VANCOUVER, BC, Jan. 22,
2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx
Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is
pleased to provide the second update on its ongoing Phase 3 drill
program at the 100% owned Lunahuasi high-grade copper-gold-silver
project in San Juan, Argentina.
Drilling started in mid-October 2024,
and six diamond drill rigs are currently working on the project.
Due to positive initial results from the program, two additional
drills are scheduled to be added in February, and the planned
program has been expanded from 20,000m to 25,000m.
View PDF
This news release includes partial results received to date for
five holes, as indicated in Table 2 below. Results from the upper
parts of DPDH024 and DPDH025 were released on December 18, 2024. A summary of assay intervals
by news release date is included in Table 3. The highlighted
intersections from this release, including notable gold values, are
shown below, and individual metal grades and estimated true widths
of all intersections are shown in Table 1. Updated drill program
progress and collar locations are shown in Table 2.
Highlights
- Drillhole DPDH024 intersected:
- 7.40m at 5.81% copper
equivalent ("CuEq") from 715.00m
- Drillhole DPDH025 intersected:
- 29.80m at 4.80% CuEq
from 369.05m, including:
- 5.74m at 21.22% CuEq
from 372.45m (19.13 g/t
gold)
- Drillhole DPDH026 intersected:
- 21.50m at 3.07% CuEq
from 529.20m, including:
- 2.40m at 17.47% CuEq
from 529.20m
- Drillhole DPDH028 intersected:
- 2.00m at 11.82% CuEq
from 230.10m (10.13 g/t gold),
plus:
- 205.35m at 5.08% CuEq
from 378.50m (3.20 g/t gold),
including:
- 51.10m at 13.84% CuEq
from 464.30m (9.70 g/t gold),
including
- .50m at 22.28% CuEq
from 467.50m (5.93 g/t gold),
and
- 8.20m at 35.84% CuEq from
504.10m (39.11 g/t gold),
plus
- 7.20m at 13.93% CuEq
from 542.50m
Wojtek Wodzicki, President and
CEO, commented, "Lunahuasi continues to surprise to the upside
and deliver some of the best copper-gold intercepts in the world.
DPDH028 is a remarkable hole which is a significant step-out below
previous drilling and includes the widest high-grade copper-gold
intercept to date, with results for the final 1,000m of the hole still pending. Furthermore, it
is becoming evident that Lunahuasi is also a very significant gold
deposit with intervals and grades that rival those from known
high-grade gold deposits. The deposit remains open in all
directions and step-out drilling to expand the known zones and test
for a porphyry source to the west remains a top priority. We are
highly encouraged by the results to date and have decided to expand
the program from 20,000m to
25,000m by adding two additional
drill rigs which will bring the total to eight. The $175 million financing completed in October, 2024
provides full flexibility to adjust the program as results are
received. With the drill program in full swing, we expect to be
able to release a steady flow of results well into
mid-year."
Table 1: Significant Intersections
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Estimated
True
Width (m)
|
Cu %
|
Au
g/t
|
Ag
g/t
|
CuEq
%
|
DPDH024
|
492.00
|
496.85
|
4.85
|
2.7
|
2.73
|
0.55
|
41.1
|
3.49
|
plus
|
513.10
|
522.30
|
9.20
|
5.2
|
2.43
|
0.97
|
29.2
|
3.39
|
plus
|
663.60
|
665.90
|
2.30
|
1.3
|
2.73
|
1.29
|
38.0
|
4.00
|
plus
|
715.00
|
722.40
|
7.40
|
4.1
|
2.44
|
2.39
|
184.7
|
5.81
|
DPDH025
|
326.50
|
333.50
|
7.00
|
5.1
|
2.51
|
1.90
|
21.1
|
4.08
|
plus
|
369.05
|
398.85
|
29.80
|
22
|
0.79
|
4.03
|
121.3
|
4.80
|
incl
|
372.45
|
378.19
|
5.74
|
4.2
|
1.92
|
19.13
|
608.0
|
21.22
|
plus
|
609.90
|
617.70
|
7.80
|
5.7
|
1.59
|
0.47
|
10.9
|
2.03
|
DPDH026
|
48.00
|
53.00
|
5.00
|
2.8
|
1.27
|
0.51
|
20.6
|
1.82
|
plus
|
210.00
|
215.50
|
5.50
|
3.0
|
1.23
|
3.25
|
36.2
|
3.92
|
plus
|
297.15
|
326.80
|
29.65
|
16
|
1.21
|
0.54
|
11.3
|
1.70
|
incl
|
321.30
|
324.20
|
2.90
|
1.6
|
6.39
|
1.37
|
54.4
|
7.87
|
plus
|
432.00
|
440.00
|
8.00
|
4.4
|
0.40
|
0.75
|
72.4
|
1.59
|
plus
|
476.53
|
481.00
|
4.47
|
2.5
|
1.97
|
1.24
|
21.5
