NGEx Drills 34m at 7.25% CuEq plus 48m at 7.72% CuEq, 180m Apart in Mars; Discovers New Zone 300m East of Mars with 23m at 4.72% CuEq
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 34m at 7.25% CuEq plus 48m at 7.72% CuEq, 180m Apart in Mars;
Discovers New Zone 300m East of Mars with 23m at 4.72% CuEq
April 30, 202 6, 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 now
completed Phase 4 drill program at its 100% owned Lunahuasi high-grade copper-gold-silver project in
San Juan, Argentina.
Highlights:
• Drillhole DPDH061 intersected:
o 100.25m at 4.33% CuEq from 287.00m, including
▪ 5.00m at 9.99% CuEq from 310.00m
▪ 33.85m at 7.25% CuEq from 350.65, including
• 4.50m at 13.86% CuEq from 356.00m
• 4.10m at 17.44% CuEq from 380.40m
o 8.30m at 7.96% CuEq from 770.00m
o 28.70m at 3.96% CuEq from 918.80m, including
▪ 5.40m at 11.24% CuEq from 935.90m.
• Drillhole DPGT004 intersected:
o 23.10m at 4.72% CuEq from 187.90m, including
▪ 9.10m at 9.92% CuEq from 187.90m
o 48.00m at 7.72% CuEq from 475.00m, including
▪ 23.09m at 13.21% CuEq from 497.70m
o 35.30m at 3.33% CuEq from 661.00m, including
▪ 7.80m at 11.44% CuEq from 688.50m.
Wojtek Wodzicki, President and CEO, commented, “Today’s news release includes hole DPGT004, which
is a geotechnical hole drilled along the centreline of the planned exploration adit. In addition to expected
intersections of the Mars and Jupiter Zones, this hole highlighted the continuing exploration potential at
Lunahuasi by discovering a new high-grade mineralized structure 300m to the east of Mars. This new zone
is only 60m below surfac e and remains open in all directions. This drill hole highlights the fact that
Lunahuasi system remains wide open even after the fourth season of drilling and , like many great metal
deposits, continues to deliver positive surprises with ongoing exploration. We remain very bullish on the
continued exploration upside at Lunahuasi. With achievement of all our objectives and the onset of winter
weather at site, we have now concluded the Phase 4 program and all equipment and personnel are being
demobilized. Assays are pending for the last sixteen holes, and we look forward to updating the market
with these results as they come in over the coming weeks.
With completion of the Phase 4 program, we will begin planning for the Phase 5 program which is planned
to start in the third quarter. In addition to the Phase 5 drilling program, we will be initiating construction
of an exploration adit which will provide access for drilling the deposit from underground drill stations
enabling us to maximize the efficiency of our drill programs and to map the mineralized zones in
underground exposures, helping to improve our geological knowledge.”
Table 1: Significant Intersections
Hole ID From (m) To (m) Length
(m)
Est True
Width
(m)
Cu % Au g/t Ag g/t CuEq %
DPDH061 189.70 203.00 13.30 6.6 0.79 0.27 20.0 1.16
plus 287.00 387.25 100.25 50 2.51 2.32 14.3 4.33
incl 310.00 330.00 20.00 10 2.00 5.49 11.2 6.11
incl 310.00 315.00 5.00 2.5 1.83 11.06 11.0 9.99
and incl 324.85 326.50 1.65 0.8 8.91 11.04 47.1 17.37
and incl 350.65 384.50 33.85 17 5.61 1.90 29.2 7.25
incl 356.00 360.50 4.50 2.2 11.03 3.19 58.3 13.86
and incl 380.40 384.50 4.10 2.0 13.07 5.21 65.1 17.44
plus 537.30 539.20 1.90 0.9 10.35 2.29 83.0 12.75
plus 770.00 778.30 8.30 4.1 7.12 0.94 17.6 7.96
plus 898.70 901.40 2.70 1.3 8.88 1.10 46.0 10.08
plus 918.80 947.50 28.70 14 2.13 1.99 43.6 3.96
incl 935.90 941.30 5.40 2.7 4.30 7.56 162.6 11.24
DPDH065 188.00 200.00 12.00 6.6 0.72 0.98 9.3 1.51
plus 323.30 328.50 5.20 2.9 2.96 1.33 20.4 4.11
plus 473.00 488.25 15.25 8.4 0.97 2.67 13.9 3.04
incl 473.00 475.00 2.00 1.1 4.53 14.45 74.0 15.72
DPGT004 187.90 211.00 23.10 15 2.75 2.08 50.9 4.72
incl 187.90 197.00 9.10 5.3 6.36 3.47 116.9 9.92
incl 192.80 197.00 4.20 2.4 11.67 5.95 219.2 17.94
plus 475.00 523.00 48.00 28 4.21 4.37 36.6 7.72
incl 497.70 520.79 23.09 14 7.14 7.57 62.6 13.21
incl 497.70 505.00 7.30 4.3 15.09 15.90 135.6 27.88
and incl 519.00 520.79 1.79 1.0 14.71 3.70 119.0 18.45
plus 661.00 696.30 35.30 21 2.47 0.94 20.5 3.33
incl 688.50 696.30 7.80 4.5 9.31 2.04 72.8 11.44
incl 693.00 696.30 3.30 1.9 16.61 3.32 131.2 20.19
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.
