NGEx Minerals Reports 1,290m at 0.74% CuEq including 142m at 1.38% CuEq in Second High-Grade Zone, Confirming Existence of at Least Two Separate High-Grade Centres at Los Helados
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 Reports 1,290m at 0.74% CuEq including 142m at 1.38% CuEq in
Second High-Grade Zone, Confirming Existence of at Least Two Separate High-Grade
Centres at Los Helados
VANCOUVER, MAY 24 , 2022 - NGEx Minerals Ltd. (TSXV: NGEX ) (“ NGEx Minerals ”, “NGEx” or the
“Company”) is pleased to report results from hole LHDH076 at the Los Helados copper-gold project located in
Region III, Chile. Hole LHDH076 is the best hole drilled on the project to date, measured by copper-equivalent
(“CuEq”) multiplied by intercept length, and ended in strong mineralization at 1,400m depth. The last sample in
the hole returned 1.50% CuEq (1.02% Cu, 0.32 g/t Au, 49.0 g/t Ag). Hole LHDH076 confirms the Company’s
new geological interpretation that the Los Helados deposit contain s at least two centres of high -grade
mineralization.
Seven holes have been completed to date, and three holes are underway. These holes are testing other areas
with potential for extensions of existing zones as well as potential new centres of high-grade mineralization.
Hole LHDH078, located approximately 700m north of LHDH 76, at the northwest edge of the current drill
pattern is testing one of these new targets with results pending. Drilling with three rigs will continue until the
onset of winter weather, which is expected in mid June, and is planned to resume after a short winter break.
The Los Helados deposit is located 16km northeast of the Filo del Sol deposit where Filo Mining is drilling a
major copper-gold-silver discovery. Filo del Sol and Los Helados lie along the same major northeast-trending
structure which controls a series of alteration zon es, representing high-quality exploration targets, between
the two deposits.
HIGHLIGHTS
• Drillhole LHDH076 returned 1290m at 0.74% CuEq from 110m including:
o 784m at 0.80% CuEq from 138m
o 404m at 1.00% CuEq from 138m
o 142m at 1.38% CuEq from 1166m
o And 16m at 1.11% CuEq in the final metres of the hole
This year’s drilling has confirmed and expanded a high-grade breccia phase at the core of the current mineral
resource which we are now calling the Condor Zone. This zone remains completely open at depth and additional
drilling is required to better understand its extent and geometry. Hole FSDH076 has confirmed the presence of a
second high-grade zone located on the west edge of the current resource , now called the Fenix Zone.
Intersections from earlier drilling which are now recognized to be part of the Fenix Zone include holes LHDH028
(377m at 0.84% CuEq; 0.67% Cu, 0.25 g/t Au, 2.1 g/t Ag) and LHDH034 (104m at 1.02% CuEq; 0.76% Cu, 0.37 g/t
Au, 2.1 g/t Ag). Both these holes also ended in mineralization. The Fenix Zone is open in several directions and at
depth.
Commenting on the results Wojtek Wodzicki, President and CEO stated “From a grade-thickness perspective Hole
76 is the best hole ever drilled at Los Helados. It has successfully extended both the Condor Zone and the Fenix
Zone, intersecting some of the highest copper, gold and silver grades yet seen at Los Helados. Both zones remain
open at depth, and it is early days in defining the Fenix zone which also remains open towards surface and laterally.
The Fenix Zone is at the edge of the current drill pattern, but the strength of the mineralization indicates that it is
clearly not close to the margin of the system. We are starting to see that the Fenix Zone likely represents a separate
centre of high-grade mineralization that is open at depth and laterally.
Drilling is ongoing and we are looking forward to the results from additional holes which are testing other areas
with potential for higher-grade material. Following an exceptional result like Hole 76 we are very excited to
continue the drill program after a short winter break.”
LIVE PRESENTATION WEBCAST
Wojtek Wodzicki, President and CEO, will conduct a live presentation with the opportunity to ask questions
at 08:00 PT, 17:00 CET on Wednesday, May 25, 2022. To attend the live webcast presentation, please log on
using this direct link:
https://us06web.zoom.us/webinar/register/WN_NcdbjLa6S4CTLTGvmjZZuw
The presentation slideshow will also be available in PDF format on the NGEx Minerals website
www.ngexminerals.com before the webcast.
A replay will be available on the company’s website after the completion of the webcast.
Composited intervals are shown in the table below:
Hole ID From To
Length
(m) Cu % Au g/t Ag g/t CuEq %
FSDH076 110.0 1400.0 1290.0 0.60 0.21 2.3 0.74
incl 138.0 922.0 784.0 0.63 0.25 1.9 0.80
incl 138.0 542.0 404.0 0.77 0.35 2.2 1.00
and incl 1166.0 1400.0 234.0 0.80 0.24 4.5 0.97
incl 1166.0 1308.0 142.0 1.14 0.35 3.8 1.38
incl 1384.0 1400.0 16.0 0.86 0.19 23.4 1.11
Hole LHDH076 was planned to infill a shallow gap in the Condor Zone and continue on to test the Fenix Zone
at depth. The hole was mineralized continuously from 110m to its end, successfully intersecting both target
zones. The Condor Zone was intersected from 138 to 784m, including a 404m section of 1.00% C uEq. The
Fenix Zone was intersected over 234m from 1166m to the end of the hole, an interval which averaged 0.97%
CuEq (0.80% Cu, 0.24 g/t Au, 4.5 g/t Ag). The hole ended in 16 metres of strong mineralization grading 1.11%
CuEq (0.86% Cu, 0.19 g/t Au, 23.4 g/t Ag), including 1.50% CuEq (1.02% Cu, 0.32 g/t Au, 49.0 g/t Ag) in the last
sample in the hole. The silver grades at the bottom are the highest silver grades yet seen in the entire deposit,
and the full width of this zone remains unknown . Although the Fenix Zone lies on the edge of the current
resource the alteration and mineralization including the high silver grades suggest that the Fenix Zone is part
of a separate high-grade centre.