|
3.06
|
plus
|
529.20
|
550.70
|
21.50
|
12
|
2.41
|
0.76
|
11.6
|
3.07
|
incl
|
529.20
|
531.60
|
2.40
|
1.3
|
14.83
|
3.22
|
33.5
|
17.47
|
DPDH027
|
385.60
|
401.00
|
15.40
|
10
|
0.50
|
0.88
|
19.0
|
1.30
|
DPDH028
|
181.80
|
187.00
|
5.20
|
3.9
|
0.58
|
2.16
|
30.7
|
2.42
|
plus
|
221.40
|
232.10
|
10.70
|
7.9
|
1.30
|
2.65
|
31.9
|
3.51
|
incl
|
230.10
|
232.10
|
2.00
|
1.5
|
3.63
|
10.13
|
91.2
|
11.82
|
plus
|
378.50
|
583.85
|
205.35
|
152
|
2.45
|
3.20
|
34.6
|
5.08
|
incl
|
439.60
|
549.70
|
110.10
|
81
|
4.23
|
5.61
|
57.0
|
8.82
|
incl
|
440.70
|
443.50
|
2.80
|
2.1
|
3.71
|
18.84
|
28.4
|
17.70
|
and incl
|
464.30
|
515.40
|
51.10
|
38
|
5.98
|
9.70
|
90.4
|
13.84
|
incl
|
467.50
|
471.00
|
3.50
|
2.6
|
16.59
|
5.93
|
155.7
|
22.28
|
incl
|
473.00
|
475.40
|
2.40
|
1.8
|
8.25
|
13.04
|
55.5
|
18.25
|
incl
|
485.70
|
486.90
|
1.20
|
1.0
|
24.98
|
21.60
|
701.0
|
46.90
|
incl
|
504.10
|
512.30
|
8.20
|
6.1
|
6.18
|
39.11
|
129.2
|
35.84
|
and incl
|
542.50
|
549.70
|
7.20
|
5.3
|
10.46
|
3.64
|
92.4
|
13.93
|
DPDH024 was collared from the same platform as DPDH014
and drilled at -58 degrees towards the west in order to test for an
extension to the high-grade zone in hole 14 and for extensions to
other mineralized structures to the north and at depth. The main
zone in hole 14 appears to have been intersected over 12.3m from 139.8m
to 152.0m (22.35% CuEq; 9.36% Cu,
18.16 g/t Au, 84.7 g/t Ag – see News Release from December 18, 2024). The hole went on to intersect
several other structures including those noted in the Table 1. This
hole has been completed and assays from 757.0m to the end of the hole at 968.0m are pending.
DPDH025 was collared 50m to
the north of hole 24, on the same platform as DPDH012 and drilled
at -45 degrees towards the west to test for northern extensions to
the mineralized structures. An intersection of 11.9m at 10.74% CuEq (8.00% Cu, 3.02 g/t Au, 61.4
g/t Ag - see News Release from December 18,
2024) is interpreted as the northern extension of the zone
intersected in DPDH014 and is 105m
away. A particularly strong intersection at 372.45m (5.74m at
21.22% CuEq) includes 19.13 g/t gold. This hole has been completed
and assays from 652.0m to the end of
the hole at 1,303.8m are pending.
DPDH026 was collared 216m
to the east of DPDH014 and drilled towards the west at -60 degrees
to test for the down-dip extension of the mineralized structures.
Several structures were intersected as shown in Table 1. All
intersections above 400m depth appear
to be new structures which lie to the east of anything intersected
by previous drilling. This hole has been completed and assays from
553.0m to the end of the hole at
1,261.2m are pending.
DPDH027 was collared from the same platform as DPDH021,
which was the southernmost hole prior to this season's program, and
drilled at -46 degrees towards the WSW (226 degrees) in order to
test for a southern extension to the numerous mineralized
structures seen in DPDH021. Only a few weakly mineralized
structures are indicated by the assay results received so far, but
assays from 459.0m to the end of the
hole at 1,192.0m are pending. This
hole is still in progress.
DPDH028 was collared from the same platform as DPDH022
and drilled towards the west at -53 degrees in order to undercut
hole 22 and test the down-dip extension of the structures
intersected by it. A major structure intersected from 378.5m in this hole correlates well with a
similar interval in DPDH022 from 380.0m. In both holes this zone is characterized
by very high grades, especially with respect to gold, including a
8.2m interval at 39.11 g/t gold with
a best sample of 1.5m at 115.00 g/t
gold in DPDH028 and two samples over 70 g/t gold within a
38.9m interval at 10.09 g/t from
408.0m in DPDH022. This very
high-grade zone also correlates well with an intersection
120m away to the south in DPDH021 of
4.8m at 24.34 g/t gold from
480.5m (see News Release dated
June 9, 2024). This hole has been
completed and assays from 588.0m to
the end of the hole at 1,600.4m are
pending.
