Luminex Resources Corp. Discovers a New Porphyry Copper Target at Cascas
Highlights:- The Hapa "Bullseye" target is a 1 km diameter coincident soil copper/molybdenum anomaly
- Part of a trend of porphyry copper systems discovered in western Cascas
- Rock chip and channel samples assaying as high as 1.29% copper and 0.33% molybdenum
VANCOUVER, Sept. 24, 2021 - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce the discovery of a new porphyry copper target: Hapa, located in the northwestern part of the Company's 100% owned Cascas property. Hapa and Shakai lie on a northwest-southeast trending ZTEM feature that could be a district feature controlling emplacement. The Hapa target is situated 3 km to the northwest of the Shakai porphyry copper centre and was first recognized by company geologists while executing a 200m x 300m grid soil sample survey. The soil grid, orientated northwest-southeast, follows the 2019 ZTEM geophysical survey lines (Figure 1).
Figure 1. Location map of Hapa showing Cascas soil sample grids, major faults and ZTEM geophysics
Subsequent to its discovery, the size and shape of the Hapa target was defined by infill soil sampling on a 100m x 100m grid within the anomalous area (Figure 2). To date, rock chip and channel samples along creeks have assayed as high as 1.29% copper and 0.33% molybdenum. Copper and molybdenum mineralization occurs as disseminations and blebs in granodiorites, as porphyry-style quartz vein sets and as banded sulphide-rich veins comprising pyrite, chalcopyrite, chalcocite, covellite and molybdenite (Figure 3). Native sulphur has also been noted in outcrop and an elevated soil sulphur anomaly coincides with copper, molybdenum and tungsten anomalies in that soil survey data, all indicative of porphyry mineralization. The copper and molybdenum anomaly forms an irregular "bullseye" with a diameter of approximately 1,000m when contoured at the 400 ppm copper and 20 ppm molybdenum levels. The host rocks are hydrothermally altered and locally faulted granodiorite, granodiorite porphyry and diorite magmas of the Zamora batholith. Late, localized porphyry dikes cut intrusive rocks.
Figure 2. Soil sample locations with contoured copper and molybdenum and rock chip sample results for those returning >0.3% copper.
Figure 3. Hapa rock samples and mineralization styles.
Geological mapping along creeks at Hapa has delineated an elliptical zone of sericite-quartz (phyllic) alteration, approximately 1 km in diameter which coincides with the soil copper and molybdenum anomalies. Close to the centre of the phyllic zone is a narrow window of potassic alteration (potassium feldspar (Figures 4 and 5). Outboard of the phyllic zone, the hydrothermal alteration changes to propylitic, characterized by a chlorite-epidote-carbonate-magnetite mineral assemblage. This concentric zonation of hydrothermal alteration minerals is typical of copper porphyry deposits.
Figure 4. Geology of the Hapa target with superimposed soil copper geochemistry.
Luminex interprets that a porphyry copper intrusion is located underneath the geochemically anomalous area of Hapa indicating good preservation of the phyllic and underlying potassic alteration zones and the potential for secondary copper enrichment. The target area centres on a rugged hill, possibly the product of differential uplift between two formative faults that facilitated emplacement of the porphyry system (see Figure 5).
Figure 5. Schematic geological cross section (upper) and comparable surface view (lower).
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
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SOURCE Luminex Resources Corp.
Contact
For further information contact: Scott Hicks, info@luminexresources.com, T: +1 604 646 1899