NGEx Drills 12.25m at 23.35% CuEq and 11.90m at 10.74% CuEq at Lunahuasi
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 12.25m at 23.35% CuEq and 11.90m at 10.74% CuEq at Lunahuasi
December 18, 2024, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx” , “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF ) is pleased to provide the first update on its ongoing Phase 3 drill
program at the 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina . Drilling
started in mid-October 2024, and six diamond drill rigs are currently working on the project. This news release
includes results received to date for the upper portions of the first two holes only. Individual metal grades and
estimated true widths of the intersections are shown in Table 1.
Highlights
• Drillhole DPDH024 intersected:
o 86.60m at 4.39% copper equivalent (“CuEq”) from 89.40m, including:
▪ 12.25m at 23.35% CuEq from 139.75m, including:
• 4.05m at 55.26% CuEq from 145.35m
o This hole was completed to a final depth of 968m on November 29; assays have been
received for the first 394m
• Drillhole DPDH025 intersected:
o 51.40m at 3.69% CuEq from 143.80m, including:
▪ 11.90m at 10.74% CuEq from 143.80m, including:
• 3.50m at 19.29% CuEq from 150.00m
o This hole is in progress and currently at a depth of 1,100m; assays have been received for the
first 271m
Wojtek Wodzicki, President and CEO, commented, “These initial results from the upper part s of the first two
holes of this program have exceeded ou r expectations. Today’s news release and especially the results from
DPDH024, highlights some of the extremely high grades found at Lunahuasi. Of particular note are the bonanza-
grade gold values which demonstrate that Lunahuasi has the potential to be an important high -grade gold
deposit as well as a significant copper and silver deposit. These gold values would be noteworthy at many high-
grade gold-only deposits. Hole DPDH025 is also important because it clearly shows that the system continues
strongly to the north and remains open beyond it. With only 6,500m drilled to date and most of the drill program
still ahead of us, we have had a great start to the program and look forward to sharing ongoin g results on a
regular basis over the coming months as we continue to expand and infill this remarkable deposit. With three
ongoing drill holes now over 1,000m deep, two of which are planned to reach at least 2,000m, we are well on
our way to achieving our goal of significantly expanding the mineralized footprint of the deposit.”
Table 1: Significant Intersections
Hole ID From To Length
(m)
Estimated
True Width
(m)
Cu % Au g/t Ag g/t CuEq %
DPDH024 89.40 176.00 86.60 44 1.76 3.37 20.6 4.39
incl 139.75 152.00 12.25 6.2 9.36 18.16 84.7 23.35
incl 145.35 149.40 4.05 2.1 22.29 42.58 218.6 55.26
plus 352.30 355.00 2.70 1.4 2.87 2.19 32.3 4.75
DPDH025 143.80 195.20 51.40 35 2.32 1.61 21.7 3.69
incl 143.80 155.70 11.90 8.1 8.00 3.02 61.4 10.74
incl 150.00 153.50 3.50 2.4 14.80 4.76 116.7 19.29
Six drill rigs are currently working at Lunahuasi with one hole (DPDH024) completed and holes DPDH025
through DPDH030 in progress. Additional intersections for these holes, including those from the lower portions
of holes DPDH024 and DPDH025, will be released once assays are received, analyzed, and confirmed by the
Company.
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, 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 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.
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 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 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 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 abilit y 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”, “budget s”, “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 con ditions 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 informat ion 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
DECEMBER 2024
Lunahuasi Project
Plan View
NORTH
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
0.3 - 1.0 %
1.0 - 3.0 %
3.0 - 5.0 %
> 5.0 %
CuEq %
0.0 - 0.3 %
Phase III Drillhole Trace
Phase I and II Drillhole Trace
DPDH025
DPDH024
DPDH027
DPDH026
DPDH030
DPDH028
DPDH029
86.6m @ 4.39
1.76/3.37/20.6
51.4m @ 3.69
2.32/1.61/21.7