Luminex Intercepts 5.0 Metres of 30.5 g/t Au Eq in the New Ruiz Structure at Condor North
Luminex Resources Corp. (LUMIF) announced the discovery of a new gold-silver epithermal structure called the Ruiz structure at its Condor North project in Ecuador. Drilling hole CU22-05 revealed a significant intercept of 5 meters grading 29.43 g/t gold and 86.5 g/t silver, translating to a gold equivalent of 30.47 g/t. These results are the highest recorded at Condor North, which could enhance the mineral resource estimates. The company plans ongoing drilling to assess high-priority underground targets, aiming to develop a less capital-intensive project.
- Discovery of the Ruiz structure with significant gold-silver intercepts: 5m at 30.47 g/t Au Eq.
- Highest grades recorded at Condor North, potentially increasing mineral resource estimates.
- Planned drilling of high-priority underground targets could lead to a less capital-intensive project.
- None.
VANCOUVER, BC, Oct. 12, 2022 /PRNewswire/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce confirmation of a new gold-silver epithermal structure at its Condor North project in southern Ecuador: the Ruiz structure. Hole CU22-05 drilled through the expected mineralized structure at Cuyes West and was extended by Company geologists to test this new structure. The Cuyes West structure dips steeply to the east-southeast; the Ruiz structure dips steeply to the southwest; and the reported intercept occurs close to the intersection of the two (see Figures 1 and 2). The intercept that cut the Ruiz structure was five metres from 277m down hole, grading 29.43 g/t gold and 86.5 g/t silver, for a gold equivalent grade of 30.47 g/t.
Leo Hathaway, SVP Exploration commented: "These are the highest grades that have ever been encountered at Condor North and should add to the mineral resource in the centre of the 2021 PEA area. Luminex plans to continue drilling high priority underground targets with a view to scoping a less capital-intensive project."
The Ruiz structure has an estimated strike length of 450 metres and extends to the northwest from its intersection with Cuyes West before it is thought to terminate at its intersection with the Northeast Camp Fault, shown as a blue trace on Figure 1. Based on the results from hole CU22-05, Luminex has drilled a fan of three shallow holes that total 730 metres, shown in gray on Figures 1 and 2. These holes are targeting the northwest extension of the Ruiz structure at a higher level than the intercept in hole CU22-05.
Higher up in the hole, the Cuyes West structure was intercepted at the expected depth in two splays, each measuring one metre from 186m and from 192m, grading 5.58 g/t Au Eq and 2.79g/t Au Eq respectively. As epithermal veins commonly pinch and swell, it is unclear whether this intercept represents localized thinning of the structure or the termination of the mineralized structure to the southwest. Cuyes West remains open to depth along its approximately 300 metre strike length.
At a depth of 12m the hole intersected 6.0 metres grading 1.88 g/t gold and 12.7 g/t silver for a gold equivalent grade of 2.03 g/t associated with a northwest-southeast trending rhyolite dike that is probably associated with the Los Cuyes diatreme.
Since starting the 2022 drill campaign, Luminex has completed or started seven drill holes at Cuyes West, four drill holes at Camp, three drill holes at the Ruiz structure, and four drill holes at El Hito in Condor Central. The total drilled to date is approximately 7,000 metres. Luminex has results pending for three drill holes at Cuyes West, four drill holes at Camp, the three holes at the Ruiz structure, and four holes at El Hito, all of which it expects to release before year end. The company currently has two rigs on site drilling higher-grade underground targets within Condor North.
Table 1. Drill intercepts for Cuyes West hole CU22-05
Hole | Azimuth / | From (m) | To (m) | Interval | Au (g/t) | Ag (g/t) | Au Eq (g/t) |
CU22-05 | 340° / -55° / 402m | 12.0 | 18.0 | 6.0 | 1.88 | 12.7 | 2.03 |
And | 186.0 | 187.0 | 1.0 | 5.40 | 15.0 | 5.58 | |
And | 192.0 | 193.0 | 1.0 | 2.44 | 29.5 | 2.79 | |
And | 277.0 | 282.0 | 5.0 | 29.43 | 86.5 | 30.47 |
Note: | There is insufficient geological data to calculate true thickness for the intervals in this Table. Intervals are calculated using a lower limit of 2.00 g/t AuE 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 99.20 g/t Au. Capping this single value in the interval at 70g/t Au reduces gold and gold equivalent grade to 23.59g/t Au and 24.63g/t AuEq* respectively. AuEq values assume |
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.
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.
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
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, releasing results from pending holes and future mineral resource estimates. 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.
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