VANCOUVER, BC, May 9, 2024
/CNW/ -
NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company")
(TSX: NGEX) (OTCQX: NGXXF) is pleased to report drill results
from hole DPDH018 from the Lunahuasi Project located in the Vicuña
District in San Juan Province, Argentina. PDF Version
Highlights
- Drillhole DPDH018 intersected:
- 5.7m at 10.38% copper
equivalent ("CuEq") from 413.3m,
plus
- 14.0m at 5.80% CuEq
from 461.0m, plus
- 429.4m at 2.31% CuEq
from 738.0m, including
- 102.7m at 4.26% CuEq
from 741.3m, including
- 13.2m at 16.24% CuEq from
827.9m, plus
- 3.1m at 16.54% CuEq
from 896.4m, plus
- 11.0m at 8.06% CuEq
from 1142.0m, plus
- 3.5m at 10.31% CuEq
from 1159.4m.
- The hole ended in mineralization with the final
20.4m averaging 3.37% CuEq (2.87% Cu,
0.45 g/t Au, 20.2 g/t Ag).
Wojtek Wodzicki,
President and CEO, commented, "These latest results confirm the
pattern seen in earlier drill holes with high-grade structures
intersected over the full length of the hole and the intensity of
stockwork mineralization between the individual high-grade
structures increasing from east to west. This pattern reflects an
increase in alteration and mineralization intensity towards the
west which we believe is giving us a vector towards the centre of
the system. The idea of the centre of the system lying to the west
is supported by the surface geology, which includes an area of
intense surface alteration centered between the collar of hole
DPDH019 and the bottom of DPDH018. This is a style of alteration
that typically occurs vertically above porphyry centres. Despite
the grades seen in this drill hole, the alteration is suggesting
that although we are getting closer, we are still not in the heart
of the system. The fact that this drill hole intersects very
high-grade mineralization near its end, including intervals at
8.06% CuEq and 10.31% CuEq, bodes well for the potential to extend
mineralization to the west and to depth and perhaps hints at the
strength of the underlying porphyry system that fed the
mineralization drilled to date."
Intersection details,
including estimated true widths, are shown in Table 1 below. A plan view map of Lunahuasi
is attached to the end of this news release.
Drill Hole Details
DPDH018 was collared on Section
6000N, 125m south and 75m east of DPDH016, and drilled towards
the west at -45 degrees to a final depth of 1,167.4m where it was ended due to rig capacity.
The hole ended in mineralization with the final 20.4m averaging 3.37% CuEq (2.87% Cu, 0.45 g/t
Au, 20.2 g/t Ag).
The hole intersected numerous mineralized structures, as
indicated in Table 1 below, ranging from individual veins <
1m wide to composite zones of veins
and breccia over 50m wide as seen
starting at 787.5m. The frequency and
composition of the high-grade structures is fairly consistent
throughout the hole, however the intensity of alteration and
mineralization between individual structures increases from east to
west. In the eastern part of the hole, here above 738m, the rock between high grade structures is
typically weakly mineralized with pervasive propylitic alteration,
while in the western part, below 738m, the intensity of alteration and
stockwork veining containing copper,
gold, and silver
mineralization increases. This progression of
mineralization from discreet structures cutting weakly mineralized
wall rock in the east to a more homogeneous stockwork zone in the
west is interpreted to represent a transition towards the centre of
the system which is thought to extend further west and to depth
below the end of the current holes. It is important to note that
the stockwork zone is also cut by high-grade structures
similar to those to the east as illustrated
by the intercept of 13.2m of 16.24% CuEq
from 827.9m and the intercepts
beginning at 896.4m, 1,142.0m and 1,159.4m as well as numerous subsidiary
structures.
