VANCOUVER, BC, April 4,
2023 /CNW/ - 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.
View PDF version
HIGHLIGHTS
- DPDH002 intersected multiple zones of massive to
semi-massive sulphide veins and breccias, including:
-
- 4.0m at 8.44% CuEq from
150.0m
- 60.0m at 7.52% CuEq from
212.0m
-
- Includes 10.0m at 18.00% CuEq and
6.0m at 14.00% CuEq
- 4.0m at 4.57% CuEq from
308.0m
- 4.0m at 3.89% CuEq from
520.0m
- 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 NGEx 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 10m. 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 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
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 mineralization 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 management 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 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, 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 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 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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SOURCE NGEx Minerals Ltd.