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Cision Canada
22-07-2025
- Business
- Cision Canada
NGEx Minerals to Spin-Out Royalties to Shareholders
VANCOUVER, BC, July 22, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce plans to spin-out net smelter return (" NSR") royalties on the Lunahuasi and Los Helados Projects by way of a statutory plan of arrangement under the Canada Business Corporations Act (the " Arrangement"). PDF Version Highlights Create a 1% NSR royalty on the 100% owned Lunahuasi Project, located in San Juan Province Argentina. Intends to create a 2% NSR royalty on the Los Helados Project located in Region 3, Chile, with a 1.38% NSR to be allocated to a newly incorporated, wholly-owned subsidiary (" RoyaltyCo") and a 0.62% NSR to be allocated to Nippon Caserones Resources LLC (" NCR"), a subsidiary of JX Advanced Metals Corporation, based on each company's respective pro-rata interest in Los Helados of approximately 69% and 31%. Shareholders of NGEx will vote on the Arrangement at a special meeting to be held on September 12, 2025. The Arrangement will also be subject to Toronto Stock Exchange and court approval. If approved, shareholders of NGEx will receive 1/4 of a share of RoyaltyCo for each share of NGEx held as of the Record Date (as defined below). RoyaltyCo intends to apply to list its shares on the TSX Venture Exchange (the " TSXV") following completion of the Arrangement. Such listing will be subject to it fulfilling all of the listing requirements of the TSXV. Wojtek Wodzicki, President and CEO, commented, "NGEx and its predecessor companies have an extremely strong track record of creating very significant value for shareholders through spin-outs and an entrepreneurial, value-driven approach to managing its assets. Today's announcement marks the next step in that ongoing journey. If approved, this transaction is expected to provide NGEx shareholders with long-term exposure to Lunahuasi and Los Helados through RoyaltyCo, which intends to apply to list its shares for trading on the TSXV following completion of the Arrangement. In addition, through NGEx's anticipated holding of up to a 19.9% interest in RoyaltyCo, NGEx itself will also retain future exposure to a vehicle that is expected to use the royalties to spearhead future portfolio growth and diversification. We plan to put an experienced management team and board in place with a mandate to drive a growth strategy and build RoyaltyCo into a significant new player in the royalty space." Summary The Company has entered into a royalty purchase agreement with a newly incorporated wholly-owned subsidiary of the Company (" RoyaltyCo") pursuant to which NGEx will cause a 1.0% NSR royalty on the Nacimiento I concession, located in San Juan Province, Argentina, on which the Company's 100% owned Lunahuasi Project is currently defined, to be granted to RoyaltyCo (the " Lunahuasi Royalty") in exchange for cash consideration. In addition, the Company also intends to cause its wholly-owned subsidiary which holds the Los Helados Project, located in Region III, Chile, on behalf of an unincorporated joint venture between the Company and NCR, to enter into royalty purchase agreements with each of RoyaltyCo and NCR to cause a combined 2.0% NSR royalty to be granted on the concessions underlying the Los Helados properties (the " Los Helados Royalty") in exchange for cash consideration. The Los Helados Royalty, and the associated aggregate cash consideration, will be allocated to RoyaltyCo and NCR based on the Company and NCR's respective pro rata interest in Los Helados of approximately 69% and 31%, resulting in RoyaltyCo's portion of the Los Helados Royalty amounting to a 1.38% NSR royalty. Concurrent with the foregoing, NGEx has also entered into an arrangement agreement with RoyaltyCo (the " Arrangement Agreement"), whereby, among other things, the common shares of RoyaltyCo (the " RoyaltyCo Shares") will be spun-out to the shareholders of NGEx (the " NGEx Shareholders") by way of a statutory plan of arrangement under the Canada Business Corporations Act. As part of the spin-out of the RoyaltyCo Shares to NGEx Shareholders, NGEx also expects to make a cash injection into RoyaltyCo. The creation and spin-out of RoyaltyCo is designed to allow NGEx Shareholders to capture additional long-term value from the Lunahuasi and Los Helados projects through the Royalties, while NGEx continues to focus on advancing the Lunahuasi and Los Helados projects. Over time, it is expected that RoyaltyCo may add new and additional royalty interests to its portfolio. Terms of the Arrangement The Arrangement involves, among other things, the distribution of RoyaltyCo Shares to NGEx Shareholders such that each NGEx Shareholder as of a particular date, immediately prior to closing of the Arrangement (the " Record Date") will receive 1/4 of a RoyaltyCo Share for each common share of NGEx (each, a " NGEx Share") held as of the Record Date. There will be no change in the NGEx Shareholders' holdings in NGEx as a result of the Arrangement. Following completion of the Arrangement, NGEx is expected to hold up to a 19.9% ownership interest in RoyaltyCo, with the remaining RoyaltyCo Shares being distributed to NGEx Shareholders on a pro-rata basis as described above. Each outstanding stock option of NGEx (each, a " NGEx Option") will be exchanged for a replacement stock option of NGEx (each, a " NGEx Replacement Option") and a fully-vested stock option of RoyaltyCo (each, a " RoyaltyCo Option") exercisable for 1/4 of a RoyaltyCo Share, and the exercise prices for the NGEx Replacement Options and the RoyaltyCo Options will be adjusted to reflect the relative value of the shares. NGEx Shareholders will vote on the Arrangement at a special meeting to be held on September 12, 2025 (the " Meeting"). To be effective, the Arrangement must be approved by a special resolution passed by at least 66 2/3 % of the votes cast by NGEx Shareholders present in person or represented by proxy and entitled to vote at the Meeting, which NGEx Shareholders are entitled to one vote for each NGEx Share held. Completion of the Arrangement will also be subject to Toronto Stock Exchange and court approval. Full details of the Arrangement will be included in the management information circular (the " Circular") that will be mailed to NGEx Shareholders in connection with the Meeting. The Circular will propose an experienced senior management team and board of directors for RoyaltyCo. Further details regarding the proposed management team and board of directors of RoyaltyCo will be described in the Circular. After careful consideration, the Board of Directors has unanimously determined that the Arrangement is fair to NGEx Shareholders and is in the best interests of the Company. A description of the various factors considered by the Board of Directors in arriving at this determination will be provided in the Circular. Following completion of the Arrangement, the NGEx Shares will continue trading on the TSX under the symbol "NGEX" and on the OTCQX under the symbol "NGXXF". RoyaltyCo intends to apply to list the RoyaltyCo Shares on the TSXV shortly following completion of the Arrangement. Readers are cautioned that, while RoyaltyCo intends to pursue a listing on the TSXV shortly following completion of the Arrangement, it has not yet submitted an application for listing, and completion of a listing is subject to regulatory approvals and the satisfaction of all of the applicable listing requirements of the TSXV. There can be no assurance that a listing will be completed, and RoyaltyCo may elect not to proceed with a listing at any time in its sole discretion. 