- High potential, underexplored copper-gold-molybdenum porphyry belt
- Extensive multi-kilometre geochemical and geophysical footprint
- Copper enrichment at surface, indicating potential for high copper grades
VANCOUVER, BC, Oct. 22, 2020 /PRNewswire/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce the discovery of a porphyry copper system at the Company's 100% owned Cascas copper-gold project. The Company has named this discovery Shakai, and additional resources are being allocated to advance it to drill stage as quickly as possible.
Shakai lies in a developing belt of recent porphyry copper discoveries (see Figure 1). The Mirador open-pit mine, owned by a joint venture of Tongling Nonferrous Metals Group and China Railway Construction is located 88 kilometres to the north-northwest. Additionally, Solaris Copper Inc.'s Warintza porphyry copper project is located 135 kilometres to the north-northwest and SolGold's recently discovered Porvenir porphyry copper project is located 34 km southwest. Luminex's Tres Picachos copper project is located 55 kilometres southwest of Shakai and the company's early-stage La Canela project, which is contiguous with Porvenir is located 41 kilometres south-southwest.
Luminex CEO Marshall Koval commented: "The discovery of a well-preserved surficial copper mineralized zone on a previously undrilled concession marks an important exploration milestone for Luminex. Based on field work to date, this discovery has the potential to be significant. We have prioritized Shakai for advancement to drill stage as quickly as possible and are working to drill there in Q1 2021."
Figure 1. Regional location map and simplified geology.
The Shakai discovery lies within a 6 kilometre long, 1 to 2 kilometre-wide northwest oriented zone of anomalous copper in soils. Coincident with this and the Shakai discovery is an irregular conductive zone approximately 2 kilometres in diameter that was outlined by the Company's 2019 ZTEM survey.
42 chip samples have been taken from two creek exposures in the newly discovered zone and are currently being analyzed. Shakai is readily accessed from the Cascas field camp to the southwest along 2 kilometres of trails and is 2.5 kilometres west of a road leading to the Company's Condor Camp. Further mapping and sampling will be completed by field crews with the objective of identifying the best targets for drill testing.
Preliminary fieldwork has delineated an approximately 200 by 300 metre zone of intense quartz-sulphide porphyry copper style veining and stockworking that is open in all directions. Mineralization is characterized by chalcopyrite, molybdenite and chalcocite with pyrite and magnetite. The presence of chalcocite indicates supergene copper enrichment and the strong phyllic alteration with abundant pyrite suggests an extensive and well-developed secondary copper zone comprising near-surface, higher grade copper may be present.
Figure 2. Property-scale ZTEM geophysics and soil sample grid geochemistry overlain on simplified geology.
Figure 3. Field photographs of the Shakai discovery zone at Cascas.
Creek 1 Traverse: A: Molybdenite lined quartz vein. B: Center-line pyrite vein. C: Stockwork of quartz/sulphide veins. D: Chip sample of B vein. E: Chip sample of banded massive pyrite-silica-molybenite. F: Banded pyrite-chalcocite-chalcopyrite vein.
Figure 4. Field photographs of the Shakai discovery zone.
Creek 2 Traverse: A: Stockwork of quartz pyrite chalcocite veins. B: Banded pyrite-silica veins with covellite-chalcopyrite. C: Chalcocite mineralization in pyrite, sericite silica altered intrusive rock. D: Massive quartz vein with pyrite bands. E. Secondary copper staining in fracture surfaces. F. Copper silicate mineralization in quartz/sericite.
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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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 or information with respect to timing for drilling at Cascas. 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.
SOURCE Luminex Resources Corp.