NGEx Drills 94.00m at 8.99% CuEq including 21.70m 31.92% CuEq 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 94.00m at 8.99% CuEq including 21.70m 31.92% CuEq at Lunahuasi
January 12, 2026, Vancouver, British Columbia – NGEx Minerals Ltd. (“NGEx”, “NGEx Minerals” or the
“Company”) (TSX: NGEX; OTCQX: NGXXF) is pleased to announce drill results from holes DPDH050
through DPDH054 from the ongoing Phase 4 drill program at its 100% owned Lunahuasi high -grade
copper-gold-silver project in San Juan, Argentina. Eight rigs are currently drilling at the project.
Highlights:
• Drillhole DPDH051 intersected 327.40m at 3.74% CuEq from 436.70m, including;
o 4.30m at 12.67% Cu, 62.11 g/t Au and 297.1 g/t Ag from 561.70m,
o 5.80m at 14.40% CuEq from 683.00m,
o 7.30m at 14.50% CuEq from 716.00m,
o 3.00m at 11.28% CuEq from 742.00m.
• Drillhole DPDH052 intersected 13.00m at 5.99% CuEq from 395.40m.
• Drillhole DPDH054 intersected 94.00m at 8.99% CuEq from 271.00m, including;
o 21.70m at 31.92% CuEq (with 25.21 g/t Au) from 284.10m.
Wojtek Wodzicki, President and CEO, commented, “With the Phase 4 program fully underway, assay
results are now steadily coming in, and we look forward to regular updates over the coming months. The
holes released today continue to support our geological interpretation and expand the size of the Mars,
Jupiter and Saturn zones. They also reinforce Lunahuasi’s gold potential, with new high-grade intersections
in holes DPDH0 50, DPDH051 and DPDH054. The gold intersections in holes 50 and 51 are in the Saturn
Zone while hole 54 is 335m away in the Mars Zone , clearly demonstrating that high-grade gold occur s
throughout the deposit. We are now in the middle of summer in Argentina and are taking advantage of
the season to start drilling some big step outs that will test larger-scale conceptual targets and explore for
new deposits in the vicinity . With over 12,000m drilled so far this season we are well on our way to
accomplishing our largest program ever at Lunahuasi.”
Phase 4 Progress
The Phase 4 program continues to be ahead of schedule. To date, over 1 2,000m have been drilled with
12 holes completed and eight underway. Initial holes have focused on defining and expanding the three
named zones, Saturn, Mars, and Jupiter, and drilling will start to pivot towards larger step-outs and test
new exploration targets as the campaign progresses.
Of the completed Phase 4 holes, two have been drilled into the Jupiter Zone, two into Mars and eight into
Saturn. In addition to the exploration holes, a geotechnical hole is currently being drilled down the
centerline of the proposed exploration adit as planning for that project progresses.
Table 1: Significant Intersections
Hole ID From
(m) To (m) Length
(m)
Estimated
True
Width (m)
Cu % Au g/t Ag g/t CuEq %
DPDH050 592.20 608.60 16.40 12.0 1.74 0.77 8.3 2.38
incl 592.20 595.75 3.55 2.5 3.42 2.25 14.9 5.19
and incl 606.50 608.60 2.10 1.5 7.05 1.48 29.8 8.39
plus 649.20 650.70 1.50 1.1 9.35 1.51 33.0 10.73
plus 686.40 687.60 1.20 0.8 8.77 24.50 33.0 26.92
plus 725.00 758.00 33.00 23.0 1.51 0.59 20.5 2.13
incl 729.40 730.40 1.00 0.7 17.52 4.06 436.0 24.31
DPDH051 188.20 209.00 20.80 6.2 0.66 0.99 42.4 1.76
plus 285.65 299.30 13.65 4.1 0.81 2.44 18.9 2.76
incl 298.00 299.30 1.30 0.4 3.55 11.55 105.0 12.90
plus 359.70 361.20 1.50 0.5 7.42 0.66 50.3 8.34
plus 436.70 764.10 327.40 98.0 2.43 1.53 21.8 3.74
incl 449.80 462.50 12.70 3.8 6.37 1.38 55.1 7.86
and incl 509.40 510.55 1.15 0.3 37.85 15.85 251.0 51.62
and incl 561.70 566.00 4.30 1.3 12.67 62.11 297.1 *
incl 563.30 564.25 0.95 0.3 14.85 254.00 682.0 *
and incl 628.00 649.00 21.00 6.3 4.51 0.93 15.3 5.33
and incl 683.00 688.80 5.80 1.7 11.97 2.73 50.8 14.40
and incl 716.00 723.30 7.30 2.2 10.98 2.49 193.3 14.50
and incl 742.00 745.00 3.00 0.9 10.15 1.12 35.7 11.28
DPDH052 216.25 248.00 31.75 13.0 0.41 0.75 14.7 1.08
plus 338.00 427.40 89.40 36.0 1.04 0.95 38.9 2.08
incl 349.00 356.00 7.00 2.8 1.07 2.52 51.7 3.36
and incl 395.40 427.40 32.00 13.0 2.09 1.01 71.7 3.46
