Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the “Company” or “Luminex”) is pleased to announce that Anglo American has commenced its maiden drill program at the Pegasus project (the “Project”). The initial drill program will consist of five holes and 3,200 metres at the Medusa target. As with other identified targets on the district scale Pegasus property, Medusa exhibits corresponding favorable high-level alteration patterns of the host porphyritic and surrounding rocks, strong copper, molybdenum, and gold rock geochemistry, and magnetic-low geophysical signatures typical of porphyry copper systems. The Medusa area has also been the site of limited historic drilling by prior operators, with shallow holes (<200 meters), some of which ended in significant copper mineralization (>0.6% copper).
The Medusa area has three internal targets based on the characteristics mentioned above with initial drilling slated for the largest northwestern target. Drilling plans have also been prepared for the other areas within the Medusa anomaly, however those plans are contingent on initial results. Prioritization work on the additional Pegasus A porphyry targets is ongoing.
In September 2022, Anglo American made their scheduled US$1.0 million cash payment to Luminex. As of September 30, 2022, Anglo American has paid Luminex US$3.4 million in cash payments in compliance with the terms of the earn-in agreement entered into on September 21, 2018, and spent US$16.3 million on exploration expenditures towards their 60% ownership earn-in.
