NGEx Minerals Begins Potro Cliffs Drill Program
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
NEWS RELEASE
NGEx Minerals Begins Potro Cliffs Drill Program
VANCOUVER, January 09, 2023 - NGEx Minerals Ltd. (TSXV: NGEX ) (“ NGEx Minerals ” “NGEx” or the
“Company”) ") is pleased to report that it has kicked off the maiden drill program at its Potro Cliffs copper-
gold exploration target located in San Juan Province, Argentina . Potro Cliffs is the largest untested
hydrothermal system in the Vicu ña District and lies along the same major north -northeast structural trend
that controls the Filo del Sol deposit located approximately 7 km to the south and the Los Helados deposit
located approximately 10 km to the north. The Company plans to initially drill two diamond drill holes, one
from the plateau at the top of the cliff and another collared in the valley approximately 700 metres below .
Subsequent drill holes will be planned based on the results of the first two holes. Drilling has started with one
rig at the top of the cliff with a second rig expected to set up on the lower platform in the next few weeks .
Assay results are expected toward the end of the quarter, however exact timing will depend on drilling rates,
hole depths, and assay turnaround times.
Commenting on the start of the drill program, Wojtek Wodzicki, President and CEO, stated “We are thrilled to
begin drilling at Potro Cliffs, which is an exciting exploration target located on trend and in between two high-
grade deposits, Filo del Sol and Los Helados. Along with the ongoing drill program testing for extensions of Los
Helados’ high-grade Fenix and Alicanto zones, NGEx’s current exploration season is shaping up to be the most
exciting in the Company’s history.”
At the Potro Cliffs target strong advanced argillic hydrothermal alteration similar to that seen at the nearby
Filo del Sol deposit extends over an area of approximately 6km2. A shallow historical reverse circulation hole
drilled in the area intersected moderate-grade gold values in a similar geologic setting to the shallow part of
Filo del Sol. The topography of the Potro Cliffs area provides a unique opportunity to test up to 2 vertical
kilometers of the system, with the hole from the plateau at the top of the cliffs testing the upper epithermal
part of the system and the lower hole testing the potential for deeper porphyry-style mineralization. Of note
is the occurrence of buddingtonite , an unusual ammonium feldspar mineral that occurs in some significant
epithermal systems including the surface outcrops above the Aurora zone at Filo del Sol.
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 10 kilometres to the southwest in San Juan Province, Argentina . Both projects are
located within the emerging Vicuña 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.
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 Potro Cliffs Project included in this news release have be en
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.
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 L td. 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 m eaning 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", “planned” "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 Potro Cliffs , the expected results or success of future exploration
activities, including but not limited to, drill results from Potro Cliffs , the anticipated drill meters to be
completed at Potro Cliffs, including whether the Company will drill holes in addition to the two initially
planned, the and the Company’s ability to complete the planned drill program at Potro Cliffs, and the expected
timing of assay results generated by the Company’s drill program at Potro Cliffs . Although the Company
believes that the expectations reflected in such forward -looking statements and/or information ar e
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,
the ability of contractors to complete holes to target depths, estimations of costs; 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 the 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 securit ies 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 th e 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.
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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).