- High-flying mining stock NGEx Minerals (TSX:NGEX) is sharing high-grade results in the first update on phase-III drilling from its Lunahuasi copper, gold and silver project in San Juan, Argentina
- The highlight intersection yielded 12.25 metres grading 23.35 per cent copper equivalent
- NGEx Minerals is a copper and gold exploration company active in the highly prospective Vicuña district in Chile and Argentina
- NGEx Minerals stock has added 84.21 per cent year-over-year and 3,824.24 per cent since 2019
High-flying mining stock NGEx Minerals (TSX:NGEX) is sharing high-grade results in the first update on phase-III drilling from its Lunahuasi copper, gold and silver project in San Juan, Argentina.
Initiated in mid-October, the program features six diamond drill rigs at work on the project. The upper portions of the first two of three drill holes, detailed in Wednesday’s news release, yielded highlights of 12.25 metres grading 23.35 per cent copper equivalent (DPDH024) and 11.90 metres at 10.74 per cent copper equivalent (DPDH025).
The polymetallic miner will release additional intersections as new assay results come in, following in-house analysis and confirmation, with eyes on improving the project’s attractive early-stage prospects for housing an economical mineral resource.
NGEx’s nearby Los Helados project boasts a 2023 mineral resource estimate of 18.4 billion pounds of copper, 10.2 million ounces of gold and 97.5 million ounces of silver indicated and 8.2 billion pounds of copper, 3.6 million ounces of gold and 50.2 million ounces of silver inferred.
Lunahuasi drilling results
| Hole ID |
From |
To |
Length(m) |
Estimated true width(m) |
Cu % |
Au g/t |
Ag g/t |
CuEq % |
| DPDH024 |
89.40 |
176.00 |
86.60 |
44 |
1.76 |
3.37 |
20.6 |
4.39 |
| incl |
139.75 |
152.00 |
12.25 |
6.2 |
9.36 |
18.16 |
84.7 |
23.35 |
| incl |
145.35 |
149.40 |
4.05 |
2.1 |
22.29 |
42.58 |
218.6 |
55.26 |
| plus |
352.30 |
355.00 |
2.70 |
1.4 |
2.87 |
2.19 |
32.3 |
4.75 |
| DPDH025 |
143.80 |
195.20 |
51.40 |
35 |
2.32 |
1.61 |
21.7 |
3.69 |
| incl |
143.80 |
155.70 |
11.90 |
8.1 |
8.00 |
3.02 |
61.4 |
10.74 |
| incl |
150.00 |
153.50 |
3.50 |
2.4 |
14.80 |
4.76 |
116.7 |
19.29 |
(Source: NGEx Minerals)
Leadership insights
“These initial results from the upper parts of the first two holes of this program have exceeded our expectations,” Wojtek Wodzicki, NGEx Minerals’ president and chief executive officer, said in a statement. “Today’s news release and especially the results from DPDH024 highlight some of the extremely high grades found at Lunahuasi. Of particular note are the bonanza-grade gold values which demonstrate that Lunahuasi has the potential to be an important high-grade gold deposit as well as a significant copper and silver deposit. These gold values would be noteworthy at many high-grade gold-only deposits.”
“Hole DPDH025 is also important because it clearly shows that the system continues strongly to the north and remains open beyond it,” Wodzicki added. “With only 6,500 metres drilled to date and most of the drill program still ahead of us, we have had a great start to the program and look forward to sharing ongoing results on a regular basis over the coming months as we continue to expand and infill this remarkable deposit. With three ongoing drill holes now over 1,000 m deep, two of which are planned to reach at least 2,000 m, we are well on our way to achieving our goal of significantly expanding the mineralized footprint of the deposit.”
About NGEx Minerals
NGEx Minerals is a copper and gold exploration company active on its Lunahuasi copper, gold and silver project in San Juan Province, Argentina, and the nearby Los Helados copper and gold project only nine kilometres to the northeast in Chile. Both projects are located within the Vicuña district, which includes the Caserones mine and the Josemaria and Filo del Sol deposits.
NGEx Minerals stock (TSX:NGEX) opened with a gain of 4.86 per cent trading at C$12.95 per share. The stock has added 84.21 per cent year-over-year and 3,824.24 per cent since 2019.
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(Top photo from NGEx Minerals’ Lunahuasi copper and gold project in Argentina: NGEx Minerals)