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 to the 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 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 timing, structure and completion of the Arrangement, the entering into of the royalty purchase agreements related to the Los Helados Royalty, the completion of the transactions contemplated by the royalty purchase agreements related to the Lunahuasi Royalty and the Los Helados Royalty, the injection of cash from NGEx to RoyaltyCo, future potential for NGEx and RoyaltyCo, future acquisitions of additional royalty interests by RoyaltyCo to its portfolio, future exploration and development of the Lunahuasi and Los Helados Projects, anticipated benefits of the Arrangement, the timing and receipt of required shareholder, court and stock exchange approvals for the Arrangement, the composition of RoyaltyCo's board of directors and management team, the application for, and listing of, the RoyaltyCo Shares on the TSXV following completion of the Arrangement and the timing for mailing of the Circular and the holding of the Meeting. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "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", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management. 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 risk of the Company not obtaining court, NGEx Shareholder or stock exchange approvals to proceed with the Arrangement, the risk of unanticipated tax consequences to the Arrangement, the risk of the market valuing NGEx and RoyaltyCo in a manner not anticipated by the Company, risks related to the benefits of the Arrangement not being realized, risks relating to RoyaltyCo not being able to add additional royalty interests to its portfolio, 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; 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, particularly gold prices, as they are fluctuating currently due to market volatility; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, particularly 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; there may be other factors that cause results not to be as anticipated, estimated, or intended, including those set out in the Company's annual information form and annual management discussion and analysis for the year ended December 31, 2024, which are available on the Company's website and SEDAR+ at 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 forward-looking information included, 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
Cision Canada
08-07-2025
- Business
- Cision Canada
NGEx Discovers High-Grade Gold Veins at Lunahuasi; Drills 14.74 g/t Gold (Uncut) over 104.80m Core Length, Including 504.00 g/t Gold (Uncut) over 1.55m Core Length and 142.27 g/t Gold (Uncut) over 2.20m Core Length
VANCOUVER, BC, July 8, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce the final drill results from the Phase 3 program at its 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. The highlight of these results is the discovery of ultra high-grade visible gold in quartz veins in the Saturn zone, including 504.0 g/t over 1.55m and 290.0 g/t over 0.90m in two separate veins in hole DPDH046. This represents a new style of mineralization and a new exploration target for the project. PDF Version Highlights: Drillhole DPDH044 intersected: 50.50m at 10.68% copper equivalent ("CuEq") from 479.00m Drillhole DPDH045 intersected: 15.40m at 10.28% CuEq from 191.60m Drillhole DPDH046 intersected: 104.80m at 2.97% Cu, 14.74 g/t Au and 65.0 g/t Ag from 447.00m, including: 61.90m at 3.46% Cu, 23.81 g/t Au and 87.3 g/t Ag from 467.10m, including: 2.20m at 11.61% Cu, 142.27 g/t Au and 451.2 g/t Ag from 467.10m, plus: 15.20m at 1.91% Cu, 61.72 g/t Au and 20.0 g/t Ag from 513.80m, including: 3.60m at 2.68% Cu, 245.39 g/t Au and 14.7 g/t Ag from 520.00m Wojtek Wodzicki, President and CEO, commented, "The discovery of ultra high-grade free gold in quartz veins (see Figures 1-3) adds an entirely new dimension to the Lunahuasi project. High-grade gold quartz veins are a well-known component of the high-sulphidation epithermal deposit model and have proven to be a very significant part of successful projects developed on this deposit style elsewhere, such as the renowned El Indio mine located 150km to the southwest. We have intersected some outstanding gold grades in previous drilling at Lunahuasi, but seeing this new style of mineralization with these grades provides us with the possibility of outlining substantial value in a gold-dominant style of mineralization – further increasing the potential of what is already a great mineral deposit. These results cap a very successful Phase 3 drill program which has exceeded our expectations on several fronts. Following up on this intersection and continuing to explore for similar veins within the gold-rich Saturn and Mars zones will be an important component of our upcoming Phase 4 drill campaign. We are still in the early stages of exploring this remarkable deposit, continue to get positive surprises as we add drillholes to the Lunahuasi project, and we believe that there will be more discoveries to come." Table 1: Significant Intersections 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). A * indicates that no CuEq was calculated as samples within the interval and/or the entire interval returned >100% CuEq. Table 1 shows intervals calculated with gold grades both uncut and cut to 90 g/t which is consistent at this time with statistical analysis of the distribution of gold grades drilled to date. We currently have 148 samples > 10 g/t Au, 18 samples > 50 g/t Au and 8 samples > 100 g/t Au and top cut values are subject to change as more assays are added to the data set. Estimated true widths are rounded to the nearest metre for widths