NGEx Minerals Reports 876 metres at 0.74% CuEq, including 210 metres at 1.06% CuEq at the Los Helados Copper-Gold Deposit
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 876 metres at 0.74% CuEq, including 210 metres at 1.06%
CuEq at the Los Helados Copper-Gold Deposit
VANCOUVER, APRIL 26, 2022 - NGEx Minerals Ltd. (TSXV: NGEX ) (“NGEx Minerals” or the “ Company”) is
pleased to report initial assay results from the Company’s 2022 drill campaign at the Los Helados copper-gold
project located in Region III, Chile. LHDH073 is the first hole of an ongoing diamond drill program focused on
defining and extending the high -grade core of the Los Helados deposit , as defined by the 0.7% copper
equivalent (“ CuEq”) grade shell within the current resource model . An additional two holes have been
completed to date, and three holes are underway. Assay results for these holes are pending. Drilling with three
rigs will continue until the onset of winter weather, which is expected in late May or early June.
HIGHLIGHTS
• Drillhole LHDH073 returned 876m at 0.74% CuEq (0.56% Cu, 0.28 g/t Au, 2.1 g/t Ag) from a depth of
124m including:
o 696m at 0.80% CuEq (0.60% Cu, 0.31 g/t Au, 2.2 g/t Ag) from a depth of 216m
o 210m at 1.06% CuEq (0.76% Cu, 0.45 g/t Au, 2.8 g/t Ag) from a depth of 314m
Commenting on the results Wojtek Wodzicki, President and CEO stated “Hole 73 is the fir st step in a focused
exploration program specifically targeting zones of higher-grade mineralization within the Los Helados deposit.
Our renewed exploration effort is based on recently completed geological work, which focused on understanding
the controls on high-grade mineralization in order identify opportunities to potentially add higher grade material
to the resource. Hole 73 successfully demonstrates the continuity of strong mineralization on the eastern side of
the high-grade core and also provides new information regarding controls on the higher-grade mineralization that
will guide future drilling. We are particularly encouraged by the 210 metre interval returning over 1% CuEq.
Looking ahead, holes 74, 75, 76 and 79 test the southern, western and depth extensions of the high-grade core.
Hole 78 tests a new geological and geophysical target at the northwest edge of the current resource. Additional
planned holes will test an apparent northerly plunge to the high- grade core that was not tested by previous
drilling.”
Hole LHDH073 was drilled towards the eastern boundary of the high-grade core, in an area where spacing
between previously completed adjacent holes was between 170 m and 270m. The intersection of the high -
grade zone is represented by the 696m interval beginning at 216m. The hole entered the zo ne about 80m
shallower than predicted, and exited it very close to the modelled contact along the southeastern edge. The
bottom 90m of the hole remained in good mineralization, slightly below the 0.7% CuEq cutoff, at 0.64% CuEq
(0.56% Cu, 0.11 g/t Au, 2.0 g/t Ag).
SUMMARY OF INTERCEPTS
Hole ID From To Length (m) Cu % Au g/t Ag g/t CuEq %
LHDH073 124.0 1,000.0 876.0 0.56 0.28 2.1 0.74
incl 216.0 912.0 696.0 0.60 0.31 2.2 0.80
incl 314.0 524.0 210.0 0.76 0.45 2.8 1.06
2022 LOS HELADOS DRILL PROGRAM OVERVIEW
The 2022 drilling program is focused on finding more zones of high-grade mineralization within the footprint
of the Los Helados deposit. 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 suggests
potential for satellite high-grade zones. The drill program, including completed and planned holes, is outlined
below:
Holes Completed
LHDH073: Results released today; infilling 180m gap between existing holes and extending deposit at depth
LHDH074: Infilling 240m gap between existing holes and extending deposit at depth
LHDH075: Testing southern extension of high-grade zone
Holes in Progress
LHDH076: Testing gap between main high-grade zone and western zone; extension of western zone
LHDH077: Testing southern extension of high-grade zone
LHDH078: Testing resistivity anomaly and northern extension of deposit
NEXT STEPS
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.
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 Resources Co., Ltd . While
NGEx Minerals’ near-term focus will be on drilling the high grade core of Los Helados and exploration at the
Valle Ancho Project, 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 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 Resources’
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 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. 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 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.
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,
mineral resource estimate and mine plan for Los Helados; the sufficiency of the material collected during the
current drill program or that the analysis thereof will successfully optimize metallurgical processes ; and the
Company’s outlook, growth plans and strategies . 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 regarding 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 C ompany from completing the program on the expected timeline or 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, eco nomic 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; 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 dispute s, 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 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 re lease 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.
LOS HELADOS PROJECT
Plan Map
APRIL 2022
LHDH078
LHDH073LHDH074
LHDH075LHDH076
LHDH077
6864600N
6865400N
6865000N
442000E
442400E
442600E
SECTION LINE
876m @ 0.74% CuEq
(0.56% Cu; 0.28g/t Au; 2.1g/t Ag)
0m 400M200M
0.7% CuEq Grade Shell
> 0.7
0.5 – 0.7
0.3 – 0.5
0.1 – 0.3
CuEq %Complete with
Assays
Complete –
Assays pending
In Progress
696m @
0.80% CuEq
0.60% Cu;
0.31 g/t Au
2.2 g/t Ag
210m @
1.06% CuEq
0.76% Cu;
0.45 g/t Au
2.8 g/t Ag
LHDH073
LHDH074
4200m
4400m
4000m
3800m
0.7% CuEq
Grade Shell
0m 400M200M
CuEq %
0.1 - 0.3 %
0.3 - 0.5 %
0.5 - 0.7 %
> 0.7 %
LOS HELADOS PROJECT
Vertical Section LHDH073
APRIL 2022