NGEx Minerals Drills 90m at 4.05% CuEq and 21m at 8.09% CuEq, Confirming Major Discovery at the Lunahuasi (ex-Potro Cliffs) 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 90m at 4.05% CuEq and 21m at 8.09% CuEq, Confirming Major
Discovery at the Lunahuasi (ex-Potro Cliffs) Project
VANCOUVER, JULY 04, 2023 - NGEx Minerals Ltd. (TSXV: NGEX) (“NGEx Minerals” “NGEx” or the “Company”)
is pleased to report results from the final seven diamond drill holes from this season’s program at the Potro
Cliffs project. Today’s results confirm a major new high-grade copper-gold-silver discovery which we have
named Lunahuasi (meaning “House of the Moon”). Lunahuasi is the fourth greenfields discovery made by the
Lundin Group within the Vicuña District, joining the Filo del Sol, Los Helados, and Josemaria deposits. Lunahuasi
is located approximately 6km northeast of Filo del Sol (meaning “Ridge of the Sun”) along the same major
structural corridor that also controls mineralization at Los Helados 9km further to the northeast. The portion
of the Lunahuasi target drilled to date comprises a large swarm of quartz-sulphide veins carrying high values
of copper, gold and silver. This mineralization is interpreted to be porphyry -related and is considered to be
strong evidence for the presence of a nearby porphyry copper-gold system, possibly underlying the extensive
alteration zone immediately to the west of this season’s drilling.
RESULTS WEBINAR
A live webinar to discuss NGEx Mineral's drilling results will be held on Wednesday, July 5, 2023 at 10:00 PDT/
13:00 EDT via Zoom. Parti cipants will have the opportunity to ask questions directly to Wojtek Wodzicki,
President & CEO, and Bob Carmichael, VP Exploration.
Please, click the link to join the webinar: NGEx Minerals Webinar
Passcode: 861775
Wojtek Wodzicki, President and CEO commented, “These results are the best initial drill holes that I have seen
in my career and they confirm Lunahuasi as NGEx’s next major high-grade discovery in the Vicuña District. We
are very encouraged by both the quantity of veins and the consistently high grades intersected during what is
only the first step in testing a very large alteration system. Today’s results increase our confidence that the
Lunahuasi veins and the surrounding 11km2 alteration zone were created by one or more porphyry copper-gold
systems similar to the Filo del Sol system located 6 kilometres to the southwest. It is very important to note
that the veins drilled to date overprint propylitic alteration indicating that this mineralization is in the outer
halo of a yet to be discovered porphyry copper centre that is likely to be close by. We are very excited to begin
working our way towards the centre of the system in the next drill program.
Also of note are the bonanza-grade gold and silver values intersected in holes 2 and 7 which mark this as an
exciting precious -metals target in addition to the very high copper potential. We consider that the
mineralization at Lunahuasi has similarities to both the zoned intermediate sulfidation veins at El Indio, Chile
which had bonanza gold and silver grades and the copper-rich high-sulfidation vein systems that occur in the
Collahuasi and Chuquicamata districts located in northern Chile.
Drilling is currently paused for the Southern Hemisphere winter . We are using the winter b reak to complete
targeting work and to plan for a major drill program expected to start early in the fourth quarter of 2023.
This has been an extremely productive and exciting exploration season for NGEx and our shareholders but as
we look forward to next season we are confident that we are still in the early stages of creating value through
continued exploration of what is shaping up to be a remarkable high-grade system.”
A total of eight holes were completed during 2023, comprised of two on the plateau that is the upper part of
the system (DPDH001 and DPDH003) and six (DPDH002, DPDH004, DPDH005, DPDH006, DPDH007, DPDH008)
in the valley which is 750 meters below the plateau. All six of the valley holes returned multiple high-grade
vein intersections. The two plateau holes drilled distal alteration and appear to be on the periphery of the
system.
