NGEx Minerals Reports New Discovery at Potro Cliffs - Drills 60m at 7.52% CuEq including 10m at 18.00% CuEq
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 New Discovery at Potro Cliffs - Drills 60m at 7.52% CuEq
including 10m at 18.00% CuEq
VANCOUVER, APRIL 4, 2023 - NGEx Minerals Ltd. (TSXV: NGEX) (“NGEx Minerals” “NGEx” or the
“Company”) is pleased to report the discovery of a significant new zone of high-grade copper, gold and silver
mineralization at the 100% owned Potro Cliffs project located in San Juan Province, Argentina. Today’s
results are interpreted to be the first intercepts into the edges of a major new copper-gold system located
midway between the Company’s Los Helados Cu-Au Porphyry deposit, located 9km to the north and Filo
Mining’s Au-Cu-Ag epithermal/porphyry deposit, located 7km to the south.
HIGHLIGHTS
• DPDH002 intersected multiple zones of massive to semi -massive sulphide veins and breccias ,
including:
o 4.0m at 8.44% CuEq from 150.0m
o 60.0m at 7.52% CuEq from 212.0m
Includes 10.0m at 18.00% CuEq and 6.0m at 14.00% CuEq
o 4.0m at 4.57% CuEq from 308.0m
o 4.0m at 3.89% CuEq from 520.0m
o 10.0m at 7.08% CuEq from 574.0m.
Wojtek Wodzicki, President and CEO commented, “These are some of the best grades I have seen in my career,
and it is remarkable to have hit such significant mineralization so early in the first ever drill program on this
target. Today’s results include the highest copper grades drilled to date in the Vicuna District and rank among
the highest copper grades intersected globally in the last few years. This style of mineralization typically occurs
lateral to, or above major porphyry copper-gold systems and the grades and thickness reported today are very
encouraging indicators of the strength and potential of the system that is the source of these high- grade
zones.”
Dr. Wodzicki, added, “One of the key messages from the Vicuna District presentation that we made a few
years ago was that giant metal districts tend to continue to deliver new discoveries. Today’s results reinforce
that point and I am confident that we are in the very earliest stages of defining the fourth major deposit
discovered in the Vicuna district.
This discovery builds on the remarkable track record of exploration success that the NGE x has built over the
years, and I could not be more proud of our team. The Company is planning an expanded exploration program
to begin to systematically follow-up these exciting results.”
Composited intervals are shown in the table below:
Hole ID From To Length Cu % Au g/t Ag g/t CuEq.
DPDH002 150.0 154.0 4.0 5.81 2.62 81.5 8.44
plus 212.0 272.0 60.0 5.65 2.04 44.0 7.52
incl 226.0 236.0 10.0 14.19 4.07 94.0 18.00
incl 244.0 250.0 6.0 10.57 3.73 80.0 14.00
plus 308.0 312.0 4.0 3.99 0.26 44.5 4.57
plus 340.0 342.0 2.0 2.77 1.41 25.0 4.02
plus 434.0 436.0 2.0 1.68 1.03 15.0 2.56
plus 520.0 524.0 4.0 2.53 0.52 112.0 3.89
plus 564.0 566.0 2.0 3.01 1.02 36.0 4.07
plus 574.0 584.0 10.0 3.70 1.51 259.4 7.08
incl 580.0 582.0 2.0 11.81 4.70 1165.0 25.49
plus 598.0 600.0 2.0 1.65 * 31.0
plus 644.0 648.0 4.0 3.90 * 61.0
plus 650.0 652.0 2.0 1.04 * 3.0
plus 672.0 674.0 2.0 1.25 * 7.0
plus 676.0 678.0 2.0 1.36 * 6.0
Lengths reported are drilled lengths, additional drilling is required in order to establish geometry and true widths of the
mineralized zones. Gold assays indicated as * are pending.
