NGEx Announces Phase 4 Exploration Plan at Lunahuasi
NGEx Minerals Ltd.
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Vancouver BC, Canada V7X 1L2
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NGEXminerals.com
NGEx Announces Phase 4 Exploration Plan at Lunahuasi
September 25, 2025, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx” , “NGEx Minerals” or
the “Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to announce its Phase 4 exploration plan for the
upcoming drill program at its Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. The
field team is now on site preparing for mobilization of drill rigs with drilling expected to start in early
October.
Wojtek Wodzicki, President and CEO, commented, “The upcoming drill program aims to build on the
successes of the Phase 3 program, further exploring the four distinct styles of mineralization discovered at
Lunahuasi and extending the boundaries of the deposit, which remains open in all directions.
Phase 3 drilling showed us that Lunahuasi is not just high -grade but also has considerable scale and is
multifaceted. Drilling not only expanded and improved definition of the Lunahuasi deposit, but also
discovered different mineralization styles, a common trait in giant systems. Drilling this season is designed
to further test each style of mineralization while also exploring for new high-grade zones and continuing
to expand the bound aries of the syste m. Our interpretation, based on the limited amount of drilling
completed, is that we have drilled only a small part of the deposit, and what we have discovered so far is
the peripheral part of a much larger mineralized system. Phase 4 drilling intends to keep filling in the gaps
and help us improve our understanding of the geological setting.”
PHASE 3 HIGHLIGHTS
The successful Phase 3 drill program at Lunahuasi, completed in the first half of 2025, continued to deliver
some of the highest -grade copper, gold, and silver intercepts drilled anywhere in the world. Drilling
consistently intersected high -grade vein mine ralization across considerable widths and significantly
contributed to improvements in the geological understanding of the structures that form the original
Lunahuasi discovery. The final assay results from the Phase 3 program confirmed the discovery of a new
copper-gold porphyry system at Lunahuasi (see News Release dated May 21, 2025), and the discovery of
a fourth, distinct type of mineralization at the project with ultra high-grade gold in quartz veins (See News
Release dates July 8, 2025).
To date, drilling at Lunahuasi has discovered and confirmed four distinct styles of mineralization, all with
unusually high grades:
1. High-sulfidation copper-gold-silver veins
2. Intermediate sulfidation epithermal gold veins
3. Disseminated and stockwork high-sulfidation copper-gold mineralization
3. Porphyry copper-gold
A number of known high-grade zones within the Lunahuasi deposit were confirmed and extended during
Phase 3 drilling, providing enough confidence in the size and shape of three zones to give them names –
the Mars, Saturn and Jupiter zones. Each of these zones represent a significant volume of contiguous high-
grade mineralization which Phase 4 drilling will aim to further extend and define . In addition to these
three zones, numerous isolated drill intersections exist that we are confident will be developed into new
zones with additional drilling.
The mineralized volume drilled to date measures 1, 100 meters by 1,200 meters by 1,200 meters and is
open in all directions. High -grade holes mark the outer boundaries of the current drill pattern with the
northern boundary marked by drill hole DPDH043 that included 46.80m at 9.55% CuEq ( 6.63% Cu, 3.05
g/t Au, 79.2 g/t Ag); the southern boundary marked by DPDH029 that included 823.10m at 1.17% CuEq,
and the westernmost drill holes finishing in high-grade mineralization including the last 743m of DPDH027
grading 0.55% CuEq (0.43% Cu, 0.13 g/t Au, 2.3 g/t Ag).
LUNAHUASI PHASE 4 DRILL PROGRAM DETAILS – TESTING ALL FOUR STYLES OF MINERALIZATION
NGEx is set up for an exciting drill season as the Company further explores and defines the four distinct
styles of mineralization found to date at Lunahuasi and aims to further extend exploration into the areas
outside the current drill pattern that lie beneath similar surface alteration.
The Lunahuasi Phase 4 program will use 8 drill rigs and is expected to total up to 25,000 meters of diamond
drilling to follow up on the 43,249m drilled since discovery of the deposit in 2023. The planned program
will consist of three targeted ranges of drill spacing to accomplish different objectives:
o Short-range Resource Definition: define and expand the Mars, Saturn and Jupiter
zones and contribute toward eventually defining mineral resources at Lunahuasi.
o Mid-range Step-out: extend mineralized intersections and discover new high -grade
zones in the deposit.
o Long-range Exploration: test anomalies and district scale targets to discover new
components of the Lunahuasi system and demonstrate its true potential.
