NGEx Minerals Kicks Off Phase 3 Drilling at Lunahuasi, Aiming to Expand High-Grade Copper-Gold Deposit
VANCOUVER, BC, Oct. 22, 2024 /CNW/ – NGEx Minerals Ltd. (NGEX, NGXXF), a Canadian-based exploration company, has initiated its Phase 3 drill program at its 100%-owned Lunahuasi property in San Juan, Argentina. This program builds upon the success of Phase 2, which concluded in the first half of 2024 and delivered remarkable results. Phase 2 drilling unearthed some of the highest-grade copper, gold, and silver intercepts discovered globally, confirming Lunahuasi’s exceptional grades and significant size potential.
Phase 3 drilling is designed to expand the deposit through step-out drilling. The program aims to provide sufficient data for developing an initial Exploration Target, as outlined in NI 43-101 standards. This comprehensive program will more than double the total meters drilled at Lunahuasi to date.
Wojtek Wodzicki
, President and CEO of NGEx Minerals, expressed his enthusiasm: “We are incredibly excited to embark on our third and most extensive drill program at Lunahuasi. Phase 2 drilling revealed that the Lunahuasi deposit boasts exceptional grades throughout a vast volume, measuring at least 400m by 900m by 960m. This upcoming program will focus on continuing to expand the deposit, which remains open in all directions, and enhance our understanding of this unusually high-grade discovery.”Wodzicki continued: “Based on the results obtained thus far, we believe we have explored only a fraction of the Lunahuasi high-grade deposit. We are confident that this is a much larger system than currently delineated. With a significantly oversubscribed private placement financing of approximately C$175 million currently underway, which we aim to finalize in the coming weeks, we anticipate being fully funded and well-equipped to execute our current plan. This will provide us with the flexibility to expand the program if justified.”
Expanding the Deposit with Multi-Range Drilling
The new drill program has commenced with three drill rigs currently in operation, and an additional three rigs are expected to be deployed before the end of October. The program will involve up to 20,000 meters of diamond drilling, building upon the 17,862 meters drilled since the deposit’s discovery in March 2023. The program is flexible to be expanded based on encouraging results.
To achieve diverse objectives, the drilling will be conducted in three targeted ranges of drill spacing:
*
Long-range exploration holes ( +300m spacing):
To explore the deposit’s potential for expansion in all directions.*
Mid-range step out holes (50- 300m spacing):
To confirm the continuity of mineralization and define the deposit’s boundaries.*
Short-range infill holes (30- 50m spacing):
To provide detailed data for resource estimation and mine planning.Preliminary results are expected towards the end of Q4 2024. The exact timing will be influenced by drilling rates and assay turn-around times.
About NGEx Minerals
NGEx Minerals is a leading copper and gold exploration company dedicated to exploring the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the neighboring Los Helados copper-gold project situated approximately nine kilometers northeast in Chile’s Region III. Both projects are located within the Vicuña District, which encompasses the Caserones mine, the Josemaria deposit, and the Filo del Sol deposit.
NGEx holds 100% ownership of Lunahuasi and serves as the majority partner and operator for the Los Helados project. The Los Helados project is subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which indirectly owns 30% of the operating Caserones open pit copper mine located approximately 17 kilometers north of Los Helados. Lundin Mining Corporation owns 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 a member of the Lundin Group of Companies.
For further information about NGEx, please visit www.ngexminerals.com or consult SEDAR+ at www.sedarplus.ca.