DPDH002 was collared at the bottom of a distinct topographic feature known as the Potro Cliffs at an elevation
of 4,700m and drilled towards the west at an angle of -70 degrees to a total depth of 719 meters. Fragmental
and flow -banded rhyolite occur to a depth of about 352m where there is a transition to a quartz-diorite
porphyry which continues to the end of the hole. Advanced argillic alteration and silicification are prevalent
throughout the hole, with intervals of sericite and chlorite/epidote alteration in the diorite.
The entire sequence between 150m and 680m is cut by a series of semi-massive to massive sulphide veins
and clusters of veins, with individual veins attaining core lengths of up to 10 m. These veins are typically
composed of pyrite and enargite with lesser covellite - and are interpreted as veins and replacements of high-
sulphidation affinity. The copper -gold-silver mineralization also occurs as anastomosing stockwork veinlets
and breccia matrix with minor zinc sulphides.
2023 POTRO CLIFFS DRILL PROGRAM OVERVIEW
The 2023 drilling program has focused on improving our initial understanding of this large alteration zone and
following up on surface sampling results. Topography at the Potro Cliffs alteration zone offers the opportunity
to test different levels within the hydrothermal system, with holes at the bottom of the cliffs testing areas
600m vertically below holes collared at the top of the cliffs. The drill program , including completed and
planned holes, is outlined below:
Holes Drilled/in Progress
DPDH001: Top of cliffs, testing surface geochemical anomalies
DPDH002: Bottom of cliffs, testing surface geochemical anomalies
DPDH003: Top of cliffs
DPDH004: Same platform as DPDH002, drilled at -50 degrees
DPDH005: Bottom of cliffs, 100m south of DPDH002.
Drilling is ongoing with two diamond drill rigs. Holes DPDH001 and 003 at the top of the cliffs are complete with
assays pending. These two drill holes are 1.6km and 1.9km from DPDH002 respectively. Holes DPDH004 and 005
are testing for extensions of the mineralization intersected in DPDH002 and are in progress.
NEXT STEPS
The initially planned program is being re -evaluated in light of the results of DPDH002 and will continue to be
modified based on results of the next few holes. The current plan is to focus on expanding and delineating the
mineralization intersected in DHPH002. Drilling is planned to continue until the onset of winter conditions in
May.
WEBINAR
The Company will host a webcast at 8:00 am PST on April 4, 2023, to discuss the results. Call details are as
follows:
Please click the link below to join the webinar:
https://us02web.zoom.us/j/81956452033?pwd=VVAzQmpvdzZwbnphL2pNaHQzVjJkQT09
Passcode: 848096
Or One tap mobile :
+16699006833,,81956452033#,,,,*848096# or +16694449171,,81956452033#,,,,*848096#
Or Telephone:
Dial (for higher quality, dial a number based on your current location):
+1 669 900 6833
A replay will be made available on the website.
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 Potro Cliffs exploration target
located 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 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. which operates the Caserones open pit copper mine
located approximately 15km north of Los Helados through a subsidiary that is subject to a recently announced
agreement whereby Lundin Mining Corporation will acquire a controlling stake.
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 Minerals’ operations base by Company personnel. Diamond drill core was sampled
in 2 meter intervals 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. 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 problem s
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:
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 Potro Cliffs 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 extend the mineralization discovered
in DPDH002, the potential the miner alization in DPDH002 is connected to a major porphyry copper -gold
system, the timing and nature of the current and future drill programs; 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 m anagement the nature, scope and timing of the work to be
undertaken to advance the Potro Cliffs Project. While the Company anticipates continuing its drill program
until May, 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 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, 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 t he 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 enviro nmental 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 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 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 pla ns 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.
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NGEx Claims
Lundin Mining Claims
Plan Map
POTRO PROJECT
APRIL 2023
0m 500M250M
NGEx Minerals
6856000N
6856500N
437500E
438500E
DPDH005
DPDH004
DPDH003
DPDH002
DPDH001