VANCOUVER, BC, July 18,
2023 /CNW/ - NGEx Minerals Ltd. (TSXV:
NGEX) ("NGEx Minerals" "NGEx" or the "Company") is pleased
to report results from the final four holes drilled this year at
the Los Helados copper-gold project located in Region III,
Chile. The drill holes were part
of the successful 2023 drill program that extended and helped to
define the Fenix and Alicanto Zones discovered during the
preceding campaign. The Company is also pleased to report on the
results of geological and geophysical surveys that have generated
new exploration targets around Los Helados. View PDF version.
Highlights and detailed results are shown below with
accompanying figures.
- Drillhole LHDH085: Gap between Fenix and
Condor Zones - 568m at 0.53%
copper equivalent ("CuEq") from 402m including:
-
- 234m at 0.65% CuEq from
668m, which includes;
- 86m at 0.76% CuEq from
732m
- Drillhole LHDH086-1: Alicanto Zone -
678m at 0.53% CuEq from
472m including;
-
- 160m at 0.82% CuEq from
572m, which includes;
- 4m at 11.16 g/t Au from
572m
- Drillhole LHDH086-2: Alicanto Zone -
874m at 0.47% CuEq from
442m including
-
- 374m at 0.55% CuEq from
848m, which includes;
- 40m at 0.83% CuEq from
1182m
- Drillhole LHDH087: Fenix Zone - 912m at 0.35% CuEq from 590m including;
-
- 4m at 17.93 g/t
Au from 1130m; and
- 246m at 0.47% CuEq from
1218m, which includes;
- 94m at 0.59% CuEq from
1370m
Commenting on the results, Wojtek
Wodzicki, President and CEO stated "The drill holes
released today were the final holes of this year's program, which
successfully extended both the Fenix and Alicanto Zones and
confirmed them as important high grade satellites to the core
Condor high-grade Zone. The Los Helados system continues to
deliver positive surprises.
In addition to drilling, we completed a comprehensive
targeting exercise, which used detailed geophysical surveys and
geological mapping completed this season to generate a number of
new targets with signatures similar to those associated with the
Condor, Fenix, and Alicanto Zones. We believe that Los Helados
continues to have potential for additional discoveries."
Composited intervals are shown in the table below. Note
molybdenum (Mo) grades are not included in the CuEq
calculation.
HOLE-ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Cu %
|
Au
g/t
|
Ag
g/t
|
CuEq
%
|
Mo
ppm
|
LHDH085
|
318.0
|
1344.0
|
1026.0
|
0.36
|
0.10
|
1.2
|
0.43
|
57
|
incl
|
402.0
|
970.0
|
568.0
|
0.44
|
0.13
|
1.2
|
0.53
|
79
|
incl
|
668.0
|
902.0
|
234.0
|
0.54
|
0.16
|
1.1
|
0.65
|
96
|
incl
|
732.0
|
818.0
|
86.0
|
0.64
|
0.19
|
1.2
|
0.76
|
123
|
and incl
|
1110.0
|
1150.0
|
40.0
|
0.43
|
0.14
|
1.1
|
0.52
|
99
|
LHDH086-1
|
472.0
|
1150.0
|
678.0
|
0.36
|
0.25
|
1.3
|
0.53
|
50
|
incl
|
572.0
|
920.0
|
348.0
|
0.39
|
0.41
|
1.2
|
0.65
|
45
|
incl
|
572.0
|
732.0
|
160.0
|
0.32
|
0.80
|
1.2
|
0.82
|
33
|
incl
|
572.0
|
576.0
|
4.0
|
0.05
|
11.16
|
1.8
|
6.88
|
13
|
LHDH086-2
|
442.0
|
1316.0
|
874.0
|
0.38
|
0.13
|
1.5
|
0.47
|
56
|
incl
|
848.0
|
1222.0
|
374.0
|
0.49
|
0.08
|
2.2
|
0.55
|
79
|
incl
|
1182.0
|
1222.0
|
40.0
|
0.73
|
0.15
|
3.1
|
0.83
|
158
|
LHDH087
|
590.0
|
1502.0
|
912.0
|
0.26
|
0.14
|
1.3
|
0.35
|
79
|
incl
|
1130.0
|
1134.0
|
4.0
|
0.15
|
17.93
|
1.5
|
11.12
|
24
|
and incl
|
1218.0
|
1464.0
|
246.0
|
0.42
|
0.07
|
1.8
|
0.47
|
176
|
incl
|
1370.0
|
1464.0
|
94.0
|
0.53
|
0.07
|
2.3
|
0.59
|
194
|
Mineralized zones
within the Los Helados deposit are bulk porphyry-style zones and
drilled widths are interpreted to be essentially 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).
|
Hole LHDH085 was intended to test for the eastern
extension of the Fenix Zone towards the Condor Zone. It appears to
have just clipped the eastern edge of the Fenix Zone between
668m and 902m, including a section from 732m to 818m that
returned 0.76% CuEq. The rest of the hole intersected grades
typical of the Los Helados breccia surrounding the high-grade
breccia zones, with over 1,000m at
0.43% CuEq.
