GEx Minerals Reports 989m at 0.69% CuEq, including 220m at 0.95% CuEq at Los Helados Project
NGEx Minerals Ltd.
2000 – 885 West Georgia Street
Vancouver BC Canada V6C 3E8
T +1 604 689 7842
F +1 604 689 4250
NGEXminerals.com
NEW
S RELEASE
N
GEx Minerals Reports 989m at 0.69% CuEq, including 220m at 0.95% CuEq at Los
Helados Project
VANCOUVER, JULY 6, 2022 - NGEx Minerals Ltd. (TSXV: NGEX) (“NGEx Minerals” “NGEx” or the “Company”)
is pleased to report additional assay results from the 2022 drill campaign at the Los Helados copper -gold
project located in Region III, Chile. Drill hole LHDH077 has successfully extended the high-grade Condor Zone
both upwards towards the surface and at depth . Today’s result is the latest from the highly successful 2022
drill program which focused on adding high-grade material to the Los Helados deposit. To date , drilling has
extended the previously known Condor Zone and identified two additional high grade zones known as the
Fenix Zone and the Alicanto Zone. All three zones remain open with potential to add high- grade material to
the deposit.
H
IGHLIGHTS
• LHDH077 was drilled across the southern boundary of the Condor Zone and returned 989 at 0.69%
CuEq from surface, including:
o 736m at 0.79% CuEq from a depth of 42m, including
o 220m at 0.95% CuEq from a depth of 328m
• T
his hole intersected Condor Zone high- grade mineralization above and below the previously
modelled limits of the >0.7% CuEq grade shell (see section). These sub-intervals measured from the
limit of the current grade shell include:
o Upward extension towards surface: 108m @ 0.77% CuEq from 42m and;
o Downward extension below lower limit of the grade shell: 252m @ 0.71% CuEq from 526m
Commenting on the results Wojtek Wodzicki, President and CEO stated “Hole LHDH077 achieved one of our key
objectives for this seas on which was to test ideas for exten sions of the Condor Zone identified through our
systematic reinterpretation of Los Helados geology and geophysics. With LHDH077, we exceeded our expectations
by adding 108 meters of shallower high-grade material in addition to extending the Condor Zone by 252 meters at
depth. We plan to examine the implications of adding near surface high-grade material as we review our deposit
models. This result builds on and is complementary to our successful drilling earlier in the season which defined
new satellite bodies of high-grade mineralization in the Fenix and Alicanto Zones. The extension of Condor Zone
mineralization intercepted by LHDH077 is a direct result of the re-interpretation of the geology at Los Helados, and
confirmation that we are on the right track in our quest for additional high -grade material. Our improved
understanding of the controls on mineralization has given us a clear, testable model which opens up potential for
increasing the amount of high-grade material at Los Helados. We look forward to the results of the remaining drill
holes which are testing extensions of the Condor and Fenix zone. As we wind down this field season we have begun
to plan a follow-up program to continue to test for additional high grade next season following a short break during
the heart of the Southern Hemisphere winter.”
Composited intervals are shown in the table below:
From To Length Cu % Au g/t Ag g/t CuEq %
LHDH077 0.0 989.0 989.0 0.51 0.27 1.7 0.69
incl 42.0 778.0 736.0 0.58 0.32 1.9 0.79
incl 328.0 548.0 220.0 0.69 0.41 2.4 0.95
incl 328.0 452.0 124.0 0.71 0.47 2.6 1.02
Upper ext 42.0 150.0 108.0 0.53 0.38 1.6 0.77
Lower ext 526.0 778.0 252.0 0.57 0.20 2.0 0.71
Hole LHDH077 was drilled across the southern boundary of the high-grade copper-gold envelope of the Condor
Zone into an area where spacing between previously completed adjacent holes was between 200m and 300m.
The hole intersected a long section of mineralized phreatic -hydrothermal breccia at the top and early phase
quartz porphyry at the bottom. The sulphide mineralization comprises pyrite and chalcopyrite veinlets, with
anhydrite and magnetite-hematite associated with chlorite-sericite alteration, which overprints the early
potassic alteration. Although pyrite is present throughout the deposit, a clear sulphide zonation is observed
from top to bottom also laterally. At the higher levels pyrite is dominant with the presence of minor
chalcopyrite content. Chalcopyrite progressively increases downwards showing equal to greater than pyrite
ratios. Bornite is also present and has been observed mainly in sulphide veinlets hosted in mafic rocks.
2022 LOS HELADOS DRILL PROGRAM OVERVIEW
The 2022 drilling program has focused on extending existing zones of high -grade mineralization within the
footprint of the Los Helados deposit and discovering new zones of high-grade material. The program has
achieved both objectives. A total of 10 holes were drilled this season. The results of six holes have been
released to date with the results of the remaining four holes expected in the coming weeks.
Reinterpretation of the deposit geology and drill results to date suggest that Los Helados contains at least
three distinct high-grade zones hosted within well -defined structural corridors. From north to south these
are, the Alicanto Zone, the Condor Zone, and the Fenix Zone The drill program , including completed and
planned holes, is outlined below:
Holes Completed
LHDH073: Results previously released; infills a gap between existing holes and extends deposit at depth
LHDH074: Results previously released; infills a large gap between existing holes and extends the core of the deposit
LHDH075: Results previously released; extends the deposit’s core to the south
LHDH076: Results previously released; tested gap between the Condor Zone and the Fenix Zone; extension of the
Fenix Zone
LHDH078: Results previously released; tested for confirmation and extension of a third structural corridor;
discovered high-grade Alicanto Zone as confirmation of this third corridor
LHDH077: Results released today; extended Condor Zone towards surface and at depth
LHDH079: Complete, results pending. Testing depth extension of Condor Zone
LHDH080: Suspended. Testing area to the east of LHDH078. Hole suspended at 310m in order to reposition rig to
drill LHDH082. Plan to complete LHDH080 next season.
