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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.
Yahoo
21-05-2025
- Business
- Yahoo
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 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: 823.10m at 1.17% CuEq from 776.90m, including: 157.70m at 2.18% CuEq from 776.90m 38.90m at 4.35% CuEq from 870.70m 153.50m at 1.98% CuEq from 1,207.50m, including: 9.00m at 7.33% CuEq from 1,352.00m 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." Hole ID From To Length (m) EstimatedTrue Width(m) Cu % Au g/t Ag g/t CuEq % DPDH027 385.60 2005.00 1619.40 1619 0.52 0.32 13.2 0.87 incl 385.60 1262.00 876.40 876 0.59 0.48 22.3 1.13 incl 385.60 590.65 205.05 144 0.60 1.13 70.3 2.04 incl 447.00 496.00 49.00 35 0.49 2.98 241.1 4.78 incl 450.20 469.50 19.30 14 0.53 5.77 560.6 9.66 incl 529.00 540.70 11.70 8.3 1.87 0.28 11.4 2.18 incl 546.40 550.00 3.60 2.6 2.40 1.09 42.8 3.57 incl 556.80 563.00 6.20 4.4 1.48 1.68 14.1 2.83 incl 569.00 590.65 21.65 15 1.68 1.13 68.8 3.11 and incl 661.60 668.00 6.40 4.7 2.47 1.11 15.0 3.41 and incl 754.00 774.00 20.00 15 3.12 0.57 29.2 3.79 and incl 902.00 913.00 11.00 8.3 1.74 0.64 29.6 2.47 and incl 946.00 952.00 6.00 4.6 2.26 0.99 18.9 3.15 and incl 1069.00 1075.10 6.10 4.9 2.28 0.41 26.1 2.82 and incl 1262.00 2005.00 743.00 743 0.44 0.13 2.3 0.56 incl 1343.00 1576.00 236.00 175 0.74 0.21 3.8 0.93 incl 1343.00 1361.00 18.00 14 2.46 0.18 10.3 2.68 incl 1495.20 1513.00 17.80 13 1.01 0.24 5.5 1.23 DPDH029 318.00 321.70 3.70 1.6 3.89 2.96 80.7 6.76 plus 540.00 553.00 13.00 5.6 3.72 2.00 35.9 5.50 plus 776.90 1600.00 823.10 617 0.84 0.29 12.8 1.17 incl 776.90 934.60 157.70 85 1.67 0.49 16.7 2.18 incl 807.50 811.00 3.50 1.9 8.76 1.34 66.3 10.32 and incl 870.70 909.60 38.90 21 3.54 0.76 28.5 4.35 incl 870.70 882.10 11.40 6.2 5.35 1.69 40.6 6.94 and incl 1017.50 1022.90 5.40 3.3 2.45 0.19 19.8 2.76 and incl 1050.10 1060.00 9.90 6.3 1.56 0.46 22.5 2.09 and incl 1207.50 1361.00 153.50 115 1.33 0.52 30.4 1.98 incl 1228.00 1238.50 10.50 7.9 3.21 0.47 28.9 3.80 incl 1263.00 1266.20 3.20 2.4 4.01 1.00 35.7 5.05 incl 1352.00 1361.00 9.00 6.8 2.58 3.68 235.5 7.33 and incl 1469.00 1471.00 2.00 1.5 3.10 1.50 179.5 5.77 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 (255o) with a dip of -46o 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 (229o) 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. Hole ID From (m) To (m) Length (m) Cu % Au g/t Ag g/t CuEq % Geology DPDH027 1,343 1,361 18 2.46 0.18 10.3 2.68 HS overprinted on rhyolite with abundant veins DPDH027 1,802 1,856 54 0.24 0.06 1.0 0.29 Late porphyry with few veins DPDH027 1,378 1,413 35 0.65 0.21 1.6 0.82 Early porphyry and rhyolite with abundant veins The Phase 3 drill program was completed on May 8th 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. Hole ID UTM East UTM North Elev (masl) Azimuth Dip LengthDrilled (m) Drill Status DPDH024 439,187 6,856,229 4,632 282.9 -57.8 968.0 Complete DPDH025 439,195 6,856,275 4,626 279.6 -44.5 1,303.5 Complete DPDH026 439,402 6,856,213 4,606 267.2 -60.3 1,261.2 Complete DPDH027 439,185 6,855,918 4,752 256.2 -45.8 2,005.0 Complete DPDH028 439,210 6,855,993 4,707 265.5 -53.0 1,600.4 Complete DPDH029 439,232 6,855,904 4,743 228.8 -50.5 1,600.0 Complete DPDH030 439,186 6,856,227 4,632 256.5 -53.1 502.9 Complete DPDH031 439,181 6,856,239 4,634 269.5 -45.8 860.0 Complete DPDH032 438,771 6,856,203 4,826 80.7 -51.8 896.1 Complete DPDH033 439,197 6,856,276 4,624 288.2 -53.8 1,235.0 Complete DPDH034 439,213 6,855,993 4,703 265.4 -57.2 1,329.2 Complete DPDH035 439,190 6,856,230 4,633 271.1 -65.0 1,073.0 Complete DPDH036 438,854 6,856,228 4,767 265.9 -54.9 1,105.2 Complete DPDH037 439,229 6,855,899 4,743 244.4 -50.7 1,196.1 Complete DPDH038 439,201 6,856,273 4,626 301.5 -48.8 785.0 Complete DPDH039 439,134 6,856,121 4,658 264.2 -45.1 1,200.8 Complete DPDH040 438,946 6,856,056 4,741 268.8 -46.3 1,177.3 Complete DPDH041 439,210 6,855,991 4,703 257.3 -55.6 1,098.5 Complete DPDH042 439,260 6,856,144 4,645 263.0 -48.2 891.5 Complete DPDH043 439,197 6,856,276 4,624 315.7 -53.9 554.0 Complete DPDH044 438,855 6,856,230 4,767 170.0 -60.0 737.5 Complete