Source:
p. 1
Parts of the Condor Project (Condor North) are owned by Luminex through its indirectly-held local subsidiaries Condormining Corporation S.A. (Condormining) and Bestminers Ecuador S.A. (Bestminers) and 1.3 percent owned by the Instituto de Seguridad Social de Las Fuerzas Armadas (ISSFA), which is the pension fund for Ecuador’s armed forces personnel.
On January 25, 2024, Adventus Mining Corporation and Luminex Resources Corp. announced the successful completion of the previously announced transaction pursuant to which Adventus acquired all of the issued and outstanding common shares of Luminex (the “Luminex Shares”) by way of a court-approved plan of arrangement (the “Arrangement”).
As a result of the Arrangement, Adventus acquired a 98.7% interest in Luminex’s Condor gold project.
Contractors
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Deposit Type
- Breccia pipe / Stockwork
- Vein / narrow vein
- Epithermal
- Porphyry
- Hydrothermal
- Replacement
Summary:
Condor North area consists of the deposits at Los Cuyes, Soledad, Enma, Camp, and the Prometedor Prospect.
The Condor breccia, dyke and dome complex hosts the Camp, Los Cuyes, Soledad, Enma and the Chinapintza vein deposits and the un-drilled Prometedor prospect.
Gold and silver mineralization at Camp is related to a swarm of mostly northwest-striking rhyolite dacite dykes. These may emanate from a larger buried rhyolite intrusion. The dykes are focused at the contact of the volcanic/intrusive complex with a major granodiorite intrusion. The known mineralized zone dips steeply at 85° to the northeast, is over 500 m in strike extent, and is approximately 80 m to 130 m wide, respective of internal dilution. Gold occurs within veins of pyrite, marcasite, iron-rich sphalerite (marmatite), galena ± chalcopyrite, pyrrhotite as well as quartz and rhodochrosite gangue. Host rocks are sericite-illite-smectite ± carbonate-altered weakly foliated granodiorites and related breccias as well as flow banded rhyolite and common lenses of phreatomagmatic breccia. A 30 m to 80 m thick cap of trachyte to rhyolitic welded tuff defines a ridge, through which gossanous veinlets locallypermeate. The Camp ridge is bounded by high-angle reverse faults, namely the Camp Fault to the northwest and the Piedras Blancas Fault to the southeast. The Camp Fault cuts the northwest portion of the mineralized body. Highly anomalous surface copper mineralization occurs in the area around the ........
Mining Methods
- Truck & Shovel / Loader
- Avoca
- Transverse stoping
- Undefined backfill
Summary:
Only the Condor North area is considered in the PEA that consists of three adjacent surface pit mine areas and one underground mine – the surface mine areas are Los Cuyes, Soledad, and Enma; and the underground mine is Camp. The surface pits will be mined with conventional hard rock open pit mining methods. There will be two underground mining methods used depending on the local deposit geometry: modified Avoca and transverse stoping methods.
Mining Methods Surface
For the proposed 10 m vertical operating interval (bench height), it is recommended that double benching be adopted, for which the minimum catch bench width (CBW) should be 8.5m (per Ryan & Pryor, 2000). These bench design parameters define maximum inter-ramp angles (crest-tocrest or toe-to-toe). The maximum inter-ramp vertical distance should not exceed 150 m, otherwise a 20 m min. (crest to toe width) safety bench should be incorporated.
Overall slope inclinations will be governed by ultimate vertical height, rock mass strength, groundwater conditions, and the presence of major faults and structural fabric. The range in overall slope angles at a given slope height typically varied from 4° to 8° at the groundwater extremes. Given the lack of quantitative groundwater data at this PEA stage, an intermediate, partially drained condition was selected as the basis for design. A reduction in overall slope angle of approximately 3° to 5°, dependent on slope height, is due to the structural fa ........
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Flow Sheet:
Summary:
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Reserves at July 28, 2021:
At Los Cuyes and Soledad, the base case cut-off grade is 0.30 g/t AuEq and at Santa Barbara and Enma, the base case cut-off grade is 0.37 g/t AuEq. The base case cutoff grade for the Camp resource is 1.33g/t AuEq.
Category | Tonnage | Commodity | Grade | Contained Metal |
Indicated
|
110.7 Mt
|
Gold
|
0.65 g/t
|
2,321 koz
|
Indicated
|
110.7 Mt
|
Silver
|
3.6 g/t
|
12.8 koz
|
Indicated
|
110.7 Mt
|
Gold Equivalent
|
0.75 g/t
|
2,660 koz
|
Inferred
|
224.3 Mt
|
Gold
|
0.6 g/t
|
4,313 koz
|
Inferred
|
224.3 Mt
|
Silver
|
2.5 g/t
|
18.1 koz
|
Inferred
|
224.3 Mt
|
Gold Equivalent
|
0.72 g/t
|
5,205 koz
|
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