Six drill rigs are currently turning at Lunahuasi with five
holes completed and just over 9,500m
drilled, the details of which are presented in Table 2. Details of
assay intervals completed by news release date are presented in
Table 3. Additional intersections will be released once assays are
received, analyzed, and confirmed by the Company.
Table 2: Hole and Assay Depths
Hole
ID
|
UTM
East
|
UTM
North
|
Elev
(masl)
|
Azimuth
|
Dip
|
Length
Drilled
(m)
|
Status
|
DPDH024
|
439,190
|
6,856,224
|
4,634
|
282.87
|
-57.76
|
968.0
|
Complete
|
DPDH025
|
439,195
|
6,856,275
|
4,626
|
279.63
|
-44.45
|
1303.8
|
Complete
|
DPDH026
|
439,404
|
6,856,207
|
4,607
|
267.15
|
-60.32
|
1261.2
|
Complete
|
DPDH027
|
439,201
|
6,855,913
|
4,750
|
255.65
|
-46.10
|
1192.0
|
In Progress
|
DPDH028
|
439,210
|
6,855,993
|
4,707
|
267.35
|
-53.00
|
1600.4
|
Complete
|
DPDH029
|
439,238
|
6,855,900
|
4,744
|
229.22
|
-50.60
|
1331.5
|
In Progress
|
DPDH030
|
439,181
|
6,856,226
|
4,634
|
256.52
|
-53.14
|
502.9
|
Complete
|
DPDH031
|
439,181
|
6,856,239
|
4,634
|
269.17
|
-45.89
|
755.0
|
In Progress
|
DPDH032
|
438,773
|
6,856,198
|
4,833
|
80.83
|
-52.19
|
399.4
|
In Progress
|
DPDH033
|
439,197
|
6,856,274
|
4,626
|
287.62
|
-54.08
|
193.6
|
In Progress
|
Table 3: Assay Intervals by News Release
Date
Hole
ID
|
News Release
Dec. 18 2024
|
News Release
Jan. 21 2025
|
Pending
|
DPDH024
|
0 - 394m
|
394m - 757m
|
757m - 968m
|
DPDH025
|
0 - 271m
|
271m - 652m
|
652m -
1,303.8m
|
DPDH026
|
|
0 - 553m
|
553m -
1,261.2m
|
DPDH027
|
|
0 - 459m
|
459m -
|
DPDH028
|
|
0 - 588m
|
588m -
1,600.4m
|
Qualified Persons and Technical Notes
The scientific and technical disclosure included in this news
release have been reviewed and approved by Bob Carmichael, B.A.Sc., P.Eng. who is the
Qualified Person as defined by NI 43-101. Mr. Carmichael is Vice
President, Exploration for the Company.
Samples were cut at NGEx's operations base in San Juan,
Argentina by Company personnel.
Diamond drill core was sawed and then sampled in maximum 2-meter
intervals, stopping at geological boundaries. Core diameter is a
mix of PQ, HQ and NQ depending on the depth of the drill hole.
Samples were bagged, tagged and packaged for shipment by truck to
the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g
split was pulverized to 85% passing 200 mesh. The prepared sample
splits were sent to the ALS assay laboratory in either Lima, Peru or Santiago, Chile for copper, gold and silver
assays, and multi-element ICP. ALS is an accredited laboratory
which is independent of the Company. Gold assays were by fire assay
fusion with AAS finish on a 30g sample. Copper and silver were
assayed by atomic absorption following a 4-acid digestion. Samples
were also analyzed for a suite of 48 elements with ME-MS61 plus
mercury. Copper and gold standards as well as blanks and duplicates
(field, preparation, and analysis) were randomly inserted into the
sampling sequence for Quality Control. On average, 9% of the
submitted samples are Quality Control samples. No data quality
problems were indicated by the QA/QC program.
Copper equivalent (CuEq) for drill intersections is calculated
based on US$3.00/lb Cu, US$1,500/oz Au and US$18/oz Ag, with 80% metallurgical recoveries
assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 *
Au g/t) + (0.0088 * Ag g/t).
True widths are rounded to the nearest metre for widths over
10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision of
the estimates. True widths should be regarded as approximate as
these are derived from an estimation that uses a preliminary
interpretation of the geological model and are subject to change as
more information becomes available.
Core scanning and integration of artificial intelligence (AI)
into our core logging and geological interpretation processes is
being implemented to improve workflows for more routine tasks and
to give geologists more time for targeting and interpretation.
About NGEx Minerals
NGEx Minerals is a copper and gold exploration company based in
Canada, focused on exploration of
the Lunahuasi copper-gold-silver project in San Juan Province,
Argentina, and the nearby Los
Helados copper-gold project located approximately nine kilometres
to the northeast in Chile's Region
III. Both projects are located within the Vicuña District, which
includes the Caserones mine, and the Josemaria and Filo del Sol
deposits.