Highlights from the overall drill program include:
• Drillhole DPDH002 which is the discovery hole and was previously released (news release dated April
4, 2023) intersected:
o 4.0m at 8.44% CuEq from 150.0m
o 60.0m at 7.52% CuEq from 212.0m
Including 10.0m at 18.00% CuEq and 6.0m at 14.00% CuEq
o 10.0m at 7.08% CuEq from 574.0m
• Drillhole DPDH004 intersected:
o 52.0m at 1.01% CuEq from 334.0m
o 14.0m at 3.11% CuEq from 452.0m
• Drillhole DPDH005 intersected:
o 3.4m at 7.12% CuEq from 461.6m
o 33.4m at 3.50% CuEq from 636.0m
Including 2.0m at 26.57% CuEq and 1.8m at 12.90% CuEq
o 4.3m at 11.32% CuEq from 942.5m
• Drillhole DPDH006 intersected:
o 3.9m at 4.33% CuEq from 338.5m
• Drillhole DPDH007 intersected:
o 90.0m at 4.05% CuEq from 74.0m
Including 2.2m at 32.65% CuEq (incl 35.07 g/t Au)
o 3.9m at 12.82% CuEq from 384.2m
o 20.8m at 8.08% CuEq from 439.2m
o 8.9m at 7.39% CuEq from 589.5m
o 13.7m at 8.10% CuEq from 634.0m
• Drillhole DPDH008 intersected:
o 8.0m at 5.30% CuEq from 148.0m
o 16.0m at 1.63% CuEq from 212.0m
Numerous other veins in addition to the highlighted intervals were intersected in all holes, full results are
provided in the table below. Together, these holes have defined a block with approximate dimensions of 400m
E-W by 180m N -S and a vertical extent of 850m which hosts a vein swarm with multiple veins up to
approximately 20m in estimated true width. This block is currently defined by holes drilled on two E -W
sections collared 150m apart and remains open in all directions.
Gold and silver values include some bonanza gold grades (top 7 values are 43.9, 18 .0, 17.6, 17.3, 11.7, 11. 6,
10.8 g/t Au). Very high Ag values are also present, with 39 assays over 100 g/t including 5 over 500 g/t. Results
to date include 20 samples with >10% Cu including 5 over 20% Cu.
Composited intervals are shown in the table below:
Hole ID From (m) To (m) Length
(m)
Est True
Width (m) Cu % Au g/t Ag g/t CuEq %
DPDH001 No Significant Values
DPDH002 150.0 154.0 4.0 1.4 5.81 2.62 81.5 8.44
plus 212.0 272.0 60.0 20.5 5.65 2.04 44.0 7.52
incl 226.0 236.0 10.0 3.4 14.19 4.07 94.0 18.00
incl 244.0 250.0 6.0 2.1 10.57 3.73 80.0 14.00
plus 308.0 312.0 4.0 1.4 3.99 0.26 44.5 4.57
plus 340.0 342.0 2.0 0.7 2.77 1.41 25.0 4.02
plus 520.0 524.0 4.0 1.4 2.53 0.52 112.0 3.89
plus 564.0 566.0 2.0 0.7 3.01 1.02 36.0 4.07
plus 574.0 584.0 10.0 3.4 3.70 1.51 259.4 7.08
incl 580.0 582.0 2.0 0.7 11.81 4.70 1165.0 25.49
plus 644.0 648.0 4.0 1.4 3.90 4.37 61.0 7.62
DPDH003 No Significant Values
DPDH004 112.0 132.0 20.0 12.9 0.31 0.70 9.0 0.90
plus 148.0 180.0 32.0 20.6 0.28 0.31 13.2 0.62
plus 316.0 318.0 2.0 1.3 3.25 1.63 26.0 4.67
plus 334.0 386.0 52.0 33.4 0.51 0.61 6.8 1.01
incl 334.0 342.0 8.0 5.1 1.05 0.59 11.3 1.58
incl 350.0 356.0 6.0 3.9 0.70 1.38 8.0 1.78
incl 364.0 386.0 22.0 14.1 0.56 0.68 8.6 1.13
plus 412.0 416.0 4.0 2.6 2.01 1.68 31.0 3.51
plus 438.0 444.0 6.0 3.9 1.87 0.38 36.3 2.47
plus 452.0 466.0 14.0 9.0 1.99 0.55 81.3 3.11
plus 501.8 503.0 1.3 0.8 3.81 2.44 112.0 6.57
DPDH005 109.2 185.0 75.8 25.9 0.86 0.92 41.5 1.90
incl 129.0 142.0 13.0 4.4 0.87 2.33 141.5 3.81
incl 160.3 166.4 6.2 2.1 2.61 1.40 69.0 4.23
incl 176.5 185.0 8.5 2.9 1.66 1.27 46.3 2.99
plus 371.6 375.0 3.4 1.2 3.18 1.32 24.0 4.36
