NGEx Discovers High-Grade Gold Veins at Lunahuasi; Drills 14.74 g/t Gold (Uncut) over 104.80m Core Length, Including 504.00 g/t Gold (Uncut) over 1.55m Core Length and 142.27 g/t Gold (Uncut) over 2.20m Core Length
NGEx Minerals Ltd.
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Vancouver BC, Canada V7X 1L2
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NGEXminerals.com
NGEx Discovers High-Grade Gold Veins at Lunahuasi; Drills 14.74 g/t Gold
(Uncut) over 104.80m Core Length, Including 504.00 g/t Gold (Uncut) over
1.55m Core Length and 142.27 g/t Gold (Uncut) over 2.20m Core Length
July 8, 2025 , Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx”, “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to announce the final drill results from the Phase 3
program at its 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. The
highlight of these results is the discovery of ultra high-grade visible gold in quartz veins in the Saturn zone,
including 504.0 g/t over 1.55m and 290.0 g/t over 0.90m in two separate veins in hole DPDH046. This
represents a new style of mineralization and a new exploration target for the project.
Highlights:
• Drillhole DPDH044 intersected:
o 50.50m at 10.68% copper equivalent (“CuEq”) from 479.00m
• Drillhole DPDH045 intersected:
o 15.40m at 10.28% CuEq from 191.60m
• Drillhole DPDH046 intersected:
o 104.80m at 2.97% Cu, 14.74 g/t Au and 65.0 g/t Ag from 447.00m, including:
▪ 61.90m at 3.46% Cu, 23.81 g/t Au and 87.3 g/t Ag from 467.10m, including:
• 2.20m at 11.61% Cu, 142.27 g/t Au and 451.2 g/t Ag from 467.10m, plus:
• 15.20m at 1.91% Cu, 61.72 g/t Au and 20.0 g/t Ag from 513.80m, including:
o 3.60m at 2.68% Cu, 245.39 g/t Au and 14.7 g/t Ag from 520.00m
Wojtek Wodzicki, President and CEO, commented, “The discovery of ultra high-grade free gold in quartz
veins (see Figures 1-3) adds an entirely new dimension to the Lunahuasi project. High-grade gold quartz
veins are a well-known component of the high-sulphidation epithermal deposit model and have proven to
be a very significant part of successful projects developed on this deposit style elsewhere, such as the
renowned El Indio mine located 150km to the southwest. We have intersected some outstanding gold
grades in previous drilling at Lunahuasi, but seeing this new style of mineralization with these grades
provides us with the possibility of outlining substantial value in a gold-dominant style of mineralization –
further increasing the potential of what is already a great mineral deposit.
These results cap a very successful Phase 3 drill program which has exceeded our expectations on several
fronts. Following up on this intersection and continuing to explore for similar veins within the gold -rich
Saturn and Mars zones will be an important component of our upcoming Phase 4 drill campaign. We are
still in the early stages of exploring this remarkable deposit , continue to get positive surprises as we add
drillholes to the Lunahuasi project, and we believe that there will be more discoveries to come.”
Table 1: Significant Intersections
Hole ID From
(m) To (m) Length
(m)
Est True
Width
(m)
Cu % Au g/t
Au g/t
(cut to
90 g/t)
Ag g/t CuEq %
DPDH044 171.30 179.00 7.70 2.3 0.33 2.00 2.00 22.9 1.99
plus 259.00 721.20 462.20 139 1.61 1.44 1.44 41.02 3.02
incl 344.50 368.15 23.65 7.1 3.21 2.22 2.22 36.3 5.15
and incl 395.50 402.00 6.50 2.0 2.23 2.21 2.21 18.2 4.01
and incl 417.30 441.45 24.15 7.2 2.05 2.07 2.07 32.7 3.84
and incl 456.00 647.10 191.10 57 2.53 2.12 2.12 71.5 4.71
incl 479.00 529.50 50.50 15 5.26 5.56 5.56 155.1 10.68
incl 479.00 502.00 23.00 6.9 9.97 5.31 5.31 266.9 16.20
incl 524.00 529.50 5.50 1.7 2.89 19.62 19.62 179.2 18.78
and incl 677.40 689.10 11.70 3.5 3.25 2.55 2.55 79.0 5.80
DPDH045 191.60 207.00 15.40 4.9 5.28 4.81 4.81 169.2 10.28
plus 391.00 397.00 6.00 1.9 0.89 1.31 1.31 60.7 2.38
DPDH046 280.80 285.30 4.50 2.9 1.85 1.35 1.35 42.3 3.21
plus 428.00 435.00 7.00 4.6 4.44 3.30 3.30 161.3 8.27
plus 447.00 551.80 104.80 68 2.97 14.74 6.90 65.0 *
incl 467.10 529.00 61.90 40 3.46 23.81 10.53 87.3 21.59
incl 467.10 469.30 2.20 1.4 11.61 142.27 60.45 451.2 *
Incl 468.40 469.30 0.90 0.6 25.00 290.00 90.00 1090.0 *