over 10m and to the nearest 0.1m for widths less than 10m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model and are subject to change as more information becomes available. DPDH044 was collared on the same platform as DPDH023 and angled to the south (170 o) with a dip of -61 o to drill across the Saturn zone perpendicular to the direction of the other drill holes. The hole drilled an oblique intersection of the zone between 259.00m and 721.20m which included a number of higher-grade sections. The estimated true width and overall grade of this intersection matches well with other Saturn zone holes (see News Release dated April 24, 2025) and helps to delineate the geometry of the zone. DPDH045 was collared from the same platform as DPDH040 and drilled towards the northeast (45 o) at a dip of -65 o to test for continuity of the Mars zone between holes DPDH032 and DPDH042. The hole intersected a new zone between 191.60m and 207.00m (15.40m at 10.28% CuEq) and is interpreted to have hit the Mars zone between 391.00m and 397.00m (6.00m at 2.38% CuEq). DPDH046 was drilled from the same platform as DPDH028 and angled to the west at a dip of -45 o to explore the Saturn zone to the north of DPDH028. It intersected the Saturn zone between 447.00m and 551.80m about 35m north of the zone intersected in DPDH028. The hole drilled a very strong Saturn zone intersection, highlighted by two high-grade gold veins 53.90m apart; 2.20m at 142.27 g/t Au from 467.10m and 1.55m at 504.00 g/t Au from 521.00m. Both were characterized by visible gold in quartz veins, with the shallower vein clearly crosscutting an earlier pyrite-enargite vein as indicated by its higher copper grade. These veins appear to have been intersected by other Saturn zone holes, as shown in Table 2 below, most of which cross-cut massive sulphide veins. There is a 123m gap in drilling between this intersection and DPDH042 to the north, and the zone remains open up-dip and down-dip of this intersection. DPDH047 was collared on the same platform as DPDH042 and drilled at an azimuth of 263 o and a dip of -65 o to test the Mars zone down dip of the strong intersection in that hole. It intersected the interpreted continuation of the Mars zone at 336.00m with 9.50m at 3.83% CuEq, 64m below the intersection in DPDH042. The zone remains open down-dip and to the south of this intersection. The hole went on to intersect two additional intervals, as shown in Table 1, and stopped short of the northern projection of the Saturn zone due to the end of the season. The presence of ultra-high-grade native gold in quartz veins at Lunahuasi confirms the existence of a part of the system that we have been hoping to discover since we started drilling. Although we have intersected high gold grades in previous holes, this new style of mineralization is fundamentally different and significantly increases the potential value of the project. This style of veining is a well-known component of the high-sulphidation epithermal deposit model, and there are several good examples of these veins in similar systems, including at the El Indio deposit located 150km southwest of Lunahuasi. It is related to a slightly later stage of intermediate or low-sulphidation mineralization, typically following the same structures and cross-cutting the earlier pyrite-enargite copper-gold-silver veins. This cross-cutting nature can make it difficult to recognize this as a separate mineralizing event in places where the veins manifest as massive sulphide veins or breccias with a cross-cutting component of gold-rich quartz as breccia filling or discreet veins. The distribution of gold within them can be highly variable, typically forming an "ore shoot" geometry with sections of the veins containing much higher grades than the average. For example, at El Indio the gold veins averaged between 18 and 30 g/t Au, with ore shoots containing >100 g/t Au obtaining dimensions of 1-2m wide and up to 100m long. These veins differ from the pyrite-enargite veins, which themselves can contain appreciable gold, by their simple mineralogy – native gold in quartz veins with a low sulphide content. They are typically comprised of chalcedonic quartz with textures characteristic of low-sulphidation deposits, such as banding, open vugs and brecciation. See Figures 1-3 for examples of the mineralization. Table 2 shows interpreted intersections of these later, gold-rich veins in both the Saturn and Mars zones. Table 2: Intersections of Gold-Quartz Vein Mineralization The Saturn zone veins shown in Table 2 span a strike length of 120m north-south from DPDH046 in the north to DPDH021 in the south, and 100m vertical between the same two holes and remain open in all directions. The Mars zone veins are 40m north-south from DPDH007 in the north to DPDH032 in the south and 155m vertical from DPDH007 down to DPDH035 and also remain open in all directions. The Phase 3 drill program was completed on May 8, 2025, with a total of 25,003m drilled in 24 holes. All field activities have now been concluded, and all assay results have now been released. We are focused on advancing our geological interpretation and building out the deposit model during the austral winter season before finalizing and announcing our Phase 4 program plans in the upcoming months. Table 3: Assay Intervals by News Release Date Hole ID Feb 19 Mar 13 Apr 24 May 21 June 18 July 2 July 9 DPDH024 757.0-968 DPDH025 652.0-1303.8 DPDH026 553.0-1261.2 DPDH027 459.0-1075.1 1015.1-2005.0 DPDH028 588.0-1530.7 DPDH029 0-1060.0 1060.0-1600.0 DPDH030 0-502.9 DPDH031 0-860.0 DPDH032 0-573.0 573.0-896.1 DPDH033 0-475.8 475.8-1235.0 DPDH034 0-353.3 353.3-1329.7 DPDH035 0-273.5 273.5-1073.0 DPDH036 0-1105.2 DPDH037 0-1196.1 DPDH038 0-785.0 DPDH039 0-1200.8 DPDH040 0-1177.3 DPDH041 0-1098.5 DPDH042 0-891.5 DPDH043 0-554.0 DPDH044 0-737.5 DPDH045 0-455.0 DPDH046 0-670.9 DPDH047 0-497.0 Qualified Persons and Technical Notes The scientific and technical disclosure included in this news release have been reviewed and approved by Bob Carmichael, 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's operations base in San Juan, Argentina by Company personnel. Diamond drill core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged, tagged, and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi-element ICP. 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 (Au-AA23). Any samples returning > 10 g/t were then reanalyzed by fire assay with gravimetric finish on a 30g sample (Au-GRA21). Copper and silver were assayed by atomic absorption following a 4-acid digestion. Samples were also analyzed for a suite of 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Sequential copper analysis involves the sequential leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper speciation, with copper oxide minerals leachable with acid and secondary copper minerals (enargite, chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches it typically contained in chalcopyrite and bornite. 