VANCOUVER, BC, April 13,
2023 /CNW/ - NGEx Minerals Ltd. (TSXV:
NGEX) ("NGEx Minerals" "NGEx" or the "Company") is pleased
to report additional assays from four holes drilled at the Los
Helados copper-gold project located in Region III, Chile. These results contain some of the
highest grades ever seen at Los Helados, including molybdenum
grades which are significantly higher than any intersected
previously, and demonstrate that the Fenix Zone is rapidly growing
into a second major centre of mineralization. Most of the new
drilling into the Fenix and Alicanto Zones is outside of the
current Los Helados Mineral Resource and both zones remain open to
expansion in several directions. PDF Version
HIGHLIGHTS
- LHDH081-2: Fenix Zone:
-
- 343.8m at 0.90% CuEq,
including 63.8m at 1.25% CuEq
- LHDH081-3: Fenix Zone:
-
- 234.0m at 0.90% CuEq,
including 28.0m at 1.49% CuEq
- LHDH084: Fenix Zone:
-
- LHDH086: Alicanto Zone:
-
Commenting on the results Wojtek
Wodzicki, President and CEO stated "The 2023 exploration
program is shaping up to be the most successful and impactful in
the Company's history. Years of hard work and exploration
experience are coming together to deliver a series of high impact
discoveries. Last week we released high-grade results from the new
Potro Cliffs discovery which is the fourth major system discovered
in the Vicuña District. Today's results from Los Helados, 9
kilometres to the north of Potro Cliffs, continue to confirm the
Fenix and Alicanto Zones as significant new centres of high-grade
mineralization. Both of these zones have considerable room to grow,
and offer the potential for a meaningful expansion of the Los
Helados resource. We are particularly encouraged by the copper and
molybdenum grades of these new zones, which are significantly
higher than the averages seen to date. This season's drilling is
proving the exploration adage that 'Big systems tend to grow and
deliver continued positive surprises."
Composited intervals are shown in the table below. Note
molybdenum (Mo) grades are not included in the CuEq
calculation:
Hole
ID
|
From
|
To
|
Length
(m)
|
Cu %
|
Au
g/t
|
Ag
g/t
|
CuEq
%
|
Mo
ppm
|
Zone*
|
LHDH081-2
|
770.7
|
1549.8
|
779.1
|
0.54
|
0.10
|
2.0
|
0.61
|
121
|
Fenix
|
incl
|
1206.0
|
1549.8
|
343.8
|
0.81
|
0.12
|
2.5
|
0.90
|
204
|
incl
|
1486.0
|
1549.8
|
63.8
|
1.14
|
0.14
|
3.6
|
1.25
|
741
|
LHDH81-3
|
814.0
|
1266.0
|
452.0
|
0.54
|
0.15
|
1.3
|
0.64
|
57
|
Fenix
|
incl
|
1032.0
|
1266.0
|
234.0
|
0.76
|
0.22
|
1.7
|
0.90
|
69
|
incl
|
1032.0
|
1186.0
|
154.0
|
0.85
|
0.25
|
1.8
|
1.02
|
80
|
incl
|
1238.0
|
1266.0
|
28.0
|
1.25
|
0.36
|
2.6
|
1.49
|
91
|
LHDH084
|
728.0
|
1500.0
|
772.0
|
0.67
|
0.11
|
1.7
|
0.74
|
119
|
Fenix
|
incl
|
1110.0
|
1500.0
|
390.0
|
1.02
|
0.15
|
2.4
|
1.13
|
187
|
LHDH086
|
938.0
|
1042.0
|
104.0
|
0.60
|
0.14
|
2.2
|
0.69
|
48
|
Alicanto
|
incl
|
998.0
|
1042.0
|
44.0
|
0.75
|
0.22
|
2.7
|
0.90
|
50
|
|
Mineralized zones
within the Los Helados deposit are bulk porphyry-style zones and
drilled widths are interpreted to be essentially true widths.
|
Copper Equivalent
(CuEq) for drill intersections is calculated based on US$ 3.50/lb
Cu, US$ 1,700/oz Au and US$ 20/oz Ag, with metallurgical recoveries
of 88% for copper, 76% for gold and 60% for silver based on a
comprehensive program of metallurgical testwork. The formula is:
CuEq % = Cu % + (0.6117 * Au g/t) + (0.0057 * Ag
g/t).
|
LHDH081-2 was a daughter hole kicked off LHDH081 at
a depth of 780.0m and angled towards
the southwest. It was drilled to a final depth of
1,549.8m, intersecting the Fenix Zone
between 35m and 90m to the west of LHDH081. The zone remains open
to the west of this hole.
The Fenix Zone was intersected over a 343.8m interval from 1,206.0m to 1,549.8m and consists of a clast-supported
hydrothermal breccia with a matrix composed of anhydrite,
chalcopyrite, quartz and biotite. The average grade of this
interval is 0.81% Cu, 0.12 g/t Au and 204ppm Mo which is
considerably higher than the Los Helados deposit average.
