Luminex Intercepts 17 Metres of 3.8 g/t Gold and 9 Metres of 6.5g/t Gold at Soledad Baja

Rhea-AI Summary

Luminex Resources Corp. announced promising drilling results from its Soledad Baja project, completing 3,300 metres across five holes. Significant findings include 17.2 metres returning 3.78 g/t gold, 4.2 g/t silver, and 1.17% zinc, indicating consistent mineralization similar to the Camp deposit. Additionally, a re-assaying program revealed grades averaging 11% higher than original assays. The company aims to incorporate these results into future updates for the Camp deposit, enhancing its growth potential.

Positive

• 17.2 metres grading 3.78 g/t gold, 4.2 g/t silver, and 1.17% zinc in SO20-05.
• 34 metres grading 1.36 g/t gold, 6.5 g/t silver, and 1.05% zinc in SO20-04.
• Re-assaying program showed metallic screen assay grades averaged 11% higher than original assays.

Negative

• Discontinuous intercepts in the first three holes indicate mineralization issues.
• Faulting may impact the continuity of mineral deposits.

VANCOUVER, BC, Sept. 24, 2020 /PRNewswire/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to release Soledad Baja drilling results for holes SO20-01 to SO20-05. The Company completed approximately 3,300 metres in five holes. Soledad Baja lies immediately southeast of the Camp deposit discovery and within the northern epithermal area of the larger Condor Project. Luminex is currently drilling its second hole on the Northwest Camp target to test the strike length of the Camp deposit to the northwest.

Drill results from the first three holes at Soledad Baja indicate that the consistent mineralization encountered in the Camp deposit is faulted downwards and may be dissected by northeast-southwest trending high-angle faults. This resulted in discontinuous intercepts of granodiorite hosted mineralization in these holes.

Hole SO20-05 was drilled across the trend of the faulting at Soledad Baja to define the fault's dip and determine displacement between the fault blocks. Between 290 and 335 metres the hole passed through the Piedras Blancas and Fierosos faults into the fault-block hosting the Camp deposit (see Figure 2). Intervals below 335 metres can be considered extensions of the Camp deposit. Significant intervals of greater than 5 metres core length in SO20-05 were:

• 17.2 metres from 249 metres down the hole returned 3.78 g/t gold, 4.2 g/t silver and 1.17% zinc as quartz-pyrite-sphalerite-rhodochrosite veins and disseminations hosted in granodiorite as associated with the Piedras Blancas fault.
  
  
• 5.1 metres from 476 metres down the hole returned 2.09 g/t gold, 37.4 g/t silver and 3.34% zinc as quartz-pyrite-sphalerite-rhodochrosite veins and breccias in the contact zone of a rhyolite dike within the granodiorite batholith.
  
  
• 8.8 metres from 606 metres down the hole returned 6.49 g/t gold, 54.6 g/t silver and 2.08% zinc as quartz-pyrite-sphalerite-marcasite veins within a silicified chlorite carbonate clay altered basalt schist.
  
  
• 8.7 meters from 798 meters down hole returned 5.0 g/t gold, 19.5 g/t silver and 2.26% zinc as quartz-pyrite-sphalerite veins within a silicified chlorite carbonate clay altered basalt schist.

Hole SO20-04 was drilled to test for a northeast extension to the Soledad open pit resource, located approximately 250 metres to the southeast of the drilling at Soledad Baja. Hole SO20-04 successfully extended this mineralization and intersected 34 metres grading 1.36 g/t gold, 6.5 g/t silver and 1.05% zinc from 304 metres down the hole.

In addition to the latest drill results, Luminex reports that it has completed a 200-sample metallic screen fire re-assaying program on samples grading over 1.0 g/t gold from the Camp deposit. The metallic screen assay grades averaged 11% higher than the original assays that were not screened. A follow-up program using metallic screen fire assaying is currently underway for all samples from the Camp drilling campaign originally grading greater than 0.5 g/t gold. The results of the metallic screen fire follow-up assay program will be incorporated into any future mineral resource update for the Camp deposit.

