Cascas Discovery Highlights:
- Expansion of the soil copper anomaly to over 7 kms in length, remaining open in multiple directions.
- Discovery of high-grade porphyry copper mineralization in outcrop in northern sector (up to 1.1% Cu).
New Gold Target (Kuru)
- Discovery of large geochemical gold footprint – largest soil anomaly 3 kms long and remains open.
- Discovery of outcropping epithermal vein system grading up to 8.80 g/t gold in rock and soils.
- Interpreted to be peripheral epithermal gold to Shakai porphyry copper-molybdenum target.
VANCOUVER, BC, Jan. 25, 2021 /PRNewswire/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to provide an update on the development of exploration activities at the Shakai porphyry copper discovery as well as an exciting gold discovery. New high-grade copper sample results will assist the Company with specific drill hole targeting in the southern Shakai area. Also, the Company has discovered an epithermal gold-silver vein system located approximately 2 kilometres to the southwest of Shakai (see Figure 1). The new gold-silver zone is named Kuru and both zones are located at the Company's 100% owned Cascas copper-gold project in southern Ecuador. Exploration continues at Kuru while drill targeting advances at Shakai. Luminex plans to commence a 3,000-metre initial drill program this quarter.
Marshall Koval, CEO and Director commented: "The significant strike length expansion of the copper anomaly and the discovery of the Kuru gold zone at Cascas demonstrate the increasing potential of the project. The size of the anomalous copper footprint is impressive and may suggest two or more coalescing porphyry copper-molybdenum deposits are present. In addition, our team sees potential for a copper enrichment zone at the target. Luminex has mobilized the majority of our geologists to Cascas to prepare for drilling."
At Shakai, new grid soil sampling results have expanded the copper in soil anomaly to more than 7 kilometres long, extending it principally to the north-northwest (Figure 2). The anomaly remains open to the northwest and also under Cretaceous limestone cover rocks to the east. Geochemically, the Shakai area is defined by coincident anomalous soil copper and molybdenum anomalies with high copper/zinc ratios – all indicative of the central part of a porphyry copper-molybdenum system. Geophysically, Shakai's coincident airborne magnetic high with a ZTEM feature in the southern part may also indicate the magnetite-bearing, resistive potassic core of such a deposit. Areas of low magnetic response adjacent to such areas may be mapping later overprinting phyllic alteration, which converts magnetite to pyrite.
Recent sampling at Shakai has returned higher grade copper results and samples were frequently noted to contain covellite and chalcocite with rare native copper in addition to ubiquitous chalcopyrite and bornite, highlighting the potential for porphyry copper enrichment at Shakai (Figure 4).
At the new Kuru zone, gold and silver occurs in granodiorite-hosted quartz-carbonate-pyrite veins and stockworks with clay alteration that are interpreted to be low sulphidation epithermal in character. Contoured soil sample results delineate three anomalous zones that are shown in Figure 4. The largest measures 3 kilometres by 300 metres, is oriented north-northwest and is open to the south. Rock chip samples from veins within this anomaly have returned assays up to 8.8 g/t gold and 3.6 g/t silver. A second irregular anomaly measures approximately 1.3 kilometres by 900 metres and rock chip samples from veins within this anomaly have returned assays up to 3.17 g/t gold and 20.9 g/t silver. A third north-northwest-, south-southeast-trending anomaly measures approximately 900 by 300 metres. No rock chip samples have so far been collected from within this soil anomaly. Luminex will continue exploring Kuru to identify drill targets.
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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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, the metres that will be drilled at Cascas and that the Company will continue to explore Kuru. 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.
LUMINEX RESOURCES CORP.
Signed: "Marshall Koval"
Marshall Koval, CEO and Director
SOURCE Luminex Resources Corp.