Luminex Resources Corp. - LUMIF STOCK NEWS

Luminex Resources Corp. provided an update on the Condor project, detailing eight exploration drill targets that require further geological work. Notably, drilling at Los Cuyes West and Camp Northwest aims to identify high-grade mineralization, with results pending. The Condor project spans over 10,101 hectares and features continuous gold and copper mineralization. Recent discoveries include a new porphyry copper-gold-molybdenum system at Wanwintza Alta. Despite strong pathfinder elements found at Nayumbi, no economically viable intercepts were reported, indicating challenges in that area.

Luminex Resources Corp. has increased its ownership stake in five mineral deposits within its Condor project from 90.0% to 98.7%. This increase is due to the capitalization of existing inter-company loans with its subsidiary, Condormining. The deposits contain significant resources, with 2.3 million ounces of indicated gold and 4.3 million ounces of inferred gold. The project hosts 110.7 million tonnes of indicated resources at a gold grade of 0.65 g/t and 224.3 million tonnes of inferred resources at 0.60 g/t.

Luminex Resources Corp. has entered into a binding agreement with JOGMEC for a US$7M earn-in to acquire a 70% interest in the Orquideas mineral concession over approximately 4 years. The partnership aims to advance copper exploration in Ecuador, with a 2,500 metre drill program set to begin in Q1 2022. JOGMEC will make progressive investments, starting with US$0.75M in the first period. Luminex will manage the exploration and receive management fees. This strategic collaboration is part of Luminex's broader goal of partnering with major firms to mitigate risks in its property portfolio.

Luminex Resources Corp. (OTCQX: LUMIF) announced the granting of 1,387,000 stock options to directors, officers, employees, and consultants at an exercise price of $0.51 per share, expiring on November 25, 2026. Of these, 1,357,000 options will vest in three equal parts over two years, while 30,000 options will vest over four equal parts in the same period. Additionally, the Company renewed its contract with First Globe Capital for another year, compensating them with stock options and covering incidental expenses.

Luminex Resources Corp. (TSXV: LR, OTCQX: LUMIF) has released promising initial drill results from its 100% owned Tarqui project in Ecuador. Highlights include:

• TARQ1D: 685 metres grading 0.19% copper and 18 ppm molybdenum
• TARQ2D: 635 metres grading 0.16% copper and 62 ppm molybdenum
• TARQ3D: 690 metres of mineralization with 0.15% copper and 20 ppm molybdenum

BHP plans to drill an additional 5,000 metres at Tarqui in FY2022, confirming the discovery of a previously unrecognized porphyry copper deposit.

Luminex Resources Corp. announced a cash payment of US$500,000 from Anglo American, increasing their project interest to 25% in Pegasus A and B. The cumulative investment by Anglo American now stands at US$12.9 million as of June 30, 2021. Field activities and community engagement have resumed to facilitate drilling for copper, gold, and molybdenum targets in H2 2022, following vaccination and COVID-19 protocols.

Luminex Resources Corp. has announced the discovery of a new porphyry copper target named Hapa, located in its 100% owned Cascas property in Ecuador. This target features a 1 km diameter copper/molybdenum anomaly, with rock chip samples showing up to 1.29% copper and 0.33% molybdenum. Geological mapping indicates a significant copper porphyry intrusion below the anomaly, suggesting potential for secondary copper enrichment. The discovery is a key addition to Luminex's extensive mineral resource portfolio within a region known for porphyry copper systems.

Luminex Resources Corp. (TSXV: LR, OTCQX: LUMIF) announced the results of its annual general meeting held on September 21, 2021, in Vancouver. Shareholders approved all agenda items, including the election of directors Marshall Koval, Lyle Braaten, Donald Shumka, David Farrell, and John Wright for the upcoming year. The meeting also involved appointing auditors and granting the board authority to determine their remuneration. Luminex focuses on gold and copper exploration in Ecuador, with significant projects like the Condor Gold-Copper project and partnerships with industry leaders BHP Group and Anglo American.

Luminex Resources Corp. announced positive results from the Preliminary Economic Assessment (PEA) of its Condor Project, revealing a 12-year mine life with an average annual production of 187 koz gold and 758 koz silver. The PEA estimates an after-tax NPV of $387 million and an IRR of 16.0% based on a gold price of $1,600/oz. Key costs include initial capital of $607 million and average operating costs of $748/oz. The assessment relies on inferred resources, indicating potential risks. The company's CEO expressed optimism about future drilling enhancing value.