CuEq at Lunahuasi, With Successful Step Out Holes Now Extending Mineralization Over 1,000m North to South
NGEx Minerals Ltd.
2800 – 1055 Dunsmuir Street
Vancouver BC, Canada V7X 1L2
T +1 604 689 7842
F +1 604 689 4250
NGEXminerals.com
NGEx Drills 53.50m at 7.79% CuEq, 75.45m at 4.95% CuEq, and 15.25m at 16.56%
CuEq at Lunahuasi, With Successful Step Out Holes Now Extending Mineralization
Over 1,000m North to South
February 19, 202 5, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx” , “NGEx Minerals” or the
“Company”) (TSX: NGEX ; OTCQX: NGXXF) is pleased to provide the third update on its ongoing Phase 3 drill
program at the 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina . Six drill
rigs are currently turning at Lunahuasi with seven holes completed and 12,800m drilled. Two additional rigs
are scheduled to start before the end of February and the planned program has been expanded from 20,000m
to 25,000m.
This news release includes remaining results for three holes partially released earlier (DPDH024, DPDH025, and
DPDH026), and partial results for an additional three holes (DPDH027, DPDH028, DPDH029), as indicated below
in Table 2. Results from the upper parts of DPDH024 and DPDH025 were released on December 18 , 2024 and
January 21, 2025. A summary of assay intervals by news release date is included in Table 3. The h ighlighted
intersections from this release , including notable gold values, are shown below, and i ndividual 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.
Wojtek Wodzicki, President and CEO, commented, “Lunahuasi continues to deliver very high -grade, copper-
gold-silver intersections over considerable widths and with these latest drill results, which include positive
results received from our biggest step out holes to date, we are starting to significantly extend the mineralized
system and demonstrate that at Lunahuasi we have a rare combination of very high grades and very large size
potential.
The intercepts in DPDH028 (53.5m @7.79% CuEq) and DPDH029 (157m @ 2.16%CuEq) are particularly
important because they are large step -outs from previous ly intercepted mineralization. The intercept in
DPDH028 is deeper and to the west of all previous holes and is open in all directions. The intercept in DPDH029
is 470m south of DPDH028 and correlates well with a large structure seen in DPDH 021, 022, 027, and 028.
DPDH029 is the largest step-out to the south to date. Results have been received to a depth of 1060m and the
hole is continuing to drill to depth.
Drilling to date has now encountered mineralization over a minimum north-south extent of just over 1km from
DPDH025 in the north to DPDH029 in the south, a minimum vertical extent of just over 1km and a minimum
east-west extent of also just over 1km. These are minimum dimensions – the deposit remains open in all
directions and every hole drilled into it has encountered multiple mineralized intersections. Our focus remains
on continuing to push the boundaries and try to determine how big this unique deposit might be.”
Highlights:
• Drillhole DPDH024 intersected:
o 75.45m at 4.95% copper equivalent (“CuEq”) from 773.80m
▪ Including 15.25m at 16.56% CuEq from 834.00m
• Drillhole DPDH026 intersected:
o 42.40m at 3.44% CuEq from 679.60m, including:
▪ 3.65m at 20.97% CuEq from 692.35m, plus:
o 44.20m at 2.86% CuEq from 794.80m
• Drillhole DPDH027 intersected:
o 49.00m at 2.98 g/t Au and 241.1 g/t Ag from 447.00m, including:
▪ 19.30m at 5.77 g/t Au and 560.6 g/t Ag from 450.20m
• Drillhole DPDH028 intersected:
o 59.10m at 5.07% CuEq from 834.50m, including:
▪ 10.50m at 10.02% CuEq from 872.60m, plus:
o 53.50m at 7.79% CuEq from 1219.50m, including:
▪ 8.00m at 12.93% CuEq from 1230.50m, and
▪ 4.87m at 31.25% CuEq from 1249.50m (11.33 g/t gold)
• Drillhole DPDH029 intersected:
o 13.00m at 5.50% CuEq from 540.00m, plus:
o 157.70m at 2.18% CuEq from 776.90m, including:
▪ 3.50m at 10.32% CuEq from 807.50m, and
