Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Luminex Resources has released assay results for hole CC20-29, which was drilled as a step-out to the Camp deposit at the company’s 101 sq.-km Condor project in Ecuador.
This drill hole returned 21 metres of 4.26 g/t gold and 26.3 g/t silver starting at 617 metres downhole.
This interval is approximately 110 horizontal metres from mineralization previously intersected in hole CC-19-12.
According to Luminex, this latest hole suggests a new zone of high-grade mineralization
According to Luminex, this latest hole suggests a new zone of high-grade mineralization.
At the end of March, Luminex published a maiden resource for Camp, with 11.9 million tonnes in the inferred category at 2.95 g/t gold equivalent for a total of 1.1 million gold-equivalent oz.
Hole CC-20-29 was not incorporated within this resource; assays for an additional three holes are pending.
Camp is one of five defined deposits at Condor. Total indicated resources at the project stand at 72.1 million tonnes grading 0.67 g/t gold, 4.2 g/t silver and 0.04% copper with further inferred resources totaling 169.6 million tonnes at 0.66 g/t gold, 2.9 g/t silver and 0.08% copper.
The company has also announced that drilling at Condor is restarting. The initial work will focus on the Soledad Bajo target, which is interpreted as the surface extension of Camp.
Ecuador’s government has allowed companies within the mining sector to continue operating amid the covid-19 pandemic.
Condor is 30 km south of Lundin Gold’s Fruta del Norte gold mine.
Luminex has a 90% ownership of the Condor project with a pension fund for Ecuador’s armed forces holding a 10% stake.
(This article first appeared in the Canadian Mining Journal)
