Luminex Confirms Cuyes West Mineralization with Step-out Drilling and Discovers New Structure; 4 Metres of 7.7 g/t Au Eq Intercepted

Rhea-AI Summary

Luminex Resources Corp. has announced positive results from its recent drilling program at the high-grade Cuyes West gold and silver discovery in Ecuador. Notable findings include 4.0 metres of 7.7 g/t Au Eq from drill hole CU22-04 and 4.0 metres of 5.5 g/t Au Eq from CU22-03. Additionally, the company discovered a new mineralized structure, Ruiz, next to the existing Camp deposit. The current inferred resource at Camp is 6.0 Mt with 663,000 Au Eq oz. Future plans include further drilling at both Cuyes West and Ruiz structures.

Positive

• Drill hole CU22-04 intercepted 4.0 metres grading 7.7 g/t Au Eq.
• Drill hole CU22-03 intercepted 4.0 metres grading 5.5 g/t Au Eq.
• Discovery of a new mineralized structure, Ruiz, enhancing project potential.
• Existing Camp deposit hosts an inferred resource of 6.0 Mt with 663,000 Au Eq oz.

Negative

• Assay results for drill hole CU22-05 are still pending.

Highlights:

• CU22-03 – 4.0 metres of 5.5 g/t Au Eq
• CU22-04 – 4.0 metres of 7.7 g/t Au Eq
• CU22-05 – Intercepted Cuyes West structure and a new mineralized structure; assays pending

VANCOUVER, BC, Sept. 8, 2022 /PRNewswire/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce that after assay results from four of five completed holes, it has drill-delineated at least 200 metres of strike length at the Company's high-grade gold and silver discovery, that it is referring to as Cuyes West. The additional step-out holes were drilled after the initial discovery announced in the March 14, 2022 news release. In addition to the drilling, the Company has discovered a new mineralized structure, the Ruiz structure, which is parallel to the Camp deposit and has also identified other similar targets for potential future testing at Condor North.

Marshall Koval, CEO & Director commented: "The existing underground Camp deposit provides early, high grade gold mineral resources in the Condor North PEA to blend with the three open pits. Additional similar underground areas such as Cuyes West, the Ruiz structure and other newly discovered targets should continue to enhance the Condor North project."

Cuyes West Structure

Cuyes West is located in a previously untested area immediately west of the Los Cuyes mineral resource. To date, four lateral step-out holes on hole CU21-01 have been completed to begin delineating the Cuyes West structure (see Figure 2). CU21-01 intercepted 17.6 metres (278.4 to 296.0 metres) and graded 2.91 g/t gold and 15.23 g/t silver (3.09 g/t AuEq), with an internal zone of 8.6 metres grading 5.1 g/t gold and 24.85 g/t silver (5.39 g/t AuEq.).  Luminex has received assay results for three of the four holes (see Table 1). 

Table 1. Drill intercepts for Cuyes West holes. 

Hole	Azimuth / Dip / Length	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)	Au Eq* (g/t)
Western Step-out off of CU21-01
CU22-03	343° / -25° / 300m	16	82	66*	0.37	3.1	0.41
And		102	174	72*	0.26	4.7	0.33
And		181	201	20*	0.96	6.8	1.04
And		245	267	22	1.88	20.5	2.13
Incl.		262	266	4	5.04	38.3	5.50
And		292	294	2	1.74	1.6	1.76
CU22-04	340° / -25° / 315m	118	132	14*	0.34	3.3	0.38
And		168	205	37*	0.41	11.6	0.55
And		214	218	4	6.38	108.1	7.68
CU22-05	340° / -55° / 402m	Assays Pending
Eastern Step-out off of CU21-01
CU22-02	352° / -25° / 384m	0	40	40*	0.37	0.9	0.38
And		54	188	134*	0.81	4.4	0.86
And		296	298	2	1.16	26.5	1.47
And		321	327	6	1.31	17.0	1.51
And		334	339	5	0.44	12.1	0.59

Intervals, except those marked with an asterisk (*), are calculated using a lower limit of 1.00 g/t Au with a maximum inclusion of up to five continuous metres below cut-off and the highest gold value used in the reported weighted averages is 15.75 g/t Au. Asterisked intercepts are 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 2.03 g/t Au. Eq values assume $1,500 gold and $18.00 silver (AuEq= Au g/t + (Ag g/t *0.012).

