NGEx Minerals’ High-Grade Extension Drill Program at Los Helados is Underway
NGEx Minerals Ltd.
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NEWS RELEASE
NGEx Minerals’ High-Grade Extension Drill Program at Los Helados is Underway
VANCOUVER, November 8, 2022 - NGEx Minerals Ltd. (TSXV: NGEX) (“ NGEx Minerals ” “NGEx” or the
“Company”) is pleased to report that drilling is underway at its Los Helados copper- gold project located in
Region III, Chile. The drill program is expected to total up to 15,000 metres of diamond drilling and will focus
on extending and further defining the Fenix and Alicanto high -grade zones, which were identified during the
highly successful drill program completed in the first half of 2022. D rilling has started with two rigs , with
another two expected to arrive in the coming weeks. Drilling with four rigs will continue into the first quarter
of 2023.
Commenting on the start of the drill program , Wojtek Wodzicki, President and CEO , stated “Following the
completion of our successful C$30 million financing, NGEx is well positioned for what promises to be a very
exciting drill season. Driven by a successful reinterpretation of our exploration models we drilled some of the
best holes ever at Los Helados earlier this year. The results opened up the potential for additional high-grade
centres at the edge of the current deposit. This drill program will follow up on the success we had in the first
half of the year.
In addition, in early 2023 we anticipate receiving the permits required to begin drilling the Potro Cliffs target
which is located along the Filo del Sol – Los Helados structural trend and is the largest undrilled alteration zone
in the Vicuña District.”
Drilling at Los Helados will focus on testing for extensions of the high-grade mineralization intercepted earlier
this year in the Fenix and Alicanto zones . These new zones are coincident al with resistivity lows that were
highlighted in geophysical survey s.The Fenix and Alicanto zones are hosted in distinct phreatic and
hydrothermal breccias associated with copper- gold porphyry intrusion phases which carry high er grade
mineralization.
The planned drill program will utilize d irectional drilling to optimize drilling efficiency and to reduce the
number of metres required to test the targets. Directional drilling uses specialized down hole tools to direct
the drill bit toward target areas. A pilot hole is drilled first, which allows multiple different holes to be drilled
from a single drill collar. The technique avoids redrilling the upper part of each hole and maximizes the metres
used to test the target.
Highlights from the Fenix zone which is located on the western edge of the current drill pattern include 142.0
metres of 1.38% CuEq ( 1.14% Cu, 0.35 g/t Au, 3.8 g/t Ag ) from LHDH076 which bottomed in mineralization
grading 1.50% CuEq (1.02% Cu, 0.32 g/t Au, 49.0 g/t Ag) and includes the highest sliver grades intersected at
Los Helados to date (see news release dated May 24, 2022 for details ). The Fenix zone is open to the north,
south, west, at depth and upward towards the surface.
Highlights from the Alicanto zone which is located at the northern edge of the current drill pattern include
340.8 metres of 0.73% CuEq (0.67% Cu; 0.09 g/t Au, 2.0 g/t Ag) including 100.0 metres of 1.20% CuEq (1.10%
Cu, 0.14 g/t Au. 2.1 g/t Ag) from hole LHDH078 (see news release dated June 12, 2022 for details). The Alicanto
zone is located approximately 550 metres to the north of the Condor zone which lies at the current center of
the Los Helados resource. Alicanto is interpreted to be a separate porphyry centre.
ABOUT NGEX MINERALS
NGEx Minerals is a copper and gold exploration company based in Canada , focused on advancing its Los
Helados copper-gold project located in Chile’s Region III as well the nearby Potro Cliffs exploration target
located approximately 12 kilometres to the southwest in San Juan Province, Argentina . Both projects are
located within the Vicuna District which includes the Josemaria and Filo del Sol deposits. Los Helados and the
Potro Cliffs target lie along the same major north-northeast trending structure that controls the Filo del Sol
deposit.
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 . who operate the Caserones open pit copper mine
located approximately 15km north of Los Helados.
NGEx Minerals’ near-term objectives are to continue drilling for extensions of the high-grade zones identified
at Los Helados earlier in early 2022, and to complete an initial drill campaign at the Potro Cliffs exploration
target. Drilling at Potro Cliffs is pending receipt of an exploration permit.
The Company is listed on the TSXV under the trading symbol “NGEX”. NGEx Minerals is part of the Lundin
Group of Companies.
QUALIFIED PERSONS AND TECHNICAL NOTES
The scientific and technical disclosure for the Los Helados Project 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.
Mineralized zones within the Los Helados deposit are bulk porphyry -style zones and drilled widths are
interpreted to be very close to true widths.
Copper Equivalent (CuEq) for drill intersections is calculated based on US$ 3.50/lb Cu, US$ 1,700/oz Au and US$
20/oz Ag, with metallurgical recoveries of 88% for copper, 76% for gold and 60% for silver based on a
comprehensive program of metallurgical testwork. The formula is: CuEq % = Cu % + (0.6117 * Au g/t) + (0.0057
* Ag g/t).
On behalf of NGEx Minerals,
Wojtek Wodzicki,
President and CEO
For further information:
Amanda Strong or Stephen Williams, 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.sedar.com or on the Company’s website at www.ngexminerals.com.
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"). The forward-looking information contained in this news release
is based on information available to the Company as of the date of this news release. Except as required under
applicable securities legislation, the Company does not intend, and does not assume any obligation, to update
this forward-looking information. 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", "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", "might" or "will be taken", "occur" or "be achieved" or the negative
connotations thereof. All statements other than statements of historical fact may be forward -looking
statements.
Forward-looking statements contained in this news release include statements regarding the focus and
objective of future work programs at Los Helados and Potro Cliffs , the expected results or success of future
exploration activities , including but not limited to, the extension and further definition of the Fenix and
Alicanto zones, the anticipated drill meters to be completed at Los Helados and the improvements to efficiency
that will be realized through directional drilling, the expectation that the Company will obtain drilling permits
for the Potro Cliffs target and that the Company will undertake a drill program at Potro Cliffs following receipt
of requisite permits . Although the Company believes that the expectations reflected in such forward-looking
statements and /or information are reasonable, undue reliance should not be placed on forward -looking
statements since the Company can give no assurance that such expectations will prove to be correct. These
statements involve known and unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking statements, including but not limited
to risks related to: drill productivity and efficiencies achieved through directional drilling at Los Helaods;
receipt of required drilling permits for the Potro Cliffs target; estimations of costs, and permitting time lines;
ability to obtain surface rights and property interests; currency exchange rate fluctuations; requirements for
additional capital; changes to government regulation of mining activities; environmental risks; unanticipated
reclamation or remediation expenses; title disputes or claims; limitations on insurance coverage; and other
risks, uncertainties and other factors identified in t he Company's periodic filings with Canadian securities
regulators. In addition, these statements involve assumptions made including that the current price of and
demand for commodities will be sustained or will improve, that the general business and economic conditions
will not change in a material adverse manner, that financing will be available if and when needed on
reasonable terms and that the Company will not experience any material labour dispute, accident, or failure
of plant or equipment. These factors are not, and should not be construed as being, exhaustive.
The forward-looking statements contained in this news release are made as at the date of this news release
and the Company does not undertake any obligations to publicly update and/or revise any of the included
forward-looking statements, whether as a result of additional information, future events and/or otherwise,
except as may be required by applicable securities laws. Forward -looking information is provided for the
purpose of providing information about management'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 resu lts 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 Cana dian 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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The information contained in each NGEX Minerals news release was accurate at the time of dissemination, but
may be superseded by subsequent news release(s).