Latin America’s gold mining industry is on the rise, and those who have gotten into what is going on in Ecuador seem to like what they see. What they see is untapped resource potential.
One of the more notable players in this space to take note of is Luminex Resources Corp. (TSXV:LR), a Canada-based precious and base metals exploration and development company focused on gold and copper projects in the country.
Condor now has over 140,000 metres drilled at its multiple deposits and has gotten some recent positive results from Condor North, home of the high-grade Camp deposit that helped unlock the lower-grade open pit deposits at Los Cuyes, Soledad, and Enma. These new positive underground results are right next to the Los Cuyes pit, and the area is being called Cuyes West.
Cuyes West:
Luminex now has assay results from four completed drill holes, it has drill-delineated at least 200 metres of strike length at Cuyes West.
Located in a previously untested area immediately west of the Los Cuyes mineral resource, Cuyes West has seen four lateral step-out holes on hole CU21-01 completed to date. Hole 5 (assays pending) intercepted structure at Cuyes West and a new structure towards the end of the hole. The company will continue to delineate the Cuyes West structure as well as the new structure, which it is calling the Ruiz structure. Luminex is testing the Ruiz structure with a second drill hole drilled to the north-northeast, having designed the hole to intersect the structure at a vertical depth of approximately 70 metres.
Cuyes West Long-section:
CU21-01 intercepted 17.6 metres (278.4 to 296.0 metres) and graded 2.91 g/t gold and 15.23 g/t silver (3.09 g/t AuEq), with an internal zone of 8.6 metres grading 5.1 g/t gold and 24.85 g/t silver (5.39 g/t AuEq).
Latest Drill Highlights:
- CU22-03 – 4.0 metres of 5.5 g/t Au Eq
- CU22-04 – 4.0 metres of 7.7 g/t Au Eq
- CU22-05 – Intercepted Cuyes West structure and a new mineralized structure; assays pending
Cuyes West section showing CU22-03:
Management commentary:
CEO Marshall Koval explained that the existing underground Camp deposit provides early, high-grade gold mineral resources in the Condor North PEA to blend with the three open pits.
“Additional similar underground areas such as Cuyes West, the Ruiz structure and other newly discovered targets should continue to enhance the Condor North project.”
Looking ahead:
At Condor North, Luminex plans to:
- Delineate a resource at Cuyes West
- Drill test the Ruiz structure
- Continue step-out and infill drilling at the Camp deposit
- Explore similar intermediate sulphidation targets and bring them to drill stage
Investment proposition:
The company’s share price hit a recent 52-week low, despite having a large existing mineral resource base and existing Condor North PEA (2021) to underpin value. Drill results from these new discoveries in the PEA area could be a paradigm shift for the project.
Over the past week, the company’s stock has risen more than 21 per cent, positioning the company for a possible rebound. Traders who want to get in before its share price rises too high would be wise to engage in due diligence on what this company has to offer sooner rather than later.
For the latest updates on the company, visit at luminexresources.com.
FULL DISCLOSURE: This is a paid article produced by The Market Herald.
