NGEX Kicks Off New Drill Season at Lunahuasi
NGEx Minerals Ltd.
2000 – 885 West Georgia Street
Vancouver BC Canada V6C 3E8
T +1 604 689 7842
F +1 604 689 4250
NGEXminerals.com
NGEX KICKS OFF NEW DRILL SEASON AT LUNAHUASI
October 17, 2023, Vancouver, British Columbia – NGEx Minerals Ltd. (TSX-V: NGEX) (“NGEx Minerals” or the
“Company”) is pleased to announce that drilling has resumed at its 100%-owned Lunahuasi property located
in San Juan, Argentina, kicking off the highly anticipated 2023/2024 field campaign following the high-grade
discovery made earlier this year . Lunahuasi lies at the heart of the Vicu ña District, eight kilometres west of
Lundin Mining’s Josemaria project, and along the same major regional structure that controls both NGEx’s Los
Helados deposit located nine kilometres to the north and Filo’s Filo del Sol project located six kilometres to the
south.
Wojtek Wodzicki, President and CEO , commented, “We are very excited to start our second drill season at
Lunahuasi. Our maiden drill program completed earlier this year yielded outstanding results with an impressive
new high-grade discovery that included the highest copper, gold and silver grades drilled to date in the Vicuña
District. Despite having only tested a very small part of the overall property, we have already discovered
significant high-grade mineralization. With 43 individual high-grade copper, gold and silver intersections in our
first six holes and over 850 vertical metres of mineralization , we are excited about the potential scale of this
robust system. Having recently completed an oversubscribed private placement financing of C$85.7 million,
we are fully funded to execute our current plan and have flexibility to expand the program if warranted.”
The new drill program has commenced with two drill rigs, with another two drill rigs to be added later this
month. Initial results are expected toward the end of Q4 2023, but exact timing will depend on drilling rates
and assay turn-around times. The initial plan is for approximately 15,000 metres of drilling, more than triple
the number of metres drilled in the maiden program completed earlier this year , with optionality to expand
the program to follow-up encouraging results.
The initial drill holes are intended to define and expand the zone of high-grade mineralization intersected
earlier this year which included 60.0m at 7.52% CuEq (5.65% Cu, 2.04 g/t Au, 44.0 g/t Ag) from 212.0m in
DPDH002 (see news release dated April 4, 2023) and 90m at 4. 05% CuEq (2.05% Cu, 2.46 g/t Au, 23.2 g/t Ag)
from 74.0m in DPDH007 (see news release dated July 4, 2023).
As the exploration program progresses and additional targeting work is completed, we expect to drill test other
high potential targets including zones of outcropping high-grade mineralization within the broader 11 square
kilometre alteration system.
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 Josemaria and Filo del Sol deposits.
NGEx Minerals is the majority partner and operator for the Los Helados Project, subject to a Joint Exploration
Agreement with Nippon Caserones Resources Co., Ltd. Which is the 49% owner of the operating Caserones
open pit copper mine located approximately 1 7 kilometres north of Los Helados. Lundin Mining Corporation
holds the remaining 51% stake in Caserones.
The Company is listed on the TSX Venture Exchange under the trading symbol "NGEX". NGEx Minerals is part
of the Lundin Group of Companies.
On behalf of NGEx Minerals,
Wojtek Wodzicki,
President and CEO
For Further Information:
NGEx Investor Relations
Canada: +1 604 689 7842 or [email protected]
Additional information relating to NGEx Minerals Ltd. may be obtained or viewed on the SEDAR + website at
www.sedarplus.com or on the Company’s website at www.ngexminerals.com.
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.
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).
Additional Information
Neither the TSX Venture Exchange (“TSX-V”) nor its Regulation Services Provider (as that term is defined in the
policies of the TSX-V) 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 Project and the potential for the discovery of extensions of mineralized zones and
new exploration targets; the ability of the Company to complete the planned program; the ability of the current drill
program to extend the mineralization discovered to date, the timing and nature of the current and future drill programs;
Words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", “targets”, "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "belie ves", or variations of such words and phrases or
statements that certain actions, events, conditions or results “will”, "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connotations thereof and similar expressio ns identify forward -looking
information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation,
the expectations and beliefs of management the nature, scope and timing of the work to be unde rtaken to advance the
Lunahuasi Project. While the Company anticipates to complete its planned program, it may encounter unexpected drilling
and other challenges, costs, or delays that could prevent the Company from completing the program on the expected
timeline or at all. 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 i nherently 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 ongoing COVID 19 pandemic and the risk that
an intensification of the pandemic or an outbreak at the project could imp act 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 exc hange rate fluctuations;
requirements for additional capital; changes in the Company’s share price; 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; 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; and other risks,
uncertainties and other factors identified in the Company’s periodic filings with Canadian securities regulators which are
available on SEDAR+ at www.sedarplus.com 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.
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