DPDH045 438,936 6,856,062 4,738 44.7 -64.7 455.0 Complete DPDH046 439,212 6,855,998 4,703 278.4 -45.0 670.8 Complete DPDH047 439,262 6,856,144 4,645 262.9 -55.4 497.0 CompleteTOTAL 25,003.0 Hole ID News Release Dec. 18 2024 News Release Jan. 21 2025 News Release Feb.19 2025 News Release Mar. 13 2025 News Release Apr. 24 2025 News Release May 21 2025 Pending DPDH024 0 - 394 394 - 757 757 - 968 - - - None DPDH025 0 - 271 271 - 652 652 - 1303.8 - - - None DPDH0260 - 553 553 - 1261.2 - - - None DPDH0270 - 459 459.0 - 1075.1 - - 1015.1 – 2005.0 None DPDH0280 - 588 588 - 1530.7 - - - None DPDH029 0 - 1060.0 - - 1060.0 - 1600.0 None DPDH0300 - 502.9 - - None DPDH0310 - 860.0 - - None DPDH0320 - 573.0 573.0-896.1 - None DPDH0330 - 475.8 475.8-1235.0 - None DPDH0340 - 353.3 353.3-1329.7 - None DPDH0350 - 273.5 273.5-1073.0 - None DPDH036 All DPDH037 All DPDH038 All DPDH039 All DPDH040 All DPDH041 All DPDH042 All DPDH043 All 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. 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. 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. Lunahuasi Geology Drill Plan Lunahuasi Porphyry Section SOURCE NGEx Minerals Ltd. View original content to download multimedia:
Cision Canada
20-05-2025
- Business
- Cision Canada
NGEx Releases 2024 Sustainability Summary
VANCOUVER, BC, May 20, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce the release of its 2024 Sustainability Summary which highlights the Company's ongoing efforts to integrate sustainability into its business practices as it advances the Lunahuasi and Los Helados copper-gold-silver projects in Argentina and Chile, respectively. PDF Version View PDF Wojtek Wodzicki, President and CEO, commented, "At NGEx, we recognize that our role and impact extend beyond exploration. Our Lunahuasi and Los Helados projects are key assets within the broader Vicuña District, with the potential to become an important part of the global effort to transition to a low-carbon economy, and as our projects grow, so does our focus on environmental, social and governance initiatives. Our 2023 Sustainability Summary provided evidence of our commitment to sustainability, but this year's Summary underscores the significant progress we have made and reflects our ongoing commitment and efforts to conduct responsible mineral exploration and development. We are proud of our accomplishments this year and have identified areas for continuous improvement in 2025 and beyond." Highlights from NGEx's 2024 Sustainability Summary: Zero fatalities across all operations and consistent implementation of health and safety protocols. Delivered 1,766 hours of safety training and awareness programs to employees and contractors in 2024. Conducted a comprehensive materiality assessment, that directly informed the development of NGEx's Sustainability Framework, which serves as the foundation for integrating sustainability priorities across departments, embedding key actions into operations through a phased approach. Established Board oversight and management accountability over sustainability matters and adopted a Responsible Mineral Exploration and Development Policy. Employed over 95% of our Workforce 1 from Argentina, including 65% from the Province of San Juan, in 2024. Joined the United Nations Global Compact ("UNGC"), committing to its ten principles and Sustainable Development Goals. NGEx's Sustainability Summary is guided by its Sustainability Framework, which is aligned with the principles of the UNGC. As a participant of the UNGC, the 2024 Sustainability Summary is part of our Communication on Progress commitment. NGEx's Sustainability Summary is available for download on the Company's website. _____________________________ 1 As defined in the 2024 Sustainability Summary 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 emergence of the Vicuña District as a mining district of global significance and its role in the transition to a low-carbon economy; the potential importance or strategic value of the Company's assets in that context; the Company's continued participation in the United Nations Global Compact (UNGC); NGEx's goals and initiatives related to the environment, community engagement, and corporate governance; the ongoing integration of sustainability priorities into operations through NGEx's Sustainability Framework; the Company's commitment to maintaining strong health and safety practices, including workforce training and well-being initiatives; the Company's intention to uphold Board oversight and management accountability over sustainability matters; NGEx's ongoing commitment to responsible mineral exploration and development; and the Company's intention to pursue continuous improvement in its sustainability practices in 2025 and beyond. 