VANCOUVER, BC, Oct. 22,
2024 /CNW/ - NGEx Minerals Ltd. ("NGEx Minerals"
or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to
announce that its Phase 3 drill program has begun at its
100%-owned Lunahuasi property located in San Juan,
Argentina. The Phase 3 program
follows a highly successful Phase 2 program completed in the first
half of 2024, which delivered some of the highest-grade copper,
gold, and silver intercepts drilled anywhere in the world and
confirmed that Lunahuasi has both unusually high grades and large
size potential. Phase 3 drilling intends to grow the deposit
through step-out drilling and provide enough closer-spaced data to
develop an initial Exploration Target as provided for in NI 43-101.
PDF Version
Wojtek Wodzicki, President and
CEO, commented, "We are extremely excited to kick off our third
and largest drill program at Lunahuasi. Phase 2 drilling showed
that the Lunahuasi deposit has exceptional grades throughout a
large volume measuring at least 400m
by 900m by 960m. This upcoming drill program will more than
double the total meters drilled to date at Lunahuasi, and is
focused on continuing to expand the deposit, which remains open in
all directions, and advancing our understanding of this unusually
high-grade discovery. Based on results obtained to date, we believe
we have drilled only a small part of the Lunahuasi high-grade
deposit, and that this is a much larger system than currently
delineated. With a significantly oversubscribed private placement
financing of approximately C$175
million currently in progress, which we plan to close in the
coming weeks, we expect to be fully funded and well positioned to
execute our current plan and will have flexibility to expand the
program if justified."
The new drill program has commenced with three drill rigs
currently turning, and another three to be added before the end of
the month. The program will consist of up to 20,000 meters of
diamond drilling to follow up on 17,862 meters drilled since
discovery of the deposit in March
2023, with optionality to expand the program to follow-up
encouraging results. Drilling will consist of three targeted ranges
of drill spacing to accomplish different objectives: long-range
exploration holes (+300m spacing),
mid-range step out holes (50-300m
spacing), and short-range infill holes (30-50m spacing). Initial results are expected toward
the end of Q4 2024, but exact timing will depend on drilling rates
and assay turn-around times.
About NGEx Minerals
NGEx Minerals is a copper and gold exploration company based in
Canada, focused on exploration of
the Lunahuasi copper-gold-silver project in San Juan Province,
Argentina, and the nearby Los
Helados copper-gold project located approximately nine kilometres
northeast in Chile's Region III.
Both projects are located within the Vicuña District, which
includes the Caserones mine, and the Josemaria and Filo del Sol
deposits.
NGEx owns 100% of Lunahuasi and is the majority partner and
operator for the Los Helados project, subject to a Joint
Exploration Agreement with Nippon Caserones Resources LLC, which is
the indirect 30% owner of the operating Caserones open pit copper
mine located approximately 17 kilometres north of Los Helados.
Lundin Mining Corporation holds the remaining 70% stake in
Caserones.
The Company's common shares are listed on the TSX under the
symbol "NGEX" and also trade on the OTCQX under the symbol "NGXXF".
NGEx is part of the Lundin Group of Companies.
Additional information relating to NGEx may be obtained or
viewed on SEDAR+ at www.sedarplus.ca.
Additional Information
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) 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, except as
may be required by applicable securities laws.
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
Lunahuasi, including actual metres that will be completed during
the Company's 2024/25 field program and the Company's ability to
re-enter and continue drilling holes initiated in a previous
campaign; the potential for further discovery and/or extension of
mineralized zones at the Lunahuasi project; the timing of, and
conclusions resulting from, an update to the geological
interpretation at Lunahuasi, including the Company's ability to
establish an Exploration Target, or the timing and/or results
thereof; the Company's ability to use information gathered from
drilling to date to effectively target and drill in future
campaigns, including whether the timing and ultimate outcome of the
Company's efforts to locate the centre of the Lunahuasi system; the
timing and outcome of geophysical surveys undertaken at the
Lunahuasi; the ultimate size of the private placement of the
Company's common shares currently underway (the "Private
Placement"); the closing of the Private Placement (including
receipt of all required regulatory approvals); the anticipated use
of net proceeds resulting from the Private Placement. Words such as
"plans", "expects" or "is expected", "budget", "scheduled",
"targets", "estimates", "forecasts", "intends", "anticipates" 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 with regards to the nature,
scope and timing of the work to be undertaken to advance the
Lunahuasi Project, the closing of the Private Placement (including
receipt of all required regulatory approvals), the number of Common
Shares sold pursuant to the Private Placement, the use of
proceeds of the Private Placement, the focus and objective of
future work programs, the expected results or success of future
work programs, and the growth strategy of the Company. 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: receipt of required
regulatory approvals for, and the closing of, the Private
Placement; insider participation in the Private Placement; the
emergence or intensification of infectious diseases, such as COVID
19, and the risk that such an occurrence globally, or in the
Company's operating jurisdictions and/or at its project sites in
particular, could impact the Company's ability to carry out the
program and could cause the program to be shut down; Mineral
Resources estimates; estimations of costs; and permitting time
lines; ability to obtain surface rights and property interests;
currency exchange rate fluctuations; requirements for additional
capital; changes to government regulation of mining activities;
environmental risks; unanticipated reclamation or remediation
expenses; title disputes or claims; limitations on insurance
coverage; material adverse changes to the current price of and/or
demand for commodities, particularly copper, gold and silver;
material adverse changes to general business and economic
conditions, including in the jurisdictions in which the Company's
mineral property interests reside; material labour disputes,
accidents, or failures of equipment; and those described in the
Risk Factors section of the most recent annual information form and
annual management discussion and analysis, and risks, uncertainties
and other factors identified in the Company's periodic filings with
Canadian securities regulators. which are available on SEDAR+
at www.sedarplus.ca 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.
SOURCE NGEx Minerals Ltd.
