NGEx Minerals Drills 160m at 0.82% CuEq and 234m at 0.65% CuEq Extending Fenix and Alicanto Zones at the Los Helados Project
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 Drills 160m at 0.82% CuEq and 234m at 0.65% CuEq Extending Fenix
and Alicanto Zones at the Los Helados Project
VANCOUVER, JULY 18, 2023 - NGEx Minerals Ltd. (TSXV: NGEX) (“NGEx Minerals” “NGEx” or the “Company”)
is pleased to report results from the final four holes drilled this year at the Los Helados copper-gold project
located in Region III, Chile . The drill holes were part of the successful 2023 drill program that extended and
helped to define the Fenix and Alicanto Zones discovered during the preceding campaign. The Company is also
pleased to report on the results of geological and geophysical surveys that have generated new exploration
targets around Los Helados.
Highlights and detailed results are shown below with accompanying figures.
• Drillhole LHDH085: Gap between Fenix and Condor Zones - 568m at 0.53% copper equivalent (“ CuEq”)
from 402m including:
o 234m at 0.65% CuEq from 668m, which includes;
o 86m at 0.76% CuEq from 732m
• Drillhole LHDH086-1: Alicanto Zone - 678m at 0.53% CuEq from 472m including;
o 160m at 0.82% CuEq from 572m, which includes;
o 4m at 11.16 g/t Au from 572m
• Drillhole LHDH086-2: Alicanto Zone - 874m at 0.47% CuEq from 442m including
o 374m at 0.55% CuEq from 848m, which includes;
o 40m at 0.83% CuEq from 1182m
• Drillhole LHDH087: Fenix Zone - 912m at 0.35% CuEq from 590m including;
o 4m at 17.93 g/t Au from 1130m; and
o 246m at 0.47% CuEq from 1218m, which includes;
o 94m at 0.59% CuEq from 1370m
Commenting on the results, Wojtek Wodzicki, President and CEO stated “The drill holes released today were
the final holes of this year ’s program, which successfully extended both the Fenix and Alicanto Zones and
confirmed them as important high grade satellites to the core Condor high-grade Zone. The Los Helados system
continues to deliver positive surprises.
In addition to drilling , we completed a comprehensive targeting exercise , which used detailed geophysical
surveys and geological mapping completed this season to generate a number of new targets with signatures
similar to those associated with the Condor, Fenix, and Alicanto Zones. We believe that Los Helados continues
to have potential for additional discoveries.”
Composited intervals are shown in the table below . Note molybdenum (Mo) grades are not included in the
CuEq calculation.
HOLE-ID From (m) To (m) Length (m) Cu % Au g/t Ag g/t CuEq % Mo ppm
LHDH085 318.0 1344.0 1026.0 0.36 0.10 1.2 0.43 57
incl 402.0 970.0 568.0 0.44 0.13 1.2 0.53 79
incl 668.0 902.0 234.0 0.54 0.16 1.1 0.65 96
incl 732.0 818.0 86.0 0.64 0.19 1.2 0.76 123
and incl 1110.0 1150.0 40.0 0.43 0.14 1.1 0.52 99
LHDH086-1 472.0 1150.0 678.0 0.36 0.25 1.3 0.53 50
incl 572.0 920.0 348.0 0.39 0.41 1.2 0.65 45
incl 572.0 732.0 160.0 0.32 0.80 1.2 0.82 33
incl 572.0 576.0 4.0 0.05 11.16 1.8 6.88 13
LHDH086-2 442.0 1316.0 874.0 0.38 0.13 1.5 0.47 56
incl 848.0 1222.0 374.0 0.49 0.08 2.2 0.55 79
incl 1182.0 1222.0 40.0 0.73 0.15 3.1 0.83 158
LHDH087 590.0 1502.0 912.0 0.26 0.14 1.3 0.35 79
incl 1130.0 1134.0 4.0 0.15 17.93 1.5 11.12 24
and incl 1218.0 1464.0 246.0 0.42 0.07 1.8 0.47 176
incl 1370.0 1464.0 94.0 0.53 0.07 2.3 0.59 194
Mineralized zones within the Los Helados deposit are bulk porphyry -style zones and drilled widths are interpreted to be
essentially 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).