and incl 478.00 500.00 22.00 14 5.90 8.47 9.47 178.4 13.65
incl 493.00 500.00 7.00 4.6 10.06 16.48 16.48 319.7 24.89
and incl 513.80 529.00 15.20 9.9 1.91 61.72 19.50 20.0 *
incl 520.00 523.60 3.60 2.3 2.68 245.39 67.14 14.7 *
incl 521.00 522.55 1.55 1.0 4.84 504.00 90.00 28.0 *
plus 595.10 597.70 2.60 1.7 4.64 0.48 0.48 21.7 5.18
plus 609.00 618.20 9.20 6.0 1.64 1.20 1.20 13.4 2.63
DPDH047 207.80 212.00 4.20 2.2 1.31 1.03 1.03 29.9 2.33
plus 315.30 325.60 10.30 5.5 2.20 0.63 0.63 15.6 2.80
incl 323.40 325.60 2.20 1.2 7.37 1.47 1.47 26.6 8.68
plus 336.00 345.50 9.50 5.0 2.58 1.46 1.46 22.0 3.83
plus 420.10 425.15 5.05 2.7 1.26 1.45 1.45 13.3 2.44
plus 447.60 459.45 11.85 6.3 3.90 0.46 0.46 16.2 4.38
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). A * indicates
that no CuEq was calculated as samples within the interval and/or the entire interval returned >100% CuEq. Table 1 shows intervals
calculated with gold grades both uncut and cut to 90 g/t which is consistent at this time with statistical analysis of the distribution
of gold grades drilled to date. We currently have 148 samples > 10 g/t Au, 18 samples > 50 g/t Au and 8 samples > 100 g/t Au and
top cut values are subject to change as more assays are added to the data set.
Estimated true widths are rounded to the nearest metre for widths over 10m and to the nearest 0.1m for widths less than 10m,
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.
DPDH044 was collared on the same platform as DPDH023 and angled to the south (170o) with a dip of -
61o to drill across the Saturn zone perpendicular to the direction of the other drill holes. The hole drilled
an oblique intersection of the zone between 259.00m and 721.20m which included a number of higher-
grade sections. The estimated true width and overall grade of this intersection matches well with other
Saturn zone holes (see News Release dated April 24, 2025) and helps to delineate the geometry of the
zone.
DPDH045 was collared from the same platform as DPDH040 and drilled towards the northeast (45o) at a
dip of -65o to test for continuity of the Mars zone between holes DPDH0 32 and DPDH042. The hole
intersected a new zone between 191.60m and 207.00m ( 15.40m at 10.28% CuEq) and is interpreted to
have hit the Mars zone between 391.00m and 397.00m (6.00m at 2.38% CuEq).
DPDH046 was drilled from the same platform as DPDH028 and angled to the west at a dip of -45o to
explore the Saturn zone to the north of DPDH028. It intersected the Saturn zone between 447.00m and
551.80m about 35m north of the zone intersected in DPDH028.
The hole drilled a very strong Saturn zone intersection, highlighted by two high-grade gold veins 53.90m
apart; 2.2 0m at 142.27 g/t Au from 467.10m and 1.55m at 504. 00 g/t Au from 521.00m. Both were
characterized by visible gold in quartz veins, with the shallower vein clearly crosscutting an earlier pyrite-
enargite vein as indicated by its higher copper grade. These veins appear to have been intersected by
other Saturn zone holes, as shown in Table 2 below, most of which cross-cut massive sulphide veins. There
is a 123m gap in drilling between this intersection and DPDH042 to the north, and the zone remains open
up-dip and down-dip of this intersection.
DPDH047 was collared on the same platform as DPDH042 and drilled at an azimuth of 263o and a dip of -
65o to test the Mars zone down dip of the strong intersection in that hole. It intersected the interpreted
continuation of the Mars zone at 336.00m with 9.50m at 3.83% CuEq, 64m below the intersection in
DPDH042. The zone remains open down -dip and to the south of this intersection. The hole went on to
intersect two additional intervals, as shown in Table 1, and stopped short of the northern projection of
the Saturn zone due to the end of the season.
Discussion
The presence of ultra-high-grade native gold in quartz veins at Lunahuasi confirms the existence of a part
of the system that we have been hoping to discover since we started drilling. Although we have
intersected high gold grades in previous holes, this new style of mineralization is fundamentally different
and significantly increases the potential value of the project.
