Luminex Expedites Drilling at the El Hito Copper-Molybdenum Porphyry Target at Central Condor

Rhea-AI Summary

Luminex Resources Corp. has identified a promising copper-molybdenum porphyry target located 500 metres north of the El Hito prospect in Ecuador. Recent rock chip sampling shows a significant area where samples mostly exceed 0.4% copper, aligning with bornite and potassic alteration, indicating a high-grade core. A 1,500-meter drill program is set to begin next week, while ongoing drilling aims at high-grade underground targets at Condor North. Historic drilling revealed intervals with 0.58% copper over 172 meters, suggesting that higher-grade deposits could remain untested.

Positive

• Discovery of a high-grade copper-molybdenum porphyry target near El Hito.
• Rock chip samples indicate significant copper presence, exceeding 0.4%.
• Ongoing 1,500-meter drill program expected to uncover additional resources.
• Historic drilling revealed copper intervals of 0.58% over 172 meters.

Negative

• None.

Highlights:

• Potential higher-grade copper-molybdenum porphyry core discovered to the north of previous drilling.
• Rock chip sampling has delineated an area approximately 320 metres in diameter where rock chip sampling mostly exceeds 0.4% copper.
• The anomaly is coincident with bornite and potassic alteration, both of which are characteristic of a high-grade copper porphyry core.
• 1,500 metre drill program is expected to commence next week with a second drill rig at Condor.
• Drilling is ongoing with one rig at the high-grade underground targets at Condor North.

VANCOUVER, BC, June 9, 2022 /PRNewswire/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce the discovery of a copper porphyry drill target located 500 metres north of the El Hito prospect at its Condor Project in southeastern Ecuador. The target area is characterized by a broadly coincident >250ppm copper and >10ppm molybdenum anomaly delineated by the recently completed soil survey (see Figure 1). The anomaly is approximately 1,800 metres from north to south, 700 metres from east to west and is generally coincident with a mapped diorite porphyry with pervasive alteration, veining and mineralization (see Figure 1). The soil survey was completed on 200-metre spaced east-west oriented lines that extended four kilometres to the north from El Hito and two kilometres from east to west, on average.

The southern portion of the El Hito soil anomaly contains historic drill holes, while the northern part of the anomaly remains undrilled. A total of 4,687 metres in nine holes was drilled by previous operators, including an interval grading 0.58% copper over 172 metres from eight metres down the hole. These historic results are summarized in Table 1. The northern part of the soil anomaly was recently found to contain an approximately 320 metre diameter zone where the majority of rock chip samples returned values exceeding 0.4% copper. This zone is larger and more coherent than where the historic drilling occurred, when the same surface sampling criteria is applied (see Figure 1). The northern rock chip anomaly is coincident with a zone where bornite and chalcocite are observed at surface and is also the only area where an erosional "window" through the outer phyllic alteration shell exposes the inner potassic altered core of the porphyry system (see Figure 2).

Luminex geologists interpret the observations outlined above to indicate that the historic drilling may not have drilled the highest-grade part of the porphyry copper system at El Hito. Luminex's initial 1,500 metre, five-hole drill program at El Hito will test this area and expand outwards from there on a 100-metre spaced grid (hole 1 shown on Figure 1 & 2). A drill rig has been mobilized to the drill pad shown on Figure 2 and drilling on an easterly inclined hole will commence next week.

Drilling is still ongoing with one rig at the high-grade underground targets at Condor North. Three drill holes have been completed since drilling resumed in early May at Los Cuyes. The drill rig is being mobilized to the Camp underground targets while Luminex awaits assays on the three completed Los Cuyes drill holes.

Table 1. Historic drill results from El Hito

Hole	Azimuth/ Inclination / Depth	From (m)	To (m)	Interval (m)	Copper (%)	Molybdenum (%)	Year Drilled
DEH-05	90°/-60°/811.7m	3.8	614.6	610.9	0.29	0.005	2012
Incl.		492.0	536.5	44.5	0.42	0.003
Incl.		577.0	614.6	37.6	0.44	0.002
And		631.5	739.0	107.6	0.46	0.003
Incl.		631.5	673.0	41.6	0.73	0.001
DEH-06	90°/-60°/701.0m	0.0	580.0	580.0	0.27	0.003	2013
Incl.		342.0	374.0	32.0	0.48	0.003
DEH-07	270°/-65°/749.8m	1.0	646.0	645.0	0.31	0.005	2013
Incl.		8.0	180.0	172.0	0.58	0.004
DEH-08	90°/-60°/634.0m	6.5	550.0	543.5	0.30	0.004	2013
DEH-09	90°/-65°/601.7m	24.0	560.0	536.0	0.26	0.007	2013
DH-1	284°/-59°/261.4m	24.0	261.4	237.4	0.32	0.005	2000
DH-2	264°/-59°/249.2m	26.0	246.0	220.0	0.27	0.009	2000
DH-3	0°/-60°/178.9m	14.0	178.9	164.9	0.30	0.003	2000
DH-4	277°/-58°/498.9m	12.0	484.0	472.0	0.22	0.004	2000

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 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 or information with respect to planned drilling and work programs at El Hito. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or variations of that word and phrases or statements that certain actions, events or results "will", "could" or are "intended to" be taken, 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; 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 recent discovery did Luminex Resources Corp. announce regarding copper and molybdenum?

Luminex Resources Corp. announced the discovery of a copper-molybdenum porphyry target located 500 metres north of the El Hito prospect in Ecuador.

What are the key findings from the rock chip samples at the Condor Project?

The rock chip sampling delineated an area approximately 320 metres in diameter with samples mostly exceeding 0.4% copper, along with significant alterations suggesting higher-grade mineralization.

When is the new drill program for Luminex expected to start?

The 1,500-meter drill program is expected to commence next week at the El Hito target.

What historical drilling results has Luminex reported at El Hito?

Previous drilling revealed intervals grading 0.58% copper over 172 meters, highlighting the potential for higher-grade deposits.