VANCOUVER, BC, Jan. 8, 2024
/CNW/ - NGEx Minerals Ltd. (TSXV: NGEX) ("NGEx", "NGEx
Minerals" or the "Company") is pleased to report the first set
of drill results from the current program at the Lunahuasi Project
located in the Vicuña District in San Juan Province, Argentina. View PDF
Highlights
- Drillhole DPDH009 intersected 62.0m at 6.98% copper equivalent ("CuEq")
from 144.0m, including:
- 26.1m at 13.36% CuEq
from 168.9m
- 4.5m at 18.37% CuEq
from 171.8m
- 6.5m at 26.00% CuEq
from 188.5m
- The intercepts above are included within a broader interval
of 128.3m at 4.01%
CuEq from 144.0m
- Estimated true widths of the intersections are shown in Table 1
below
- Hole completed to a depth of 582.0m and all assays complete.
- Drillhole DPDH010 intersected 62.6m at 5.84% CuEq from 226.0m, including:
- 9.4m at 12.10% CuEq
from 232.0m
- 4.2m at 19.70% CuEq
from 282.2m
- The intercepts above are included within a broader interval of
102.0m at 4.56% CuEq
from 192.0m
- Estimated true widths of the intersections are shown in Table 1
below
- Hole was completed to a depth of 1,070.2m and assays to 355.3m are complete with the remainder
pending.
Wojtek Wodzicki, President and
CEO, commented, "Our second drill campaign at Lunahuasi is well
underway, and we are very excited about these initial results. Not
only are we demonstrating the size and continuity of our new
high-grade discovery, but we are beginning to understand the
orientations of the zones and the overall deposit geometry. In
parallel with the drill campaign which has initially focused around
area of the initial Lunahuasi discovery hole, DPDH002, our
geologists have been hard at work on surface mapping and sampling
and we have developed some exciting new targets which will be
drilled in the near future."
Drilling is beginning to outline three main mineralized
structures which are trending north-northwest and dipping steeply
to the west. The two holes reported here are interpreted to have
intersected the middle structure, which also includes the discovery
intersection of 60.0m at 7.52% CuEq
(5.65% Cu, 2.04 g/t Au, 44.0 g/t Ag) from hole DPDH002 drilled in
our inaugural campaign last year. Relative to that intersection,
the 62.0m interval reported from
DPDH009 is 60m above and the
62.6m interval reported from DPDH010
is 87m to the southwest at the same
elevation.
The mineralized structures are comprised of "ledges" defined by
zones of intense silicification, brecciation, stockwork and veins.
Copper mineralization occurs primarily in enargite with lesser
covellite as breccia fillings, disseminations, veinlets and massive
pyrite-enargite veins up to several metres in width. Gold and
silver values are notable throughout, including bonanza grades
(e.g. gold up to 21.9 g/t and silver up to 1,490 g/t in hole
DPDH009).
All three structures remain open along strike in both directions
and vertically to depth and to surface and the potential for
discovery of parallel mineralized structures is excellent based on
completed surface work.
Table 1: Significant Intercepts
Hole
|
From
(m)
|
To (m)
|
Length
(m)
|
Estimated
True
Width (m)
|
Cu (%)
|
Au (g/t)
|
Ag (g/t)
|
CuEq
(%)
|
DPDH009
|
144.0
|
272.3
|
128.3
|
70.6
|
2.01
|
2.07
|
57.0
|
4.01
|
incl
|
144.0
|
206.0
|
62.0
|
34.1
|
3.75
|
3.43
|
83.2
|
6.98
|
incl
|
168.9
|
195.0
|
26.1
|
14.4
|
7.53
|
5.83
|
178.6
|
13.36
|
incl
|
171.8
|
176.3
|
4.5
|
2.5
|
7.00
|
9.80
|
480.5
|
18.37
|
incl
|
188.5
|
195.0
|
6.5
|
3.6
|
17.19
|
8.71
|
279.0
|
26.00
|
plus
|
324.0
|
330.0
|
6.0
|
3.3
|
0.60
|
4.13
|
62.0
|
4.16
|
plus
|
511.7
|
522.0
|
10.3
|
5.7
|
1.51
|
0.55
|
37.4
|
2.24
|
incl
|
516.0
|
520.0
|
4.0
|
2.2
|
2.48
|
1.01
|
63.5
|
3.78
|
DPDH010
|
121.5
|
125.2
|
3.7
|
2.3
|
3.59
|
6.09
|
91.5
|
8.84
|
plus
|
157.0
|
164.5
|
7.5
|
4.7
|
0.98
|
0.68
|
31.4
|
1.75
|
plus
|
192.0
|
294.0
|
102.0
|
64.3
|
2.45
|
1.71
|
97.3
|
4.56
|
incl
|
192.0
|
198.3
|
6.3
|
3.9
|
2.22
|
1.63
|
69.0
|
4.02
|
and incl
|
204.0
|
211.0
|
7.0
|
4.4
|
3.40
|
1.64
|
56.7
|
5.10
|
and incl
|
226.0
|
288.6
|
62.6
|
39.4
|
3.10
|
2.09
|
138.3
|
