NGEX Drills 23.0 Metres at 23.02% Copper Equivalent Within 71.9 Metres at 9.63% Copper Equivalent at Lunahuasi
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
NGEX DRILLS 23.0 METRES AT 23.02% COPPER EQUIVALENT
WITHIN 71.9 METRES AT 9.63% COPPER EQUIVALENT AT LUNAHUASI
February 21, 2024, Vancouver, B ritish Columbia – NGEx Minerals Ltd. (TSX -V: NGEX) (“ NGEx”, “NGEx
Minerals” or the “Company”) is pleased to report remaining drill results from hole DPDH010 and full results
for holes DPDH011 and DPDH014 from the Lunahuasi Project located in the Vicuña District in San Juan Province,
Argentina. Lunahuasi drilling continues to intersect long, bonanza-grade mineralized intervals in a zone which
remains open in all directions.
Highlights
• Drillhole DPDH010 intersected several mineralized intervals:
o 102.0 metres (“m”) at 4.56% copper equivalent (“CuEq”) from 192.0m (previously reported),
including
▪ 62.6m at 5.84% CuEq from 226.0m, including
• 9.4m at 12.10% CuEq from 232.0m, plus
• 4.2m at 19.70% CuEq from 282.2m, plus
o 460.9m at 1.09% CuEq from 609.3m (new), including
▪ 4.5m at 25.95% CuEq from 609.3m, plus
▪ 1.9m at 10.57% CuEq from 764.5m, plus
▪ 5.8m at 6.81% CuEq from 834.3m
o Drill results down to a depth of 355.3m were previously reported on January 8, 2024.
• Drillhole DPDH011 intersected 46.0m at 2.06% CuEq from 330.0m, including
o 10.0m at 3.42% CuEq from 330.0m.
• Drillhole DPDH014 intersected several mineralized intervals:
o 184.2m at 4.61% CuEq from 166.0m, including
▪ 71.9m at 9.63% CuEq from 171.2m, including
• 23.0m at 23.02% CuEq from 220.0m, including
o 9.4m at 40.12% CuEq from 231.7m, plus
o 28.0m at 5.44% CuEq from 533.0m, plus
o 10.9m at 4.39% CuEq from 722.4m, plus
o 6.4m at 8.82% CuEq from 953.6m.
• Estimated true widths of the intersections and breakdown of individual metal grades are shown in
Table 1 below.
• Plan view maps of Lunahuasi drill holes to date are attached to the end of this news release.
Wojtek Wodzicki, President and CEO, commented, “Lunahuasi continues to exceed our expectations and these
new holes have delivered some of the longest, highest -grade, combined copper, gold and silver intersections
seen globally for a long time. The deposit remains open in all directions and is rapidly turning into a major new
discovery. In addition to the high grades in individual structures , we are starting to see longer intervals of
stockwork and disseminated mineralization towards the western part of the deposit.”
Table 1: Significant Intercepts
Hole ID From
(m)
To
(m)
Length
(m)
Est True
Width
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
(%)
DPDH010 121.5 125.2 3.7 2.3 3.59 6.09 85.9 8.79
plus 157.0 164.5 7.5 4.7 0.98 0.68 31.3 1.75
plus 192.0 294.0 102.0 64.3 2.45 1.71 97.3 4.56
incl 192.0 198.3 6.3 3.9 2.22 1.63 69.0 4.02
and incl 204.0 211.0 7.0 4.4 3.40 1.64 56.7 5.10
and incl 226.0 288.6 62.6 39.4 3.10 2.09 138.3 5.84
incl 232.0 241.4 9.4 5.9 4.86 4.49 450.2 12.10
and incl 271.0 288.6 17.6 11.1 5.31 2.05 165.2 8.26
incl 282.2 286.4 4.2 2.6 12.12 4.33 503.4 19.70
plus 355.3 358.8 3.5 2.2 4.97 6.07 55.6 9.88
plus 490.0 500.0 10.0 6.3 2.34 1.13 29.4 3.42
plus 609.3 1,070.2 460.9 290.4 0.64 0.35 22.2 1.09
incl 609.3 613.8 4.5 2.8 5.97 11.21 1,341.2 25.95
and incl 720.5 725.0 4.5 2.8 3.48 0.41 15.2 3.92
and incl 764.5 766.3 1.9 1.2 9.79 0.68 32.0 10.57
and incl 834.3 840.0 5.8 3.6 5.04 1.00 119.0 6.81
DPDH011 168.0 182.0 14.0 7.0 0.28 1.17 7.0 1.19
plus 330.0 376.0 46.0 23.0 0.81 1.50 16.9 2.06
incl 330.0 340.0 10.0 5.0 1.95 1.63 31.6 3.42
DPDH014 60.0 75.0 15.0 7.7 1.68 0.65 49.0 2.58
