NGEx Drills 429.4 Metres at 2.31% Copper Equivalent, Including 102.7 Metres at 4.26% Copper Equivalent and 13.2 Metres at 16.24% Copper Equivalent 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 429.4 Metres at 2.31% Copper Equivalent, Including
102.7 Metres at 4.26% Copper Equivalent and
13.2 Metres at 16.24% Copper Equivalent at Lunahuasi
May 9, 2024, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx”, “NGEx Minerals” or the “Company”)
(TSX: NGEX; OTCQX: NGXXF) is pleased to report drill results from hole DPDH018 from the Lunahuasi Project
located in the Vicuña District in San Juan Province, Argentina.
Highlights
• Drillhole DPDH018 intersected:
o 5.7m at 10.38% copper equivalent (“CuEq”) from 413.3m, plus
o 14.0m at 5.80% CuEq from 461.0m, plus
o 429.4m at 2.31% CuEq from 738.0m, including
▪ 102.7m at 4.26% CuEq from 741.3m, including
• 13.2m at 16.24% CuEq from 827.9m, plus
▪ 3.1m at 16.54% CuEq from 896.4m, plus
▪ 11.0m at 8.06% CuEq from 1142.0m, plus
▪ 3.5m at 10.31% CuEq from 1159.4m.
o The hole ended in mineralization with the final 20.4m averaging 3.37% CuEq (2.87% Cu, 0.45
g/t Au, 20.2 g/t Ag).
Wojtek Wodzicki, President and CEO, commented, “These latest results confirm the pattern seen in earlier drill
holes with high -grade structures intersected over the full length of the hole and the intensity of stockwork
mineralization between the individual high-grade structures increasing from east to west. This pattern reflects
an increase in alteration and mineralization intensity towards the west which we believe is giving us a vector
towards the centre of the system. The idea of the centre of the system lying to the west is supported by the
surface geology, which includes an area of intense surface alteration centered between the collar of hole
DPDH019 and the bottom of DPDH018. This is a style of alteration that typically occurs vertically above
porphyry centres. Despite the grades seen in this drill hole, the alteration is suggesting that although we are
getting closer, we are still not in the heart of the system. The fact that this drill hole intersects very high-grade
mineralization near its end, including intervals at 8.06% CuEq and 10.31% CuEq, bodes well for the potential to
extend mineralization to the west and to depth and perhaps hints at the strength of the underlying porphyry
system that fed the mineralization drilled to date.”
Intersection details, including estimated true widths, are shown in Table 1 below. A plan view map of Lunahuasi
is attached to the end of this news release.
Drill Hole Details
DPDH018 was collared on Section 6000N, 125m south and 75m east of DPDH016, and drilled towards the west
at -45 degrees to a final depth of 1,167.4m where it was ended due to rig capacity. The hole ended in
mineralization with the final 20.4m averaging 3.37% CuEq (2.87% Cu, 0.45 g/t Au, 20.2 g/t Ag).
The hole intersected numerous mineralized structures, as indicated in Table 1 below, ranging from individual
veins < 1m wide to composite zones of veins and breccia over 50m wide as seen starting at 787.5m. The
frequency and composition of the high-grade structures is fairly consistent throughout the hole, however the
intensity of alteration and mineralization between individual structures increases from east to west. In the
eastern part of the hole, here above 738m, the rock between high grade structures i s typically weakly
mineralized with pervasive propylitic alteration, while in the western part, below 738m, the intensity of
alteration and stockwork veining containing copper, gold, and silver mineralization increases. This progression
of mineralization from discreet structures cutting weakly mineralized wall rock in the east to a more
homogeneous stockwork zone in the west is interpreted to represent a transition towards the centre of the
system which is thought to extend further west and to depth below the end of the current holes. It is important
to note that the stockwork zone is also cut by high -grade structures similar to those to the east as illustrated
by the intercept of 13.2m of 16.24% CuEq from 827.9m and the intercepts beginning at 896.4m, 1,142.0m and
1,159.4m as well as numerous subsidiary structures.