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, 10% of the submitted samples are Quality Control samples. No data quality problems were indicated by the QA/QC program. 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 to the 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 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 geological interpretation of the Lunahuasi system which is expected to evolve with additional drilling, the nature and timing of the work to be undertaken to advance the Lunahuasi project, including the timing of the planned Phase 4 drill program, 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 ultimate size potential of the Lunahuasi system, or the timing and/or results thereof; and the Company's ability to use information gathered from drilling to date to effectively target and drill in future campaigns. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "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", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management with respect to the nature, scope and timing of the work to be undertaken to advance the Lunahuasi Project. 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 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; 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, particularly gold prices, as they are fluctuating currently due to market volatility; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, particularly 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; there may be other factors that cause results not to be as anticipated, estimated, or intended, including those set out in the Company's annual information form and annual management discussion and analysis for the year ended December 31, 2024, which are available on the Company's website and SEDAR+ at 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 forward-looking information included, 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.
Cision Canada
02-07-2025
- Business
- Cision Canada
NGEx Drills 46.8m at 9.55% CuEq plus 48.9m at 7.75% CuEq at Lunahuasi
VANCOUVER, BC, July 2, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce additional drill results from its 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. Assay results from four of the remaining eight drill holes of the Phase 3 drill program are presented below. PDF Version Highlights: Drillhole DPDH041 intersected: 8.30m at 12.38% copper equivalent ("CuEq") from 266.70m, plus: 89.10m at 4.09% CuEq from 581.90m, including: 38.10m at 7.07% CuEq from 605.40m Drillhole DPDH042 intersected: 48.90m at 7.75% CuEq from 281.70m, including: 12.55m at 19.05% CuEq from 292.25m, plus: 2.30m at 23.82% CuEq from 509.10m Drillhole DPDH043 intersected: Wojtek Wodzicki, President and CEO, commented, "The drill results in this release confirm and extend the known zones of high-grade mineralization, improve our understanding of the associated porphyry system and have discovered new zones, all while expanding the boundaries of the Lunahuasi deposit. The 46.8m intersection at 9.55% CuEq in DPDH043 is particularly noteworthy and extends high-grade mineralization well to the north of previous drilling. We now have enough confidence in the size and shape of three of these zones to provide them with names - the Mars, Saturn and Jupiter zones. Each of these zones represents a significant volume of contiguous high-grade mineralization which we plan to further extend and define with the next phase of drilling. Results to date indicate that these are just the first three of many additional zones that we have discovered in isolated drill intersections, and we are confident that additional closer spaced drilling will ultimately help to define them. With results from the final four holes of the program still to come and planning well underway for our fourth drill campaign, set to start in October, we are in a very strong position to continue increasing the value of this unique asset." Table 1: Significant Intersections 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). Estimated true widths are rounded to the nearest metre for widths over 10m and to the nearest 0.1m for widths less than 10m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimate that uses a preliminary interpretation of the geological model and are subject to change as more information becomes available. Intervals greater than 300m are interpreted as bulk disseminated and stockwork mineralization and drilled width is equal to estimated true width. DPDH040 was collared on a new platform at the western edge of the drill pattern and angled to the west at -46 o to explore the up-dip extension of the vein system. Several mineralized zones were intersected as shown in Table 1, all of which extend the deeper zones upwards and remain open to surface. For example, the intersection at 554.00m to 562.00m is 314m vertically above the intersection from 842.00m to 855.00m in hole DPDH039 and may be on the same structure. On a larger scale, the 133.30m interval at 2.10% CuEq from 523.00m correlates well with the 400.40m interval at 1.72% CuEq in hole DPDH039, over 300m below (News Release dated June 19, 2025). Hole DPDH040 also intersected the far eastern edge of the porphyry system, starting at about 818m as indicated by the presence of porphyry veins and a transition indicated by the sequential copper analyses from enargite-dominated copper mineralization to chalcopyrite-dominated. The 359.30m interval from 818.00m to the end of the hole at 1,177.30m averaged 0.28% Cu and 0.12 g/t Au (0.40% CuEq) consistent with the distal part of the porphyry system. This interval is just over 400m north of the porphyry interval in DPDH027. DPDH041 was collared from the same platform as DPDH018, 22, 28 and 34 and drilled towards the west at a dip of -56 o to test for a southern extension to the Saturn zone. The 89.10m intersection at 4.09% CuEq from 581.90m correlates well with the Saturn zone and is located 150m below and to the south of the interval in DPDH028 and 100m above and to the south of the interval in DPDH034, providing a significant expansion to the zone. DPDH042 was drilled from a new platform on the eastern edge of the drill pattern and angled to the west at a dip of -48 o to test for both a northern extension to the Saturn zone and a southern extension to the Mars zone. The hole intersected a broad zone of very strong mineralization from 281.70m (48.9m at 7.75% CuEq), including a 12.55m section of 19.05% CuEq, which