Luminex Resources Corp. [LR-TSXV; LUMIF-OTCQX] discovered high-grade gold and silver mineralization in an untested area immediately west of the Los Cuyes mineral resource at the 90%-owned Condor project, 40 km east of Zamora, southeast Ecuador.
The drill hole targeted the down-dip extension of a steeply dipping, structurally controlled mineralized zone. The hole was designed to intercept the structure approximately 160 metres below surface. The 17.6-metre zone started 278.4 metres down hole and had grades of 2.91 g/t gold and 15.23 g/t silver (3.09 g/t gold equivalent â€“ AuEq), with an internal zone of 8.6 metres grading 5.10 g/t gold and 24.85 g/t silver (5.39 g/t AuEq).
Marshall Koval, CEO, stated: â€œThis is a meaningful discovery for the Condor North area. The higher-grade Camp underground deposit depletes by year 8 of the 12-year mine plan outlined in the 2021 PEA. The potential addition of a second higher-grade underground deposit around Los Cuyes could maintain a higher rate of production and extend the overall mine life.â€
The hole was also designed to confirm known mineralization within the Los Cuyes breccia pipe resource before extending into untested wall rock beyond. It succeeded in intercepting a 140.35-metre-long interval of lower-grade mineralization commencing from six metres down hole, with grades of 0.42 g/t gold and 4.33 g/t silver (0.47 g/t AuEq).
Mineralization of pyrite, marcasite and sphalerite in veins, veinlet networks, and disseminations are very similar to the underground Camp mineral deposit approximately 600 metres to the southwest. This new area may represent another structurally controlled intermediate epithermal occurrence related to the periphery of the diatreme pipe.
A follow-up drill program is planned to test continuity of the zone with the intention of building a resource for inclusion in future economic studies.
Luminex also received results from its stepout hole at the Camp northwest target. The hole did not encounter significant mineralized intercepts.