Table 1: Significant Intercepts
Hole ID From
(m)
To
(m)
Length
(m)
Est True
Width
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
(%)
DPDH018 171.6 177.7 6.1 4.1 0.74 1.46 155.0 3.17
plus 301.4 419.0 117.6 78.8 0.54 0.52 7.5 0.99
incl 413.3 419.0 5.7 3.8 7.32 3.67 44.0 10.38
plus 461.0 475.0 14.0 9.4 4.33 1.63 32.5 5.80
plus 506.0 516.5 10.5 7.0 1.13 0.91 15.3 1.92
plus 738.0 1,167.4 429.4 300.6 1.41 0.67 46.6 2.31
incl 741.3 844.0 102.7 71.9 1.89 1.43 150.6 4.26
incl 741.3 742.9 1.6 1.1 10.65 3.93 151.8 14.84
and incl 752.0 753.6 1.6 1.1 2.64 2.46 443.0 8.34
and incl 787.5 841.1 53.6 37.5 2.69 2.21 247.9 6.48
incl 827.9 841.1 13.2 9.2 6.08 5.96 661.6 16.24
and incl 896.4 899.5 3.1 2.2 12.57 4.43 83.8 16.54
and incl 951.1 956.8 5.7 4.0 4.42 0.72 32.4 5.23
and incl 971.0 973.4 2.4 1.7 4.45 2.46 192.2 7.94
and incl 1,034.0 1,048.0 14.0 9.9 2.59 1.93 31.5 4.27
and incl 1,125.2 1,162.9 37.7 26.7 3.26 0.73 29.5 4.05
incl 1,142.0 1,153.0 11.0 7.8 6.51 1.36 63.5 8.06
incl 1,159.4 1,162.9 3.5 2.5 8.89 1.30 53.4 10.31
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 recoveri es
assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t). True widths are estimated base d on a
preliminary geological interpretation and are subject to change as more information is acquired and the geological interpretation is
refined.
Outlook
Drilling is now complete for this season. NGEx has demobilized all personnel and equipment from the field and
is focused on processing the remaining core, completing our geological interpretation, and beginning to plan
for the next drill program to begin in or around early Q4 2024. Holes DPDH009 through DPDH016 and DPDH018
have been reported, with assays from another 5,309m from holes DPDH017, and DPDH019 through DPDH023
still 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 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 Assays Pending
DPDH018 439214 6856000 4,705 283.78 -44.24 1,167.4 Completed
DPDH019 437555 6855951 5,358 069.83 -60.91 1,394.0 Assays Pending
DPDH020 439294 6856188 4,657 266.75 -54.55 959.0 Assays Pending
DPDH021 439222 6855912 4,743 265.30 -44.24 1,202.5 Assays Pending
DPDH022 439210 6855997 4,706 268.54 -43.84 1,106.5 Assays Pending
DPDH023 438852 6856212 4,777 079.61 -59.94 254.0 Assays Pending
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 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 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 17 kilometres north of Los Helados. Lundin
Mining Corporation holds the remaining 51% 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:
NGEx Investor Relations
Email: [email protected]
Website: www.ngexminerals.com
Telephone: +1 (604) 689-7842
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 Projec t; the potential for further discovery and/or extension of mineralized zones at the
Lunahuasi Project; the timing and ultimate outcome of assays pending from the 2023 -2024 Lunahuasi drill program; and
the timing of, and conclusions resulting from, an update to the geological interpretation at Lunahuasi. 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", "sche duled", "estimates", "forecasts", "intends",
“projects”, “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, conditions or results
“will”, "may", "could", "would", “should”, "might" or "w ill 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; 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; 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, 2023 , 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 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
MAY 2024
Lunahuasi Project
Plan View
NORTH
0 400m
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
DPDH019 Diamond drill hole collar and ID
Access track
0.0 - 0.1 %
0.1 - 0.3 %
0.3 - 0.5 %
0.5 - 0.7 %
0.7 - 1.0 %
> 1.0 %
CuEq %
DPDH019
DPDH022
DPDH021
DPDH018
DPDH012
DPDH016
DPDH015
DPDH013
DPDH020
DPDH023