Hole LHDH086-1 was a daughter hole kicked off from
LHDH086 at a depth of 420m and angled
towards the east. It intersected the edge of the Alicanto Zone
starting at about 860m, between 30
and 40m southeast from the
intersection in LHDH083 (122m at
1.05% CuEq – see News Release dated January
26, 2023). Shallower in the hole, LHDH086-1 intersected a
gold-rich section of 160m at
0.80 g/t Au, anchored by a 4m
section of 11.16 g/t Au. This gold-rich zone was also intersected
in holes LHDH083 and LHDH086-2 and its full extent, orientation and
size remain to be determined.
Hole LHDH086-2 was kicked off LHDH086 at a depth of
430m in order to test the Alicanto
Zone extension at depth beneath LHDH078. The hole intersected a
26m interval of elevated gold grades
from 574m to 600m at 0.46 g/t Au which corresponds to the
aforementioned gold zone in LHDH086-1. From 848m to 1,222m the
hole intersected mineralized breccia, with a 40m section of 0.83% CuEq from 1,182m corresponding to the main high-grade zone
260m below the intersection in
LHDH078. This interval also contained elevated molybdenum
consistent with the molybdenum grades typical of the Alicanto
Zone. Below this depth the hole encountered a series of
late-mineral dykes which are typically low grade, including a dyke
from 1,324m to the end of the hole.
The true width of these dykes is much less than the drilled width,
as they are sub-vertical. The full extent of the Alicanto Zone
in this area remains untested.
Hole LHDH087 was planned to test the western
extension of the Fenix Zone, to the west of intersections in holes
LHDH076, LHDH081-2 and LHDH084. The breccia was intersected from
1,219m to 1,464m but at 0.47% CuEq was lower grade than the
eastern holes. From 1,464m to the end
of the hole at 1,523.6m the hole
intersected a low-grade, late-mineral dyke and it ended before
reaching the depth of the high-grade zone at the end of LHDH081-2
(63.8m at 1.25% CuEq – see News
Release dated April 13, 2003). Hole
87 also intersected a high-grade gold vein, returning 4m at 17.93 g/t Au from 1,130m. Although this hole appears to have passed
to the west of the Fenix Zone, it remains open to the north,
south, at depth and there remains an undrilled gap to the east
towards the Condor Zone at depth.
Hole LHDH088 was lost above its target in the Fenix
zone at a depth of 300m. This hole
was not analyzed.
The Fenix zone remains open and delineation of the size and
grade of this zone will require additional drilling.
TARGET GENERATION
In addition to the drill program, the Company completed detailed
geophysical surveys including drone magnetometry, magneto-tellurics
(MT), and 3D IP, as well as a comprehensive structural mapping
program, all designed to assist in targeting higher grade
mineralization similar to that seen in the Condor, Fenix, and
Alicanto Zones. The program has highlighted three areas with
similar geological and geophysical signatures.
- The Aleksita target is an area of strong surface
alteration and strongly anomalous copper, gold and molybdenum
located just south of the main Los Helados deposit that lies within
the main structural corridor that runs from Los Helados south to
Lunahuasi and Filo and is believed to be an important control on
mineralization in all three systems. Of note are areas of anhydrite
and gypsum cemented breccia similar to those seen above the Condor
zone. Anhydrite is associated with high grade mineralization in the
Condor, Fenix and Alicanto zones and the occurrence of gypsum
cemented breccias is considered a potential indicator of
mineralization at depth. The area is underlain by a low resistivity
signature similar to that coincident with the Condor, Fenix and
Alicanto Zones. This target has not been drill tested.
- The Fenix-Alicanto Bridge is an area of low
resistivity that runs along the western margin of the Los
Helados-Filo del Sol structural corridor, between the Fenix and
Alicanto Zones, in an area that has not been fully drill tested.
Both the Fenix and Alicanto Zones are associated with low
resistivity zones.
- The northeast extension is an area of strong
alteration and brecciation to the northeast of the main Los Helados
deposit.
ABOUT NGEX MINERALS
NGEx Minerals is a copper and gold exploration company based in
Canada, focused on exploration of
its Los Helados copper-gold project located in Chile's Region III and the nearby Lunahuasi
copper-gold-silver project located approximately 12 kilometres 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 Lunahuasi lie along the same major
north-northeast trending structure that also 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 is the 49% owner of the
Caserones open pit copper mine located approximately 15km north of
Los Helados. Lundin Mining Corporation holds the remaining 51%
stake in Caserones.
The Company is listed on the TSXV under the trading symbol
"NGEX". NGEx Minerals is part of the Lundin Group of Companies.
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 Minerals' 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 multielement 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.
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
Los Helados Project and the potential for the discovery of
extensions of mineralized zones and new exploration targets; 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",
"projects", "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", "should", "possibly", "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
and scope and timing of the work to be undertaken to advance the
Los Helados Project and the potential for future exploration
success. Any future drilling will be dependent on the Company
securing additional funding. If funding cannot be secured by the
Company, or on satisfactory terms, future programs, including a
follow-up program at Los Helados, 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 that have or may
impact the Company and/or the Vicuña District, 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 Argentina; 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.