plus 166.0 350.2 184.2 93.9 2.85 2.15 22.3 4.61
incl 171.2 243.0 71.9 36.6 5.79 4.70 46.9 9.63
incl 171.2 175.0 3.8 2.0 6.51 12.08 39.9 15.67
and incl 193.0 196.0 3.0 1.5 9.16 2.76 58.5 11.69
and incl 220.0 243.0 23.0 11.7 14.68 9.95 123.1 23.02
incl 231.7 241.1 9.4 4.8 27.68 14.13 242.4 40.12
plus 502.6 504.6 2.0 1.0 10.41 1.79 47.0 12.12
plus 533.0 960.0 427.0 217.8 0.76 0.29 13.5 1.09
incl 533.0 561.0 28.0 14.3 3.00 1.87 122.4 5.44
incl 631.9 634.1 2.2 1.1 5.36 0.97 94.0 6.89
incl 722.4 733.3 10.9 5.6 2.99 1.76 12.5 4.39
incl 884.0 886.6 2.6 1.3 2.62 0.82 116.2 4.24
incl 953.6 960.0 6.4 3.3 7.42 0.72 98.4 8.82
Copper equivalent 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 estimated
based on a preliminary geological interpretation and are subject to change as more information is acquired and the geological
interpretation is refined.
DPDH010 was reported to a depth of 355.3m on January 8, 2024. The hole was collared on Section 6225N and
drilled to the west at an angle of -55 degrees to a total depth of 1,070.2m. The 62.6m intersection from 226.0m
is interpreted to be the same structure drilled in holes DPDH002 (212.0m to 272.0m) and DSDH009 (144.0m to
272.3m). Mineralized structures below 288.6m cannot yet be reliably correlated with adjacent holes due to
distances between holes and incomplete assay data for adjacent holes.
DPDH011 was collared 80m northeast of DPDH010 on Section 6275N and drilled to the west at an angle of -62
degrees to a total depth of 419m. The hole intersected 3 discrete mineralized structures.
DPDH014 was collared 50m east and 50m south of DPDH007 on Section 6225N and drilled to the west at -55
degrees to a total depth of 976.8m, intended to test the down-dip extent of the high-grade zone in DPDH007.
A thick section of high -grade mineralization from 171.2m to 243.0m correlates very well with the zone in
DPDH007 and is 90m away from it. Both intersections have high precious metal grades , supporting the
interpretation that they represent the same zone. This zone remains open in all directions beyond DPDH014.
From 533m to 960m the hole intersected both stockwork and disseminated mineralization and a series of
discrete high-grade structures.
Full assay results have now been reported for ten holes at Lunahuasi (including six holes from last season) and
drilling is beginning to outline a significant copper, gold and silver deposit. Mineralization has been intersected
over:
• An east/west distance of 750m from DPDH014 at 60.0m to DPDH010 at 1,070.2m;
• A north/south distance of 180m from DPDH008 at 61.7m to DPDH002 at 648.0m;
• A vertical distance of 890m from DPDH005 at 32.0m to DPDH005 at 989.0m.
The deposit remains open in all directions beyond these dimensions.
Mineralization is remarkably consistent across this volume, typically occurring as mixed coarse-grained pyrite,
enargite and lesser covellite , ranging from disseminations through semi -massive and breccia -fill textures to
massive sulphide zones up to several metres in core length. There appears to be a transition from discreet high-
grade structures separated by unmineralized and propylitically altered wall rock in the east towards higher
temperature alteration and stockwork and disseminated mineralization to the west. This style of mineralization
is typified by DPDH010 between 609.3m and 1,070.2m and DPDH014 from 533.0m to 960.0m and is comprised
of almost continuous alteration of the host rhyolite and andesite cut by an apparent stockwork of massive
sulphide veins ranging from 5cm to 5m thick.
