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Highlights:
- NGEx Minerals initiates Phase 3 drilling at Lunahuasi, aiming to expand a high-grade copper-gold-silver deposit.
- Recent Phase 2 results showcased some of the world's highest-grade intercepts, highlighting significant growth potential.
- A fully funded program, backed by a C$175 million financing, positions the company for expansive exploration.
NGEx Minerals Ltd. has officially commenced its Phase 3 drill program at the 100%-owned Lunahuasi property in San Juan, Argentina. This significant advancement follows the completion of a highly successful Phase 2 program in the first half of 2024, which yielded exceptional copper, gold, and silver intercepts, reinforcing the notion that Lunahuasi not only boasts remarkably high grades but also considerable size potential.
Wojtek Wodzicki, President and CEO of NGEx, expressed enthusiasm about the new drill program. "We are extremely excited to kick off our third and largest drill program at Lunahuasi," he stated. The previous Phase 2 drilling revealed that the Lunahuasi deposit exhibits exceptional grades across a substantial volume measuring approximately 400 meters by 900 meters by 960 meters. The upcoming drill program aims to more than double the total meters drilled at Lunahuasi, continuing to expand the deposit, which remains open in all directions.
The Phase 3 program plans to conduct up to 20,000 meters of diamond drilling, following the 17,862 meters drilled since the discovery of Lunahuasi in March 2023. To maximize exploration efficacy, the program will incorporate three ranges of drill spacing: long-range exploration holes (greater than 300 meters spacing), mid-range step-out holes (50-300 meters spacing), and short-range infill holes (30-50 meters spacing). Initial results are expected toward the end of Q4 2024, although timing may vary based on drilling rates and assay turnaround times.
With a significantly oversubscribed private placement financing of approximately C$175 million in progress, NGEx is well-positioned to execute its exploration plans and potentially expand the program based on promising results. This financial backing underscores the confidence investors have in the company’s potential.
NGEx Minerals is primarily focused on exploring the Lunahuasi copper-gold-silver project and the nearby Los Helados copper-gold project, located approximately nine kilometers northeast in Chile's Region III. Both projects lie within the Vicuña District, an area known for notable mines and deposits, including the Caserones mine and the Josemaria and Filo del Sol deposits.
The Lunahuasi property is wholly owned by NGEx, while the company is also the majority partner and operator for the Los Helados project, which operates under a Joint Exploration Agreement with Nippon Caserones Resources LLC. This partnership benefits from the proximity to established mining operations, enhancing the exploration potential.
As NGEx Minerals embarks on this ambitious Phase 3 drill program, the company is poised to unlock significant value in the Lunahuasi project. With a strong operational foundation and robust financial support, NGEx is strategically positioned to advance its exploration efforts and expand its high-grade copper-gold-silver discovery, further contributing to the future of mining in the region. Investors and stakeholders will be keenly watching the initial results, which are anticipated to shed light on the extensive potential of Lunahuasi.
