Luminex Intercepts 17 Metres of 3.8 g/t Gold and 9 Metres of 6.5g/t Gold at Soledad Baja
VANCOUVER, Sept. 24, 2020 - 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 | From (m) | To (m) | Interval (m) | True | Gold | Silver | 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 |
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/.
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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.
Contact
Scott Hicks, info@luminexresources.com, T: +1 604 646 1899