Luminex Resources Corp. Stock Price, News & Analysis

Luminex Resources Corp. has announced significant drill results from the Cuyes West project in Ecuador, highlighting the discovery of a new breccia pipe. Key findings include hole CU23-20, which intersected 211.0 metres grading 1.18 g/t Au Eq, with a notable 20.0 metres grading 4.78 g/t Au Eq. Hole CU23-22 yielded similar results, with 211.0 metres averaging 1.16 g/t Au Eq, including a high-grade intercept of 15.0 metres grading 6.68 g/t Au Eq. The drilling indicates extensive gold mineralization, prompting plans to update the resource estimates for Condor North by Q4 2023. CEO Marshall Koval expressed optimism about the project's potential impact on Luminex's overall mineral resources.

Luminex Resources Corp. (OTCQX: LUMIF) announced significant drilling results from the Cuyes West structure in Ecuador, highlighting holes CU23-17 and CU23-18. CU23-17 revealed 27.0 meters averaging 3.71 g/t Au Eq with a notable 5.0 meters grading 14.47 g/t Au Eq. CU23-18 reported 3.0 meters at 39.87 g/t Au Eq and 31.0 meters at 1.47 g/t Au Eq. The findings suggest a widening zone of high-grade gold mineralization at depth. The company is actively drilling additional holes, with results from CU23-19 to CU23-21 pending. The exploration is part of Luminex's broader strategy to advance its prospects in the region.

On January 24, 2023, Luminex Resources reported significant drilling results from its Cuyes West project, including hole CU22-12, which intersected 2.5 metres grading 18.54 g/t Au Eq, and CU22-14, with 4.0 metres grading 19.35 g/t Au Eq. The drilling campaign confirmed a strike length of approximately 350 metres, extending over 500 metres at surface and exceeding 300 metres in vertical depth. Luminex plans to develop two underground resources at Condor North, utilizing a smaller throughput mill with reduced initial capital compared to earlier assessments. Drilling at Prometedor is expected to commence by March 2023.

Luminex Resources Corp. announces the commencement of a five-hole, 3,200-meter drill program at the Medusa copper-porphyry target within its Pegasus project, in collaboration with Anglo American. This area has shown promising historical data, including significant copper mineralization. Additionally, prioritization work is ongoing for other porphyry targets in the Pegasus project. As part of the earn-in agreement, Anglo American has paid Luminex a total of US$3.4 million and spent US$16.3 million on exploration as of September 2022.

Luminex Resources Corp. announced positive drill results from the Camp deposit in its Condor North project area, highlighting significant intersections across six drill holes. CC19-02EXT reported a notable 15.4 metres at 5.25 g/t Au Eq and a deeper extension was successful, confirming the mineralization model. Additional results include 137 metres at 1.19 g/t Au Eq from CC22-42 and 53 metres at 2.00 g/t Au Eq from CC22-43, indicating potential resource expansion. The results enhance the preliminary economic assessment previously conducted in 2021.

Luminex Resources Corp. (OTCQX: LUMIF) held its annual shareholder meeting on December 13, 2022, in Vancouver. Shareholders unanimously approved all agenda items, including the election of directors: Marshall Koval, Lyle Braaten, Donald Shumka, David Farrell, and John Wright. The meeting also authorized the appointment of auditors for the year and empowered the board to set their remuneration. Luminex focuses on gold and copper projects in Ecuador, notably the Condor Gold-Copper project, and has partnerships with Anglo American and JOGMEC on other projects.

Luminex Resources Corp. (LUMIF) reported promising drill results from its Cuyes West structure, confirming a strike length exceeding 300 metres and a vertical extent of at least 250 metres. Significant findings include hole CU22-06 featuring 7.0 metres at 12.18 g/t Au Eq and CU22-09 with 3.0 metres at 11.80 g/t Au Eq. CEO Marshall Koval expressed optimism for future drilling, especially as results from pending holes are anticipated. The ongoing drilling program aims to expand both the Cuyes West and Camp deposits, which were excluded from the 2021 PEA, indicating potential for future valuation increases.

Luminex Resources Corp. (TSXV: LR, OTCQX: LUMIF) has granted stock options to purchase 2,012,500 common shares at $0.25 per share, expiring November 24, 2027. Of these, 1,962,500 options will vest over two years, while 50,000 options will vest in four equal parts. Additionally, the company renewed its agreement with First Globe Capital International for another year, compensating them with stock options and reimbursing expenses related to investor relations. Luminex is focused on gold and copper projects in Ecuador, with significant mineral resources at its Condor project.