plus 461.6 465.0 3.4 1.2 4.83 2.23 75.5 7.12
plus 488.0 494.0 6.0 2.1 2.67 0.82 31.1 3.54
incl 488.0 489.8 1.8 0.6 7.86 2.53 100.8 10.59
plus 521.6 525.2 3.6 1.2 5.64 0.39 111.6 6.90
plus 530.0 536.7 6.7 2.3 2.05 0.49 6.5 2.47
plus 572.9 578.4 5.5 1.9 3.93 1.24 47.0 5.25
plus 636.0 669.4 33.4 11.4 2.50 1.12 19.8 3.50
Hole ID From (m) To (m) Length
(m)
Est True
Width (m) Cu % Au g/t Ag g/t CuEq %
incl 648.8 650.8 2.0 0.7 20.38 7.71 65.0 26.57
incl 667.6 669.4 1.8 0.6 9.83 2.89 109.0 12.90
plus 692.0 735.0 43.0 14.7 1.26 0.48 16.3 1.75
incl 719.0 724.0 5.0 1.7 5.34 0.84 22.2 6.15
incl 719.0 735.0 16.0 5.5 2.40 0.56 11.1 2.91
plus 752.7 762.0 9.3 3.2 2.03 0.96 12.4 2.84
plus 940.1 958.0 18.0 6.1 2.66 0.48 18.1 3.17
incl 942.5 946.7 4.3 1.5 9.58 1.64 61.4 11.32
DPDH006 174.0 184.0 10.0 1.7 0.40 1.04 9.0 1.24
plus 261.0 267.0 6.0 1.0 0.76 1.34 16.2 1.88
plus 338.5 342.4 3.9 0.7 2.79 1.53 48.3 4.33
DPDH007 74.0 164.0 90.0 51.6 2.05 2.46 23.2 4.05
incl 74.0 94.0 20.0 11.5 5.49 6.31 57.7 10.60
incl 91.8 94.0 2.2 1.3 6.54 35.07 60.4 32.64
incl 101.6 112.0 10.5 6.0 5.73 4.98 53.3 9.83
plus 316.0 359.2 43.2 24.8 0.70 0.89 13.5 1.47
incl 328.0 339.0 11.0 6.3 1.53 1.42 27.2 2.80
plus 380.0 388.0 8.0 4.6 5.19 2.44 36.8 7.29
incl 384.2 388.0 3.9 2.2 9.33 4.17 50.8 12.82
plus 439.2 460.0 20.8 11.9 5.54 2.02 121.3 8.08
incl 448.8 453.1 4.3 2.5 16.99 6.05 506.9 25.86
plus 482.5 486.2 3.7 2.1 4.13 1.72 127.5 6.51
plus 511.3 514.0 2.8 1.6 1.19 0.76 146.2 3.03
plus 524.0 526.0 2.0 1.1 0.22 4.98 23.0 4.05
plus 564.4 566.2 1.8 1.0 3.77 2.60 75.4 6.33
plus 589.5 598.4 8.9 5.1 2.83 2.90 278.8 7.39
incl 589.5 593.3 3.8 2.2 3.25 3.31 323.6 8.51
plus 634.0 647.7 13.7 7.9 5.51 1.49 170.5 8.10
incl 636.0 643.0 7.0 4.0 9.51 1.93 302.7 13.58
DPDH008 61.7 70.0 8.3 4.8 0.13 1.69 27.5 1.60
plus 142.0 160.0 18.0 10.3 1.25 2.39 31.0 3.27
incl 148.0 156.0 8.0 4.6 1.96 3.97 50.1 5.30
plus 212.0 228.0 16.0 9.2 0.73 1.06 14.3 1.63
incl 216.0 219.0 3.0 1.7 1.64 1.31 21.7 2.78
plus 276.0 280.0 4.0 2.3 1.29 0.76 11.5 1.95
Mineralization is hosted by structures which are interpreted to be sub vertical and to strike approximately
north-south. These structures are characterized by massive to semi- massive and disseminated sulphides,
principally pyrite and enargite with locally abundant covellite. Sulphides tend to be coarse grained and include
some very coarsely crystalline sections. Hole DPDH004 intersected pyrite-tennantite-chalcopyrite and pyrite-
bornite assemblages, possibly indicating a zonation towards intermediate-sulphidation conditions to the west.
Of particular interest are the high gold and silver grades seen in the structures, with individual samples
assaying up to 43.9 g/t gold and 1,165 g/t silver. Bonanza-grade gold values near the top of hole DPDH007, in
a structure that contains more quartz and less sulphide, possibly reflect a zonation from high -sulphidation
sulphide veins towards gold-quartz veins at shallower levels and towards the east.
In addition to the valley drilling, two holes were drilled on top of the plateau to the west. Holes DPDH001 and
DPDH003 were drilled to final depths of 929m and 350m , respectively. They both intersected a sequence of
epiclastic and volcaniclastic rocks with weak silicification and clay alteration typical of the shallow and distal
