VANCOUVER, BC, Oct. 17,
2023 /CNW/ - NGEx Minerals Ltd. (TSXV: NGEX)
("NGEx Minerals" or the "Company") is pleased to announce
that drilling has resumed at its 100%-owned Lunahuasi property
located in San Juan, Argentina,
kicking off the highly anticipated 2023/2024 field campaign
following the high-grade discovery made earlier this year.
Lunahuasi lies at the heart of the Vicuña District, eight
kilometres west of Lundin Mining's Josemaria project, and along the
same major regional structure that controls both NGEx's Los Helados
deposit located nine kilometres to the north and Filo's
Filo del Sol project located six
kilometres to the south. View PDF
Wojtek Wodzicki, President and
CEO, commented, "We are very excited to start our second drill
season at Lunahuasi. Our maiden drill program completed earlier
this year yielded outstanding results with an impressive new
high-grade discovery that included the highest copper, gold and
silver grades drilled to date in the Vicuña District. Despite
having only tested a very small part of the overall property, we
have already discovered significant high-grade mineralization. With
43 individual high-grade copper, gold and silver intersections in
our first six holes and over 850 vertical metres of mineralization,
we are excited about the potential scale of this robust system.
Having recently completed an oversubscribed private placement
financing of C$85.7 million, we are
fully funded to execute our current plan and have flexibility to
expand the program if warranted."
The new drill program has commenced with two drill rigs, with
another two drill rigs to be added later this month. Initial
results are expected toward the end of Q4 2023, but exact timing
will depend on drilling rates and assay turn-around times. The
initial plan is for approximately 15,000 metres of drilling, more
than triple the number of metres drilled in the maiden program
completed earlier this year, with optionality to expand the program
to follow-up encouraging results.
The initial drill holes are intended to define and expand the
zone of high-grade mineralization intersected earlier this year
which included 60.0m at 7.52% CuEq
(5.65% Cu, 2.04 g/t Au, 44.0 g/t Ag) from 212.0m in DPDH002 (see news release dated
April 4, 2023) and 90m at 4.05% CuEq (2.05% Cu, 2.46 g/t Au, 23.2
g/t Ag) from 74.0m in DPDH007 (see
news release dated July 4, 2023).
As the exploration program progresses and additional targeting
work is completed, we expect to drill test other high potential
targets including zones of outcropping high-grade mineralization
within the broader 11 square kilometre alteration system.
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 Josemaria and Filo del Sol deposits.
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
operating Caserones open pit copper mine located approximately 17
kilometres north of Los Helados. Lundin Mining Corporation holds
the remaining 51% stake in Caserones.
The Company is listed on the TSX Venture Exchange under the
trading symbol "NGEX". NGEx Minerals is part of the Lundin Group of
Companies.
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.sedarplus.com or on
the Company's website at www.ngexminerals.com.
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.
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 TSX Venture Exchange ("TSX-V") nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX-V) 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 the
Lunahuasi 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 to
date, the timing and nature of the current and future drill
programs; Words such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "targets", "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 Lunahuasi
Project. While the Company anticipates to complete its
planned program, 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.
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,
government 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.sedarplus.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.