Posted in | Gold | Silver | Mining Business

Luminex Resources Initiates Diamond Drilling Program at the Condor Camp Zone

Luminex Resources Corp. is happy to report that a 1,200-m diamond drilling program has been initiated at the Camp Zone located in the northern region of its Condor Project.

Planned Camp Zone Drilling (Image credit: Luminex Resources Corp.)

The Camp Zone is situated close to existing epithermal silver and gold resources of Condor at Enma, Los Cuyes, and Soledad.

The Camp Zone includes a newly discovered rock and soil gold-silver anomaly located beneath the ridge on which the present camp and core storage center are constructed. The distinct rock and soil gold-silver anomaly extends for 400 x 200 m and averages 6 g/ton (g/t) silver and 0.6 g/t gold based on more than 600 channel and rock chip samples. Intermediate sulfidation epithermal veins inside volcanic as well as underlying batholith lithologies are believed to host gold, which may create an extension of the current resource defined at Los Cuyes. Artisanal mine workings are present in the mineralized zone.

Samples of surface chip assayed 0.23% copper, 23% zinc¸ 154 g/t silver, and as high as 47.5 g/t gold. In order to test the subsurface grades, Luminex Resources is planning to drill about 1,200 m from four holes under the axis of the soil anomaly. Considering its proximity to Luminex Resources’s Condor exploration base, the drill program needs minimal logistical support and access infrastructure, which are anticipated to lead to efficient execution and relatively lower costs.

Earn-in Partnership Expenditure and Progress Updates

Luminex Resources has filed management’s discussion and analysis (MD&A) and its consolidated financial statements for the year ended December 31st, 2018 on April 17th, 2019. Additionally, First Quantum Minerals Ltd. has invested about US$1.7 million on the Cascas and Orquideas concessions as of December 31st, 2018. Moreover, the company has paid the US$150,000 cash payment, which was due in February 2019. Anglo American plc has paid about US$1.5 million on the Pegasus concessions as of December 31st, 2018. The company’s next cash payment of US$300,000 is due in September 2019. BHP Group plc and Luminex Resources continue to develop work on a definitive contract, and the original timeline of about three months from March 19th, 2019 continues to be in place.

Quality Assurance

All reconnaissance sample assay results of Luminex Resources stated herein have been separately tracked and validated via a quality control and quality assurance program that included the reanalysis of duplicate samples and insertion of blanks. Luminex Resources’ samples are examined at ALS Lima and the company is unaware of any sampling or other aspects that might materially influence the reliability or accuracy of the data stated here. In addition, the gold content was established by fire assay of a 50-g charge with all other elements ascertained by four-acid digestion with ICP finish.

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