Highlights Include:
- Commencing a five hole, 3,200 metre drill program at the Medusa
copper-porphyry target.
- Prioritization work on the additional Pegasus A porphyry
targets is ongoing.
VANCOUVER, BC, Jan. 11,
2023 /CNW/ - Luminex Resources Corp. (TSXV:
LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to
announce that Anglo American has
commenced its maiden drill program at the Pegasus project (the
"Project"). The initial drill program will consist of five holes
and 3,200 metres at the Medusa target. As with other identified
targets on the district scale Pegasus property, Medusa exhibits
corresponding favorable high-level alteration patterns of the host
porphyritic and surrounding rocks, strong copper, molybdenum, and
gold rock geochemistry, and magnetic-low geophysical signatures
typical of porphyry copper systems. The Medusa area has also been
the site of limited historic drilling by prior operators, with
shallow holes (<200 meters), some of which ended in significant
copper mineralization (>0.6% copper).
The Medusa area has three internal targets based on the
characteristics mentioned above with initial drilling slated for
the largest northwestern target. Drilling plans have also been
prepared for the other areas within the Medusa anomaly, however
those plans are contingent on initial results. Prioritization work
on the additional Pegasus A porphyry targets is ongoing.
In September 2022, Anglo American made their scheduled US$1.0 million cash payment to Luminex. As of
September 30, 2022, Anglo American has paid Luminex US$3.4 million in cash payments in compliance
with the terms of the earn-in agreement entered into on
September 21, 2018, and spent
US$16.3 million on exploration
expenditures towards their 60% ownership earn-in.
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 Pegasus 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.
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
Luminex is solely and entirely responsible for the contents
hereof. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) nor any other person, 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 the Project. 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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SOURCE Luminex Resources Corp.