NGEx Drills 335.15m at 4.08% CuEq including 19.50m at 18.96% CuEq at Lunahuasi; Increases targeted Phase 4 program to 30,000m
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 335.15m at 4.08% CuEq including 19.50m at 18.96% CuEq at
Lunahuasi; Increases targeted Phase 4 program to 30,000m
March 23, 2026, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx”, “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to announce results of three drill holes from the
ongoing Phase 4 drill program at its 100% owned Lunahuasi high-grade copper-gold-silver project in San
Juan, Argentina.
Highlights:
• Drillhole DPDH056 intersected 294.10m at 2.41% CuEq from 433.00m, including;
o 58.00m at 4.86% CuEq from 546.20m, including
▪ 8.05m at 17.82% CuEq from 552.50m, plus
o 9.25m at 7.57% CuEq from 676.450m.
• Drillhole DPDH058 intersected 109.00m at 3.37% CuEq from 365.00m, including;
o 6.00m at 14.53% CuEq from 446.00m, plus
o 5.70m at 12.57% CuEq from 461.00m.
• Drillhole DPDH059 intersected 335.15m at 4.08% CuEq from 408.55m, including;
o 98.50m at 6.55% CuEq from 455.50m, including
▪ 19.50m at 18.96% CuEq from 471.50m, plus
o 14.00m at 8.52% CuEq from 675.00m, plus
o 24.30m at 8.05% CuEq from 717.40m.
Wojtek Wodzicki, President and CEO, commented, “Today’s news release includes holes 56 and 59, drilled
in different directions through the Saturn zone, and hole 58 which is helping to define a new zone at the
northern limit of the current drill pattern that was first intersected by hole 43 last season. Together they
demonstrate the significant size and grade of Saturn, which is our largest defined zone to date, as well as
the continued upside potential we have to discover and delineate new zones as we follow up on numerous
wide, high-grade intersections that lie outside the Saturn, Mars, and Jupiter zones, in areas of sparse drill
density. We continue to be very pleased with the results from the Phase 4 program to date. As was the
case last year, drilling performance has exceeded expectations and, with almost 23,000m drilled to date
and ample time left in our field season, we are increasing our target for the current program to 30,000m.”
Table 1: Significant Intersections
Hole ID From (m) To (m) Length
(m)
Est True
Width (m) Cu % Au g/t Ag g/t CuEq %
DPDH056 295.00 305.55 10.55 6.3 1.51 1.57 17.5 2.81
plus 357.00 363.00 6.00 3.6 3.41 1.22 22.1 4.49
plus 433.00 727.10 294.10 177 1.87 0.62 9.9 2.41
incl 490.40 499.00 8.60 5.2 3.99 1.01 11.8 4.83
and incl 546.20 604.20 58.00 35 3.67 1.35 23.5 4.86
incl 552.50 560.55 8.05 4.8 14.09 4.06 87.1 17.82
and incl 576.60 582.15 5.55 3.3 4.82 0.82 13.0 5.54
and incl 594.40 604.20 9.80 5.9 3.49 1.54 43.7 4.99
and incl 661.70 668.70 7.00 4.2 4.29 1.52 24.2 5.61
and incl 676.45 685.70 9.25 5.6 5.53 2.52 23.3 7.57
incl 676.45 680.00 3.55 2.1 9.80 3.26 40.1 12.53
DPDH058 200.00 229.70 29.70 18 0.58 0.63 9.0 1.12
plus 365.00 474.00 109.00 65 1.77 1.65 45.4 3.37
incl 365.00 376.50 11.50 6.9 3.54 2.53 36.9 5.71
and incl 431.00 466.70 35.70 21 2.77 3.30 113.5 6.18
incl 446.00 452.00 6.00 3.6 6.13 8.17 277.7 14.53
and incl 461.00 466.70 5.70 3.4 3.16 8.69 349.4 12.57
DPDH059 406.55 741.70 335.15 335 2.25 2.17 27.6 4.08
incl 455.50 554.00 98.50 98 2.54 5.10 32.1 6.55
incl 471.50 491.00 19.50 19 6.83 15.64 82.3 18.96
incl 471.50 473.00 1.50 1.5 21.65 133.50 264.0
and incl 547.00 554.00 7.00 7.0 2.17 15.74 12.6 13.76
and incl 570.30 573.80 3.50 3.5 13.93 2.94 76.0 16.74
and incl 675.00 689.00 14.00 14 5.28 3.01 119.0 8.52
and incl 717.40 741.70 24.30 24 5.81 2.15 76.4 8.05
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
available. Intervals greater than 300m are interpreted as bulk disseminated and stockwork mineralization and drilled width is
equal to estimated true width.
