"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," CEO Marshall Koval said.
Highlights from the drilling included:
- 4 metres of 5.5g/t AuEq
- 4 metres of 7.7g/t AuEq
Luminex said the Ruiz structure connects to the Cuyes West structure from the north.
"Both the Cuyes West and Ruiz structures consist of pyrite, sphalerite, marcasite disseminated along rhyolite dike contacts that is associated with illite, sericite, silica and carbonate (locally rhodocrosite) alteration," the company said.
"This style of mineralisation is identical to the Camp deposit located approximately 700 metres to the south-southwest and is classified as intermediate sulphidation type," Luminex said.
The company noted that the Camp deposits host an inferred resource of 6 million tonnes with 663,000 AuEq oz, with a gold and silver grade of 3.28g/t and 27.8g/t, respectively.
Red Cloud Securities said that given that the results are outside of the currently indicated and inferred resource of about 8 million oz AuEq, it demonstrates the expansion potential of the Condor North project.
"We believe continued positive exploration results delineating existing structures and discovering new ones could help re-rate the stock," Red Cloud said.
Luminex's share price rose 16% day on day to C$0.29 (US$0.22) on September 11, giving the company a market capitalisation of C$38.36 million.
Red Cloud has a target price for the company of C$2.25.