The hole ended due to rig capacity in high-grade mineralization,
with the final 20m averaging 1.36%
CuEq (1.27% Cu, 0.11 g/t Au, 3.1 g/t Ag) plus 1540ppm Mo. Note that
Mo is not currently included in the CuEq calculation.
LHDH081-3 was kicked off hole LHDH081-2 at a depth
of 786.6m and angled towards the
south to investigate the gap between holes LHDH081 and LHDH076. The
hole encountered the Fenix Zone at a depth of 1,032.0m and drilled it to a final depth of
1,266.0m resulting in a partial
intersection of 234.0m at an average
grade of 0.76% Cu and 0.22 g/t Au. The hole was terminated due to
technical complications on the part of the drill contractor.
The Fenix Zone in this hole was split by a low-grade porphyry
dyke from 1,186.0m to 1,238.0m (52m)
resulting in dilution to the overall intersection. This dyke was
also intersected in holes LHDH076 and LHDH081 and its true width is
estimated at 20-25m, indicating that
it has a disproportionate impact on the overall grade of the
intervals due to the angle of intersection with the drill hole.
LHDH084 was drilled from south to north across the
Fenix Zone in the opposite direction from the LHDH081 series holes.
The hole terminated in high-grade mineralization due to rig
capacity at 1,500.0m, resulting in a
partial Fenix Zone intersection of 390.0m grading 1.02% Cu, 0.15 g/t Au and 187ppm
Mo.
The southern contact of the Fenix Zone was intersected at a
depth of 1,110.0m which puts it
250m due south of the northern
contact as intersected in hole LHDH081, establishing a minimum
horizontal width for the zone. This hole ended 100m to the southeast of the end of
LHDH081-2.
LHDH086 intersected the Alicanto Zone from
938.0m to 1,042.0m and returned 0.60% Cu and 0.14 g/t Au,
including a higher-grade interval of 44.0m with 0.75% Cu and 0.22 g/t Au. This
intersection is 60m to the west of
the discovery hole, LHDH078, and the zone remains open in several
directions beyond it.
2022/23 LOS HELADOS DRILL PROGRAM
OVERVIEW
Los Helados contains at least three distinct high-grade zones
hosted within well-defined structural corridors that cross cut the
large breccia body that hosts the deposit; the Alicanto Zone, the
Condor Zone, and the Fenix Zone.
The current drilling program is focused on defining the geometry
and size of the Alicanto and Fenix Zones. Holes currently completed
with assays pending, or in progress are outlined below:
Holes Completed and in
Progress
LHDH085: Drilling from north to south to intersect the Fenix
Zone 140m east of LHDH076. Complete,
assays pending.
LHDH086-1: Target 100m step-out to
the east of LHDH078 on the Alicanto Zone. Complete, assays
pending.
LHDH086-2: Target 100m step-out to
the south of LHDH078 on the Alicanto Zone. Complete, assays
pending.
LHDH087: Target to west of LHDH081-2 and LHDH084 on the Fenix
Zone. In progress.
LHDH088: Drilling from north to south, across the Fenix Zone
between LHDH076 and LHDH084. In progress.
NEXT STEPS
The final two holes of the program are underway, supported by a
directional drilling crew from STYR SpA, a leading provider of
Devico directional drilling technology. The Company has also
completed a comprehensive geophysical program to assist in
targeting higher grade mineralization including a 3D IP/Resistivity
survey, a drone magnetics survey, and a magneto-telluric survey.
Results are currently being processed and will help guide a
comprehensive interpretation combined with the results of the
current drilling program.
ABOUT NGEX MINERALS
NGEx Minerals is a copper and gold exploration company based in
Canada with projects in Chile
and Argentina. NGEx Minerals holds the large-scale Los Helados
copper-gold deposit, located in Chile's Region III, as
well as the Potro Cliffs and Valle Ancho Projects located
in Argentina. NGEx Minerals is the majority partner and
operator for the Los Helados Project, subject to a Joint
Exploration Agreement with Nippon Caserones Resources Co., Ltd.
NGEx Minerals' near-term focus is on expanding the high-grade core
of Los Helados and drilling the Potro Cliffs target located between
Los Helados and the Filo del Sol deposit. The Company is listed on
the TSXV under the trading symbol "NGEX".
QUALIFIED PERSONS AND TECHNICAL
NOTES
The scientific and technical disclosure for the Los Helados
Project included in this news release have been reviewed and
approved by Bob Carmichael, B.A.Sc.,
P.Eng. who is the Qualified Person as defined by NI 43-101.
Mr. Carmichael is Vice President, Exploration for the Company.
Samples were cut at NGEx Resources' operations base in Copiapó,
Chile by Company personnel.
