NGEx Drills 51.10m at 13.84% CuEq within 205.35m at 5.08% CuEq at Lunahuasi, Expands Program to 25,000m with Two Additional Rigs
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 51.10m at 13.84% CuEq within 205.35m at 5.08% CuEq at Lunahuasi,
Expands Program to 25,000m with Two Additional Rigs
January 22, 202 5, Vancouver , British Columbia – NGEx Minerals Ltd. (“NGEx” , “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to provide the second update on its ongoing Phase 3 drill
program at the 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina . Drilling
started in mid-October 2024, and six diamond drill rigs are currently working on the project. Due to positive
initial results from the program, two additional drills are scheduled to be added in February, and the planned
program has been expanded from 20,000m to 25,000m.
This news release includes partial results received to date for five holes, as indicated in Table 2 below. Results
from the upper parts of DPDH024 and DPDH025 were released on December 18, 2024. A summary of assay
intervals by news release date is included in Table 3. The highlighted intersections from this release, including
notable gold values, are shown below, and i ndividual metal grades and estimated true widths of all
intersections are shown in Table 1. Updated drill program progress and collar locations are shown in Table 2.
Highlights
• Drillhole DPDH024 intersected:
o 7.40m at 5.81% copper equivalent (“CuEq”) from 715.00m
• Drillhole DPDH025 intersected:
o 29.80m at 4.80% CuEq from 369.05m, including:
▪ 5.74m at 21.22% CuEq from 372.45m (19.13 g/t gold)
• Drillhole DPDH026 intersected:
o 21.50m at 3.07% CuEq from 529.20m, including:
▪ 2.40m at 17.47% CuEq from 529.20m
• Drillhole DPDH028 intersected:
o 2.00m at 11.82% CuEq from 230.10m (10.13 g/t gold), plus:
o 205.35m at 5.08% CuEq from 378.50m (3.20 g/t gold), including:
▪ 51.10m at 13.84% CuEq from 464.30m (9.70 g/t gold), including
• 3.50m at 22.28% CuEq from 467.50m (5.93 g/t gold), and
• 8.20m at 35.84% CuEq from 504.10m (39.11 g/t gold), plus
▪ 7.20m at 13.93% CuEq from 542.50m
Wojtek Wodzicki, President and CEO, commented, “Lunahuasi continues to surprise to the upside and deliver
some of the best copper-gold intercepts in the world. DPDH028 is a remarkable hole which is a significant step-
out below previous drilling and includes the widest high -grade copper-gold intercept to dat e, with results for
the final 1,000m of the hole still pending . Furthermore, it is becoming evident that Lunahuasi is also a very
significant gold deposit with intervals and grades that rival those from known high-grade gold deposits. The
deposit remains open in all directions and step-out drilling to expand the known zones and test for a porphyry
source to the west remains a top priority. We are highly encouraged by the results to date and have decided to
expand the program from 20,000m to 25,000m by adding two additional drill rigs which will bring the total to
eight. The $175 million financing completed in October, 2024 provides full flexibility to adjust the program as
results are received. With the drill program in full swing, we expect to be able to release a steady flow of results
well into mid-year.”
