Condor Mineral Resource Estimate And Maiden Camp Deposit Inferred Mineral Resource Estimate
VANCOUVER, BC - Luminex Resources Corp. reported on a maiden mineral resource estimate at the Camp deposit and updated mineral resource estimates for the other deposits at the Company’s Condor project, located in Zamora-Chinchipe Province, southeast Ecuador. The Camp deposit mineral resource estimate is the culmination of 2019 and 2020 drilling totaling 28 holes. Luminex is continuing work to expand this exciting new area of the Condor project. The mineral resource updates on the four other deposits at the Condor project are based on previous drilling, but with updated metal price assumptions.
The Camp deposit comprises a planar, sub-vertical and relatively high-grade mineralized zone, with thickness and continuity that exhibit reasonable prospects for eventual economic extraction using underground extraction methods.
The reported Camp deposit resource is open to depth, where the deepest hole in the zone, previously reported hole CC19-12, intercepted 3.8 metres true width grading 6.09 g/t gold and 36.3 g/t silver at approximately 600 meters vertical depth, cut over 19.3 meters core length from 646.0 to 665.3 metres down the hole. In addition, the Camp deposit resource remains open laterally to the southwest where it is thought the Soledad Bajo zone may connect it to the resources reported herein for the Soledad deposit. The Camp deposit resource also remains open to the northwest where surface mapping and sampling indicates the Camp NW target may represent its northwestern extension, displaced approximately 100 metres to the north by a fault. At a project scale, the Camp deposit lies at the northwest end of a more than four kilometre gold and silver mineralized trend extending towards Luminex’s Prometedor target.
Camp Deposit Work Plan: Drill test the Soledad Bajo target; Expand deep high-grade area with further drilling; Continue surface exploration to advance the NW Camp area to drill stage; Continue sampling and mapping at Prometedor and build access for drill pads; & Complete metallurgical work that is currently underway.
The Camp deposit is classified as an intermediate sulphidation epithermal gold-silver deposit. The deposit currently comprises a steeply northeast dipping coherent panel of mineralization of variable thickness that extends from surface to approximately 600 metres vertical depth and 400 metres along strike. There are also a number of smaller parallel zones in the footwall and hanging wall. Mineralization is controlled by high angle feeder structures and high angle rhyolite dikes emplaced into granodiorite. These acted as impermeable barriers against which mineralizing fluids were focused. Mineralization consists of veins, breccias and dissemination and occurs as pyrite, marcasite, sphalerite and galena, often with chalcopyrite, within an envelope of sericite, clay and carbonate alteration, often occurring as rhodochrosite.
An initial screening metallurgical testing program for the Camp deposit is underway at C. H. Plenge & CIA S.A., an independent metallurgical testing laboratory based in Lima, Peru. The program is designed to test gravity concentration, cyanidation as well as the polymetallic (Au, Ag, Cu, Pb, Zn) flotation response. A total of 341kgs of ¼ drill core from 19 drill holes were sent to Plenge for testing. This includes high, medium and low-grade samples. Results for the program are expected by end of Q2 2020.
This mineral resource estimate for the Camp deposit was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) and was based on a total of 14,801 m of diamond drilling in 28 holes. The mineral resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, copper, silver, lead and zinc. Sample data was collected following accepted industry procedures and analyzed by accredited commercial assayers and tracked by quality assurance and quality control programs that meet industry standards. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The effects of potentially anomalous high-grade sample data, composited to 2 metre intervals, are controlled by limiting the distance of influence during block grade interpolation. For example, composited samples greater than 15 g/t gold are limited to a maximum distance of influence of 35m during block grade estimation. Individual blocks in the resource block model measure 5 x 5 x 5 metres in size. Block grades are estimated using ordinary kriging and have been validated using a combination of visual and statistical methods. Inferred mineral resources include model blocks that are within a maximum distance of 75 metres from a drill hole. Using projected technical and economic parameters, the Camp deposit forms a planar, sub-vertical zone of mineralization with thickness and continuity of grade, at a base case cut-off threshold of 1.50 g/t AuEq, that is considered to exhibit reasonable prospects for eventual economic extraction using bulk underground extraction methods. Note that these assumptions are used for reporting mineral resources and should not be interpreted to represent a mineral reserve. There are no mineral reserves at the Camp deposit.
All Luminex sample assay results have been independently monitored through a quality control / quality assurance (QA/QC) protocol which includes the insertion of blind standards, blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at Luminex’s core handling facility located at the Condor project. Drill core is diamond sawn on site and half drill-core samples are securely transported to ALS Laboratories’ (ALS) sample preparation facility in Quito, Ecuador. Sample pulps are sent to ALS’s lab in Lima, Peru for analysis where gold content is determined by fire assay of a 50-gram charge with ICP finish.
Silver and other elements are also determined by ICP methods. Over-limit samples assaying greater than 10 g/t gold and 100 g/t silver are re-analyzed by ALS using fire assay with a gravimetric finish. Luminex is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. ALS is independent of Luminex.