This style of veining is a well -known component of the high-sulphidation epithermal deposit model, and
there are several good examples of these veins in similar systems, including at the El Indio deposit located
150km southwest of Lunahuasi. It is related to a slightly later stage of intermediate or low-sulphidation
mineralization, typically following the same structures and cross -cutting the earlier pyrite -enargite
copper-gold-silver veins.
This cross-cutting nature can make it difficult to recognize this as a separate mineralizing event in places
where the veins manifest as massive sulphide veins or breccias with a cross-cutting component of gold-
rich quartz as breccia filling or discreet veins. The distribution of gold within them can be highly variable,
typically forming an “ore shoot” geometry with sections of the veins containing much higher grades than
the average. For example, at El Indio the gold veins averaged between 18 and 30 g/t Au, with ore shoots
containing >100 g/t Au obtaining dimensions of 1-2m wide and up to 100m long.
These veins differ from the pyrite-enargite veins, which themselves can contain appreciable gold, by their
simple mineralogy – native gold in quartz veins with a low sulphide content. They are typically comprised
of chalcedonic quartz with textures charact eristic of low -sulphidation deposits, such as banding, open
vugs and brecciation. See Figures 1 -3 for examples of the mineralization. Table 2 shows interpreted
intersections of these later, gold-rich veins in both the Saturn and Mars zones.
Table 2: Intersections of Gold-Quartz Vein Mineralization
Zone Hole ID From To Length
(m)
Estimated
True Width
(m)
Cu % Au g/t Ag g/t
Saturn
DPDH021 480.50 484.05 3.55 2.4 25.23 31.34 296.1
DPDH022 427.00 428.80 1.80 1.2 11.43 48.13 72.2
DPDH022 438.05 440.30 2.25 1.6 7.21 48.60 228.4
DPDH028 507.00 512.30 5.30 4.0 7.90 52.16 159.1
DPDH044 497.00 498.00 1.00 0.4 17.88 47.20 174.0
DPDH044 524.00 526.00 1.00 0.4 1.57 48.20 50.0
DPDH046 467.10 469.30 2.20 1.4 11.61 142.27 451.2
DPDH046 520.00 523.60 3.60 2.3 2.68 245.39 14.7
Mars
DPDH007 91.80 94.00 2.20 1.3 6.54 35.07 60.4
DPDH024 139.75 142.00 2.25 1.1 7.23 14.41 43.4
DPDH024 145.35 149.40 4.05 2.1 22.29 42.58 218.6
DPDH031 133.00 146.00 13.00 9.0 2.92 16.56 35.0
DPDH032 476.50 485.10 8.60 5.7 15.80 69.82 127.4
DPDH035 227.70 232.00 4.30 1.9 15.97 57.26 123.7
DPDH035 240.20 246.20 6.00 2.7 11.35 21.99 100.2
The Saturn zone veins shown in Table 2 span a strike length of 120m north-south from DPDH046 in the
north to DPDH021 in the south, and 100m vertical between the same two holes and remain open in all
directions. The Mars zone veins are 40m north-south from DPDH007 in the north to DPDH032 in the south
and 155m vertical from DPDH007 down to DPDH035 and also remain open in all directions.
The Phase 3 drill program was completed on May 8, 2025, with a total of 25,003m drilled in 24 holes. All
field activities have now been concluded, and all assay results have now been released. We are focused
on advancing our geological interpretation and building out the deposit model during the austral winter
season before finalizing and announcing our Phase 4 program plans in the upcoming months.
Table 3: Assay Intervals by News Release Date
Hole ID Feb 19 Mar 13 Apr 24 May 21 June 18 July 2 July 9
DPDH024 757.0-968
DPDH025 652.0-1303.8
DPDH026 553.0-1261.2
DPDH027 459.0-1075.1 1015.1-2005.0
DPDH028 588.0-1530.7
DPDH029 0-1060.0 1060.0-1600.0
DPDH030 0-502.9
DPDH031 0-860.0
DPDH032 0-573.0 573.0-896.1
DPDH033 0-475.8 475.8-1235.0
DPDH034 0-353.3 353.3-1329.7
DPDH035 0-273.5 273.5-1073.0
DPDH036 0-1105.2
DPDH037 0-1196.1
DPDH038 0-785.0
DPDH039 0-1200.8
DPDH040 0-1177.3
DPDH041 0-1098.5
DPDH042 0-891.5
DPDH043 0-554.0
DPDH044 0-737.5
DPDH045 0-455.0
DPDH046 0-670.9
DPDH047 0-497.0
Figure 1: DPDH046 - 290 g/t Au at 469.00m
Figure 2: DPDH046 - 504 g/t Au at 522.25m
Figure 3: DPDH046 - 504 g/t Au at 522.20m
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 with 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 cop per 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, 10% 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.