Jun 4 2019
Luminex Resources Corp. has announced the start of its 4,500-m drilling program at Orquideas with First Quantum Minerals Ltd. (“First Quantum”) according to the terms of earn-in.
In the process of planning the drilling activities, Luminex has created a 15-person support camp with two man-portable diamond drill rigs. Drilling will start at the two southernmost targets at which 2018 Induced Polarization results marked the most chargeable zone, which again coincides with a low aeromagnetic signature from historic data.
Furthermore, the positive porphyry geochemical properties of the Southern Target conform to the occurrences of peripheral gold-bearing vein systems. Of the eight scheduled drill holes, the Southern Target is located nearest to the drilling support camp. It is anticipated by Luminex that the drilling results will be announced during Q3 of 2019.
A porphyry copper and molybdenum mineralized system, Orquideas was hosted in phases of the mid-Jurassic Zamora Batholith. The exploration project is situated 40 km south of Fruta Del Norte epithermal gold and silver mine of Lundin Gold Inc. and about 15 km southwest of Condor project of Luminex, which includes epithermal silver and gold as well as copper and gold porphyry resources.
The geochemical footprint of Orquideas covers northwest by southeast for 5.5 km and has a width of 2 km. Despite the fact that it was first discovered in the mid-1990s, Luminex and First Quantum have greatly refined the geological model of Orquideas by geological mapping, rock and soil sampling, and radiometric test work, in addition to about 43 km of Induced Polarization survey work from 2017 to 2018.
Besides work at Orquideas, geologists at Luminex will commence exploring activities at Cascas in June 2019 following the establishment of a camp.