Impact: Mildly Positive
Luminex reported additional drill results from the Cuyes West and Prometedor areas at the northern part of its Condor project in Ecuador. Three holes reported from Cuyes West and the recently discovered breccia pipe encountered multiple intervals of Au-Ag mineralization and extended the Cuyes West structure by ~200m to a depth of at least 500m. All seven holes from Prometedor returned mineralization, albeit with lower grades. In our view, the results from the Cuyes West area are positive, as they further delineate both the main structure and the breccia pipe and extend mineralization at depth. The results from Prometedor are mixed: while they demonstrated that this area has the desired geological characteristics and encountered Au-Ag mineralization, the grades encountered are sub-economic.
