Luminex Resources finds high-grade mineralization at Condor

Luminex Resources (TSXV: LR; US-OTC: LUMIF) has released drill results from a five-hole, 3,300-metres drill program at its Condor gold-copper project in the Zamora-Chinchipe province in southeast Ecuador, 400 km southeast of the capital, Quito, and 70 km east of Loja.

The drill campaign was conducted on Soledad Baja, a southeast extension of the Camp deposit located on the northern section of Condor that remains open along strike and down dip.

Highlights include drill hole SO20-05, which intersected 17 metres grading 3.78 grams gold per tonne, 4.2 grams silver per tonne, and 1.17% zinc starting from 249 metres downhole, including 9 metres grading 6.49 grams gold, 54.6 grams silver, and 2.08% zinc from 606 metres.

The company said that the hole was drilled across the faulting trend at Soledad Baja to define the fault’s dip and determine the displacement between the fault blocks. Between 290 metres and 335 metres, the hole passed through the Piedras Blancas and Fierosos faults into the fault-block hosting the Camp deposit.

Drill hole SO20-04 was drilled to test for a northeast extension to the Soledad open pit resource, which is located 600 metres southeast of the Camp deposit, and 250 metres southeast of the drilling at Soledad Baja.

The hole returned 34 metres grading 1.36 grams gold, 6.5 grams silver and 1.05% zinc starting from 304 metres downhole.

The Soledad open pit deposit contains indicated resources of 12.3 million tonnes grading 0.72 gram gold, 5.3 grams silver, 0.01% copper, 0.04% lead, and 0.38% zinc (0.80 gram gold equivalent) for 283,000 contained oz. gold, 2.1 million oz. silver, 4 million lb. copper, 11 million lb. lead, and 102 million lb. zinc.

Luminex is drilling its second hole on the Northwest Camp target, located 500 metres northeast of the Camp deposit, where surface mapping and sampling indicated that it may represent a northwest extension to the deposit.

The company has also completed a metallic screen fire reassaying program on samples grading over 1 gram gold from the Camp deposit. The company said the metallic screen grades averaged 11% higher than the original unscreened assays.

The company is conducting a followup program using metallic screen fire assaying for all samples from the Camp drill program that originally graded higher than 0.5 gram gold.

At press time in Toronto, Luminex was trading at 83¢ per share within a 52-week trading range of 41¢ and $1.08.

The company has 91 million common shares outstanding for a $75.4-million market capitalization.