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 including that NGEx can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, silver and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions, systems and policies; that the political environment in which NGEx operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by NGEx 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 important factors that may cause the actual results, level of activity performance or achievements of NGEx to be materially different from those expressed or implied by any forward-looking information and forward-looking statements. The following are among the factors that could cause actual results, performance or achievements to differ materially from the forward-looking information: volatility in metal prices, namely copper, gold and silver; volatility in interest, inflation and currency exchange rates; government regulation limiting the free flow of currencies; failure of exploration efforts to establish new Mineral Resources at NGEx's projects; unexpected changes in business and economic conditions, including, but not limited to, the impacts of regulatory, fiscal or policy reforms enacted by the current president of Argentina and his administration; volatility in the market price of the common shares of NGEx; the ability to arrange financing; the ability to obtain regulatory approvals, permits and licenses when required to conduct operations; high altitude operations in the Andes Mountains where climactic conditions are subject to unforeseen and severe changes and productivity can be affected by altitude related effects; weather, including excessive snowfall in the Andes Mountains; infectious diseases, pandemics and health crisis; war or other forms of conflict affecting operating jurisdictions directly or otherwise having a global impact, such as through supply chain and international trade disruptions and increased market volatility; carrying on business in an emerging market that may be impacted by government instability, civil turmoil and economic instability; measures required to protect endangered species; deficient or vulnerable title to mining concessions and surface rights; potential for litigation; difficulty complying with tax or other regulatory regimes in Chile and Argentina; environmental, governmental and sociopolitical factors, including climate change and carbon pricing; compliance with environmental laws and liability for environmental contamination; opposition to mining, including by local communities and non-governmental organizations; exploration and development activity; illegal mining; recruiting and retaining key qualified personnel; availability of, and ability to import, skilled personnel, contractors, materials, equipment, supplies, power and water; access to reliable infrastructure; potential ability to sell future products; competition in the mining industry; the inadequacy of insurance; compliance with anti-corruption and anti-bribery laws; limitations of disclosure and internal controls; regulatory compliance; cybersecurity; failure to adequately use generative artificial intelligence in the Company's operations; fraud; potential influence of large shareholders; potential conflicts of interest; and other risks and uncertainties, including but not limited to those described in the "Risk Factors" section of the Company's annual information form for the year ended December 31, 2024 and in the "Risk and Uncertainties" section of the Company's 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.