part of an epithermal system. No significant assay intervals were recorded in either hole.
2023 LUNAHUASI DRILL PROGRAM OVERVIEW
The 202 3 drilling program concluded in May with a total of 4,912m drilled in 8 holes. Drillhole collar
information is as follows:
Hole ID East North
Elevation
(m)
Final
Depth
(m) Azimuth Dip
DPDH001 437575 6856531 5357 929 270 -70
DPDH002 439036 6856271 4684 719 270 -70
DPDH003 437397 6855724 5389 350 110 -70
DPDH004 439034 6856271 4684 599 275 -50
DPDH005 439047 6856125 4686 992 270 -70
DPDH006 439040 6856271 4684 380 270 -80
DPDH007 439142 6856264 4641 653 270 -55
DPDH008 439038 6856130 4690 290 270 -55
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 and testing the nearby Lunahuasi 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 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 operates the Caseron es open pit copper mine
located approximately 15km north of Los Helados through a subsidiary that is subject to a n announced
agreement whereby Lundin Mining Corporation will acquire a controlling stake.
NGEx Minerals' near- term objectives are to continue d rilling the high -grade core of Los Helados and
exploration at Lunahuasi and on the rest of its land package in the Vicuña District. 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 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 Copiapó, Chile by Company personnel. Diamond drill core was
sampled in maximum 2-meter intervals, stopping at geological boundaries, using a rock saw. Core diameter
is a mix of PQ, 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 multi- element 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. Co pper 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 leach 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.
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 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
For further information:
Stephen Williams or 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 applicable 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 Lunahuasi Project and the potential for
the discovery of extensions of mineralized zones and new exploration targets; the potential that the
mineralization intersected to date is connected to a major porphyry copper -gold system , the timing and
nature of the c urrent and future drill programs; 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 ide ntify 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, scope and timing of the
work to be undertaken to advance the Lunahuasi 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 programs, including a follow-up program at Lunahuasi, 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; chang es 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 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.sedar.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 applic able securities legislation, the
Company does not undertake any obligation to 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 info rmation 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 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. R eaders 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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