is interpreted as the southern continuation of the Mars zone structure. The intersection here is 100m south of the Mars zone intersection in DPDH032 (27.40m at 25.19% CuEq – see News Release dated March 13, 2025). The hole then continued to intersect a narrower, but high-grade intersection at 509.10m (12.20m at 9.36% CuEq, including 2.30m at 23.82% CuEq) which is interpreted to lie along the same structure as the Saturn zone 140m north of the key intersection in DPDH028. This interval includes a 0.90m sample at 68.0 g/t Au, consistent with the very high gold tenure of the Saturn zone. DPDH043 was collared at the northern edge of the deposit from the same platform as DPDH038 and drilled at an azimuth of 316 o and a dip of -54 o to test the northern extent of the deposit. It intersected the interpreted continuation of the Mars zone at 198.40m with a broad zone (89.60m) at 2.42% CuEq including high-grade intervals of 3.00m at 14.29% CuEq from 202.00m and 10.60m at 5.78% CuEq from 257.80m. This intersection extends the Mars zone by 50m from DPDH038. The hole then went on to hit a much stronger zone at 492.20m (46.80m at 9.55% CuEq) which included several much higher-grade intervals as shown in Table 1 above. This interval is thought to represent the first intersection into a new high-grade zone and clearly indicates that the deposit is completely open to the north. With these latest results, we now have enough confidence in the location and continuity of the three initial zones discussed in earlier news releases to name them and begin designing drill holes specifically to understand their geometry and extent. These three zones have been named Jupiter, Saturn and Mars, and we believe that they represent the first group of what will ultimately become several distinct high-grade zones within the Lunahuasi deposit. Jupiter is the initial high-grade zone discovered by hole DPDH002 - the first hole drilled into this part of the property. Mars is the shallow high-grade zone first discovered by hole DPDH014 and described in the March 13, 2025 news release. Saturn is currently the southernmost defined zone and was first intersected by hole DPDH028 and described in the news release dated April 24, 2025. All three of these zones, along with the entirety of the Lunahuasi deposit, remain open to expansion in all directions as we have yet to define any of the deposit's limits. In addition to these three zones, we have numerous isolated drill intersections that we are confident will develop into new zones. For example, Table 1 shows intersections from hole DPDH040 (8.00m at 11.42% CuEq) and DPDH043 (46.80m at 9.55% CuEq) which, along with multiple intersections in other holes, appear to represent additional high-grade zones which will be defined with more drilling. The Phase 3 drill program was completed on May 8, 2025, with a total of 25,003m drilled in 24 holes and all field activities have now been concluded. We are now focused on advancing our geological interpretation and building out the deposit model during the austral winter season before finalizing and announcing our Phase 4 program plans in the upcoming months. Full assays for the final four holes of the Phase 3 program representing 2,360m of drill core are pending. Table 2: Assay Intervals by News Release Date Hole ID Feb 19 2025 Mar 13 Apr 24 2025 May 21 2025 June 18 Jul-02 Pending 2025 2025 2025 DPDH024 757.0-968 - - - None DPDH025 652.0-1303.8 - - - None DPDH026 553.0-1261.2 - - - None DPDH027 459.0-1075.1 - - 1015.1-2005.0 None DPDH028 588.0-1530.7 - - - None DPDH029 0-1060.0 - - 1060.0-1600.0 None DPDH030 0-502.9 - - None DPDH031 0-860.0 - - None DPDH032 0-573.0 573.0-896.1 - None DPDH033 0-475.8 475.8-1235.0 - None DPDH034 0-353.3 353.3-1329.7 - None DPDH035 0-273.5 273.5-1073.0 - None DPDH036 0-1105.2 None DPDH037 0-1196.1 None DPDH038 0-785.0 None DPDH039 0-1200.8 None DPDH040 0-1177.3 None DPDH041 0-1098.5 None DPDH042 0-891.5 None DPDH043 0-554.0 None DPDH044 All DPDH045 All DPDH046 All DPDH047 All Qualified Persons and Technical Notes The scientific and technical disclosure included in this news release have been reviewed and approved by Bob Carmichael, 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's operations base in San Juan, Argentina by Company personnel. Diamond drill core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged, tagged, and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi-element ICP. 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 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Sequential copper analysis involves the sequential leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper speciation, with copper oxide minerals leachable with acid and secondary copper minerals (enargite, chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches it typically contained in chalcopyrite and bornite. 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. 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 to the 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 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 geological interpretation of the Lunahuasi system which is expected to evolve with additional drilling, the nature and timing of the work to be undertaken to advance the Lunahuasi project, including the timing of the Phase 4 drill 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 ultimate size potential of the Lunahuasi system, or the timing and/or results thereof; and the Company's ability to use information gathered from drilling to date to effectively target and drill in future campaigns. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "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", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management with respect to the nature, scope and timing of the work to be undertaken to advance the Lunahuasi Project. 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 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; 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, particularly gold prices, as they are fluctuating currently due to market volatility; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, particularly 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; there may be other factors that cause results not to be as anticipated, estimated, or intended, including those set out in the Company's annual information form and annual management discussion and analysis for the year ended December 31, 2024, which are available on the Company's website and SEDAR+ at 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 forward-looking information included, 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. 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.