DPDH056 targeted the Saturn Zone at depth, 50m north of the previous northern most intersection in
DPDH050. It intersected the zone between 433.00m and 727.10m, including a higher-grade interval from
546.20m to 604.20m. The hole continued to a final depth of 877.40m, intersecting disseminated and
stockwork mineralization to the west of Saturn . Hole DPDH056 had a much stronger intersection than
DPDH050, suggesting that the zone is improving to the north at depth.
DPDH058 was drilled towards the northern edge of our drill pattern to investigate a new mineralized zone
first intersected by hole DPDH043 last season (46.8m at 9.55% CuEq, 6.63% Cu, 3.05 g/t Au, 79.2 g/t Ag,
see News Release dated July 2, 2025). This new zone was intersected between 431.00m and 466.70m as
part of a wider interval from 365.00m to 474.00m, extending the zone 80m to the south and above the
discovery intersection in DPDH043. This zone remains open in all directions and may include an
intersection 145m to the northwest in DPDH038 (29.10m at 4.79% CuEq, 3.03% Cu, 2.12 g/t Au, 25.1 g/t
Ag, see News Release dated June 17, 2025 ). The hole continued to a final depth of 577m through lower
grade disseminated mineralization cut by several narrower mineralized structures.
DPDH059 was drilled from the north to the south across the Saturn zone to better understand its
geometry and investigate the grade distribution in a direction orthogonal to most of the other holes in
the zone. The hole filled a gap between holes DPDH044 and DPDH051 which were also drilled from north
to south on the same section, and intersected Saturn between 50m and 90m above DPDH051 and 65m to
125m below DPDH044. The Saturn zone was intersected between 406.55m and 741.70m, with a higher-
grade core from 45 5.50m to 554.00m, corresponding well with the intersections in the other two holes
although the i ntersections vary somewhat depending on where the boundaries of the zone are
interpreted. As with other holes in this area, DPDH059 included several narrower but much higher-grade
intervals within the overall Saturn zone, including a 1.5m sample with 133.50 g/t gold which corresponds
to bonanza grade gold intervals in several nearby holes, such as DPDH0 28, DPDH046, DPDH048 and
DPDH051.
Phase 4 Progress
To date, almost 23,000m have been drilled during Phase 4 with 21 holes completed and eight underway.
Drill hole targeting has shifted to larger step-outs including 2 in-progress holes investigating the porphyry
system first intersected in DPDH027 during Phase 3 . Considering the excellent progress during Phase 4 ,
the target meters for the season have been increased from 25,000m to 30,000m and the program is
expected to conclude around the first week in May.