Cision Canada
09-05-2025
- Business
- Cision Canada
NGEx Reports Q1 2025 Results; Successful Phase 3 Campaign Reinforces Lunahuasi's Unique Potential
VANCOUVER, BC, May 9, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx Minerals" "NGEx" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to report its results for the three months ended March 31, 2025 ("Q1 2025"). PDF Version Highlights for Q1 2025 and the subsequent period thereto, include the following, details of which are discussed further below: View PDF Phase 3 drilling showcases the significant scale of Lunahuasi's high-grade mineralization. Phase 3 drilling continued to intersect high-grade copper, gold and silver mineralization across considerable widths within all drillholes completed and assayed to date. The high-grade mineralization was encountered across our full target scale, from short-range infill holes to longer-range step out holes. In addition, mid- and long-range step out holes completed and assayed to date have substantially extended the minimum dimensions of the mineralized volume at Lunahuasi to 1.2km north-south, 1.7km east-west, and 1.2km vertically, with the deposit remaining open in all directions. Of note, additional step out holes are still pending assay, which could further expand the mineralized volume at Lunahuasi. By comparison, prior to the undertaking of Phase 3 drilling, the minimum dimensions measured 400 metres north-south, 900 metres east-west, and 960 metres vertically. Now completed Phase 3 drill program has resulted in improved geological understanding at Lunahuasi. The Company has improved its understanding of the geological setting at Lunahuasi, specifically increasing its confidence that the high-grade vein mineralization is correlated to, and controlled by, individual northeast trending, steeply dipping, structural corridors. This insight will be critical as the Company plans to focus future exploration on this high-value mineralization. Gold grades intersected at Lunahuasi comparable to the world's top tier gold-only deposits. Throughout the high-grade vein hosted mineralization, the Company has intersected several intervals of exceptional gold values that would rival even top-tier gold-only deposits found globally, such as 27.4m at 23.17 g/t Au in hole DPDH032, which are in addition to high-grade copper and silver values. The Company believes that over time, as more drilling is conducted, gold has the potential to become a significant part of Lunahuasi's value proposition. Wojtek Wodzicki, President and CEO, remarked, " Although final assays from the Phase 3 Lunahuasi program are still coming in, results received to date have already contributed to a step change in our understanding of the deposit and the campaign has been a resounding success. In addition to consistently delivering high-grade copper, gold and silver intercepts from short-range infill holes to our longest-range step out holes, Phase 3 drilling at Lunahuasi has rapidly expanded the minimum north-south, east-west and vertical distances of the mineralized volume to well over 1km. This unique combination of high-grades and significant scale strongly emphasizes the potential exhibited by the vein hosted mineralization at Lunahuasi. Another key takeaway from the Phase 3 program has been the gold content at Lunahuasi, which continues to surprise to the upside. Several drill holes have intersected gold grades and widths comparable to those observed in some of the world's highest-grade gold mines. The emerging gold story at Lunahuasi is often overshadowed by copper grades, but the deposit's gold may prove to be a significant part of its future value proposition. Having achieved our objectives for the Phase 3 program, drilling for the season has now ended, with final demobilization now underway and on track to be wrapped up before the arrival of winter weather conditions at the project. While we will continue to advance the remaining samples from Phase 3 through the assay process, our cash position remains strong and focus has already turned to interpretation of all the data collected during this recent campaign and planning for a Phase 4 Lunahuasi program to begin in the latter half of the year. We look forward to releasing the final assay results from Phase 3 over the coming months and providing an overview of our exciting Phase 4 plans for Lunahuasi in the third quarter." Q1 2025 Operating Highlights and Outlook NGEx Successfully Completes Phase 3 Program at Lunahuasi The Company's primary focus for the three months ended March 31, 2025 was the execution and expansion of its Phase 3 drill program at Lunahuasi, located in San Juan, Argentina. Phase 3 drilling began in October 2024 and, in response to the program's early success, was expanded from six to eight rigs in February 2025, increasing the campaign's targeted drill metres to 25,000m. Phase 3 drilling was successfully completed in early May 2025, with over 25,000 metres completed in 24 holes, including three geotechnical holes designed to support the Company's analysis of a potential underground exploration adit at Lunahuasi. The