DPDH061 intersected the Mars Zone some 90m below DPDH054 (94.0m at 8.99% CuEq, 3.88% Cu, 6.66
g/t Au, 29.6 g/t Ag, see News Release dated January 12, 2026), intersecting a wide zone of mineralization
(287.00m to 387.25m) comprised of an upper gold -rich zone from 310.00m to 330.00m and a lower
copper-rich zone from 350.65m to 384.50m. The hole continued to a final depth of 1,302.00m and
intersected several deeper mineralized zones , one of which may be the down-dip continuation of the
Jupiter Zone.
DPDH065 was designed to test the northern extension of the Jupiter Zone and explore the area to its west
and at depth. The interpreted extension of the zone was intersected between 188m and 200m and is
represented by a zone of strong advanced argillic alteration with moderate copper, gold and silver values.
The hole continued to a final depth of 708.20m, intersecting two additional mineralized alteration
corridors.
DPGT004 was a geotechnical hole drilled along the centreline of the planned exploration adit to provide
geotechnical and hydrogeological data needed for the adit design. The highlight of the hole was the
discovery of a previously unknown high-grade zone some 300m to the east of Mars. This new zone,
starting at only 187.9m down the hole, returned 23.10m at 4.71% CuEq including a 4.20m interval of
17.94% CuEq, showing all the characteristics of other high-grade zones in the deposit and demonstrating
clear exploration potential . This intersection confirms that Lunahuas i remains open to the east of our
current drill collars and opens up a new front for future exploration.
A strong Mars Zone intersection starting at 475.00m was very close to its expected location, returning
48.00m at 7.72% CuEq and including a 23.09m section at 13.21% CuEq. A gold-rich sub-interval of 7.30m
at 15.90 g/t gold confirmed the extent and continuity of high-grade gold in the Mars Zone. This interval is
interpreted to be continuous with the intersection in DPDH061 from 350.65m which is 180m away.
The hole continued 200m past the planned end of the main adit in order to test the Jupiter Zone which
was again intersected at the expected depth of 661.00m, returning 35.30m at 3.33% CuEq with higher
grade sub-intervals as shown in Table 1.
Phase 4 Progress
The Phase 4 program is now complete , with a total of 27,318m drilled and 32 holes completed. Assay
results from the final sixteen holes will be released once assays are received, analyzed, and confirmed by
the Company.
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
Hole ID UTM East UTM North Elev (masl) Azimuth Dip Length (m) Drill Status
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 Assays Pend.
DPDH064 439,204 6,855,913 4,742 260.3 -46.5 1,736.1 Assays Pend.
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 1,643.0 Assays Pend.
DPDH067 438,854 6,856,230 4,768 286.1 -50.6 683.0 Assays Pend.
DPDH068 439,168 6,856,227 4,632 176.2 -47.6 695.1 Assays Pend.
DPDH069 439,306 6,855,881 4,741 276.4 -31.3 797.8 Assays Pend.
DPDH070 439,302 6,856,190 4,631 301.8 -60.6 680.0 Assays Pend.
DPDH071 438,853 6,856,226 4,767 180.2 -50.0 848.0 Assays Pend.
DPDH072 439,218 6,855,991 4,703 292.4 -66.8 941.0 Assays Pend.
DPDH073 439,220 6,855,908 4,743 215.8 -50.7 992.5 Assays Pend.
DPDH074 439,168 6,856,227 4,632 235.3 -29.0 572.5 Assays Pend.
DPDH075 439,307 6,856,188 4,631 319.0 -58.2 764.0 Assays Pend.
DPDH076 439,099 6,856,128 4,664 317.9 -55.9 267.2 Assays Pend.
DPDH077 439,098 6,856,133 4,664 303.0 -45.3 387.5 Assays Pend.
DPDH078 439,295 6,856,191 4,632 382.8 -45.1 383.0 Assays Pend.
DPGT004 439,561 6,856,232 4,572 266.2 -11.8 781.2 Assays Pend.
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 high-sulphidation copper minerals
(enargite, chalcocite, covellite) leachable by cyanide. The residual copper remaining following the
sequential leaches is 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 Lundin Mining Corporation, which holds an approximate
31% interest in 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 the Phase 4 drill results, the timing and initiation of construction of an exploration
adit and the expectations of access for drilling the Lunahuasi deposit from underground stations, including its ability
to maximize drilling efficiency, the timing of the Phase 5 program, and the Company’s ability to use information
gathered from drilling to date to effectively target 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", “projects”,
“budgets”, “assumes”, “s trategy”, “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, 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.
437500E
6856000N
Jupiter
Mars
Saturn
APRIL 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
DPGT004
DPDH061
DPDH066
DPDH064
DPDH063
DPDH065
2.0 - 4.0 %
4.0 - 10.0 %
> 10.0 %
CuEq %
1.0 - 2.0 %
23.1m @ 4.72
2.75/2.08/50.9
100.3m @ 4.33
2.51/2.32/14.3
48.0m @ 7.72
4.21/4.37/36.6
7.80m @ 11.44
9.31/2.04/72.8