Hole LHDH085 was intended to test for the eastern extension of the Fenix Zone towards the Condor Zone. It
appears to have just clipped the eastern edge of the Fenix Zone between 668m and 902m, including a section
from 732m to 818m that returned 0.76% CuEq . The rest of the hole intersected grades typical of the Los
Helados breccia surrounding the high-grade breccia zones, with over 1,000m at 0.43% CuEq.
Hole LHDH086-1 was a daughter hole kicked off from LHDH086 at a depth of 420m and angled towards the
east. It intersected the edge of the Alicanto Zone starting at about 860m, between 30 and 40m southeast
from the intersection in LHDH083 ( 122m at 1.05% CuEq – see News Release dated January 26, 2023).
Shallower in the hole, LHDH0 86-1 intersected a gold-rich section of 160m at 0.80 g/t Au, anchored by a 4m
section of 11.16 g/t Au. This gold-rich zone was also intersected in holes LHDH083 and LHDH086-2 and its full
extent, orientation and size remain to be determined.
Hole LHDH086-2 was kicked off LHDH086 at a depth of 430m in order to test the Alicanto Zone extension at
depth beneath LHDH078. The hole intersected a 26m interval of elevated gold grades from 574m to 600m at
0.46 g/t Au which corresponds to the aforementioned gold zone in LHDH086-1. From 848m to 1,222m the
hole intersected mineralized breccia, with a 40m section of 0.83% CuEq from 1,182m corresponding to the
main high -grade zone 260m below the intersection in LHDH078. This interval also contained elevated
molybdenum consistent with the molybdenum grades typical of the Alicanto Zone. Below this depth the hole
encountered a series of late-mineral dykes which are typically low grade, including a dyke from 1,324m to the
end of the hole. The true width of these dykes is much less than the drilled width , as they are sub -vertical.
The full extent of the Alicanto Zone in this area remains untested.
Hole LHDH087 was planned to test the western extension of the Fenix Zone, to the west of intersections in
holes LHDH076, LHDH081-2 and LHDH084. The breccia was intersected from 1,219m to 1,464m but at 0.47%
CuEq was lower grade than the eastern holes. From 1,464m to the end of the hole at 1,523.6m the hole
intersected a low-grade, late-mineral dyke and it ended before reaching the depth of the high -grade zone at
the end of LHDH081 -2 ( 63.8m at 1.25% CuEq – see News Release dated April 13, 2003). Hole 87 also
intersected a high-grade gold vein, returning 4m at 17.93 g/t Au from 1,130m. Although this hole appears to
have passed to the west of the Fenix Zone, it remains open to the north, south, at depth and there remains an
undrilled gap to the east towards the Condor Zone at depth.
Hole LHDH088 was lost above its target in the Fenix zone at a depth of 300m. This hole was not analyzed.
The Fenix zone remains open and delineation of the size and grade of this zone will require additional drilling.
TARGET GENERATION
In addition to the drill program , the Company completed detailed geophysical surveys including drone
magnetometry, magneto-tellurics (MT), and 3D IP , as well as a comprehensive structural mapping program,
all designed to assist in targeting higher grade mineralization similar to that seen in the Condor, Fenix, and
Alicanto Zones. The program has highlighted three areas with similar geological and geophysical signatures.
o The Aleksita target is an area of strong surface alteration and strongly anomalous copper, gold and
molybdenum located just south of the main Los Helados deposit that lies within the main structural
corridor that runs from Los Helados south to Lunahuasi and Filo and is believed to be an important
control on mineralization in all three systems. Of note are areas of anhydrite and gypsum cemented
breccia similar to those seen above the Condor zone. Anhydrite is associated with high grade
mineralization in the Condor, Fenix and Alicanto zones and the occurrence of gypsum cemented
breccias is considered a potential indicator of mineralization at depth. The area is underlain by a low
resistivity signature similar to that coincident with the Condor, Fenix and Alicanto Z ones. This target
has not been drill tested.