program accomplished its main objectives of testing the Lunahuasi deposit at three target scales: Long-range exploration holes (+300m spacing) were big step-outs that tested for significant extensions of mineralization to the north, south, and west; Mid-range step out holes (50-300m spacing) explored for extensions of the mineralized zone in all directions and started to fill in large gaps in the drill pattern; and Short-range infill holes (30-50m spacing) tested the short-range variability of mineralized structures and high-grade zones and confirmed the main structural orientations. During the three months ended March 31, 2025, and up until the date of this news release, four sets of assay results from the Phase 3 drill program have been released by the Company, in addition to the first set of Phase 3 assays released in December 2024. Highlights from the Phase 3 assays released thus far in 2025 include: Continuation of high-grade intersections across considerable widths within drillholes at all three target scales for which assays have been received to date. Highlights include: DPDH028 which intersected 51.10m at 13.84% CuEq (5.98% Cu, 9.70 g/t Au, 90.4 g/t Ag); DPDH032 which intersected 27.40m at 25.19% CuEq (7.80% Cu, 23.17 g/t Au, 55.9 g/t Ag) including 8.60m at 15.80% Cu, 69.82 g/t Au and 127.4 g/t Ag; and DPDH035 which intersected 51.5m at 12.26% CuEq (including 10.42 g/t Au) including 21.50m at 23.81% CuEq (including 23.81 g/t Au); Improved confidence in geological understanding of high-grade vein hosted mineralization. The correlation of the high-grade mineralization along individual northeast trending, steeply dipping, structural corridors represents a significant step change in the geological interpretation of Lunahuasi, and will facilitate planning of future programs as the Company looks to advance exploration around the priority high-grade vein hosted mineralization; Significant expansion of the Lunahuasi deposit with successful mid- and long-range step out holes that have extended the minimum distances of the mineralized volume from 400 metres north-south, 900 metres east-west, and 960 metres vertically at the end of Phase 2 to at least 1.2km north-south, 1.7km east-west, and 1.2km vertically. While full assays for the largest step-out holes of Phase 3, DPDH027 and DPDH029, are still pending, highlighted results from the largest step-outs assayed to date are summarized are as follows: DPDH028, the best hole drilled to date at Lunahuasi, which was drilled deeper and to the west of all previous holes; DPDH029, which was drilled 470m south of DPDH028 and returned 157.7m at 2.18% CuEq (1.67% Cu, 0.49 g/t Au, 16.7 g/t Ag); and DPDH033, which extended the deposit 50m to the north with 16.25m at 6.79% CuEq (5.05% Cu, 1.87 g/t Au, 42.5 g/t Ag) plus 23.00m at 4.49% CuEq (2.34% Cu, 2.51 g/t Au, 35.6 g/t Ag) and 40.00m at 7.02% CuEq (2.23% cu, 6.02 g/t Au, 45.6 g/t Ag); Presence of elevated high-grade precious metals, particularly gold, with several intersections rivaling renowned world-class, high-grade gold only deposits. Notable examples include: DPDH025 with 5.74m at 19.13 g/t Au; DPDH028 with 8.20m at 39.11 g/t Au, within a broader interval of 51.10m at 9.70 g/t Au; DPDH032 with 27.4m at 23.17 g/t Au; DPDH033 with 1.10m at 151.5g/t Au, within a broader interval of 10.1m at 19.32 g/t Au; and DPDH035 with 51.50m at 10.42 g/t Au, including 21.50m at 23.81 g/t Au. Demobilization of equipment and personnel from Lunahuasi is now underway and anticipated to be completed prior to the arrival of winter weather conditions at site. With the Company's attention now shifting away from the field, a key near-term focus will be the advancement of Phase 3 samples through the assay laboratory, which will provide a steady flow of updates in the coming weeks. As of the date of this news release, full assay results have been released for 10 holes DPDH024 to DPDH026, DPDH028, DPDH030 to DPDH035) and partial assays have been released for an additional two holes (DPDH027 and DPDH029), representing approximately 53% of drill metres completed during Phase 3. The remaining assay results from Phase 3 will be released as they are received, analyzed, and confirmed by the Company. During the second quarter of 2025, the Company will also begin compilation and analysis of the geological data collected during the successful Phase 3 campaign and refining the geological model at Lunahuasi. Planning for the Company's next exploration program at Lunahuasi will also begin, with a Phase 4 start date currently anticipated to be around October 2025. Further details, such as the copper equivalent formula, can be found in the "Qualified Persons and Technical Notes" section of this news release. Financial Results The financial information in this table was selected from the Company's condensed interim consolidated financial statements for the three months March 31, 2025 (the "Financial Statements"), which are available on SEDAR+ at and the Company's website Selected Financial Information The financial information in this table was selected from the Financial Statements, which are