NGEx Drills 16.4m at 12.97% CuEq plus 13.0m at 9.96% 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 16.4m at 12.97% CuEq plus 13.0m at 9.96% CuEq at Lunahuasi
June 19, 2025 , Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx”, “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to announce additional drill results from its 100% owned
Lunahuasi high -grade copper -gold-silver project in San Juan, Argentina. Assay results from four of the
remaining twelve drill holes are presented below.
Highlights:
• Drillhole DPDH036 intersected:
o 57.00m at 2.23% copper equivalent (“CuEq”) from 467.00m, plus:
o 10.10m at 5.84% CuEq from 671.00m, plus:
o 77.10m at 1.94% CuEq from 788.90m
• Drillhole DPDH037 intersected:
o 17.10m at 5.80% CuEq from 521.40m, including:
▪ 3.0m at 15.30% CuEq from 521.40m, plus:
o 87.80m at 2.75% CuEq from 731.50m
• Drillhole DPDH038 intersected:
o 42.40m at 6.14% CuEq from 146.00m, including:
▪ 16.35m at 12.97% CuEq from 166.90m, including:
• 6.40m at 23.93% CuEq from 172.00m, plus:
o 29.10m at 4.79% CuEq from 552.90m, plus:
o 6.60m at 11.87% CuEq from 620.00m
• Drillhole DPDH039 intersected:
o 108.35m at 2.73% CuEq from 499.00m, including:
▪ 10.65m at 6.22% CuEq from 596.70m, plus:
o 400.40m at 1.72% CuEq from 736.90m, including:
▪ 13.00m at 9.96% CuEq from 842.00m, and including:
▪ 19.20m at 6.24% CuEq from 970.40m, and including:
▪ 10.30m at 4.47% CuEq from 1,127.00m.
Wojtek Wodzicki, President and CEO, commented, “Today’s results continue to highlight the size and grade of
the Lunahuasi system while also providing important context and input for the development of its geological
model. Drilling to date has yet to locate the boundaries of the system, and hole 38 from today’s results extends
high-grade mineralization to the north.
With drilling now concluded these and the remaining results will contribute to the development of a deposit
model and help with planning for our Phase 4 program. While we wait for the final assays from Phase 3 to be
received, we have already begun to shift our focus to planning and preparing for Phase 4, which is anticipated
to commence in October, as we seek to follow up on the exploration success of the past program.”
Table 1: Significant Intersections
Hole ID From To Length (m)
Estimated
True Width
(m)
Cu % Au g/t Ag g/t CuEq %
DPDH036 170.00 173.00 3.00 1.7 1.48 4.17 138.0 5.73
plus 467.00 524.00 57.00 37 1.47 0.67 31.5 2.23
incl 496.20 503.80 7.60 4.9 4.21 1.65 87.4 6.18
and incl 511.00 513.20 2.20 1.4 3.53 1.61 87.1 5.46
and incl 522.00 524.00 2.00 1.3 6.71 2.83 82.5 9.50
plus 546.00 548.00 2.00 1.3 2.62 1.67 134.0 5.02
plus 615.50 621.20 5.70 3.7 1.88 1.54 57.0 3.50
plus 671.00 681.10 10.10 6.2 1.28 5.63 50.7 5.84
plus 788.90 866.00 77.10 45 1.55 0.40 11.5 1.94
incl 857.00 866.00 9.00 5.0 3.98 0.96 24.7 4.90
plus 943.15 954.00 10.85 6.0 1.23 0.37 77.9 2.19
plus 1072.20 1075.30 3.10 1.7 3.01 0.49 24.4 3.59
DPDH037 521.40 538.50 17.10 9.1 0.69 5.99 83.4 5.80
incl 521.40 524.40 3.00 1.6 0.16 19.13 135.3 15.30
plus 566.30 572.85 6.55 3.5 1.71 0.90 48.5 2.79
plus 639.00 670.00 31.00 17 1.22 0.82 32.2 2.10
plus 731.50 819.30 87.80 53 2.00 0.69 28.9 2.75
