In a Sept. 27 research note, Haywood analyst Geordie Mark reported that Luminex Resources Corp. (LR:TSX.V; LUMIF:OTCMKTS) continues to show continuity of high-grade epithermal gold mineralization at its Condor gold-copper project in Ecuador.
Mark reviewed results from the latest two holes, CC19-07 and CC19-08, drilled in the Camp zone of this gold-copper asset. CC19-07 tested the system's north to northwest margin, and both tested the continuity of mineralization between holes CC19-06 and CC19-01.
Hole CC19-08, south of CC19-07, returned the most significant result. It showed an intercept of 22 meters (22m) of 3.61 grams per ton (3.61 g/t) gold and 28.5 g/t silver, at a 340m depth. Another notable intercept was in an upper gold zone, 62m of 0.55 g/t gold and 3.9 g/t silver, at a 76m depth.
As for CC19-07, it showed that the interpreted offsetting structure is located west to northwest and more proximal to CC19-05. The "most impressive" intercept from CC19-07, Mark highlighted, was 12.3m of 2.53 g/t gold and 5.5 g/t silver.
Results are pending from holes CC19-12 and CC19-13, which "we are particularly interested in," noted Mark.
The system remains open laterally and at depth. Luminex will continue drilling throughout the rest of 2019.
Mark concluded, "Given these results and the proximity of the Camp zone to neighboring targets such as Los Cuyes, Soledad and Emma, Luminex appears well positioned to expand the scale of its global resource base in the northern portion of the Condor project, which we believe places the company in a position to test further the geological potential of the collective zones of epithermal gold-silver mineralization prior to advancing engineering."
Haywood does not have a rating or target price on Luminex. The company's stock is currently trading at around CA$0.85 per share.[NLINSERT]
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Disclosures from Haywood Securities, Luminex Resources Corp., Exploration Update, September 27, 2019
Analyst Certification: I, Geordie Mark, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.
▪ As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of Luminex Resources Corp. (LR-V).
▪ Haywood Securities, Inc. has reviewed lead projects of Lundin Gold Inc. (LUG-T) and a portion of the expenses for this travel may have been reimbursed by the issuer.
▪ Haywood Securities Inc. or an Affiliate has received compensation for investment banking services from Lundin Gold Inc. (LUG-T) in the past 12 months.v Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has reason to know at the time of publication or at the time of public appearance: n/a.
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