▪ 38.90m at 4.35% CuEq from 870.70m
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 773.80 849.25 75.45 39 3.87 1.14 28.3 4.95
incl 790.50 794.30 3.80 2.0 4.70 1.24 37.7 5.93
and incl 814.60 817.50 2.90 1.5 3.62 7.87 18.6 9.52
and incl 834.00 849.25 15.25 7.9 13.83 2.52 101.7 16.56
DPDH025 902.50 982.00 79.50 60 0.81 0.18 6.7 1.00
incl 965.50 973.00 7.50 5.7 2.91 0.33 37.1 3.47
plus 1119.80 1123.15 3.35 2.5 5.33 0.62 147.7 7.08
DPDH026 578.20 582.15 3.95 2.3 5.02 1.10 15.6 5.96
plus 610.00 614.30 4.30 2.5 1.92 0.86 313.6 5.30
plus 644.10 646.50 2.40 1.4 7.76 6.25 23.1 12.51
plus 659.40 662.00 2.60 1.5 3.42 0.76 8.8 4.05
plus 679.60 722.00 42.40 24 2.65 0.63 37.5 3.44
incl 692.35 696.00 3.65 2.1 15.59 2.92 368.9 20.97
and incl 700.70 703.50 2.80 1.6 5.67 2.42 28.3 7.68
plus 776.10 784.00 7.90 4.5 1.87 0.48 27.0 2.46
plus 794.80 839.00 44.20 25 1.52 1.74 7.7 2.86
incl 803.40 807.00 3.60 2.1 0.55 9.19 4.7
and incl 815.70 820.85 5.15 2.9 6.64 3.79 23.8 9.61
plus 872.00 877.60 5.60 3.2 1.70 0.25 34.4 2.19
plus 1097.75 1108.00 10.25 5.8 1.44 0.52 24.4 2.03
DPDH027 447.00 496.00 49.00 35 0.49 2.98 241.1
incl 450.20 469.50 19.30 14 0.53 5.77 560.6
plus 529.00 540.70 11.70 8.3 1.87 0.28 11.4 2.18
plus 546.40 550.00 3.60 2.6 2.40 1.09 42.8 3.57
plus 556.80 563.00 6.20 4.4 1.48 1.68 14.1 2.83
plus 569.00 590.65 21.65 15 1.68 1.13 68.8 3.11
plus 661.60 668.00 6.40 4.7 2.47 1.11 15.0 3.41
plus 754.00 774.00 20.00 15 3.12 0.57 29.2 3.79
plus 902.00 913.00 11.00 8.3 1.74 0.64 29.6 2.47
plus 946.00 952.00 6.00 4.6 2.26 0.99 18.9 3.15
plus 1069.00 1075.10 6.10 4.9 2.28 0.41 26.2 2.82
DPDH028 604.90 610.78 5.88 4.5 2.20 0.41 20.4 2.68
plus 624.00 644.00 20.00 15 1.55 0.88 17.1 2.34
plus 807.90 810.50 2.60 2.0 3.36 1.39 59.4 4.89
plus 834.50 893.60 59.10 46 3.63 1.05 76.7 5.07
incl 839.70 851.40 11.70 9.0 5.23 1.67 151.9 7.78
and incl 872.60 883.10 10.50 8.1 7.44 1.83 141.6 10.02
plus 928.25 933.00 4.75 3.7 2.51 0.75 28.5 3.30
plus 1025.80 1031.40 5.60 4.1 1.91 0.36 12.4 2.28
plus 1060.90 1068.00 7.10 5.0 1.20 7.46 49.6 7.08
plus 1080.00 1082.80 2.80 2.0 2.03 0.36 34.6 2.60
plus 1089.30 1092.30 3.00 2.1 3.35 0.64 38.2 4.16
plus 1133.40 1159.00 25.60 18 1.89 0.33 33.1 2.42
plus 1219.50 1273.00 53.50 37 5.64 2.45 41.1 7.79
incl 1230.50 1238.50 8.00 5.6 10.33 2.90 55.0 12.93
and incl 1249.50 1254.37 4.87 3.4 22.34 11.33 74.6 31.25
DPDH029 318.00 321.70 3.70 1.6 3.89 2.96 80.7 6.76
plus 540.00 553.00 13.00 5.6 3.72 2.00 35.9 5.50
plus 776.90 934.60 157.70 85 1.67 0.49 16.7 2.18
incl 807.50 811.00 3.50 1.9 8.76 1.34 66.3 10.32
and incl 870.70 909.60 38.90 21 3.54 0.76 28.5 4.35
plus 1017.50 1022.90 5.40 3.3 2.45 0.19 19.8 2.76
plus 1050.10 1060.00 9.90 6.3 1.56 0.46 22.5 2.09
DPDH024 was collared from the same platform as DPDH014 and drilled at -58 degrees towards the west 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 hole intersected several mineralized structures as noted in the table above. This hole
has been completed to a final depth of 968.0m and all assays have been reported.
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. Several intersections
in this hole indicate that the system is open to the north, and additional northern step-out holes are currently
underway. This hole has been completed to a final depth of 1303.8m and all assays have been reported.
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
and earlier news releases. This hole has been completed to a final depth of 1261.2m and all assays have been
reported.
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. This hole was successful in intersecting
several mineralized structures including a wide zone of gold/silver mineralization which may be the southern
continuation of a major structure intersected by holes DPDH021, 22 and 28. This hole extends mineralization
up to 200m south of DPDH021. The hole is still underway and assays have been reported to a depth of 1075.1m.