incl 751.00 758.30 7.30 4.4 6.02 1.44 70.5 7.69
and incl 774.60 819.30 44.70 27 2.67 0.88 42.5 3.69
incl 774.60 792.00 17.40 10 3.72 1.02 68.9 5.07
plus 869.00 886.70 17.70 12 2.42 0.68 20.8 3.10
plus 917.20 941.65 24.45 18 3.04 0.84 21.2 3.84
DPDH038 146.00 188.40 42.40 27 4.11 2.35 35.7 6.14
plus 166.90 183.25 16.35 11 9.15 4.31 77.1 12.97
incl 172.00 178.40 6.40 4.1 17.74 6.73 145.2 23.93
plus 212.90 222.00 9.10 5.8 1.69 0.72 24.7 2.43
plus 269.00 273.90 4.90 3.1 1.66 1.41 20.1 2.86
plus 301.90 305.20 3.30 2.1 2.58 0.55 28.3 3.23
plus 422.00 427.00 5.00 3.2 1.36 1.53 26.2 2.71
plus 436.60 439.30 2.70 1.7 1.78 2.58 68.1 4.26
plus 552.90 582.00 29.10 19 3.03 2.12 25.1 4.79
incl 559.30 561.00 1.70 1.1 15.78 12.92 258.5 27.48
and incl 575.50 577.50 2.00 1.3 10.82 6.27 47.0 15.80
plus 608.60 626.60 18.00 12 3.71 2.71 29.7 5.94
incl 620.00 626.60 6.60 4.2 7.30 5.66 50.3 11.87
plus 667.20 669.25 2.05 1.3 6.59 0.78 25.0 7.38
plus 772.20 775.20 3.00 1.9 5.03 1.69 154.4 7.62
DPDH039 298.00 311.00 13.00 8.8 3.17 1.34 35.0 4.45
incl 308.00 311.00 3.00 2.0 7.37 3.51 90.0 10.72
plus 499.00 607.35 108.35 74 1.48 1.27 36.2 2.73
incl 499.00 506.00 7.00 4.8 1.60 2.50 162.1 4.85
plus 537.00 540.00 3.00 2.1 9.76 4.60 319.7 15.92
plus 554.80 558.50 3.70 2.6 4.69 1.89 32.9 6.35
plus 567.00 576.00 9.00 6.4 1.60 4.18 67.3 5.24
Hole ID From To Length (m)
Estimated
True Width
(m)
Cu % Au g/t Ag g/t CuEq %
plus 596.70 607.35 10.65 7.6 4.01 2.66 30.6 6.22
plus 709.25 711.30 2.05 1.5 1.51 2.40 18.1 3.42
plus 736.90 1137.30 400.40 400 1.18 0.44 25.9 1.72
incl 758.00 760.00 2.00 1.4 8.34 0.79 97.0 9.77
and incl 817.00 829.55 12.55 9.4 0.58 2.17 241.5 4.29
and incl 842.00 855.00 13.00 9.8 6.16 2.90 191.1 9.96
and incl 913.70 921.70 8.00 6.0 2.92 0.68 67.3 4.01
and incl 970.40 989.60 19.20 15 5.22 0.85 45.2 6.24
and incl 1012.45 1014.40 1.95 1.5 9.81 1.07 48.6 11.01
and incl 1127.00 1137.30 10.30 8.0 3.54 0.94 27.0 4.47
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).
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 availabl e.
Intervals greater than 300m are interpreted as bulk disseminated and stockwork mineralization and drilled width is e qual to estimated
true width.
DPDH036 was collared on one of the highest elevation platforms and angled to the west with a dip of -55o to
explore the up-dip extension of the vein system. Several mineralized zones were intersected as shown in Table
1, all of which extend the deeper zones upwards and remain open to surface.
DPDH037 was collared from the same platform as DPDH027 and DPDH029 and drilled in between these holes,
towards the west at a dip of -51o. An important result of this hole was the intersection of 87.80m at 2.75%
CuEq from 731.50m which lies along an interpreted consistent zone as described in the news release from April
24, 2025. This hole intersected the zone in between holes DPDH027 ( 53.30m at 2.22% CuEq from 536.00m)
and DPDH029 (101.20m at 2.83% CuEq from 807.50m), 220m from the former and 190m from the latter. The
fact that DPDH037 intersected this zone where predicted improves our confidence in its orientation and
continuity.