Cision Canada
19-06-2025
- Business
- Cision Canada
NGEx Drills 16.4m at 12.97% CuEq plus 13.0m at 9.96% CuEq at Lunahuasi
VANCOUVER, BC, June 19, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX; OTCQX: NGXXF) is pleased to announce additional drill results from its 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. Assay results from four of the remaining twelve drill holes are presented below. PDF Version Highlights: View PDF Drillhole DPDH036 intersected: 57.00m at 2.23% copper equivalent ("CuEq") from 467.00m, plus: 10.10m at 5.84% CuEq from 671.00m, plus: 77.10m at 1.94% CuEq from 788.90m Drillhole DPDH037 intersected: 17.10m at 5.80% CuEq from 521.40m, including: 3.0m at 15.30% CuEq from 521.40m, plus: 87.80m at 2.75% CuEq from 731.50m Drillhole DPDH038 intersected: Drillhole DPDH039 intersected: 108.35m at 2.73% CuEq from 499.00m, including: 10.65m at 6.22% CuEq from 596.70m, plus: 400.40m at 1.72% CuEq from 736.90m, including: 13.00m at 9.96% CuEq from 842.00m, and including: 19.20m at 6.24% CuEq from 970.40m, and including: 10.30m at 4.47% CuEq from 1,127.00m. Wojtek Wodzicki, President and CEO, commented, "Today's results continue to highlight the size and grade of the Lunahuasi system while also providing important context and input for the development of its geological model. Drilling to date has yet to locate the boundaries of the system, and hole 38 from today's results extends high-grade mineralization to the north. With drilling now concluded these and the remaining results will contribute to the development of a deposit model and help with planning for our Phase 4 program. While we wait for the final assays from Phase 3 to be received, we have already begun to shift our focus to planning and preparing for Phase 4, which is anticipated to commence in October, as we seek to follow up on the exploration success of the past 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). Estimated true widths are rounded to the nearest metre for widths over 10m and to the nearest 0.1m for widths less than 10m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model and are subject to change as more information becomes available. Intervals greater than 300m are interpreted as bulk disseminated and stockwork mineralization and drilled width is equal to estimated true width. DPDH036 was collared on one of the highest elevation platforms and angled to the west with a dip of -55 o to explore the up-dip extension of the vein system. Several mineralized zones were intersected as shown in Table 1, all of which extend the deeper zones upwards and remain open to surface. DPDH037 was collared from the same platform as DPDH027 and DPDH029 and drilled in between these holes, towards the west at a dip of -51 o. An important result of this hole was the intersection of 87.80m at 2.75% CuEq from 731.50m which lies along an interpreted consistent zone as described in the news release from April 24, 2025. This hole intersected the zone in between holes DPDH027 (53.30m at 2.22% CuEq from 536.00m) and DPDH029 (101.20m at 2.83% CuEq from 807.50m), 220m from the former and 190m from the latter. The fact that DPDH037 intersected this zone where predicted improves our confidence in its orientation and continuity. DPDH038 was drilled from the same platform as DPDH025 and DPDH033, the northernmost platform, and angled to the northwest at an azimuth of 302 o and a dip of -49 o to test for a northern extension to the mineralization in those holes. A high-grade intersection of 16.35m at 12.97% CuEq from 166.90m confirms the extension of the zone described in the news release dated March 13, 2025. This intersection extends the zone by 30m, giving it a strike length of at least 120m from hole DPDH032, and it remains open to the north beyond DPDH038. The hole went on to intersect several additional high-grade zones before ending at 785m. This hole clearly demonstrates that the entire system remains completely open to the north. DPDH039 was drilled roughly in the middle of the known deposit and angled to the west at a dip of -45 o to fill a large gap in the drill pattern at this location. Several zones were intersected, ranging from 400.40m at 1.72% CuEq to 1.95m at 11.01% CuEq, representing the variety of mineralized widths and grades within the deposit. These zones correlate well with nearby holes, helping to define geometries and continuity as we build out the deposit model. Discussion With assay results now back from 16 of the 24 holes drilled this season, we have significantly increased our understanding of the size and geometry of the Lunahuasi vein deposit, as well as confirmed that it is only one part of a much larger porphyry / high-sulphidation epithermal system. We are starting to define at least three discreet zones of contiguous high-grade mineralization and beginning to understand the structural patterns and geometry of the deposit. Two of these zones were described in the March 13, 2025 and April 24, 2025 news releases. Drillholes DPDH037 and DPDH038, discussed above, are significant in that they intersected these zones as predicted, helping to confirm our interpretation and improve our understanding of the deposit. All three of these zones, along with the entirety of the Lunahuasi deposit, remain open to expansion in all directions and we have yet to define any of the limits of the deposit. In addition to these three zones, we have numerous isolated drill intersections which we are confident will develop into additional zones with more drilling. The Phase 3 drill program was completed on May 8, 2025, with a total of 25,003m drilled in 24 holes. All field activities have now been concluded, and we are focused on advancing our geological interpretation and building out the deposit model during the austral winter season before finalizing and announcing our Phase 4 program plans in the upcoming months. Full assays for the final 8 holes of the Phase 3 program representing 6,082m of drill core are pending. Qualified Persons and Technical Notes The scientific and technical disclosure included in this news release have been reviewed and approved by Bob Carmichael, 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's operations base in San Juan, Argentina by Company personnel. Diamond drill core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged, tagged and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi-element ICP. 