Prospective undrilled epithermal gold-silver prospect in southern Ecuador
Project map with rock sampling results (Credit: CNW Group/Luminex Resources Corp.)
Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the “Company” or “Luminex”) is pleased to announce that it has signed a binding agreement with Corporación Nacional del Cobre de Chile (“Codelco”) to acquire its 100% owned Chalapo concessions (the “Project”) in the Loja province of Ecuador for US$60,000 of consideration and a 1.0% NSR. 0.5% of the NSR can be purchased by Luminex for US$5.0 million before the year 2030.
Leo Hathaway, SVP Exploration stated: “Chalapo is an early stage, undrilled high sulphidation epithermal gold-silver prospect, that is an exciting addition to Luminex’s Southern Ecuador project portfolio. It is easily accessed and proximal to the area that Luminex already operates in. Mapping and sampling to delineate drill targets is planned for later this year.”
The concessions are comprised of two contiguous claims Chalapo (4,242ha) and Chalapo 1 (3,845ha) and carry no required annual investment commitment. The Project is located in southern Ecuador approximately 45 km south southwest of the regional capital, Loja and 7Km from the town of Vilcabamba. Chalapo is part of the Oligocene-Miocene porphyry/epithermal belt that hosts significant mines with similar geology further south in Peru, such as Lagunas Norte, Pierina and Sipan.
Rock chip sampling by Codelco has identified a zone of anomalous gold with pathfinder elements typical of a high sulphidation gold system, including silver, arsenic, mercury and copper. Luminex rock chip sampling during due diligence retuned gold values up to 1.78 g/t (see Figure 2) from a hydrothermal breccia with intense vuggy silica/alunite alteration, indicative of intense hydrothermal acid sulphate leaching.
Source: Company Press Release