Highlights Include:
- CC22-39 – 5.2m grading 14.61 g/t
gold, 37.4 g/t silver for a gold equivalent of 15.06 g/t
- CC22-40 – 5.0m grading 8.92 g/t
gold, 36.0 g/t silver for a gold equivalent of 9.35 g/t
- CC22-41 – 9.8m grading 3.40 g/t
gold, 30.5 g/t silver for a gold equivalent of 3.76 g/t
VANCOUVER, BC, Nov. 3, 2022
/CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX:
LUMIF) (the "Company" or "Luminex") is pleased to announce
results from three holes drilled at the Camp deposit, part of the
Condor North project area. Drill holes CC22-39, CC22-40 and CC22-41
have enabled the Company to delineate a thicker part of the Camp
deposit. The three holes were drilled to infill an area of more
widely spaced holes in the lower-central part of the deposit, which
formed as composite sheets of mineralized material that dip steeply
to the north. This thicker part of the deposit has been defined by
intercepts measuring above 10 metres true thickness horizontally,
using a 1.0 g/t gold cut-off grade. It comprises an irregular area
measuring approximately 200 metres by 200 metres and remains open
to expansion to the southeast, northwest and to depth (see Figure
1). Luminex expects these holes to add to the Camp mineral
resource.
Luminex is continuing to drill infill and step out holes on the
Camp deposit, as well as step out holes at the emerging, nearby
Cuyes West and Ruiz structures with two active rigs at Condor
North.
Table 1. Drill intercepts for Camp deposit holes.
Hole
|
Azimuth / Dip /
Length
|
From
(m)
|
To
(m)
|
Interval
(m)
|
True
Thickness
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Au Eq
(g/t)
|
CC22-39
|
30° /
-52° /
753.3m
|
185.0
|
187.0
|
2.0
|
1.00
|
2.92
|
8.1
|
3.02
|
And
|
240.0
|
242.0
|
2.0
|
1.00
|
4.08
|
28.8
|
4.42
|
And
|
248.0
|
256.0
|
8.0
|
5.00
|
2.51
|
10.1
|
2.63
|
And
|
312.0
|
313.0
|
1.0
|
0.60
|
5.32
|
35.9
|
5.75
|
And
|
345.0
|
347.0
|
2.0
|
1.00
|
1.44
|
6.3
|
1.52
|
And
|
355.0
|
356.0
|
1.0
|
0.50
|
3.28
|
2.3
|
3.31
|
And
|
381.8
|
387.0
|
5.2
|
3.00
|
14.61
|
37.4
|
15.06
|
And
|
393.0
|
397.0
|
4.0
|
2.20
|
2.00
|
21.5
|
2.25
|
And
|
403.0
|
420.0
|
17.0
|
10.50
|
1.41
|
15.7
|
1.60
|
And
|
492.0
|
500.0
|
8.0
|
4.65
|
1.51
|
10.2
|
1.63
|
And
|
560.0
|
562.0
|
2.0
|
1.20
|
2.13
|
13.8
|
2.30
|
|
|
|
|
|
|
|
|
|
CC22-40
|
22° /
-38° /
528.2m
|
194.0
|
202.0
|
8.0
|
4.90
|
1.79
|
7.9
|
1.88
|
Incl
|
194.0
|
196.0
|
2.0
|
1.40
|
5.22
|
11.7
|
5.36
|
And
|
259.7
|
260.0
|
0.3
|
0.25
|
3.62
|
63.8
|
4.39
|
And
|
307.0
|
308.0
|
1.0
|
0.70
|
2.80
|
36.9
|
3.24
|
And
|
335.0
|
336.0
|
1.0
|
0.70
|
11.80
|
25.3
|
12.10
|
And
|
350.0
|
351.0
|
1.0
|
0.70
|
5.48
|
15.6
|
5.67
|
And
|
364.0
|
367.0
|
3.0
|
2.10
|
2.05
|
14.9
|
2.23
|
And
|
377.0
|
394.0
|
17.0
|
11.90
|
3.07
|
25.8
|
3.38
|
Incl
|
384.0
|
389.0
|
5.0
|
3.50
|
8.92
|
36.0
|
9.35
|
And
|
448.8
|
450.0
|
1.2
|
0.90
|
3.78
|
15.8
|
3.97
|
|
|
|
|
|
|
|
|
|
CC22-41
|
210° /
-70° /
720.0m
|
419.7
|
431.0
|
11.3
|
3.50
|
1.20
|
8.2
|
1.29
|
And
|
437.0
|
458.6
|
21.6
|
7.80
|
2.29
|
25.3
|
2.59
|
Incl
|
437.0
|
442.0
|
5.0
|
1.80
|
4.84
|
19.4
|
5.07
|
Incl
|
453.0
|
455.3
|
2.3
|
0.83
|
5.45
|
21.1
|
5.70
|
And
|
465.0
|
506.8
|
41.8
|
13.20
|
2.17
|
25.5
|
2.47
|
Incl
|
475.0
|
477.0
|
2.0
|
0.60
|
4.94
|
33.3
|
5.34
|
Incl
|
490.0
|
494.0
|
4.0
|
1.26
|
3.34
|
35.3
|
3.76
|
Incl
|
497.0
|
506.8
|
9.8
|
3.10
|
3.40
|
30.5
|
3.76
|
And
|
558.5
|
560.2
|
1.7
|
0.52
|
3.32
|
15.9
|
3.51
|
Note: 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 82.4 g/t Au. AuEq values assume
$1,500 gold and $18.00 silver (AuEq= Au g/t + (Ag g/t *0.012).
Equivalent values assume 100% recovery of all quoted
metals.
|
Hole CC22-41 intersected the thickest zone of gold mineralisation,
41.8m grading 2.17 g/t gold, 25.5 g/t
silver for a gold equivalent of 2.47 g/t, including 9.8m grading 3.40 g/t gold, 30.5 g/t silver for a
gold equivalent of 3.76 g/t. The true thicknesses of these
intercepts are interpreted to approximately 31% of the core
length.
Holes CC22-39 and CC22-40 also contained notable intervals such
as 5.2m grading 14.61 g/t gold, 37.4
g/t silver for a gold equivalent of 15.06 g/t in hole CC22-39 and
5.0m grading 8.92 g/t gold, 36.0 g/t
silver for a gold equivalent of 9.35 g/t in hole CC22-40. The true
thicknesses of these intervals are estimated to be 57% and 70% of
the core length respectively.
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 and future changes to
the mineral resource estimate at Camp. 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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