0
60.0
0.28
17
0.28
And
482.0
494.0
12.0
0.18
10
0.18
And
508.0
542.0
34.0
0.15
3
0.15
And
558.0
620.0
62.0
0.16
7
0.16
Incl
558.0
572.0
14.0
0.25
3
0.25
And
656.0
666.0
10.0
0.15
34
0.16
And
676.0
700.0
24.0
0.13
3
0.13
Intervals are calculated using a lower limit of 0.10% Cu and minimum length of 10 metres with a maximum inclusion of up to six continuous metres below cut-off. The highest copper value used in the reported weighted averages is 1.63 % Cu. Cu Eq values assume $3.00 copper and $7.00 molybdenum (Cu Eq= Cu % + (Mo ppm *2.33). Equivalent values assume 100% recoveries for all metals.
Condor – Prometedor Copper Discovery
Detailed geological and geophysical work in the area shows additional porphyry copper and associated systems could lie further north in the Wanwintza Alto area, where porphyry-style, high-level, siliceous alteration is present. Another porphyry copper centre has also been identified via geological mapping, grid soil sampling and geophysical magnetic surveying at Prometedor Copper (Figure 2). As at El Hito, the Prometedor Copper porphyry centre is marked by a low magnetic signature.
The extensive gold-in-soil anomaly identified at the drill-ready Prometedor Gold target appears to be a distal, structurally controlled, precious-metal system related to the Prometedor Copper porphyry centre (Figure 3). The gold target is being readied for initial drill testing.
Orquideas Results
During 2022, Luminex and JOGMEC drilled 2,386 metres in five holes, testing a diverse set of geochemical and geophysical targets across the large Orquideas property. While the results were mixed, these holes and previous exploration drilling on the property have highlighted multiple areas warranting future exploration. JOGMEC is planning a follow-up drilling campaign in 2023.
The best results from the 2022 program came from the third hole, ORQ22-03, which cut 300 metres of continuous copper and molybdenum mineralization averaging 0.17% Cu Eq. This mineralization is hosted in an alteration assemblage (phyllic) known to flank copper porphyry deposits. In addition, a series of outcrops with consistent anomalous copper values, above 0.1% copper, have recently been found through sampling in close proximity to these holes. These discoveries provide compelling targets for follow-up drilling for higher grades potentially associated with a porphyry centre.
Other areas with strong geochemical signatures for copper and molybdenum, particularly in the southern portion of the project area (see Figure 4), may offer additional drill targets. ORQD002, drilled during an earlier campaign in 2019, cut an aggregate 132 metres averaging 0.18% Cu Eq hosted in phyllic alteration potentially indicating proximity to a second porphyry centre. Other short higher-grade intercepts from the 2019 and 2022 programs (ORQD003 and ORQ22-01) require further study to determine if additional drilling is warranted.
Table 2. Drill intercepts for Orquideas holes.
Hole
Azimuth / Dip / Length
From
(m)
To
(m)
Interval (m)
Cu
(%)
Mo
(ppm)
Cu Eq
(%)
ORQ22-01
50° /
-70° / 503m
106
132
26
0.11
47.2
0.12
ORQ22-02
50° /
-70° / 383m
No Reportable Intervals
ORQ22-03
50° /
-60° / 500m
196
496
300
0.14
118.8
0.17
ORQ22-04
230° /
-60° / 500m
No Reportable Intervals
ORQ22-05
50° /
-60° / 500m
No Reportable Intervals
Intervals are calculated using a lower limit of 0.10% Cu and with a maximum inclusion of up to six continuous metres below cut-off. The highest copper value used in the reported weighted averages is 0.31 % Cu. Cu Eq values assume $3.00 copper and $7.00 molybdenum (Cu Eq= Cu % + (Mo ppm *2.33). Equivalent values assume 100% recoveries for all metals.
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 at the Company's nearby Conder Project's core logging facility 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 copper and molybdenum contents are determined by ICP-MS methods. Over-limit samples assaying greater than 1% copper are re-analyzed by ALS using four-acid digestion and ICP-AES 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. (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 El Hito or Orquideas. 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.
SOURCE Luminex Resources Corp.
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