Table 2: Drillhole Information
Hole ID UTM East UTM North Elev (masl) Azimuth Dip Length (m) Drill Status
DPDH048 439,217 6,855,999 4,703 277.4 -55.4 761.0 Complete
DPDH049 439,224 6,855,908 4,742 273.5 -60.6 1,487.0 Complete
DPDH050 439,204 6,855,918 4,742 290.5 -62.0 796.1 Complete
DPDH051 438,851 6,856,236 4,767 157.3 -71.5 790.5 Complete
DPDH052 439,092 6,856,132 4,663 225.6 -47.6 560.4 Complete
DPDH053 439,077 6,856,286 4,655 287.0 -48.5 301.5 Complete
DPDH054 439,299 6,856,194 4,631 289.4 -48.4 383.0 Complete
DPDH055 439,226 6,855,998 4,703 273.5 -68.3 925.0 Complete
DPDH056 439,092 6,856,134 4,663 255.3 -70.0 877.4 Complete
DPDH057 439,203 6,855,918 4,742 280.1 -45.2 799.0 Complete
DPDH058 439,081 6,856,287 4,654 327.9 -67.3 577.0 Complete
DPDH059 438,851 6,856,236 4,768 164.8 -68.7 866.4 Complete
DPDH060 439,297 6,856,195 4,632 304.8 -50.3 488.5 Complete
DPDH061 439,297 6,856,193 4,632 289.1 -54.9 1,302.0 Complete
DPDH062 439,226 6,855,995 4,702 256.4 -63.8 1,604.3 Complete
DPDH063 439,222 6,855,907 4,743 259.1 -54.3 1,920.4 Complete
DPDH064 439,204 6,855,913 4,742 260.3 -46.5 1,569 In Progress
DPDH065 439,080 6,856,287 4,655 310.5 -55.5 708.2 Complete
DPDH066 437,052 6,855,746 5,407 066.3 -72.9 1,638 In Progress
DPDH067 438,854 6,856,230 4,768 286.1 -50.6 683.0 Complete
DPDH068 439,168 6,856,227 4,632 176.2 -47.6 695.1 Complete
DPDH069 439,306 6,855,881 4,741 276.4 -31.3 489 In Progress
DPDH070 439,302 6,856,190 4,631 301.8 -60.6 680.0 Complete
DPDH071 438,853 6,856,226 4,767 180.2 -50.0 438 In Progress
DPDH072 439,218 6,855,991 4,703 292.4 -66.8 272 In Progress
DPDH073 439,220 6,855,908 4,743 215.8 -50.7 338 In Progress
DPDH074 439,168 6,856,227 4,632 235.3 -29.0 125 In Progress
DPDH075 439,307 6,856,188 4,631 319.0 -58.2 47 In Progress
DPGT004 439,561 6,856,232 4,572 266.2 -11.8 781.2 Complete
Additional assay results 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 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 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 analy sis) 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. On March 9, 2026,
Lundin Mining and JX announced that the parties have entered into an agreement whereby, subject to
closing, Lundin Mining would acquire, among other things, NCR’s approximate 31% interest in Los
Helados. The transaction is anticipated to close in April 2026, following which Lundin Mining would
become the Company’s minority partner at Los Helados.
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 including apparent correlati ons between drill holes and its ultimate size,
strength, and grade distribution; the nature and timing of the work to be undertaken to advance the Lunahuasi
project, including the timing of larger step-outs and testing of new exploration targets; the timing of drill results; and
the Company’s ability to use information gathered from drilling to date to effectively target and drill in future
campaigns, and the amount of meters expected to be drilled during the current drilling season . 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",
“projects”, “budgets”, “assumes”, “strategy”, “objectives”, “potential”, “possible”, "anticipates" or "does not
anticipate", or "believes", or va riations 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.
Jupiter
Mars
Saturn
MARCH 2026
Lunahuasi Project
Plan View
Overburden
Alluvial
Colluvial
Lithology
Silicified structural zone
Volcaniclas c sequence (rhyolite tuff, breccia)
Volcaniclas c sequence (andesite, sandstone, conglomerate)
Quartz diorite porphyry
Access track
Length m @ CuEq %
Cu % / Au gpt / Ag gpt
NORTH
Phase 1, 2, 3 Holes
Phase 4 Holes
0 1000m
DPDH056
DPDH059
DPDH058
DPDH066
DPDH064
DPDH063
437500E
6856000N
2.0 - 4.0 %
4.0 - 10.0 %
> 10.0 %
CuEq %
1.0 - 2.0 %
98.5m @ 6.55
2.54/5.10/32.1
109.0m @ 3.37
1.77/1.65/45.4
58.0m @ 4.86
3.67/1.35/23.5