Table 1: Drill Hole results

Hole	Azimuth / Dip (degrees) / Depth (m)	From (m)	To (m)	Interval (m)	True Width (m)	Gold (g/t)	Silver (g/t)	Zinc (%)
CC20-01	210°/-60°/543 m	No significant intercepts
CC20-02	210°/-60°/390 m	259.0	261.0	2.0	1.2	4.77	<0.5	0.78
And		271.0	273.0	2.0	1.2	2.03	<0.5	0.02
CC20-03	210°/-60°/845 m	39.6	40.1	0.5	0.5	4.11	45.5	0.05
And		45.0	48.0	3.0	1.8	2.27	2.9	0.01
And		138.1	139.2	1.1	0.5	3.33	63.9	5.01
And		632.0	633.1	1.1	0.9	7.18	17.1	0.36
And		737.0	740.0	3.0	2.6	3.01	11.8	1.16
And		746.0	747.0	1.0	0.9	2.34	1.3	0.31
And		831.0	832.0	1.0	0.6	9.99	21.3	1.32
CC20-04	235°/-65°/707 m	184	185	1.0	0.9	37.30	3.1	0.05
And		304	338	34.0	20.2	1.36	6.5	1.05
CC20-05	295°/-65°/815 m	19.0	20.0	1.0	0.5	2.69	1.1	0.01
And		97.6	98.6	1.1	0.5	25.40	52.1	0.11
And		195.0	196.0	1.0	0.4	8.19	17.7	0.63
And		205.9	207.8	1.9	0.9	3.78	5.9	2.46
And		249.0	266.2	17.2	8.4	3.78	4.2	1.17
And		272.0	273.0	1.0	0.5	2.62	1.1	1.11
And		476.1	481.3	5.1	2.0	2.09	37.4	3.34
And		513.0	514.0	1.0	0.2	4.87	4.7	2.91
And		527.0	528.0	1.0	0.3	3.66	13.0	1.24
And		555.2	556.5	1.3	0.9	3.39	23.8	3.11
And		558.0	559.1	1.1	0.8	2.89	21.8	2.18
And		562.4	563.5	1.1	0.3	2.98	8.4	0.91
And		590.2	594.0	3.8	1.9	2.17	15.3	1.15
And		606.4	615.2	8.8	4.0	6.49	54.6	2.08
And		622.0	624.0	2.0	1.3	2.84	4.1	0.68
And		648.0	649.1	1.1	0.8	2.39	10.9	2.89
And		699.9	700.7	0.8	0.1	6.92	35.8	2.45
And		705.8	707.1	1.3	0.2	3.05	19.4	1.40
And		788.0	789.0	1.0	0.4	3.29	8.6	1.45
And		798.3	807.0	8.7	3.6	5.00	19.5	2.26

Intervals calculated using a lower limit of 2.0 g/t Au with a maximum inclusion of up to four continuous metres below cut-off and the highest gold and silver values used in the reported weighted averages are 43.1 g/t Au, 404.0 g/t Ag and 10.45% zinc.

Quality Assurance

All Luminex sample assay results have been independently monitored through a quality assurance / quality control ("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. In the future all samples from the Camp deposit area grading greater than 0.5 g/t gold will be re-analyzed via the metallic-screen technique.

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 screen 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 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 and Pegasus projects, which are being co-developed with BHP Group plc and Anglo American 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/.

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.

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SOURCE Luminex Resources Corp.

FAQ

What were the key findings from Luminex's drilling at Soledad Baja?

Key findings include significant gold, silver, and zinc grades from drill holes SO20-04 and SO20-05.

How much gold was found in the recent Luminex drill results?

The highest finding included 17.2 metres grading 3.78 g/t gold.

When was the latest drilling report from Luminex released?

The latest drilling results were announced on September 24, 2020.

What impact did the metallic screen re-assaying have on Luminex's results?

The re-assaying program showed grades that averaged 11% higher than original assays.

How deep were the Luminex drill holes at Soledad Baja?

The drilling covered approximately 3,300 metres across five holes.