thank you welcome to CEO insights I'm Marilyn De Guzman with investing News Network Our Guest this episode is Marshall Koval CEO of luminex resources a precious and base Metals exploration company based in Vancouver welcome Marshall Hi Marilyn thanks for having us today yes thanks for joining us uh so let's start a conversation with just an overview of luminex resources and a high level uh insights on what you'd like investors to know about the company yeah thanks basically uh luminex was


spun out of Lumina gold in sort of 2018 uh the Lumina group was started by Ross Beatty in 2003 I've been with them through all the companies in Lumina gold right now we're in Ecuador at the Congress project that's moved to a pre-feasibility study and we've moved all of the other assets we had in Ecuador into luminex and those include our primary Flagship asset the Condor project which we're operating we have a joint venture with anglo-american on a copper project called Pegasus that


they're operating and then we have a joint venture with jog Mech on the orkidius project which is another copper porphyry project that we're operating and recently we've found a new Zone at the Condor project there's six million ounces of gold in the resource at the Condor project we made a new discovery of the kuyas West Zone which is a high-grade underground Target and then we've got a new brecha discovery in that area as well that we can talk about a bit more right so let's talk about the condo


project as your uh the project that you're focusing on right now um can you give us a little bit more detail about that or those earning agreements what do they entail and what does it mean for the company okay so I'll start first with the calendar project itself in 2021 we put out a pea and that pea had a had a 187 000 ounce per year production over 12 years and that was a 25 000 term per day project of which 2500 tons per day came from an underground Target called the camp Zone and the rest


was from open pit and that had a initial Capital cost of 600 million subsequent to that pea we made another high-grade underground discovery the highest grade yet for the for the project at a Zone called kuyas West where we've had several intercepts of between 2 to 10 meters of 5 10 15 grams per ton over those sort of intervals so we've drilled we're on hole number 30 now we put out press release for through hole number 26 and we we've got about three thousand more meters we're drilling at this kuyas West


structure so the idea there would be to rescope a pea to include the camp Zone underground which had about 600 000 ounces and we hope to get close to a million ounces out of this cuis West then we would rescope the project to be sort of um uh 50 1.5 million ounces roughly about underground in two underground operations then we would bring the open pit in later to give us a lower Capital cost project higher economics um we've also recently just discovered a large brecha Zone while we were drilling


the kuyas west where we've had several intercepts of over 200 meters of one and a half gram per ton material adjacent to the cuis West so we're continuing to drill there so we're really excited about the recent drill results I'd encourage everybody to look at the last couple of news releases by the company and you'll see what I'm talking about in detail well so then um following all these uh great high grade results where do you go from there yeah I think basically um we're going to work on an internal


resource estimate after we drill another 3000 meters here and we'll understand whether we update a pea put out a new resource estimate or where we head there and then part of your earlier question was the joint ventures that we have so anglo-american can earn UH 60 by spending 57 million uh over a six year seven year period they're in the field drilling right now at our Pegasus project the Medusa Target they plan 3 200 meters of drilling and they're on their second hole they're probably over


a thousand meters now that's a large pore free uh per free copper some minor gold in it so we're looking forward to see how they do with that in addition to the Medusa Target they've identified seven other porphyry um centers on the project that they'll be hopefully doing exploration and hopefully drilling it's a very large land package it's 3700 hectares and uh 37 000 hectares excuse me and it looks really perspective and that orkidius we're managing that drilling for jog


Mech we've got a 1500 meter drill program scheduled for this year and then we have some additional projects that we're talking to potential Partners about at Kimi and tarkey Costco and La Canela so these are all primarily copper early stage expiration targets as well right so you've um you know you're primarily Focus obviously is in goal but you you know you based on your new recent Explorations you've seen some copper results there what's the strategy in terms of um pursuing this uh other you know metal


opportunities yeah I I didn't mention this earlier at um at Condor we also have a deposit uh called Santa Barbara and it has about three million ounces of gold and uh 400 million pounds of copper in the resource categories right now well we've started to see the copper price move up significantly and and we'll look at probably next year going back if copper hangs in there where it is in the current levels or it's been the last six months or so we'll take a look at uh going back at Santa Barbara and trying


to do some more work there potentially look at an economic study at Santa Barbara so um we're lucky in in the case of the Condor project that's 10 000 hectares and there's multiple targets right now we're focused on the the Condor North area where the camp Zone in cous West in this brecha are as a gold Target but we do have that Copper at Santa Barbara that we'll look at eventually as well with the uh I want to ask you about sort of you know the what's happening with the gold market


um with prices you know in record levels I wonder what your thoughts are in terms of how that market um performance has impacted or has translated to the resource sector like are you seeing some improvements as well in terms of um investments in in gold yeah I think I think if you look at it from the junior Explorer developer uh segment of the market where we certainly are in um the the move up in the gold price up into the above 2000 and pushing up on record record highs um that we saw last month or last couple


of months it really helped us we were able to raise twelve and a half million dollars in a really down Market um back about three months ago so we've got funding for the next year ahead of us so obviously the gold price helped us there um where it's moved off of those highs it's in the upper 1900s now which is still really good I'm on the board of Equinox gold and and that's been we're a producer we produce about 600 000 ounces of gold a year that's really helped us there so I think if we have continuing


uh these levels of gold price it should be good for the market and hopefully we'll see we've seen the majors in mid-tier producers move up hopefully we'll see that with stock in the junior developers and at Junior explorers so what can the community investment Community look forward to from the company for the rest of 2023 yeah you'll continue to see for the rest of the year you'll see drill results coming out from the Condor work that we're doing at the cuyas West in this


newly uh discovered bratchez Zone you'll also see some drill results coming out from Anglo in the next several months as they continue to move through their drilling program and then later in the year you'll see some drill results coming out of the jog neck joint venture um at orchidius so you'll see a lot of drill results is going to be the primary driver of our share price in in the news that we're bringing out to the market great all the best with that in the project you come in here and speaking


with me thanks a lot for your time and thanks for having us today thanks and join us again next time for another engaging conversation on CEO insights