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 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Sequential copper analysis involves the sequential leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper speciation, with copper oxide minerals leachable with acid and secondary copper minerals (enargite, chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches it typically contained in chalcopyrite and bornite. 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. 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 to the 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 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 geological interpretation of the Lunahuasi system which is expected to evolve with additional drilling, the nature and timing of the work to be undertaken to advance the Lunahuasi project, 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 ultimate size potential of the Lunahuasi system, or the timing and/or results thereof; and the Company's ability to use information gathered from drilling to date to effectively target and drill in future campaigns. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "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", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management with respect to the nature, scope and timing of the work to be undertaken to advance the Lunahuasi Project. 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 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; 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, particularly gold prices, as they are fluctuating currently due to market volatility; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, particularly 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; there may be other factors that cause results not to be as anticipated, estimated, or intended, including those set out in the Company's annual information form and annual management discussion and analysis for the year ended December 31, 2024, which are available on the Company's website and SEDAR+ at 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.
Cision Canada
21-05-2025
- Business
- Cision Canada
NGEx Discovers Major Copper-Gold Porphyry System at Lunahuasi, Drills 1,619.4m at 0.87% CuEq including 876.4m at 1.13% CuEq
VANCOUVER, BC, May 21, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce the discovery of a major new copper-gold porphyry system at its 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. This discovery confirms our interpretation of the geological setting of the Lunahuasi mineralization and opens up an entirely new, very large-scale exploration target at the project. Drillhole DPDH027 demonstrates that the Lunahuasi system has similar size and scale potential to other deposits in the Vicuña cluster, with the added advantage of the large, very high-grade copper-gold-silver high-sulphidation ("HS") epithermal structures which are unique to Lunahuasi. PDF Version View PDF Highlights: Drillhole DPDH027 drilled across the HS zone before entering a porphyry copper-gold deposit at about 1,262m. The hole ended in mineralization at a depth of 2,005m and the full scale of the system remains unknown. The hole intersected: 1,619.40m at 0.87% copper equivalent ("CuEq") from 385.60m, including: 876.40m at 1.13% CuEq from 385.60m in disseminated, stockwork and lode high-sulphidation mineralization, including: 205.05m at 2.04% CuEq from 590.65m, plus: 743.00m at 0.56% CuEq from 1,262.00m in porphyry-style mineralization cut by discreet high-sulphidation zones, including: 18.00m at 2.68% CuEq from 1,343.00m 17.80m at 1.23% CuEq from 1,495.20m Drillhole DPDH029 is the southernmost hole drilled to date at Lunahuasi. It intersected the HS zone over its entire length, with early porphyry veins occurring from 1,100m providing a clear vector towards the porphyry to the west of the end of the hole. The hole intersected: Wojtek Wodzicki, President and CEO, commented, "Drillhole DPDH027 opens up an entirely new dimension of the Lunahuasi project, adding to the potential of what this giant mineral system will ultimately become. The possible presence of a large copper-gold porphyry system associated with the high-grade vein-hosted HS mineralization has been a part of our geological interpretation from the beginning, and we have now confirmed that we were on the right track. While our near-term exploration efforts will continue to target the unique high-grade vein system which we view as having the most important immediate potential, the presence of a porphyry system significantly increases the long-term value of the project. We continue to successfully expand the HS system, and drillhole DPDH029 extended mineralization by over 400m to the south of hole 27. The north-south dimension of the key high-grade zone has now been expanded to over 1,100m and remains open in all directions. Hole DPDH029 ended in mineralization in argillic alteration associated with the high-sulphidation system overprinting early porphyry veins. This provides a clear vector indicating that the porphyry lies to the west of the end of this hole, some 500m south of the intersection in DPDH027, confirming its location and size potential." 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). Estimated true widths are rounded to the nearest metre for widths over 10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model and are subject to change as more information becomes available. Intervals greater than 300m are interpreted as bulk disseminated and stockwork mineralization and drilled width is equal to estimated true width. DPDH027 was collared from the same platform as DPDH021 and angled to the southwest (255 o) with a dip of -46 o to test for a southern extension to the mineralization in hole 21. This hole was also planned to go as deep as possible to test the concept of a porphyry system located to the west of the main HS zone. Partial results from this hole, to a depth of 1,075.1m, were released on January 20 and February 19, and are included in the table of full results above. Within the HS alteration and mineralization, the characteristic zonation of porphyry veining can be recognized with D veins first intersected at 480m, B veins at 920m and A veins at 1,270m. This zonation indicates that the hole intersected the eastern flank of a porphyry centre, with the hole ending in mineralized diorite porphyry with potassic alteration. The same zonation is also seen to the north, in DPDH028, and to the south, in DPDH029, however neither of those holes appears to have been drilled deep enough to intersect the porphyritic rocks or potassic alteration and both ended in the HS system. Together these three holes provide clear evidence of a western porphyry system with