CEO.CA Chairman's Briefing

• CU23-25 – 203.0 metres grading 1.48 g/t Au Eq, including 33.0 metres grading 5.41 g/t Au Eq
• 33.0 metres within the newly discovered breccia pipe, adjacent to the Cuyes West structure
• Cuyes West interval within CU23-25 was 5.0 metres of 3.07 g/t Au Eq
• CU23-26 – 1.0 metre grading 118.44 g/t Au Eq; the highest-grade assay ever at Cuyes

VANCOUVER, BC, May 18, 2023 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce drill results from four holes (CU23-23 to CU23-26) that targeted the Cuyes West structure, with hole CU23-25 also intersecting a new breccia pipe discovery underneath the existing Cuyes open pit mineral resource. The Company is now allocating more drill holes to the breccia pipe that has been displaying long mineralized intercepts, with grades increasing as Luminex drills deeper.

Hole CU23-25 intersected multiple high-grade structures in the breccia pipe, notably 3.0 metres from 223.0 metres grading 17.47 g/t gold and 46.4 g/t silver (18.02 g/t Au Eq), within a wider intercept of 203.0 metres from 134.0 metres, which graded 1.38 g/t gold and 8.4 g/t silver (1.48 g/t Au Eq).

The highest-grade drill core ever assayed at the Cuyes deposit was just intercepted in CU23-26, a 1.0 metre interval grading 115.80 g/t gold and 220.1 g/t silver (118.44 g/t Au Eq) from 290.0 metres in a structurally controlled vein. This sample is part of a broader intercept of 5.0 metres from 286.0 metres grading 24.44 g/t gold and 62.8 g/t silver (25.19 g/t Au Eq).

Hole CU23-24 intersected multiple high-grade intercepts, including 2.3 metres returning 23.14 g/t gold and 115.2 g/t silver (24.53 g/t Au Eq) from 457.4 metres, within a broader 11.7 metre zone of 5.02 g/t gold and 32.2 g/t silver (5.41 g/t Au Eq) from 449.0 metres. This hole stepped out approximately 75 metres laterally on the Cuyes West structure west of hole CU22-05, which cut 5.0 meters grading 29.43 g/t gold and 86.5 g/t silver (30.47 g/t Au Eq) from 277.0 metres. Hole CU23-23, also a step out of hole CU22-05 approximately 75 metres to the east, intersected 1.0 metres from 223.0 metres of 9.23 g/t gold and 13.2 g/t silver (9.39 g/t Au Eq).

Other high-grade intervals are present in additional structures in holes CU23-23, CU23-24, CU23-25 and CU23-26 and are detailed in Table 1.

The style of mineralization at the Cuyes West structure is identical to that at the Camp deposit, 600 metres to the west. At a property scale, these mineralized structures are interpreted to be hosted in ring and radial fractures around the Los Cuyes caldera (See Figure 1).

The newly discovered breccia pipe is hosted primarily within caldera-fill pyroclastic and volcanoclastic rocks and is flanked to the north and south by dacite porphyries that appear to focus the mineralization in the breccia pipe. The pipe was a blind discovery and comes within 100 meters of surface, but does not outcrop. Mineralization within the breccia pipe occurs mainly within hydrothermal crackle-veinlet breccias with minor shatter breccias, as well as patches, veinlets and replacements. While the geological model is evolving and more drilling is required, the Cuyes deposit may contain a higher-grade breccia pipe, similar to the Kelian deposit in Indonesia or the Rosia Montana deposit in Romania.

Table 1. Drill intercepts for Cuyes West drill holes. Asterisked intervals are shallower and belong to the diatreme at Los Cuyes (see note below). 

All Luminex sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") protocol which includes the insertion of blind standards, blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at Luminex's core handling facility located at the Condor property. Drill core is diamond sawn on site and half drill-core samples are securely transported to ALS Laboratories' ("ALS") or Bureau Veritas Minerals' ("BMV") sample preparation facility in Quito, Ecuador. The ALS lab's sample pulps are sent to Lima, Peru for analysis where gold content is determined by fire assay of a 50-gram charge with ICP finish. The BMV lab's samples are analyzed for gold by a 50-gram charge fire assay in Quito and the remainder of the sample is sent to Lima, Peru for a 44 element - ICP finish.

Silver and other elements are also determined by ICP methods. Over-limit samples assaying greater than 10 g/t gold and 100 g/t silver are re-analyzed by both labs using fire assay with a gravimetric finish. Luminex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein. ALS Laboratories and BMV are independent of Luminex.

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.

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 Pegasus and Orquideas projects, which are being co-developed with 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.

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 drilling and work programs at Condor. 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.

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SOURCE Luminex Resources Corp.

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