incl 395.40 408.40 13.00 5.2 3.90 1.44 118.2 5.99
DPDH053 103.90 108.70 4.80 3.4 1.08 3.27 211.5 5.33
plus 209.80 213.20 3.40 2.4 2.84 1.30 30.0 4.06
plus 242.00 266.00 24.00 17.0 1.04 1.88 17.9 2.57
plus 285.00 286.70 1.70 1.2 0.37 5.68 401.0 8.04
DPDH054 175.00 176.35 1.35 1.0 2.32 4.60 35.0 5.98
plus 271.00 365.00 94.00 71.0 3.88 6.66 29.6 8.99
incl 284.10 305.80 21.70 16.0 12.70 25.21 95.5 31.92
incl 284.10 293.10 9.00 6.8 14.98 42.73 89.2 46.92
incl 298.80 305.80 7.00 5.3 19.05 21.43 173.5 36.21
and incl 335.00 336.30 1.30 1.0 7.39 8.05 91.0 14.06
and incl 355.00 363.50 8.50 6.4 4.21 2.78 32.3 6.52
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). A *
indicates that no CuEq was calculated as samples within the interval and/or the entire interval returned >100% CuEq.
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.
A * indicates that no CuEq was calculated as one or more samples in the interval returned > 100% CuEq.
DPDH050 was targeted at the Saturn Zone. It intersected the zone between 592.20m and 687.60m where
it was comprised of three main high-grade zones as shown in Table 1. A deeper zone starting at 725.00m
may represent the southern extension of the Jupiter Zone.
DPDH051 was drilled from north to south along the Saturn zone , below hole DPDH044 from Phase 3, to
investigate the geometry of the zone and test for directional bias in the grade. Results were consistent
with those modeled from drilling in other directions and the hole intersected a long interval of good grade
along the zone punctuated by some very high-grade sub-intervals as shown in Table 1. Of particular note
is the very high-grade gold interval from 561.70m to 566.00m which correlates well with similar intervals
in holes DPDH028, DPDH046 and DPDH048.
DPDH052 was drilled towards the southwest across the Saturn Zone , which it intersected between
338.00m and 427.40m.
DPDH053 targeted the Jupiter Zone, 60m north of the discovery hole DPDH002, successfully intersecting
it from 242.00m to 266.00m.
DPDH054 targeted the Mars Zone 30m to the northeast of DPDH035 ( 21.50m @ 26.68% CuEq; April 24,
2025 News Release) and 90m down-dip from DPDH024 (12.3m @ 23.35% CuEq; December 18, 2024 News
Release). The hole intersected a wide, high-grade interval from 284.10m to 305.80m which correlates well
with the two intersections noted above and, similar to them, forms a very high-grade core to a much wider
envelope of good grade.
Table 2: Drillhole Information
Hole ID UTM East UTM North Elev (masl) Azimuth Dip Length Drilled
(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 -68.7 776.0 In Progress
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 -54.9 662.0 In Progress
DPDH062 439,226 6,855,995 4,702 256.4 -63.8 560.4 In Progress
DPDH063 439,222 6,855,907 4,743 259.1 -54.3 632.0 In Progress
DPDH064 439,204 6,855,913 4,742 260.3 -46.5 476.0 In Progress
DPDH065 - In Progress
DPDH066 - In Progress
DPGT004 439,561 6,856,232 4,572 266.2 -11.8 543.0 In Progress
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 co ntained 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 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”). 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 the system’s gold
potential; 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; the anticipation that Phase 4
drilling will remain on or ahead of schedule and that the campaign will be the largest program to date at Lunahuasi;
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", “pro jects”, “budgets”, “assumes”, “strategy”, “objectives”, “potential”,
“possible”, "anticipates" or "does not anticipate", or "b elieves", 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 there of.
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.
JANUARY 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
DPDH050
DPDH051
DPDH052
DPDH053
DPDH054
437500E
6856000N
2.0 - 4.0 %
4.0 - 10.0 %
> 10.0 %
CuEq %
1.0 - 2.0 %
Jupiter
Mars
Saturn
94.0m @ 8.99
3.88/6.66/29.6
327.4m @ 3.74
2.43/1.53/21.8
89.4m @ 2.08
1.04/0.95/38.9