o The Fenix-Alicanto Bridge is an area of low resistivity that runs along the western margin of the Los
Helados-Filo del Sol structural corridor, between the Fenix and Alicanto Zones, in an area that has not
been fully drill tested. Both the Fenix and Alicanto Zones are associated with low resistivity zones.
o The northeast extension is an area of strong alteration and brecciation to the northeast of the main
Los Helados deposit.
ABOUT NGEX MINERALS
NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of its Los
Helados copper-gold project located in Chile's Region III and the nearby Lunahuasi copper-gold-silver project
located approximately 12 kilometres to the southwest in San Juan Province, Argentina. Both projects are
located within the Vicuña District , which includes the Josemaria and Filo del Sol deposits. Los Helados and
Lunahuasi lie along the same major north -northeast trending structure that also 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. which is the 49% owner of the Caserones open pit
copper mine located approximately 15km north of Los Helados. Lundin Mining Corporation holds the
remaining 51% stake in Caserones.
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.
Samples were cut at NGEx Minerals’ operations base in Copiapó, Chile by Company personnel. Diamond drill
core was sampled in 2 metre intervals (except where shortened by geological contacts) using a rock saw. Core
diameter is a m ix of HQ and NQ depending on the depth of the drill hole. Samples were bagged and tagged
and packaged for shipment by truck to the ALS preparation laboratory in Copiapó, Chile where they were
crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared samples were sent to the ALS
assay laboratories in either Lima, Peru or Santiago, Chile for copper, gold and silver assays, and multielement
ICP and sequential copper analyses. 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 49 elements with
ME-MS61 and a sequential copper lea ch analysis was completed on each sample with copper greater than
500ppm (0.05%). 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 , 9% of the submitted
samples are Quality Control samples. No data quality problems were indicated by the QA/QC program.
ADDITIONAL INFORMATION
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
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.
On behalf of NGEx Minerals,
Wojtek Wodzicki,
President and CEO
Cu %
1.0
0.8
0.6
0.4
0.2
LHDH087
LHDH085
Alicanto
Zone
Fenix Zone
Los Helados Project
2022-2023 Drill Holes
Drill holes in this
release labelled
Fenix
Zone
Condor
Zone
0 250m
LHDH086-2
LHDH086-1
Cu %
1.0
0.8
0.6
0.4
0.2
LHDH087
LHDH085
Condor Zone:
Indicated Blocks
Cu above 0.70%
Fenix Zone
Los Helados Project
Fenix Drilling
Drill holes in this release
labelled
0 250m
Cu %
1.0
0.8
0.6
0.4
0.2
LHDH087
LHDH085
Condor
Zone
Fenix Zone
Los Helados Project
Fenix, Alicanto
Drill holes in this release
labelled
0 250m
Alicanto
Zone
Fenix
Zone
LHDH086-2
LHDH086-1
For further information:
Amanda Strong, 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 appl icable securities legislation
(collectively, “forward-looking information”). All 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 Los Helados Project and the potential for
the discovery of extensions of mineralized zones and new exploration targets ; the timing and nature of the
current and future drill program s; Words such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", “projects”, "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”, “possibly”, "might" or "will be taken", "occur" or "be
achieved" or the negative connotations thereof and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without
limitation, the expectations and beliefs of management with regards to; the nature and scope and timing of
the work to be undertaken to advance the Los Helados Project and the potential for future exploration success.
Any future drilling will be dependent on the Company securing additional funding. If funding cannot be
secured by the Company, or on satisfactory terms, future program s, including a follow -up program at Los
Helados, could be delayed or not be carried out 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 that have or may impact the Company and/or
the Vicuña District, 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 ongoing COVID 19 pandemic and the risk that an intensification of the pandemic or an outbreak at the
project 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 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 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