a minimum north-south extent of 700m. DPDH029 was collared adjacent to DPDH027 and drilled towards the southwest (229 o) at a dip of -50 degrees in order to explore the southern extent of the deposit. Partial results from this hole, to a depth of 1,060.0m, were released on February 19, and are included in the table of full results above. As with other holes, numerous intersections of HS mineralization were drilled by this hole, including a broad zone from 776.9m which includes some higher-grade sub zones. The zone from 776.90m to 934.60m correlates well with the large zone in DPDH021, 22, 27 and 28 and indicates that the HS system remains strong here and is completely open to the south. This hole intersected the same zonation of porphyry veining, overprinted by the HS alteration, but stopped short of intersecting potassic alteration or mineralized diorite porphyry. Discussion Drillhole DPDH027 confirms the presence and location of a significant porphyry copper-gold centre which is intimately related to the high-grade HS mineralization that makes up the currently known deposit. The hole transited the eastern flank of the porphyry system, where it has in large part been overprinted by the subsequent HS alteration, before intersecting a multi-phase, mineralized diorite porphyry with potassic alteration at a depth of about 1,262m. Below this depth, the hole is primarily in potassic altered and mineralized porphyry and country rock, still overprinted by discreet zones of HS alteration and mineralization, and it ended in mineralization at 2,005m. In addition to the characteristic alteration, veining and porphyry intrusive rocks, the change from HS to porphyry mineralization is distinguished by a change in copper mineralogy from enargite / chalcocite in the HS to chalcopyrite +/- bornite in the porphyry. This change can be identified visually, and geochemically by a decrease in the cyanide-soluble values of the sequential copper analyses and an increase in the residual copper values. See technical notes below for additional details. The density of early veins varies throughout the section below 1,200m with more abundant veins associated with higher copper and gold grades. Early lithologies, including early porphyry phases and fine-grained andesite and rhyolite country rock, and breccias, contain the highest density of veining and consequently the highest grades. In contrast, a late phase porphyry is clearly identified by diminished alteration and relatively scarce early veins and carries lower grades. The highest grades in this section occur in areas with overprinting HS mineralization, with individual samples between 1.0% and 7.0% CuEq. Table 2 gives an example of these differences by showing the average grade of a representative interval of the different geological units in DPDH027. The overall grade of the Lunahuasi porphyry system will depend on the relative abundance of these different porphyry phases and the intensity of the associated veining, and the high grade of the densely veined early porphyry intervals is encouraging. The Phase 3 drill program was completed on May 8 th with a total of 25,003m drilled in 24 holes as shown in Table 3. In addition to these holes, three geotechnical holes and two water wells were completed. All equipment and personnel have now been demobilized from the site and all field activities have been concluded. Table 4 shows assay intervals released to date by the date of the news release. Assays for the final 12 holes representing 10,369m of drill core are pending. Qualified Persons and Technical Notes The scientific and technical disclosure included in this news release have been reviewed and approved by Bob Carmichael, 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's operations base in San Juan, Argentina by Company personnel. Diamond drill core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged, tagged and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi-element ICP. 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 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Sequential copper analysis involves the sequential leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper speciation, with copper oxide minerals leachable with acid and secondary copper minerals (enargite, chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches it typically contained in chalcopyrite and bornite. 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). Estimated true widths are rounded to the nearest metre for widths over 10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model and are subject to change as more information becomes available. Intervals greater than 300m are interpreted as bulk disseminated and stockwork mineralization and drilled width is equal to estimated true width. Collar coordinates in Table 3 are updated with higher precision survey data as it becomes available and may change between news releases. 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 to the 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 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 geological interpretation of the Lunahuasi system which is expected to evolve with additional drilling, the nature and timing of the work to be undertaken to advance the Lunahuasi project, 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 ultimate size potential of the Lunahuasi system, or the timing and/or results thereof; and the Company's ability to use information gathered from drilling to date to effectively target and drill in future campaigns. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "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", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management with respect to the nature, scope and timing of the work to be undertaken to advance the Lunahuasi Project. 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 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; 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, particularly gold prices, as they are fluctuating currently due to market volatility; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, particularly 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; there may be other factors that cause results not to be as anticipated, estimated, or intended, including those set out in the Company's annual information form and annual management discussion and analysis for the year ended December 31, 2024, which are available on the Company's website and SEDAR+ at 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. SOURCE NGEx Minerals Ltd.