The Phase 4 program is scheduled to start in early October and continue until the onset of the Austral
winter, typically in May. Eight drill rigs have been contracted, including rigs with capacity to drill beyond
2,000m, and rigs that can drill horizontally, to ensure we can accomplish the program objectives. Holes
are planned to be collared from existing platforms as much as possible, with multiple holes from each
platform, which will reduce the need for drill moves and increase the program efficiency.
Short-range Resource Definition:
Phase 3 drilling provided enough confidence in the location and continuity of three initial high-grade zones
to name them and begin designing drill holes specifically to understand their geometry and extent. These
three zones were named Jupiter, Saturn and Mars, and represent the first group of what will ultimately
become several distinct high-grade zones within the Lunahuasi deposit. Jupiter was the initial high-grade
zone discovered by hole DPDH002 - the first hole drilled into this part of the property. Mars is the shallow
high-grade zone first discovered by hole DPDH014. Saturn is currently the largest and southernmost
defined zone and was first intersected by hole DPDH028.
All three of these zones, along with the entirety of the Lunahuasi deposit, remain open to expansion in all
directions and these short -range holes are designed to infill and step -out from existing intersections of
the zones to begin to determine their full extent.
Mid-range Step-out:
In addition to the Jupiter, Mars and Saturn zones, there are numerous isolated drill intersections that the
Company is confident will develop into new zones as additional drilling allows us to begin to define their
size, geometry and continuity. Mid-range step-out drilling will allow us to start this process and is expected
to ultimately allow us to define additional discreet mineralized zones, or ore shoots, within the deposit.
Long-range Exploration:
Drillhole DPDH027, completed during Phase 3, confirmed the predicted existence of a porphyry copper -
gold deposit to the west of the Lunahuasi deposit. This large porphyry system is the source of the various
types of mineralization that define Lunahuasi, and a well -established geological model combined with
analogies to other global and Vicuña District deposits suggest that we are still missing important parts of
the overall system. Long-range holes are designed to explore for the existence of these missing parts, such
as a disseminated and stockwork + \- breccia-hosted high sulfidation deposit above the center of the
porphyry. They will also begin to establish the full extent and geometry of the porphyry mineralization.
INVESTOR DAY 2025
NGEx will be hosting an Investor Day at the Ivey Donald K. Johnson Centre in Toronto, Ontario later today,
on Thursday, September 25, 2025, starting at 9:00 a.m. Eastern Standard Time. For those unable to
attend, a live webcast will be available through the details attached below. A recording of the event will
thereafter be available on the Company’s website, www.ngexminerals.com.
Webcast/Conference Call Details:
Date: Thursday, September 25, 2025
Time: 9:00 AM ET
Webcast: http://meetings.lumiconnect.com/400-547-467-285
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 Lima, Peru 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 (Au-AA23). Any samples returning > 10 g/t were then
reanalyzed by fire assay with gravimetric finish on a 30g sample (Au -GRA21). 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 and a sequential copper leach analysis was completed on each
sample w ith copper greater than 500ppm (0.05%) . Sequential copper analysis involves the sequential
leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper
speciation, with copper oxide minerals leachable with acid and secondary copper minerals (enargite,
chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches
it typically contained in chalcopyrite and bornite. 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, 9.3% of the submitted samples are Quality Control samples. No data quality
problems were indicated by the QA/QC program.
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 17 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 geological
interpretation of the Lunahuasi system which is expected to evolve with additional drilling, the nature and timing of
the work to be undertaken to advance the Lunahuasi project, including the anticipated timing of the planned Phase
4 drill program expected to commence in early October 2025, 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 ultimate size potential of the Lunahuasi system, 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. 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, 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 pr ice; 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, particularly gold prices, as they are fluctuating currently due to market volatility ; 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 Company’s annual information form and annual
management discussion and analysis for the year ended December 31, 202 4, 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 forward-looking information included, 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
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.