Table 1: Significant Intersections
Hole ID From
(m) To (m) Length
(m)
Estimated
True
Width (m)
Cu % Au g/t Ag g/t CuEq %
DPDH024 492.00 496.85 4.85 2.7 2.73 0.55 41.1 3.49
plus 513.10 522.30 9.20 5.2 2.43 0.97 29.2 3.39
plus 663.60 665.90 2.30 1.3 2.73 1.29 38.0 4.00
plus 715.00 722.40 7.40 4.1 2.44 2.39 184.7 5.81
DPDH025 326.50 333.50 7.00 5.1 2.51 1.90 21.1 4.08
plus 369.05 398.85 29.80 22 0.79 4.03 121.3 4.80
incl 372.45 378.19 5.74 4.2 1.92 19.13 608.0 21.22
plus 609.90 617.70 7.80 5.7 1.59 0.47 10.9 2.03
DPDH026 48.00 53.00 5.00 2.8 1.27 0.51 20.6 1.82
plus 210.00 215.50 5.50 3.0 1.23 3.25 36.2 3.92
plus 297.15 326.80 29.65 16 1.21 0.54 11.3 1.70
incl 321.30 324.20 2.90 1.6 6.39 1.37 54.4 7.87
plus 432.00 440.00 8.00 4.4 0.40 0.75 72.4 1.59
plus 476.53 481.00 4.47 2.5 1.97 1.24 21.5 3.06
plus 529.20 550.70 21.50 12 2.41 0.76 11.6 3.07
incl 529.20 531.60 2.40 1.3 14.83 3.22 33.5 17.47
DPDH027 385.60 401.00 15.40 10 0.50 0.88 19.0 1.30
DPDH028 181.80 187.00 5.20 3.9 0.58 2.16 30.7 2.42
plus 221.40 232.10 10.70 7.9 1.30 2.65 31.9 3.51
incl 230.10 232.10 2.00 1.5 3.63 10.13 91.2 11.82
plus 378.50 583.85 205.35 152 2.45 3.20 34.6 5.08
incl 439.60 549.70 110.10 81 4.23 5.61 57.0 8.82
incl 440.70 443.50 2.80 2.1 3.71 18.84 28.4 17.70
and incl 464.30 515.40 51.10 38 5.98 9.70 90.4 13.84
incl 467.50 471.00 3.50 2.6 16.59 5.93 155.7 22.28
incl 473.00 475.40 2.40 1.8 8.25 13.04 55.5 18.25
incl 485.70 486.90 1.20 1.0 24.98 21.60 701.0 46.90
incl 504.10 512.30 8.20 6.1 6.18 39.11 129.2 35.84
and incl 542.50 549.70 7.20 5.3 10.46 3.64 92.4 13.93
DPDH024 was collared from the same platform as DPDH014 and drilled at -58 degrees towards the west in
order to test for an extension to the high -grade zone in hole 14 and for extensions to other mineralized
structures to the north and at depth. The main zone in hole 14 appears to h ave been intersected over 12.3m
from 139.8m to 152.0m (22.35% CuEq; 9.36% Cu, 18.16 g/t Au, 84.7 g/t Ag – see News Release from December
18, 2024). The hole went on to intersect several other structures including those noted in the Table 1. This hole
has been completed and assays from 757.0m to the end of the hole at 968.0m are pending.
DPDH025 was collared 50m to the north of hole 24, on the same platform as DPDH012 and drilled at -45
degrees towards the west to test for northern extensions to the mineralized structures. An intersection of
11.9m at 10.74% CuEq (8.00% Cu, 3.02 g/t Au, 61.4 g/t Ag - see News Release from December 18, 2024) is
interpreted as the northern extension of the zone intersected in DPDH014 and is 105m away. A particularly
strong intersection at 372.45m (5.74m at 21.22% CuEq) includes 19.13 g/t gold. This hole has been completed
and assays from 652.0m to the end of the hole at 1,303.8m are pending.
DPDH026 was collared 216m to the east of DPDH014 and drilled towards the west at -60 degrees to test for
the down-dip extension of the mineralized structures. Several structures were intersected as shown in Table
1. All intersections above 400m depth appear to be new structures which lie to the east of anything intersected
by previous drilling. This hole has been completed and assays from 553.0m to the end of the hole at 1,261.2m
are pending.
DPDH027 was collared from the same platform as DPDH021, which was the southernmost hole prior to this
season’s program, and drilled at -46 degrees towards the WSW (226 degrees) in order to test for a southern
extension to the numerous mineralized structures seen in DPDH021. Only a few weakly mineralized structures
are indicated by the assay results received so far, but assays from 459.0m to the end of the hole at 1,192.0m
are pending. This hole is still in progress.