5.84
|
incl
|
232.0
|
241.4
|
9.4
|
5.9
|
4.86
|
4.49
|
450.2
|
12.10
|
and incl
|
271.0
|
288.6
|
17.6
|
11.1
|
5.31
|
2.05
|
165.2
|
8.26
|
incl
|
282.2
|
286.4
|
4.2
|
2.6
|
12.12
|
4.33
|
503.4
|
19.70
|
Figure 1: Plan View of Lunahuasi Drill Holes
Outlook for 2024
Drilling has restarted after a short holiday break with four
rigs currently active. Holes DPDH001 through DPDH008 were completed
and reported last season, and the first hole from the current
season is DPDH009. A total of 15,000m
is planned for the current program with 4,407m drilled to date. Three holes have been
completed to date (DPDH009 to 582m,
DPDH010 to 1,070m and DPDH011 to
419m) and four holes are currently
ongoing (DPDH012 at 704m, DPDH013 at
596m, DPDH014 at 965m and DPDH015 at 71m). Assays have been received for 921m of the current program with the remainder
pending. Assay results for completed holes will be released as they
are received, analyzed, and confirmed by the Company.
Table 2: Drill Hole Information
Hole
ID
|
East
|
North
|
Elevation (m)
|
Azimuth
|
Dip
|
Depth
(m)
|
Status
|
DPDH009
|
439040
|
6856277
|
4,684
|
263.59
|
-59.27
|
582.0
|
Completed
|
DPDH010
|
439035
|
6856223
|
4,680
|
269.75
|
-55.08
|
1,070.2
|
Completed
|
DPDH011
|
439090
|
6856275
|
4,658
|
270.22
|
-61.82
|
419.0
|
Completed
|
DPDH012
|
439195
|
6856275
|
4,626
|
269.55
|
-57.95
|
704.0
|
Ongoing
|
DPDH013
|
439090
|
6856224
|
4,663
|
270.64
|
-55.34
|
596.0
|
Ongoing
|
DPDH014
|
439190
|
6856224
|
4,634
|
270.71
|
-55.63
|
964.8
|
Ongoing
|
DPDH015
|
439040
|
6856224
|
4,682
|
270.00
|
-45.00
|
71.0
|
Ongoing
|
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 sampled in maximum 2-meter intervals,
stopping at geological boundaries, using a rock saw. Core diameter
is a mix of PQ, HQ and NQ depending on the depth of the drill hole.
Samples were bagged and 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 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).
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
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 Minerals 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 49% owner of the operating Caserones open pit copper
mine located approximately 17 kilometres north of Los Helados.
Lundin Mining Corporation holds the remaining 51% stake in
Caserones.
The Company is listed on the TSX Venture Exchange under the
trading symbol "NGEX". NGEx Minerals is part of the Lundin Group of
Companies.
Additional information relating to NGEx Minerals Ltd. may be
obtained or viewed on the SEDAR+ website at www.sedarplus.com.
Additional Information
Neither the TSX Venture Exchange ("TSX-V") nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX-V) 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; the potential for the discovery of extensions of
mineralized zones at the Lunahuasi Project; the results of
exploration undertaken at new exploration targets identified at the
Lunahuasi Project; the ability of the Company to complete the
planned Lunahuasi program currently underway; and the timing and
nature of the current and future exploration and/or drill programs.
Words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "targets", "estimates",
"forecasts", "intends", "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", "might" or "will be taken", "occur" or "be
achieved" or the negative connotations thereof and similar
expressions identify forward-looking information.
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. While the Company anticipates completing its
planned program, it may encounter unexpected drilling and other
challenges, costs, or delays that could prevent the Company from
completing the program on the expected timeline or at all. 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
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; and other risks, uncertainties and other factors
identified in the Company's periodic filings with Canadian
securities regulators which are available on SEDAR+ at
www.sedarplus.com 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.