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NGEX Minerals reports 3Q21 results

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Global Mining Review,

NGEx Minerals Ltd has announced its results for the three and nine months ended 30 September 2021.

3Q21 highlights and outlook

Wojtek Wodzicki, President and CEO, commented: “Our review of projects in recent months has confirmed the strength of our assets on a global scale. Los Helados, our Chilean asset, ranks as the fourth largest copper discovery in the past decade, and the recent assay results from the previously drilled, unsampled holes have revalidated the robust potential of this remarkable deposit.

“While Los Helados is a very significant current resource, Valle Ancho represents the potential of new discovery. This highly prospective and underexplored land package is situated on the Argentine side of Chile's prolific Maricunga Gold Belt, and historic exploration and earlier reconnaissance work have returned intriguing copper and gold targets which warrant follow up. Preparations are now well underway for our first drill program at Valle Ancho, and we will have drills turning once requisite environmental permits are received.

“To have both early stage and advanced copper-gold exploration projects in our portfolio, in premier mining jurisdictions and a strong copper and gold environment, sets the stage for NGEx Minerals to continue the Lundin Group's legacy of success in South America.”

High-grade assays reconfirm global significance of Los Helados

During the three months ended 30 September 2021 the company reported high-grade intersections returned from previously unsampled geotechnical core collected from Los Helados in 2015. The company elected to assay the core in order to generate infill data for an upcoming update to its mineral resource estimate. The assay results are highlighted by the following:

  • LHDHG02A: 1101 m at 0.7% copper equivalent (CuEq) (0.52% copper [Cu], 0.28 g/t gold [Au], 1.7 g/t silver [Ag]), including a high-grade interval of 224 m at 1.04% CuEq (0.79% Cu, 0.37 g/t Au, 2.7 g/t Ag).
  • LHDHG03: 1134 m at 0.79% CuEq (0.59% Cu, 0.3 g/t Au, 1.9 g/t Ag), including a high-grade interval of 440 m at 1.03% CuEq (0.82% Cu, 0.31 g/t Au, 2.9 g/t Ag).

The assay results showcase the scale and grades of the Los Helados deposit and remind the market of the significance of the company's flagship asset amid an environment with strong commodity and precious metal prices.

The objective of the future mineral resource update will be to convert a portion of Los Helados' high-grade core from the Indicated category to measured. In turn, the updated mineral resource estimate will enable an evaluation of alternate development scenarios for Los Helados, exploring optionality in scale of operations and mine plan strategies, which may illustrate alternate strategies for realisation of value on this robust asset. The company is currently seeking to renew its environmental permits and is considering a drill programme to further define and to try to extend the high-grade core of the deposit.

Field and drill programme kickstarted at prospective Valle Ancho Project

During 3Q21, the company finalised its plans and launched its 2021/2022 field campaign at the Valle Ancho project, which will include airborne geophysical surveying and approximately 3000 – 4000 m of diamond drilling. The company's first drill programme at Valle Ancho will seek to follow up on unverified, historical drill intersections from the 1990's, including 62 m at 1 g/t Au and 108 m at 1 g/t Au, and test several other compelling gold and copper-gold targets identified during the reconnaissance work completed during the 2019/2020 reconnaissance campaign.

The company is party to an option agreement with the Province of Catamarca, whereby it may earn a 100% interest in Valle Ancho by making US$8.2 million in total project expenditures by the end of 2022. As of the date of this news release, approximately US$6 million remains on the earn-in, which the company intends to meet with its 2021/2022 exploration campaign.

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Copper mining news Gold mining news Silver mining news