DPDH028 was collared from the same platform as DPDH022 and drilled towards the west at -53 degrees in
order to undercut hole 22 and test the down-dip extension of the structures intersected by it. A major structure
intersected from 378.5m in this hole correlates well with a similar interval in DPDH022 from 380.0m. In both
holes this zone is characterized by very high grades, especially with respect to gold, including a 8.2m interval
at 39.11 g/t gold with a best sample of 1.5m at 115.00 g/t gold in DPDH028 and two samples over 70 g/t gold
within a 38.9m interval at 10.09 g/t from 408.0m in DPDH022. This very high-grade zone also correlates well
with an intersection 120m away to the south in DPDH021 of 4.8m at 24.34 g/t gold from 480.5m (see News
Release dated June 9, 2024). This hole has been completed and assays from 588.0m to the end of the hole at
1,600.4m are pending.
Six drill rigs are currently turning at Lunahuasi with five holes completed and just over 9,500m drilled , the
details of which are presented in Table 2 . Details of assay intervals completed by news release date are
presented in Table 3. Additional intersections will be released once assays are received, analyzed, and
confirmed by the Company.
Table 2: Hole and Assay Depths
Hole ID UTM
East
UTM
North
Elev
(masl) Azimuth Dip
Length
Drilled
(m)
Status
DPDH024 439,190 6,856,224 4,634 282.87 -57.76 968.0 Complete
DPDH025 439,195 6,856,275 4,626 279.63 -44.45 1303.8 Complete
DPDH026 439,404 6,856,207 4,607 267.15 -60.32 1261.2 Complete
DPDH027 439,201 6,855,913 4,750 255.65 -46.10 1192.0 In Progress
DPDH028 439,210 6,855,993 4,707 267.35 -53.00 1600.4 Complete
DPDH029 439,238 6,855,900 4,744 229.22 -50.60 1331.5 In Progress
DPDH030 439,181 6,856,226 4,634 256.52 -53.14 502.9 Complete
DPDH031 439,181 6,856,239 4,634 269.17 -45.89 755.0 In Progress
DPDH032 438,773 6,856,198 4,833 80.83 -52.19 399.4 In Progress
DPDH033 439,197 6,856,274 4,626 287.62 -54.08 193.6 In Progress
Table 3: Assay Intervals by News Release Date
Hole ID News Release
Dec. 18 2024
News Release
Jan. 21 2025 Pending
DPDH024 0 - 394m 394m - 757m 757m - 968m
DPDH025 0 - 271m 271m - 652m 652m - 1,303.8m
DPDH026 0 - 553m 553m - 1,261.2m
DPDH027 0 - 459m 459m -
DPDH028 0 - 588m 588m - 1,600.4m
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, preparati on, 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 rounded to the nearest metre for widths over 10 m and to the nearest 0.1 m for widths less
than 10 m, 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.
Core scanning and integration of artificial intelligence (AI) into our core logging and geological interpretation
processes is being implemented to improve workflows for more routine tasks and to give geologists more time
for targeting and interpretation.
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”). All state ments 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 project, including actual metres that will be completed during the Company’s 2024/25 Phase 3
program and the Company’s ability to continue holes in -progress in a future drill program; the Company’s ability to add
two additional rigs to the 2024/25 Phase 3 program, including the ultimate timing and impact thereof; 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 Company’s ability to establish an Exploration
Target, or the timing and/or results thereof; and the Company’s ability to use information gathered from drilling to date
to effectively target and drill in future campaigns, including whether the timing and ultimate outcome of the Company’s
efforts to locate the centre of the Lunahuasi system are successful . 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 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; 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 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 f actors that cause results not to be as anticipated, estimated, or intended, including
those set out in the Co mpany’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.c a 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
JANUARY 2025
Lunahuasi Project
Plan View
NORTH
0 600m
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
Diamond drill hole collar
Access track
1.0 - 2.0 %
3.0 - 4.0 %
4.0 - 10.0 %
> 10.0 %
CuEq %
DPDH025
DPDH024
DPDH027
DPDH026
DPDH030
DPDH028
DPDH029
Phase III Interval with Assays
110.1m @ 8.82
4.23/5.61/57.0
51.1m @ 13.84
5.98/9.70/90.4
including:
29.8m @ 4.80
0.79/4.03/121.3
7.4m @ 5.81
2.44/2.39/184.7
21.5m @ 3.07
2.41/0.76/3.07
DPDH021 DPDH019
DPDH022
DPDH015
DPDH010DPDH018 DPDH004 DPDH002