Table 1: Significant Intercepts
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Est True
Width
(m)
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
CuEq
(%)
|
DPDH018
|
171.6
|
177.7
|
6.1
|
4.1
|
0.74
|
1.46
|
155.0
|
3.17
|
plus
|
301.4
|
419.0
|
117.6
|
78.8
|
0.54
|
0.52
|
7.5
|
0.99
|
incl
|
413.3
|
419.0
|
5.7
|
3.8
|
7.32
|
3.67
|
44.0
|
10.38
|
plus
|
461.0
|
475.0
|
14.0
|
9.4
|
4.33
|
1.63
|
32.5
|
5.80
|
plus
|
506.0
|
516.5
|
10.5
|
7.0
|
1.13
|
0.91
|
15.3
|
1.92
|
plus
|
738.0
|
1,167.4
|
429.4
|
300.6
|
1.41
|
0.67
|
46.6
|
2.31
|
incl
|
741.3
|
844.0
|
102.7
|
71.9
|
1.89
|
1.43
|
150.6
|
4.26
|
incl
|
741.3
|
742.9
|
1.6
|
1.1
|
10.65
|
3.93
|
151.8
|
14.84
|
and incl
|
752.0
|
753.6
|
1.6
|
1.1
|
2.64
|
2.46
|
443.0
|
8.34
|
and incl
|
787.5
|
841.1
|
53.6
|
37.5
|
2.69
|
2.21
|
247.9
|
6.48
|
incl
|
827.9
|
841.1
|
13.2
|
9.2
|
6.08
|
5.96
|
661.6
|
16.24
|
and incl
|
896.4
|
899.5
|
3.1
|
2.2
|
12.57
|
4.43
|
83.8
|
16.54
|
and incl
|
951.1
|
956.8
|
5.7
|
4.0
|
4.42
|
0.72
|
32.4
|
5.23
|
and incl
|
971.0
|
973.4
|
2.4
|
1.7
|
4.45
|
2.46
|
192.2
|
7.94
|
and incl
|
1,034.0
|
1,048.0
|
14.0
|
9.9
|
2.59
|
1.93
|
31.5
|
4.27
|
and incl
|
1,125.2
|
1,162.9
|
37.7
|
26.7
|
3.26
|
0.73
|
29.5
|
4.05
|
incl
|
1,142.0
|
1,153.0
|
11.0
|
7.8
|
6.51
|
1.36
|
63.5
|
8.06
|
incl
|
1,159.4
|
1,162.9
|
3.5
|
2.5
|
8.89
|
1.30
|
53.4
|
10.31
|
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 estimated based on a preliminary
geological interpretation and are subject to change as more
information is acquired and the geological interpretation is
refined.
|
Outlook
Drilling is now complete
for this season. NGEx has demobilized all personnel and
equipment from the field and is focused on processing the remaining
core, completing our geological interpretation, and beginning to
plan for the next drill program to begin in or around early Q4
2024. Holes DPDH009 through DPDH016 and DPDH018 have been reported,
with assays from another 5,309m from
holes DPDH017, and DPDH019 through DPDH023 still 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
|
Elev
(masl)
|
Azimuth
|
Dip
|
Length
|
Status
|
DPDH009
|
439040
|
6856277
|
4,683
|
263.59
|
-59.27
|
582.0
|
Completed
|
DPDH010
|
439035
|
6856223
|
4,684
|
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
|
Completed
|
DPDH013
|
439090
|
6856224
|
4,663
|
272.42
|
-55.27
|
1,033.4
|
Completed
|
DPDH014
|
439190
|
6856224
|
4,634
|
270.71
|
-55.63
|
976.8
|
Completed
|
DPDH015
|
439040
|
6856224
|
4,682
|
268.77
|
-43.71
|
917.4
|
Completed
|
DPDH016
|
439140
|
6856125
|
4,659
|
270.48
|
-46.03
|
772.7
|
Completed
|
DPDH017
|
440255
|
6855875
|
4,542
|
134.97
|
-55.23
|
393.0
|
Assays
Pending
|
DPDH018
|
439214
|
6856000
|
4,705
|
283.78
|
-44.24
|
1,167.4
|
Completed
|
DPDH019
|
437555
|
6855951
|
5,358
|
069.83
|
-60.91
|
1,394.0
|
Assays
Pending
|
DPDH020
|
439294
|
6856188
|
4,657
|
266.75
|
-54.55
|
959.0
|
Assays
Pending
|
DPDH021
|
439222
|
6855912
|
4,743
|
265.30
|
-44.24
|
1,202.5
|
Assays
Pending
|
DPDH022
|
439210
|
6855997
|
4,706
|
268.54
|
-43.84
|
1,106.5
|
Assays
Pending
|
DPDH023
|
438852
|
6856212
|
4,777
|
079.61
|
-59.94
|
254.0
|
Assays
Pending
|
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 estimated based on a
preliminary geological interpretation and are subject to change as
more information is acquired and the geological interpretation is
refined.
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 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'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; the potential for further
discovery and/or extension of mineralized zones at the Lunahuasi
Project; the timing and ultimate outcome of assays pending from the
2023-2024 Lunahuasi drill program; and the timing of, and
conclusions resulting from, an update to the geological
interpretation at Lunahuasi. 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 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.