Diamond drill core was sampled in 2 metre intervals (except where
shortened by geological contacts) using a rock saw.
Core diameter is a mix of HQ and NQ
depending on the depth of the drill hole. Samples were bagged and
tagged and packaged for shipment by truck to the
ALS preparation laboratory in Copiapó,
Chile where they were crushed and a 500g split was pulverized
to 85% passing 200 mesh.
The prepared samples
were sent to the ALS assay laboratories in either Lima, Peru
or Santiago, Chile for copper,
gold and silver assays, and multi-element ICP and sequential copper
analyses. ALS is an accredited laboratory which is independent of
the Company. Gold assays were by fire assay fusion with AAS finish
on a 30g sample. Copper and silver were assayed by atomic
absorption following a 4-acid digestion. Samples were also analyzed
for a suite of 49 elements with ME-MS61 and a sequential copper
leach analysis was completed on each sample with copper greater
than 500ppm (0.05%). Copper and gold standards as well as blanks
and duplicates (field, preparation and analysis) were randomly
inserted into the sampling sequence for Quality Control. On
average, 9% of the submitted samples are Quality Control samples.
No data quality problems were indicated by the
QA/QC program.
ADDITIONAL INFORMATION
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
The information contained in this news release was accurate at
the time of dissemination but may be superseded by subsequent news
release(s). The Company is under no obligation, nor does it
intend to update or revise the forward-looking information, whether
as a result of new information, future events or otherwise.
On behalf of NGEx Minerals,
Wojtek Wodzicki,
President and CEO
Additional information relating to NGEx Minerals Ltd. may be
obtained or viewed on the SEDAR website at www.sedar.com or
on the Company's website at www.ngexminerals.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements made and information contained herein in the
news release constitutes "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation (collectively, "forward-looking
information"). All statements other than statements of historical
facts included in this document constitute forward-looking
information, including but not limited to, statements regarding:
the nature and timing of the work to be undertaken to advance the
Los Helados Project and the potential for the discovery of
extensions of mineralized zones and new exploration targets; the
ability of the Company to complete the planned program; the
potential of the current drill program to add higher grade
material to the Los Helados resource; Words such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events, conditions
or results "will", "may", "could", "would", "might" or "will be
taken", "occur" or "be achieved" or the negative connotations
thereof and similar expressions identify forward-looking
information.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management regarding the nature, scope
and timing of the work to be undertaken to advance the Los Helados
Project. While the Company anticipates completing its planned
drill program, it may encounter unexpected drilling and other
challenges, costs, or delays that could prevent the Company from
completing the program on the expected timeline or at all.
Any future drilling is dependent on results from this year's
program and the Company securing additional funding.
This program could be delayed or not be carried out at all.
Although the Company believes that these factors and
expectations are reasonable as at the date of this document in
light of management's experience and perception of current
conditions and expected developments, these statements are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
risks, uncertainties and other factors may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements and undue reliance should not be placed
on such statements and information. Such factors include, without
limitation: the ongoing COVID 19 pandemic and the risk that an
intensification of the pandemic or an outbreak at the project could
impact the company's ability to carry out the program and could
cause the program to be shut down, estimations of costs, and
permitting time lines; ability to obtain environmental permits,
surface rights and property interests in a timely manner; currency
exchange rate fluctuations; requirements for additional capital;
changes in the Company's share price; changes to government
regulation of mining activities; environmental risks; unanticipated
reclamation or remediation expenses; title disputes or claims;
disputes with surface rights owners, limitations on insurance
coverage, fluctuations in the current price of and demand for
commodities; material adverse changes in general business and
economic conditions in Chile; the
availability of financing if and when needed on reasonable terms;
risks related to material labour disputes, accidents, or failure of
plant or equipment; and other risks, uncertainties and other
factors identified in the Company's periodic filings with Canadian
securities regulators which are available on SEDAR at
www.sedar.com under the Company's profile.
The forward-looking information contained in this news release
is based on information available to the Company as at the date of
this news release. Except as required under applicable securities
legislation, the Company does not undertake any obligation to
publicly update and/or revise any of the included forward-looking
information, whether as a result of additional information, future
events and/or otherwise. Forward-looking information is provided
for the purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of the Company's operating environment.
Although the Company has attempted to identify important factors
that would cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. All the
forward-looking information contained in this document is qualified
by these cautionary statements. Readers are cautioned not to place
undue reliance on forward-looking information due to the inherent
uncertainty thereof.
Cautionary Note to U.S. Readers
Information concerning the mineral properties of the Company
contained in this news release has been prepared in accordance with
the requirements of Canadian securities laws, which differ in
material respects from the requirements of securities laws of
the United States applicable to
U.S. companies subject to the reporting and disclosure requirements
of the United States Securities and Exchange Commission.
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SOURCE NGEx Minerals Ltd.