NGEx owns 100% of Lunahuasi and is the majority partner and
operator for the Los Helados project, subject to a Joint
Exploration Agreement with Nippon Caserones Resources LLC, which is
the indirect 30% owner of the operating Caserones open pit copper
mine located approximately 17 kilometres north of Los Helados.
Lundin Mining Corporation holds the remaining 70% stake in
Caserones.
The Company's common shares are listed on the TSX under the
symbol "NGEX" and also trade on the OTCQX under the symbol "NGXXF".
NGEx is part of the Lundin Group of Companies.
Additional information relating to NGEx may be obtained or
viewed on SEDAR+ at www.sedarplus.ca.
Additional Information
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this news release.
The information contained in this news release was accurate at
the time of dissemination but may be superseded by subsequent news
release(s). The Company is under no obligation, nor does it
intend to update or revise the forward-looking information, whether
as a result of new information, future events or otherwise, except
as may be required by applicable securities laws.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements made and information contained herein in
the news release constitutes "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation (collectively, "forward-looking
information"). All statements other than statements of historical
facts included in this document constitute forward-looking
information, including but not limited to, statements regarding:
the nature and timing of the work to be undertaken to advance the
Lunahuasi project, including actual metres that will be completed
during the Company's 2024/25 Phase 3 program and the Company's
ability to continue holes in-progress in a future drill program;
the Company's ability to add two additional rigs to the 2024/25
Phase 3 program, including the ultimate timing and impact thereof;
the potential for further discovery and/or extension of mineralized
zones at the Lunahuasi project; the timing of, and conclusions
resulting from, an update to the geological interpretation at
Lunahuasi, including the Company's ability to establish an
Exploration Target, or the timing and/or results thereof; and the
Company's ability to use information gathered from drilling to date
to effectively target and drill in future campaigns, including
whether the timing and ultimate outcome of the Company's efforts to
locate the centre of the Lunahuasi system are successful.
Generally, this forward-looking information can frequently, but not
always, be identified by use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "projects",
"budgets", "assumes", "strategy", "objectives", "potential",
"possible", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events, conditions or results "will", "may", "could",
"would", "should", "might" or "will be taken", "will occur" or
"will be achieved" or the negative connotations thereof.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management with respect to the nature,
scope and timing of the work to be undertaken to advance the
Lunahuasi Project. Although the Company believes that these factors
and expectations are reasonable as at the date of this document, in
light of management's experience and perception of current
conditions and expected developments, these statements are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
risks, uncertainties and other factors may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements and undue reliance should not be placed
on such statements and information. Such factors include, without
limitation: the emergence or intensification of infectious
diseases, such as COVID 19, and the risk that such an occurrence
globally, or in the Company's operating jurisdictions and/or at its
project sites in particular, could impact the Company's ability to
carry out the program and could cause the program to be shut down;
estimations of costs, and permitting time lines; ability to obtain
environmental permits, surface rights and property interests in a
timely manner; currency exchange rate fluctuations; requirements
for additional capital; changes in the Company's share price;
changes to government regulation of mining activities;
environmental risks; unanticipated reclamation or remediation
expenses; title disputes or claims; limitations on insurance
coverage, fluctuations in the current price of and demand for
commodities; material adverse changes in general business,
government and economic conditions in the Company's operating
jurisdictions, particularly Argentina; the availability of financing if
and when needed on reasonable terms; risks related to material
labour disputes, accidents, or failure of plant or equipment; there
may be other factors that cause results not to be as anticipated,
estimated, or intended, including those set out in the Company's
annual information form and annual management discussion and
analysis for the year ended December 31,
2023, which are available on the Company's website and
SEDAR+ at www.sedarplus.ca under the Company's profile.
The forward-looking information contained in this news
release is based on information available to the Company as at the
date of this news release. Except as required under applicable
securities legislation, the Company does not undertake any
obligation to publicly update and/or revise any of the included
forward-looking information, whether as a result of additional
information, future events and/or otherwise. Forward-looking
information is provided for the purpose of providing information
about management's current expectations and plans and allowing
investors and others to get a better understanding of the Company's
operating environment. Although the Company has attempted to
identify important factors that would cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated, or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. All the forward-looking information
contained in this document is qualified by these cautionary
statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty
thereof.
Cautionary Note to U.S. Readers
Information concerning the mineral properties of the Company
contained in this news release has been prepared in accordance with
the requirements of Canadian securities laws, which differ in
material respects from the requirements of securities laws of
the United States applicable to
U.S. companies subject to the reporting and disclosure requirements
of the United States Securities and Exchange Commission.
SOURCE NGEx Minerals Ltd.