2022 LOS HELADOS DRILL PROGRAM OVERVIEW
The 2022 drilling program is focused on defining zones of high-grade mineralization within the footprint of the
Los Helados deposit and expanding the deposit’s high-grade core. The planned drill program includes a mix of
holes designed to test for extensions of the high -grade zone, and holes to test targets where geological and
geophysical modelling suggest potential for satellite high-grade zones. The drill program, including completed
and planned holes, is outlined below:
Holes Completed
LHDH073: Results previously released; infills a gap between existing holes and extends the Condor Zone at depth
LHDH074: Results previously released; infills a large gap between existing holes and extends the Condor Zone
LHDH075: Results previously released; extends the Condor Zone to the south
LHDH076: Results released today; testing gap between the Condor Zone and the Fenix Zone and testing the
extension of the Fenix Zone
LHDH077: Assays pending; testing southern extension of the Condor Zone
LHDH078: Assays pending; testing low resistivity anomaly and northern extension of deposit
LHDH080: Assays pending; testing low resistivity anomaly
Holes in Progress
LHDH079: Testing depth extension of the central portion of the Condor Zone
LHDH081: Testing continuity and extension of Fenix Zone
LHDH082: Testing depth extension of the eastern sector of the Condor Zone
NEXT STEPS
Drilling is planned to continue until the onset of winter weather, anticipated to be around mid-June. The data
generated from the current drill program at Los Helados will form the basis for a revised geological model. The
drill program will also provide samples for additional detailed metallurgical test work, which will allow for
optimization of process flowsheets and a better understanding of variability within the orebody. With the
encouragement from results to date and particularly the results of LHDH 076, the Company plans to resume
drilling in September following a short break during the Southern Hemisphere winter.
ABOUT NGEX MINERALS
NGEx Minerals is a copper and gold exploration company based in Canada with projects in Chile and Argentina.
NGEx Minerals holds the large-scale Los Helados copper-gold deposit, located in Chile's Region III, as well as
the Valle Ancho Projects located in Argentina. NGEx Minerals is the majority partner and operator for the Los
Helados Project, subject to a Joint Exploration Agreement with Nippon Caserones Re sources Co., Ltd. While
NGEx Minerals’ near-term focus will be on drilling the high grade core of Los Helados, it remains open to adding
quality projects to its portfolio as part of its overall growth strategy. The Company is listed on the TSXV under
the trading symbol “NGEX”.
QUALIFIED PERSONS AND TECHNICAL NOTES
The scientific and technical disclosure for the Los Helados Project included in this news re lease 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 Resources’ operations base in Copiapó, C hile 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 mix 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 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 problem s were indicated by the QA/QC
program.
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, 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 Los Helados 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 advance the geological model, for
Los Helados; the sufficiency of the material collected during the current drill program or that the analysis
thereof will successfully optimize metallurgical processes; the timing and nature of a new drill program next
field season; Words 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 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 the nature, scope and timing of the work to be
undertaken to advance the Los Helados Project . While the Company anticipates a drill program of
approximately 10,000 metres, 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. Any drilling next
season is dependent on pending results from this year ’s program and the Company securing additional
funding. This program could be delay ed 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, 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 ab ility
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 fluctuati ons; 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 insuranc e coverage; assumptions that the
Company will receive the permits required to drill at Valle Ancho in a timely manner, fluctuations in the current
price of and demand for commodities; material adverse changes in general business and economic conditions
in Chile; 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 filin gs 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 applicable 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 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 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.
SECTION LINE
Complete With
Assays
Complete - Assays
Pending
In Progress
Plan Map
LOS HELADOS PROJECT
MAY 2022
0m 400M200M
0.7% CuEq
Grade Shell
CuEq %
> 0.7
0.5 - 0.7
0.3 - 0.5
0.1 - 0.3
Condor
Zone
Fenix
Zone
LHDH078
LHDH073
LHDH074
LHDH075
LHDH076
LHDH077
LHDH080
LHDH082
LHDH081 LHDH079
404m @ 1.00% CuEq
(0.77% Cu; 0.35 g/t Au; 2.2 g/t Ag)
234m @ 0.97% CuEq
(0.80% Cu; 0.23g/t Au; 4.5/t Ag)
1,290m @ 0.74% CuEq
(0.60% Cu; 0.21 g/t Au; 2.3 g/t Ag)
A
B
6864600N
6865400N
6865000N
442400E
442800E
1290m @
0.74% CuEq
0.60% Cu;
0.21 g/t Au
2.3 g/t Ag
234m @
0.97% CuEq
0.80% Cu;
0.23 g/t Au
4.5 g/t Ag
404m @
1.00% CuEq
0.77% Cu;
0.35 g/t Au
2.2 g/t Ag
?
LHDH073
LHDH076
4200m
4400m
4000m
3800m
A B
3600m
3200m
3400m
LOS HELADOS PROJECT
MAY 2022
Vertical Section
0m 400M200M
0.7% CuEq
Grade Shell
0.1 - 0.3 %
0.3 - 0.5 %
0.5 - 0.7 %
> 0.7 %
CuEq %
Condor
Zone
Fenix
Zone