The plan for what would be a small-scale enterprise is still at the survey stage but could help sustain island life by creating two or three new jobs and eventually attracting geo-tourists.
Last week's community council meeting heard a drone survey has now been carried out including Cullipool's shoreline to help form a 3D model of the area.
And in April there will be a geotechnical survey carried out by rock experts on foot from the village over to Port Mary searching out the best deposits of slate and where can be drilled.
'From that the trust will get a report saying where and if there's enough slate to extract, as well as where it will be best to drill and how to access it,' said Colin Buchanan, speaking at the meeting as a trust board director.
The report on the slate was commissioned by the community trust and there has already been a consultation with villagers.
If the idea is viable, there would be a plan to create a quarry between the village and Port Mary. There would also be proposals to restore and regreen the landscape once the newest quarry's lifetime was finished with and there would be a plan to make the existing historic quarry safe and greener - in the future the community could decide how they would like it to be used as a space.
'If all that and the business case makes sense we would go for planning permission to start small-scale slate production,' said Mr Buchanan at the meeting.
Luing Community Trust already has the mineral rights from Cullipool all the way up to Port Mary.
The last quarry on Luing closed when demand for its slate slumped but there is now a growing interest in using it once again, especially for historic buildings.
Speaking after the community council meeting, Mr Buchanan said the slate production, although on a small scale, would also be an opportunity to create work for people with young families wanting to come and live on the island or to keep young people already living here, on Luing.
And he said: 'It's also an opportunity to help with the whole going net-zero as we would not be bringing in slate from China or Brazil. We're talking about creating local jobs, delivering local materials to be used here in Scotland. It's a fabulous opportunity to resurrect an industry and bring a bit of extra pride into the area.'
In their heydey Cullipool and nearby Toberonochy were once centres of the Slate industry. Luing is the largest of the four slate islands - the other islands are Seil, Easdale and Belnahua.
caption: The old quarry at Port Mary, Luing
NO_T09_oldquarryPortMary
Yes! I would like to be sent emails from West Coast Today
I understand that my personal information will not be shared with any third parties, and will only be used to provide me with useful targeted articles as indicated.
I'm also aware that I can un-subscribe at any point either from each email notification or on My Account screen.