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Luminex Acquires the Chalapo Concessions from Codelco

V.LR

Highlights:

  • Prospective undrilled epithermal gold-silver prospect in southern Ecuador
  • US$60,000 and a 1.0% NSR to acquire an 8,087-hectare concession package

VANCOUVER, BC, April 18, 2022 /PRNewswire/ - 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."

Figure 1: Project location map (CNW Group/Luminex Resources Corp.)

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.

Figure 2: Project map with rock sampling results (CNW Group/Luminex Resources Corp.)

Qualified Persons

Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information concerning the Condor Project in this news release and has verified the data underlying that scientific and technical information.

About Luminex Resources

Luminex Resources Corp. (TSXV:LR, OTCQX:LUMIF) is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex's inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador, including the Tarqui, Pegasus and Orquideas projects, which are being co-developed with BHP Group plc, Anglo American and JOGMEC respectively.

Further details are available on the Company's website at https://luminexresources.com/.

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LUMINEX RESOURCES CORP.

Signed: "Marshall Koval"

Marshall Koval, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements regarding future work programs at the Project. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results "will" occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/luminex-acquires-the-chalapo-concessions-from-codelco-301526859.html

SOURCE Luminex Resources Corp.