available on SEDAR+ at and the Company's website The Company incurred a net loss of $35.1 million during the three months ended March 31, 2025, comprised primarily of $36.4 million in exploration and project investigation costs and $3.8 million in G&A costs, which have been partially offset by a gain of approximately $3.7 million resulting from the use of marketable securities for the purposes of facilitating intragroup funding transfers. For the 2024 comparative period, the Company reported a net loss of $19.7 million, consisting primarily of $22.5 million in exploration and project investigation costs and $1.9 million in G&A costs, which were partially offset by a gain of approximately $3.7 million resulting from the use of marketable securities for the purposes of facilitating intragroup funding transfers. Liquidity and Capital Resources As at March 31, 2025, the Company had cash of $124.2 million, short-term investments of $45.6 million and net working capital of $157.7 million compared to cash of $153.4 million, short-term investments of $45.2 million and net working capital of $188.9 million as at December 31, 2024. The Company's total treasury, consisting of its cash and short-term investments, and net working capital decreased during the three months ended March 31, 2025, due primarily to funds used in operations and for general corporate purposes. About NGEx Minerals NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres northeast in Chile's Region III. Both projects are located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits. NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 30% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corporation holds the remaining 70% stake in Caserones. The Company's common shares are listed on the TSX under the symbol "NGEX" and also trade on the OTCQX under the symbol "NGXXF". NGEx is part of the Lundin Group of Companies. Additional information relating to NGEx may be obtained or viewed on SEDAR+ at Additional Information 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. Qualified Persons and Technical Notes The scientific and technical disclosure for the Lunahuasi Project 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. Additional details on the drill results disclosed above can be found in the Company's press releases dated January 22, 2025, February 19, 2025, March 13, 2025, and April 24, 2025. 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 either Lima, Peru or Santiago, Chile for copper, gold and silver assays, and multielement 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. 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 for Lunahuasi 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). Assay composites are calculated based on a 2% CuEq cutoff with a maximum of 10 consecutive metres of waste material included. Intervals are then reviewed and manually adjusted to reflect coherent geological intervals where necessary. 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: exploration and development plans and expenditures, including the size, scope, nature, timing and foci of the Company's future exploration programs, particularly at Lunahuasi; the potential for an underground exploration adit at Lunahuasi; whether current interpretation of the exploration and/or drill results to date at Lunahuasi will be confirmed by future work, including statements regarding prospectivity of exploration properties or specific targets, the accuracy of a geological model or geological interpretation, the ability of future drilling to convert exploration potential to a Mineral Resource Estimate, the scale, grade, or significance of the centre of the system that is the source of the high-grade mineralization intersected at Lunahuasi, or the Company's ability to locate it; the future uses of the Company's cash and working capital; the success of future exploration activities; potential for the discovery of new mineral deposits or expansion of existing mineral deposits; ability to build shareholder value; expectations with regard to adding to Mineral Resources through exploration; expectations with respect to the conversion of Inferred Resources to an Indicated Resource classification, or the conversion of Indicated Resources to a Measured Resource classification; ability to execute the planned work programs; estimation of commodity prices, Mineral Resources, estimations of costs, and permitting time lines; ability to obtain surface rights and property interests; currency exchange rate fluctuations; requirements for additional capital; government regulation of mining activities; environmental risks; unanticipated reclamation expenses; title disputes or claims; limitations on insurance coverage; assumptions that the Company will be able to carry out exploration program at Lunahuasi as planned; fluctuations in the current price of and demand for commodities; and material adverse changes in general business and economic conditions, particularly in Argentina with respect to uncertainty around exchange rate and other economic policies potentially affecting the Company, as well as other factors associated with ongoing financial instability in Argentina. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "anticipates", 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 intended use or deployment of the Company's treasury balance, and 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; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, such as 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 most recent annual information form and annual management discussion and analysis, and risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators, which are available on 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