 

Drill hole CU22-03 stepped out approximately 70 metres to the south of CU21-01 and intercepted 4.0 metres grading 5.04 g/t gold and 38.3 g/t silver, for 5.50 g/t AuEq., from 262 metres contained within a 22.0-metre interval grading 1.88 g/t gold and 20.5 g/t silver (2.13 g/t AuEq.) (see Figures 2 and 3). On the basis of this successful step-out hole Luminex stepped out a further 80 metres to the south with hole CU22-04, that intercepted 4.0 metres grading 6.38 g/t gold and 108.1 g/t silver (7.68 g/t AuEq.), from 214 metres.

Drill hole CU22-05 was drilled to step out on CU22-04 and intercepted the projected mineralised structure over approximately 7 metres from 186 metres. This represents a step-out of approximately 120 metres to depth and 50 metres laterally. Assays from this intercept have not been received and grades are unknown.

Drill hole CU22-02 stepped out approximately 50 metres to the north of CU21-01 and intercepted 6 metres grading 1.31 g/t gold and 17 g/t silver (1.51 g/t AuEq.), from 321 metres with 134 metres grading 0.81 g/t gold and 4.4 g/t silver (0.86 g/t AuEq.) and 40 metres grading 0.37 g/t gold and 0.9 g/t silver (0.38 g/t AuEq.) from surface higher up in the hole. Artisanal workings and surface sampling indicate that the structure also continues to the north, but hole CU22-02 represents a thinning of the structure. Further work to establish the northward extension is required.

Ruiz Structure

The Ruiz structure connects to the Cuyes West structure from the north at a high angle (see Figure 1 and Figure 4). Luminex geologists extended hole CU22-05 to intersect this structure and, at the predicted depth, the hole cut approximately 18 metres of disseminated and centimetric vein sulphides from 266 metres, including 50 centimetres of semi massive sulphides at 280 metres. Assays from this intercept have not been received and grades are unknown. Luminex is testing this structure with a second drill hole, drilled to the north-northeast having designed the hole to intersect the structure at a vertical depth of approximately 70 metres. This drill hole is shown on Figure 1 and Figure 4.

District Context

Both the Cuyes West and Ruiz structures consist of pyrite, sphalerite, marcasite disseminated along rhyolite dike contacts that is associated with illite, sericite, silica and carbonate (locally rhodocrosite) alteration. This style of mineralization is identical to the Camp deposit located approximately 700 metres to the south-southwest (see Figure 4) and is classified as intermediate sulphidation type. The Camp deposit hosts an inferred resource of 6.0 Mt with 663,000 Au Eq oz, with a gold and silver grade of 3.28 g/t and 27.8 g/t respectively. Luminex geologists have identified additional structures at Condor North that have similar characteristics and may constitute future drill targets.

Future Plans

At Condor North, Luminex plans to:

1. Continue to delineate a resource at Cuyes West;
2. Continue to drill test the Ruiz structure;
3. Continue step-out and infill drilling at the Camp deposit; and
4. Explore similar intermediate sulphidation targets and bring them to drill stage.

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") sample preparation facility in Quito, Ecuador. Sample pulps are sent to ALS's lab in Lima, Peru for analysis where gold content is determined by fire assay of a 50-gram charge with 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 ALS 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 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.

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 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.

FAQ

What are the recent assay results from Luminex Resources Corp.'s drilling at Cuyes West?

Luminex Resources Corp. reported 4.0 metres of 7.7 g/t Au Eq from drill hole CU22-04 and 4.0 metres of 5.5 g/t Au Eq from CU22-03.

What new structures were discovered by Luminex Resources Corp. in their latest press release?

Luminex discovered a new mineralized structure named Ruiz, located adjacent to the existing Camp deposit.

What is the inferred resource at the Camp deposit of Luminex Resources Corp.?

The Camp deposit has an inferred resource of 6.0 Mt with 663,000 Au Eq oz.

What are the future drilling plans for Luminex Resources Corp. following the recent press release?

Luminex plans to continue drilling at Cuyes West and the Ruiz structure, as well as infill drilling at the Camp deposit.