Luminex Commences Drilling at Orquideas
Luminex Resources Corp. has initiated a 2,500 metre drill program at the Orquideas project, in collaboration with JOGMEC. This program includes five drill holes targeting significant copper highs and chargeability anomalies identified through geological mapping. The prioritization of these targets is based on a combination of geological, geochemical, and geophysical data that suggests the presence of porphyry intrusions. The company's properties are primarily located in Ecuador, with ongoing co-development efforts with major mining companies.
- Commencement of a 2,500 metre drill program at Orquideas, aimed at identifying copper reserves.
- Drilling targets based on a comprehensive analysis of geological, geochemical, and geophysical anomalies.
- None.
Highlights:
- 2,500 metre initial drill program planned across five holes
- Targeting surface copper highs and Induced Polarization chargeability anomalies with supporting geological mapping used to rank porphyry copper-molybdenum drill targets
VANCOUVER, BC, Feb. 23, 2022 /PRNewswire/ - (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce that it has commenced drilling the first hole at Orquideas as part of the JOGMEC earn-in on the project.
The total planned drill program will consist of 2,500 metres across five holes (see Figure 1 for Targets 1-5). The targets represent a mix of geological, geochemical and geophysical anomalies. Host rock alteration and structure, as interpreted through geological mapping and geophysical contrasts and characteristics, also played a role in target selection. Overlapping of multiple anomaly types was key in identifying and prioritizing areas for drill testing. The Companies' geologists believe that porphyry intrusions are at the core of the targeted anomalies.
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 Tarqui, Pegasus and Orquideas projects, which are being co-developed with BHP Group plc, 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
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 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.
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SOURCE Luminex Resources Corp.
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