Outlook
Drilling is continuing with four rigs currently active. Holes DPDH001 through DPDH008 were completed and
reported last season, and four holes from the current season , DPDH009, DPDH010, DPDH011 and DPDH014
have now been reported. A t otal of 15,000m is planned for the current program with 8,614m drilled to date.
In addition to the holes reported here, five holes have been completed to date (DPDH012 to 704.0m, DPDH013
to 1,033.4m, DPDH015 to 917.5m, DPDH016 to 773.0m and DPDH017 to 393.0m) and four holes are currently
in progress (DPDH018 at 1,052.0m, DPDH019 at 317.0m, DPDH020 at 233.0m and DPDH021 at 143.5m). Assays
have been received for 3,485m of the current program with the remainder pending. Assay results for
completed holes will be released as they are received, analyzed, and confirmed by the Company.
Table 2: Drill Hole Information
Hole ID East North Elev
(masl) Azimuth Dip Length
(m) Status
DPDH009 439040 6856277 4,683 263.59 -59.27 582.0 Completed
DPDH010 439035 6856223 4,684 269.75 -55.08 1,070.2 Completed
DPDH011 439090 6856275 4,658 270.22 -61.82 419.0 Completed
DPDH012 439195 6856275 4,626 269.55 -57.95 704.0 Completed
DPDH013 439090 6856224 4,663 272.42 -55.27 1,033.4 Completed
DPDH014 439190 6856224 4,634 270.71 -55.63 976.8 Completed
DPDH015 439040 6856224 4,682 268.77 -43.71 917.4 Completed
DPDH016 439140 6856125 4,659 270.48 -46.03 772.7 Completed
DPDH017 440255 6855875 4,542 134.97 -55.23 393.0 Completed
DPDH018 439214 6856000 4,705 283.78 -44.24 1,052.0 Ongoing
DPDH019 437555 6855951 5,358 069.83 -60.91 317.0 Ongoing
DPDH020 439294 6856188 4,657 266.75 -54.55 233.0 Ongoing
DPDH021 439222 6855912 4,743 265 -45 143.5 Ongoing
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 sampled in maximum 2 -meter intervals, stopping at geological boundaries, using a rock saw. 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 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 estimated based on a preliminary geological interpretation and are
subject to change as more information is acquired and the geological interpretation is refined.
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 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 Minerals 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 49%
owner of the operating Caserones open pit copper mine located approximately 1 7 kilometres north of Los
Helados. Lundin Mining Corporation holds the remaining 51% stake in Caserones.
The Company is currently listed on the TSX Venture Exchange (“TSX-V”) under the trading symbol "NGEX".
NGEx Minerals is part of the Lundin Group of Companies. On February 20, 2024, the Company announced that
it had received approval to list its shares on the TSX. NGEx's common shares will commence trading on the TSX
at market open on February 22, 2024. Once listed on the TSX, the Company's common shares will be delisted
from the TSX-V. There will be no change in the trading symbol or CUSIP for the common shares.
For Further Information:
NGEx Investor Relations
Email: [email protected]
Website: www.ngexminerals.com
Telephone: +1 (604) 689-7842
Additional information relating to NGEx Minerals Ltd. may be obtained or viewed on the SEDAR + website at
www.sedarplus.ca.
Additional Information
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V)
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 Projec t; the potential for the discovery of extensions of mineralized zones at the Lunahuasi
Project; the results of exploration undertaken at new exploration targets identified at the Lunahuasi Project; the ability of
the Company to complete the planned Lunahuasi program currently underway; and the timing and nature of the current
and future exploration and/or drill programs . Words such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", “targets”, "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 with respect to the nature, scope and timing of the work to be undertaken to
advance the Lunahuasi Project. While the Company anticipates completing its planned program, it may encounter
unexpected drilling and other challenges, costs, or delays that could prevent the Company from completing the program
on the expected timeline or at all. Although the Company believes that these factors and expectatio ns 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 info rmation. 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 particul ar, 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 pri ce; changes to government regulation of mining activities; environmental risks;
unanticipated reclamation or remediation expenses; title disputes o r claims; limitations on insurance coverage,
fluctuations in the current price of and demand for commodities; material adverse changes in general business,
government and economic conditions in 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; 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.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 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.
Figure 1: Lunahuasi Plan View With Surface Geology
February 2024
Figure 2: Enlarged Lunahuasi Plan View With Surface Geology
Copper equivalent is calculated based on US$3.00/lb Cu, US$1,500/oz Au and US$18/oz Ag. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t).
February 2024