24-04-2025
- Business
- Cision Canada
NGEx Drills 40.0m at 7.02% CuEq, including 10.1m at 18.21% CuEq, plus 271.9m at 2.88% CuEq at Lunahuasi
VANCOUVER, BC, April 24, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to provide the fifth update on its ongoing Phase 3 drill program at the 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. Six drill rigs continue to turn at Lunahuasi with twenty holes completed and 23,352m drilled to date. Two rigs have now been successfully demobilized as the Company begins to wind down its Phase 3 program in anticipation of the onset of winter weather conditions at the project. PDF Version Highlights: View PDF Drillhole DPDH033 extends mineralization to the north and intersected: 40.00m at 7.02% copper equivalent ("CuEq") (including 6.02 g/t Au) from 935.00m, including: 6.20m at 7.96% CuEq from 937.80m 10.10m at 18.21% CuEq (including 19.32 g/t Au) from 964.90m Including 1.10m at 151.50 g/t Au from 964.90m Drillhole DPDH034 extends mineralization down dip from DPDH028 and intersected: 271.90m at 2.88% CuEq from 564.00m, including: 3.10m at 14.02% CuEq from 583.00m 5.75m at 11.25% CuEq from 722.75m 61.90m at 3.68% CuEq from 774.00m Wojtek Wodzicki, President and CEO, commented, "Today's drill results mark a significant step forward in our geological understanding of the high-grade mineralization at Lunahuasi. As drill results continue to come in, we are gaining confidence in our geological interpretation of Lunahuasi as an extensive network of vein hosted high-sulfidation mineralization associated with a porphyry copper-gold system. Although a porphyry system is the source and driver of the high-grade mineralization, we believe that the high-grade mineralization is starting to demonstrate significant scale and consider it to be the primary target at Lunahuasi. We are starting to be able to correlate high-grade drill intersections along individual northeast trending, steeply dipping, structural corridors which control the mineralized veins. Just one of these structural corridors (shown in the section at the end of this release) may be traced for at least 800 meters on strike and 650 meters vertically. Mineralization along this corridor pinches and swells, with estimated true widths exceeding 100m in the thickest high-grade zones and pinching to just one or two metres between zones. This structure is open upward, downward, and along strike. Drilling has also intersected several sub-parallel corridors which host additional wide, high-grade zones of mineralization at least as good as the results shown in Table 2. It is still early days though, and we will require additional drilling to confirm dimensions and extents. Our interpretations will evolve with more data, but these results are an important step forward in our understanding of the geology. We also continue to intersect significant gold grades which confirm Lunahuasi as a very interesting gold project in addition to the copper and silver. We believe that the importance of the gold mineralization at Lunahuasi is still underappreciated by investors and that over time gold has the potential to become a significant part of the Lunahuasi story. We are very pleased with the results of the Phase 3 program so far. We have achieved all our program objectives and the completion of our 25,000 meter drill plan is in sight." This news release includes partial results for three holes (DPDH033, DPDH034 and DPDH035). Highlighted intersections, including individual metal grades and estimated true widths, are shown in Table 1. Updated drill program progress and collar locations are shown in Table 3 and a summary of all Phase 3 assay intervals by news release date is included in Table 4. DPDH033 was collared from the same platform as DPDH025 and angled to the north at 288 o with a dip of -54 o to test for a northern extension to the mineralization in hole 25. This hole was successful in intersecting several mineralized structures, extending the deposit to the north by up to 50m. Of particular note is the 40m intersection from 935.0m which includes some very high gold values and is open in all directions. The hole was completed at a final depth of 1,235.00m and all assays have been reported. DPDH034 was collared from the same platform as DPDH028 and drilled towards the west at -57 o degrees in order to test the down-dip extension of the mineralized zones intersected by that hole. The down-dip projection of the main zone