DPDH038 was drilled from the same platform as DPDH025 and DPDH033, the northernmost platform , and
angled to the north west at an azimuth of 302 o and a dip of -49o to test for a northern extension to the
mineralization in those holes. A high-grade intersection of 16.35m at 12.97% CuEq from 166.90m confirms the
extension of the zone described in the news release dated March 13, 2025. This intersection extends the zone
by 30m, giving it a strike length of at least 120m from hole DPDH032, and it remains open to the north beyond
DPDH038. The hole went on to intersect several additional high-grade zones before ending at 785m. This hole
clearly demonstrates that the entire system remains completely open to the north.
DPDH039 was drilled roughly in the middle of the known deposit and angled to the west at a dip of -45o to fill
a large gap in the drill pattern at this location. Several zones were intersected, ranging from 400.40m at 1.72%
CuEq to 1.95m at 11.01% CuEq, representing the variety of mineralized widths and grades within the deposit.
These zones correlate well with nearby holes, helping to define geometries and continuity as we build out the
deposit model.
Discussion
With assay results now back from 16 of the 24 holes drilled this season , we have significantly increased our
understanding of the size and geometry of the Lunahuasi vein deposit, as well as confirmed that it is only one
part of a much larger porphyry / high-sulphidation epithermal system.
We are starting to define at least three discreet zones of contiguous high-grade mineralization and beginning
to understand the structural patterns and geometry of the deposit. Two of these zones were described in the
March 13, 2025 and April 24, 2025 news releases. Drillholes DPDH037 and DPDH038, discussed above, are
significant in that they intersected these zones as predicted, helping to confirm our interpretation and improve
our understanding of the deposit. All three of these zones , along with the entirety of the Lunahuasi deposit,
remain open to expansion in all directions and we have yet to define any of the limits of the deposit.
In addition to these three zones, we have numerous isolated drill intersections which we are confident will
develop into additional zones with more drilling.
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 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. Full assays for the final 8 holes of the Phase 3 program representing
6,082m of drill core are pending.
Table 2: Assay Intervals by News Release Date
Hole ID Dec. 18
2024
Jan. 21
2025
Feb.19 2025 Mar.
13 2025
Apr 24 2025 May 21 2025 June 18
2025
Pending
DPDH024 0-394.0 394.0-757.0 757.0-968 - - - None
DPDH025 0-271.0 271.0-652.0 652.0-1303.8 - - - None
DPDH026 0-553.0 553.0-1261.2 - - - None
DPDH027 0-459.0 459.0-1075.1 - - 1015.1-2005.0 None
DPDH028 0-588.0 588.0-1530.7 - - - None
DPDH029 0-1060.0 - - 1060.0-1600.0 None
DPDH030 0-502.9 - - None
DPDH031 0-860.0 - - None
DPDH032 0-573.0 573.0-896.1 - None
DPDH033 0-475.8 475.8-1235.0 - None
DPDH034 0-353.3 353.3-1329.7 - None
DPDH035 0-273.5 273.5-1073.0 - None
DPDH036 0-1105.2 None
DPDH037 0-1196.1 None
DPDH038 0-785.0 None
DPDH039 0-1200.8 None
DPDH040 All
DPDH041 All
DPDH042 All
DPDH043 All
DPDH044 All
DPDH045 All
DPDH046 All
DPDH047 All
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. 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 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% 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, 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 targ et 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, co nditions 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; environment al 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 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 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 accur ate, 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.
DPDH036
JUNE 2025
Lunahuasi Project
Plan View
0 800m
Overburden
Alluvial
Colluvial
Lithology
Silicified structural zone
Volcaniclas c sequence (rhyolite tuff, breccia)
Volcaniclas c sequence (andesite, sandstone, conglomerate)
Quartz diorite porphyry
Diamond drill hole collar
Access track
Length m @ CuEq %
Cu % / Au gpt / Ag gpt
NORTH
High-Sulphida on Mineraliza on Interval
Porphyry Mineraliza on Interval
DPDH037
DPDH038
DPDH039
17.4m @ 5.07
3.72/1.02/68.9
18.0m @ 5.94
3.71/2.71/29.7
16.4m @ 12.97
9.15/4.31/77.1
13.0m @ 9.96
6.16/2.90/191.1
437600E
6856000N
1.0 - 2.0 %
3.0 - 4.0 %
4.0 - 10.0 %
> 10.0 %
CuEq %
2.0 - 3.0 %