Luminex Resources
Luminex Resources Corp., a Vancouver-based Canadian company, focuses on precious and base metals exploration and development in Ecuador, with key projects including the Condor Au-Cu project. As of January 2024, Adventus Mining Corp. acquired Luminex Resources.
Acquisition by Adventus Mining Corp
As of January 2024, Luminex Resources Corp. was acquired by Adventus Mining Corp. Luminex is known for its exploration and development focus on precious and base metals. This acquisition represents a significant strategic development for Adventus Mining Corp., enhancing its portfolio and operational capabilities.
Condor Project
The Condor Project is a significant asset for Luminex Resources, located in southeastern Ecuador's Zamora-Chinchipe Province. The project holds a 98.7% stake for Luminex, with 1.3% owned by the Instituto de Seguridad Social de las Fuerzas Armadas (ISSFA). The Condor Project has an indicated resource of 2.3 Moz of gold and 12.8 Moz of silver, and an inferred resource of 4.3 Moz of gold and 18.1 Moz of silver. As of February 2023, approximately 156,000 meters of drilling have been completed. The 2023 drill program aims to achieve a maiden mineral resource estimate at Cuyes West.
Cascas Project
Luminex's Cascas Project is located in the Zamora-Chinchipe province in southeastern Ecuador, in the highly prospective Zamora Copper-Gold Belt. The project spans over 10,000 hectares with 100% ownership. The Cascas Project has three main targets: Shakai, Hapa, and Kuru. The Shakai target features a significant copper-in-soil anomaly, while the Hapa target consists of multiple porphyritic intrusions. The Kuru target exhibits various gold-in-soil anomalies, including a rock sample with a gold grade of 54 g/t Au.
Pegasus Project
The Pegasus Project is situated in the Western Cordillera of Ecuador and includes a 66,250 ha area within the Macuchi Formation. Anglo American has been the operator since 2018 and currently holds a 25% stake in the project. Anglo American can earn up to 60% ownership by investing an additional US$15 million. The project encompasses several mineralized targets such as Pegasus A1, A2, and A6, and is located near the historic Estero Hondo gold mine and adjacent to the Curipamba Project of Salazar Resources.
Orquideas Earn-In Agreement
Luminex Resources has entered an earn-in agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) for the Orquideas Project. This agreement allows JOGMEC to earn a 70% ownership interest by investing an aggregate of US$7 million by March 31, 2026. The Orquideas Project is characterized by a structurally controlled porphyry Cu-Mo-Ag system with a 5.5 km x 2 km coincident Cu-Mo anomaly and mineralized outcrops assaying up to 0.9% copper and 0.66% molybdenum.