Holes in Progress
LHDH081: Testing continuity and extension of Fenix Zone at depth. Hole suspended at 1,096m planned to be
completed in September
LHDH082: Testing depth extension of Condor Zone in eastern sector of the deposit. Hole suspended at 1,133
planned to be completed in September
NEXT STEPS
Drilling at Los Helados has finished for this season due to the onset of winter weather and is expected to
resume in September following a short break. The data generated from the current drill program at Los
Helados will form the basis for a revised geological model. Samples generated by this season’s drilling will be
sent for additional detailed metallurgical test work, which will allow for optimization of process flowsheets
and a better understanding of variability within the deposit.
ABOUT NGEX MINERALS
NGEx Minerals is a copper and gold exploration company based in Canada with projects in Chile and Argentina.
NGEx Minerals holds the large-scale Los Helados copper- gold deposit, located in Chile's Region III, as well as
the Valle Ancho Projects located in Argentina. NGEx Minerals is the majority partner and operator for the Los
Helados Project, subject to a Joint Exploration Agreement with Nippon Caserones Resources Co., Ltd . NGEx
Minerals’ near-term focus is on drilling the high grade core of Los Helados and exploration on the rest of its
land package in the Vicuna District. The Company is listed on the TSXV under the trading symbol “NGEX”.
QUALIFIED PERSONS AND TECHNICAL NOTES
The scientific and technical disclosure for the Los Helados Project included in this news releas e 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 Resources’ operations base in Copiapó, Chile by Company personnel. Diamond
drill core was sampled in 2 metre intervals (except where shortened by geological contacts) using a rock saw.
Core diameter is a mix of 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 Copiapó, Chile where they
were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared samples were sent to
the ALS assay laboratories in either Lima, Peru or Santiago, Chile for copper, gold and silver assays, and multi-
element ICP and sequential copper analyses. 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. Co pper and silver were
assayed by atomic absorption following a 4 acid digestion. Samples were also analyzed for a suite of 49
elements with ME-MS61 and a sequential copper leach analysis was completed on each sample with copper
greater than 500ppm (0.05%). 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 problem s were indicated by the QA/QC
program.
Mineralized zones within the Los Helados deposit are bulk porphyry -style zones and drilled widths are
interpreted to be very close to true widths.
Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.50/lb Cu, US$ 1,700/oz Au and
US$ 20/oz Ag, with metallurgical recoveries of 88% for copper, 76% for gold and 60% for silver based on a
comprehensive program of metallurgical testwork. The formula is: CuEq % = Cu % + (0.6117 * Au g/t) +
(0.0057 * Ag g/t).
ADDITIONAL INFORMATION
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
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.
On behalf of NGEx Minerals,
Wojtek Wodzicki,
President and CEO
For further information:
Amanda Strong, Investor Relations
Canada: +1 604 689 7842 or [email protected]
Additional information relating to NGEx Minerals Ltd. may be obtained or viewed on the SEDAR website at
www.sedar.com or on the Company’s website at www.ngexminerals.com.
A
B
SECTION LINE
Complete With
Assays
Complete - Assays
Pending
In Progress
Plan Map
LOS HELADOS PROJECT
JULY 2022
0m 400M200M
0.7% CuEq
Grade Shell
CuEq %
> 0.7
0.5 - 0.7
0.3 - 0.5
0.1 - 0.3
Condor
Zone
Fenix
Zone
Alicanto
Zone
LHDH078
LHDH073
LHDH074
LHDH075
LHDH076
LHDH077
LHDH080
LHDH082
LHDH081 LHDH079
LHDH062
989m @ 0.69% CuEq
(0.51% Cu; 0.27 g/t Au; 1.7 g/t Ag)
6864600N
6865400N
6865000N
442400E
442800E
736m @
0.79% CuEq
0.58% Cu;
0.32 g/t Au
1.9 g/t Ag
220m @
0.95% CuEq
0.69% Cu;
0.41 g/t Au
2.4 g/t Ag
LHDH079
LHDH077
LHDH076
4200m
4400m
4000m
3800m
A B
OLD GRADE SHELL
NEW GRADE SHELL
LOS HELADOS PROJECT
JULY 2022
Vertical Section LHDH077
0m 400M200M
0.1 - 0.3 %
0.3 - 0.5 %
0.5 - 0.7 %
> 0.7 %
CuEq %
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 Los Helados Project and the potential for
the discovery of extensions of mineralized zones and new exploration targets; the ability of the Company to
complete the planned program ; the ability of the current drill program to advance the geological model,
mineral resource estimate and mine plan for Los Helados; the sufficiency of the material collected during the
current drill program or that the analysis thereof will successfully optimize metallurgical processes; the timing
and nature of a new drill program next field seas on; Words such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "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 the nature, scope and timing of the work to be
undertaken to advance the Los Helados Project. While the Company anticipates restarting its drill program in
September, it may encounter unexpected drilling and other challenges, costs, or delays that could prevent the
Company from starting ad completing the program on the expected timeline or at all. Any drilling next season
is dependent on pending results from this year’s program and the Company securing additional funding. This
program could be delayed or not be carried out 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 ongoing COVID 19 pandemic and the risk that an
intensification of the pandemic or an outbreak at the project could impact the company’s ability to carry out
the program and could cause the program to be shut down, estimati ons 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; assumptions that the Company will
receive the permits required to drill at Valle Ancho in a timely manner, fluctuations in the current price of and
demand for commodities; material adverse changes in general business and economic conditions in Chile; the
availability of financing if and when needed on reasonable terms ; risks related to material labour dispute s,
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.sedar.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 requirement s 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.
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