was intersected between 564.0m and 835.9m, a distance of 140m below DPDH028 along the eastern contact and 300m along the western contact (see section at end of release). This broad zone of mineralization included several high-grade intervals and appears to represent a large, continuous mineralized structure which has now been intersected in several holes as described in the discussion below. This hole has been completed at a final depth of 1,329.70m and all assays have been reported. DPDH035 was collared from the DPDH014 platform and drilled towards the west at a dip of -65 o to test one of the high-grade zones down-dip of the intersection at 171.2m in hole 14 and results to 273.50m were reported on March 13, 2025. The hole intersected numerous narrower zones of good grade mineralization, including two very high-grade gold intervals, along the eastern margin of the drill pattern. This hole was completed at a final depth of 1,073.00m and all assays have been reported. Holes DPDH022, DPDH028 and DPDH034 are drilled on the same section and intersected several of the same mineralized structures (shown in section at end of release). These structures are interpreted to trend northeasterly and dip sub-vertically and the strongest of them may be traced for at least 800m along strike and 650m down dip. Our current interpretation is that these structures are continually mineralized, but pinch and swell as a result of intersecting structural patterns and typically occur in drill core as longer intervals of strong advanced argillic alteration and closely-spaced sulphide veins and include internal intervals of high-grade massive sulphide. Our best drill intersections are zones of thick, high-grade massive sulphide mineralization occurring within these main structures. The eastern zone shown in the section is a good example of the interpreted continuity of the alteration and vein mineralization along these structures and the high-grade intervals within them. On this section the structure can be correlated between holes DPDH022, DPDH028 and DPDH034. Off-section, the zone can be correlated with closest holes (distances are from the centre of the intersection in DPDH028 from 439.6m) DPDH018 (125m northeast), DPDH021 (120m southwest), DPDH027 (200m southwest) and DPDH029 (500m southwest) as shown in Table 2. To the northeast of DPDH018, the zone can possibly be correlated along strike to the intersection in DPDH033 at 407m (23.0m @ 4.49% CuEq, 2.34% Cu, 2.51 g/t Au, 35.6 g/t Ag), a distance of 300m. If this correlation is correct, the length of this one structure is at least 800m and remains open in all directions. Several other parallel structures have also been intersected in the drilling, with similar size and grade potential. For example, the headline intersection in DPDH033 (40.0m at 7.02% CuEq) is interpreted to be a parallel structure some 300m to the west of the one described above. Drillholes DPDH027 and DPDH029 are long holes testing the concept of porphyry mineralization located to the west of the main Lunahuasi deposit. Hole DPDH029 ended at 1,600m while DPDH027 ended at 2,005m. Assays for the remaining parts of these holes will be released once results for the entire holes are received. Drilling is planned to continue to about the end of April, with a staged demobilization of drill rigs as holes are completed, and the project wrapping up by early May for the winter season. Included in the remaining holes are three geotechnical holes (DPGT series) designed to collect data along the axis of a potential exploration adit which the Company is contemplating. 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%). 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. Collar coordinates in Table 3 are updated with precision surveyed data as it becomes available and may change between news releases. Assay composites are calculated based on a 2% CuEq cutoff with a maximum of 10 consecutive metres of waste material included. Intervals are then reviewed and manually adjusted to reflect coherent geological intervals where necessary. Integration of core scanning into our core logging and geological interpretation processes is being implemented to improve workflows for more routine tasks and to give geologists more time for targeting and interpretation. 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 actual metres that will be completed during the Company's 2024/25 Phase 3 program and the Company's ability to continue holes in-progress; the potential for further discovery and/or extension of mineralized zones at the Lunahuasi project; the timing of, and conclusions resulting from, an update to the geological interpretation at Lunahuasi, including the Company's ability to establish an Exploration Target, or the timing and/or results thereof; and the Company's ability to use information gathered from drilling to date to effectively target and drill in future campaigns, including whether the timing and ultimate outcome of the Company's efforts to locate the centre of the Lunahuasi system are successful. 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.