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. Three major
structures were intersected by this hole in addition of numerous smaller ones. In particular, the zone from
1219.5m is below the depth of other holes in this area and is completely open in all directions. This hole has
been completed to a final depth of 1600.4m and assays have been reported to a depth of 1273.0m.
DPDH029 was collared adjacent to DPDH027 and drilled towards the southwest (229) at a dip of -50 degrees
in order to explore the southern extent of the deposit. As with other holes, numerous mineralized intersections
were drilled including a broad zone from 776.9m that includes some higher-grade, gold-rich sub zones. This
zone appears to correlate well with the large structure noted above in DPDH021, 22, 27 and 28 . If this
correlation is correct, this intersection is 470m south of the intersection in hole 2 8 (and 350m away from the
closest intersection in hole 27) and appears to be a compelling exploration target on its own. This hole is still
underway and assays have been reported to a depth of 1060.0m.
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 -57.76 968.00 Complete
DPDH025 439,195 6,856,275 4,626 279.63 -44.45 1,303.80 Complete
DPDH026 439,404 6,856,207 4,607 267.15 -60.32 1,261.20 Complete
DPDH027 439,201 6,855,913 4,750 255.65 -46.10 1,205.60 In Progress
DPDH028 439,210 6,855,993 4,707 267.35 -53.00 1,600.40 Complete
DPDH029 439,238 6,855,900 4,744 229.22 -50.60 1,600.00 In Progress
DPDH030 439,181 6,856,226 4,634 256.52 -53.14 502.90 Complete
DPDH031 439,181 6,856,239 4,634 269.17 -45.89 860.00 Complete
DPDH032 438,773 6,856,198 4,833 80.83 -52.19 896.10 Complete
DPDH033 439,197 6,856,274 4,626 287.62 -54.08 941.00 In Progress
DPDH034 439,210 6,855,993 4,709 264.63 -57.31 847.20 In Progress
DPDH035 439,190 6,856,234 4,633 270.00 -65.24 788.00 In Progress
DPDH036 438,854 6,856,228 4,767 265.00 -55.00 26.00 In Progress
TOTAL 12,800.20
Table 3: Assay Intervals by News Release Date
Hole ID News Release Dec.
18 2024
News Release Jan. 21
2025
News Release Feb. 19
2025 Pending
DPDH024 0 - 394m 394m - 757m 757m - 968m None
DPDH025 0 - 271m 271m - 652m 652m - 1,303.8m None
DPDH026 0 - 553m 553m - 1,261.2m None
DPDH027 0 - 459m 459.0m - 1,075.1m 1,075.1m - end
DPDH028 0 - 588m 588m - 1,530.7m 1,530.7m - 1,600.4m
DPDH029 0m - 1,060.0m 1,060.0m - end
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, preparati on, 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.
Assay composites are calculated based on a 2% CuEq cutoff with a maximum of 10 consecutive metres of waste
material included. Intervals are then reviewed and manually adjusted to reflect coherent geological intervals
where necessary.
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 1 7 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.
For further information, please contact:
Finlay Heppenstall
VP, Corporate Development & Investor Relations
Tel: +1 (604) 806-3089
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”). A ll 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", “pro jects”, “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, uncerta inties 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 r isks;
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 Co mpany’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.c a 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 t o 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 managemen t'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 eve nts 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.
437600E
6856000N
FEBRUARY 2025
Lunahuasi Project
Plan View
0 600m
Overburden
Alluvial
Colluvial
Lithology
Silicified structural zone
Volcaniclas c sequence (rhyolite tuff, breccia)
Volcaniclas c sequence (andesite, sandstone, conglomerate)
Quartz diorite porphyry
Interpreted Major Fault
Diamond drill hole collar
Access track
1.0 - 2.0 %
3.0 - 4.0 %
4.0 - 10.0 %
> 10.0 %
CuEq %
Length m @ CuEq % Cu % / Au gpt / Ag gpt
DPDH025
DPDH024
DPDH027
DPDH026
DPDH030DPDH028
DPDH029
DPDH035
DPDH034
DPDH033
DPDH032
DPDH031
Phase 3 Interval with Assays
75.45m @ 4.95
53.50m @ 7.79
59.10m @ 5.07
42.40m @ 3.44
157.70m @ 2.18
2.40m @ 12.51
19.30m @
3.87/1.14/28.3
5.64/2.45/41.1
3.63/1.05/76.7
2.65/0.63/37.5
1.67/0.49/16.7
7.76/6.25/23.1
0.53/5.77/560.6
15.25m @ 16.56
4.87m @ 31.25
10.50m @ 10.02
3.65m @ 20.97
38.90m @ 4.35
13.83/2.52/101.7
22.34/11.33/74.6
7.44/1.83/141.6
15.59/2.92/368.9
3.54/0.76/28.5
including
including
including
including
including