Cuyes West Drilling Highlights:
- 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.
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.
Further details are available on the Company's website
at https://luminexresources.com/.
To receive news releases please sign up at
https://www.luminexresources.com/contact/contact-us/.
Follow us on: Twitter, Linkedin or Facebook.
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.
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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SOURCE Luminex Resources Corp.
